Trading crypto coins is almost like stock trading, except this time, you can only trade on crypto exchanges. Most bitcoin exchanges place fees in one direction: a leveled system based on your monthly trading volume. It is always best for you to learn more about the fees you'll incur when trading cryptocurrencies so you can devise tactics to avoid them cutting into your profits.
Nexo Exchange Fees: See How Much You Have to Pay
Exchange fee schedules are intended to encourage regular trading in big trade values worth thousands. Fees often drop when a trader's 30-day total trading volume rises.So if you are wondering what the Nexo exchange fees are, then this article is just for you.
What Is Nexo?
Nexo is a cryptocurrency wallet that focuses on providing its investors with a high-interest rate. Customers can exchange cryptocurrencies like Bitcoin and other coins, while also engaging in interest-earning activities. The platform has a highly secure and regulated storage system that you can depend on.
Other than its wallet and exchange, the company also provides a secure wallet that is easy to use. Nexo is also a crypto loan platform, therefore the wallet and exchange are part of a larger ecosystem. Users don't require much crypto or skill to earn significantly higher rates by putting their money on the platform.
They only need to put compatible crypto tokens into their Nexo wallet, after which they will receive their cash-based loan immediately.
The method is designed to secure liquidity in an automated and flexible manner, with the added benefit of giving liquidity backing to clients via their digital assets. Nexo accepts a good number of coins, including Bitcoin, Ethereum, and Monero.
Nexo wants investors and new users to benefit from the wealth that digital assets have to offer by allowing consumers to keep their crypto assets and enjoy the benefits of being secured with a Nexo account.
Nexo Exchange Fees
The good thing about trading with Nexo is that depositing or withdrawing fiat currency or moving cryptocurrency into your Nexo Wallet is completely free. The company operates a #ZeroFees policy.
Loyal users of the platform also receive about five free crypto withdrawals monthly.
Without the need for a credit check, Nexo offers loans in cash or stablecoins. You can earn up to 12% interest rates with Nexo. You can borrow anywhere from $50 and $2 million. You can borrow till your credit limit is reached.
One cost associated with Nexo is the external withdrawal fee (if you’re transferring to another wallet outside Nexo). Typically, every user gets between 1 and 5 external free withdrawals monthly, but if you exceed this, Nexo charges you a small fee depending on the blockchain. You will see the charge to be paid to process the transaction when you initiate the transaction.
There is also the spread. Spread is the percent difference between the rate you get while exchanging and the real market rate of the two assets. Currently, Nexo charges an estimated 2% spread on transactions.
Nexo has some of the lowest spreads compared to other platforms making them a great option when it comes to trading platforms.
Remember that exchange fees are different from Nexo withdrawal fees.
Supported Coins on Nexo
Nexo accepts a wide range of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Stellar, EOS, and others for trading purposes. Investors can immediately access the value of their crypto wallet by taking out a loan in their preferred fiat currency after depositing their collateral.
The cryptocurrencies that Nexo accepts include BTC, ETH, LTC TUSD, XRP, EOS, XLM, BCH, USDT, ADA, DOT, DOGE, UNI, AXS, MATIC, GALA, SUSHI, CRV, AAVE, APE, 1INCH, USDC, DAI, PAX, HUSD, LINK, TRX, PAX Gold, and BNB are among the cryptocurrencies on which you may earn interest with Nexo.
How to use Nexo to Buy and Sell Coins
To use the Nexo crypto exchange, all you need is to open a Nexo account and begin your trading.
Opening a Nexo account is a very simple and easy procedure. Go to their website and click on the 'Get Started' button.
After this, fill in your details which include your email address and a password, and verify your account. Once completed, your account is ready and set for trading.
Users with a Nexo Wallet can examine current prices by just opening the exchange. They can then purchase, sell, and swap from there. It's simple to join the exchange; all you have to do is click or tap from the Nexo website or app. You may see all of your options by choosing "Exchange."
Nexo is a crypto platform that offers top-notch services and minimal trading fees. It has high-interest rates and is very simple to use. If you want a platform with ease of use, impressive safety, and security measures in place, then try Nexo - read our review here.
You can also check out our crypto exchange comparison page if you feel Nexo isn't the right fit for you.