Hi everyone, hope you all are doing well. If you have researched about staking or borrowing crypto then you must have heard about nexo. If not then let me give a glimpse of it. So, basically, nexo is a platform on which you can buy, swap, or transfer your crypto to earn daily compounding interest, plus you can also borrow crypto(take a loan) based on the amount you are holding on nexo on some interest rate.
What's the $25BTC Promo?
So, generally, nexo has a referral program in which a referrer and a referee will earn $10 in BTC for holding $100 or more in any crypto or stable coin for 30 days. But at the time of writing(19-Feb- 2022), they have upgraded the $10 in BTC to $25 in BTC for both referrer and referee.
You can join nexo via my link. and we'll both get $25 in BTC if you hold $100 in any crypto or if you are already a user of nexo then start referring your crypto groups to earn some extra crypto.
I couldn't find an end date for this special promo, so, don't take your chances, and once read about the program after clicking on the link.
Things to Look Up On-
You'll have to complete KYC to be able to buy or swap crypto but transferring or withdrawing to other wallets doesn't require KYC. You'll still be able to earn interest on your transferred crypto even if you have not completed KYC. There will be some limits on how much you can hold or withdraw. The KYC process is simple, not something much complex.
But if you want to be a part of their referral program then you need to complete KYC, this includes both referrer and referee. This means if you want $25 BTC then you have to complete the KYC. You'll still be able to earn interest on your deposit if you chose to not verify yourselves.
They could introduce a mandatory KYC(for all services) or may already have because I'm hearing about it but personally haven't got any email or notification from nexo about it.
They have their own token nexo, on holding nexo as a part of your portfolio they define your loyalty level, plus you'll earn +2% extra interest if you chose to earn your interest in nexo token.
Currently, there are 31 assets on which you can earn interest including both crypto and stable coins. They generally keep adding new assets at regular intervals. Also, the interest rates could go down after 6-10 months(could vary) by 1-3%(could vary).
They have 4-5 interest rates for a single asset based on the loyalty level or a fixed period. Below are the current interest rates if you are in the platinum tier and have fixed deposit your assets.
Generally, you'll earn 1% extra if you have a fixed deposit in your crypto, you'll still earn base interest if you chose to not fixed deposit.
With nexo, this number game is really complex so check clearly before choosing any coin to stake.
As you can see currently they are providing extra interest on UST, AXS, FTM, and LUNA till 31st March 2022, but after that, the interest rates will normalize for these assets.
The interest you earn on these assets is compounding daily and will be paid out daily means you'll earn interest today based on your previous day's amount and so on.
They also have free withdrawals based on your loyalty level:
Base - 1 withdrawal/month
Silver - 2 withdrawal/month
Gold - 3 withdrawal/month
Platinum - 5 withdrawal/month
Nexo also provides rewards(cashback) on using their swap(exchange) based on the loyalty levels"
Base - 0.00%
Silver - 0.10%
Gold - 0.25%
Platinum - 0.50%
You can also borrow crypto based on the amount you are holding. You have to pay some interest to nexo on the borrowed amount and this rate can fluctuate between 0-13.9% based on the loyalty level and the coin against which you are taking this loan.
You'll receive $25 BTC instantly once your friend verifies and deposits $100 as their first deposit. But these $25 BTC will be locked for 30 days and only be available if you hold the $100 for days. Remember the volatility of the crypto market, so, I'd recommend sending some 20-25% more or a stable coin.
My referral link: https://nexo.io/ref/cobzr3yjza?src=web-link
Closing Thoughts
I'm using nexo for quite some time and loving it but as always that my goal here is to introduce you to these platforms and not to make you interact with them. So, always do your own research before taking any action and if you are interested in more of this content then follow me on various platforms.
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