Review on Nexo Wallet by Aman Arora
Nexo Is amongst top performing lending and borrowing wallet
Nexo is a wallet built specifically to borrow and lending facility. Wallet can be accessed through easy to open web wallet and through Androis and iPhone App. I have seen lot of platforms offers the facility of lending and borrowing and in the context of tackling market volitality, it is the best way to lock your assets and earn from interest as well as security of funds, Nexo seems to be a good choice If you use the option to receive Interedt in Nexo tokens with additional benefits.
You can earn compounding interest on your borrowings from the platform which varies from 5.9% APR and upyo 12% compounding from your lendings. You can click the wallet and easily record the amount paid for your lendings.
Wallet supports 20 Top cryptos to be Top Up your wallets to lend those coins and earn compounding interest from your holdings which is paid out daily.
Wallet also allows you to buy Nexo Coin with your Credit Card and earn 30% dividends as you just need to enable 2FA and click NEXO tokens and then you'll redirected to changelly to buy Nexo Tokens Minimum amount to buy is 50 USD & maximum 3k USD with a low fees of 27.17 Nexo tokens.
but you need to complete Advanced Verification levels to use the facility. Different Regions requires different documents for verification and You must complete verification to lift the restrictions on withdrawls and deposits.
Wallet has been pretty secured as there are 2fa Authenticator and PIN facility which secures your account from hacks and thefts.
You can also apply for Nexo Card after completing the verification and be on the waitlist .
Platform also allowed deposits of Fiat in Euro and Pound and earn 10% interest from your lendings. Best thing is that you can opt to receive the interest in Nexo tokens and get 2% additional interest. User can also use the automatic collateral facility which transfer the required amount from your savings to loan in case your collaterals falls below the credit line as locked assets always do tend to rise and fall due to increasing Market volitality. Nexo for me is one of the leading wallets for collateral Loans with a facility of Card and additional benefits as dividends and Voting rights.
Pros
- Best platform recommemded for borrowing and lending unused tokens
- Additional benefits for Nexo token holders with an addition of earning more interest and dividends
Cons
- I simply dont see any bug or negative bias but users has faced issue with requirements of Kyc
