Nexo Fiat Trading - How To Buy Cryptos Using Fiat Coins

Don't know the difference? In this article we'll break down:

• The difference between crypto and fiat currencies
• The savings account options on Nexo
• How to buy crypto using fiat currency on Nexo

Let’s take a look.

What are Crypto and Fiat Currencies?

Cryptocurrencies like Bitcoin and Ethereum are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. On the other hand, Fiat currencies are those issued by governments – like USD, EUR, JPY, etc. – which are used as legal tender in a given country. 

While neither one is backed by any physical commodity, the key difference between crypto and fiat currencies is that cryptocurrencies are decentralized – meaning they aren't regulated or controlled by governments or banks. 

On the other hand, Fiat currencies can be subject to inflation (changes in value) and deflation (a decrease in the purchasing power of money) based on several economic factors.

In general, fiat currencies are seen as more stable and reliable than cryptocurrencies, which can be incredibly volatile in price. They are also often backed by institutions that offer higher interest rates than most crypto exchanges, making them a more attractive option for those seeking to hold their money. 

That brings us to Nexo, a trading platform that is perhaps best known for its savings accounts, which allow users to earn interest on their crypto holdings. 

What are the Savings Account Options on Nexo?

Similar to regular savings accounts you would find at a bank or other financial institution, Nexo offers interest on deposited funds held in its accounts. 

For crypto and stablecoin holdings, you can earn up to 18% annual interest, depending on your loyalty level. Even without the Platinum tier, which requires at least 10% of your portfolio to be NEXO tokens, you can still earn exceptional interest rates. Read here about how and where to buy Nexo tokens.

But if you deposit fiat currency instead – like USD or EUR – you can earn an annual rate of up to 10% in kind. Compare that to traditional savings accounts that can have rates as low as 0.05%, and you can understand why people are flocking to the Nexo platform.

This higher interest rate is one of the key reasons why Nexo has become so popular; it allows users to essentially "park" their money in a safe and secure place while also earning a healthy return.

Nexo Fiat Trading: How to Buy Cryptos With Fiat Currency

Now that we've covered the basics of crypto and fiat currencies let's take a look at how to buy crypto using fiat currency on Nexo.  Here's a step-by-step guide:

1. Sign up for a Nexo account

Navigate to the Nexo website or app and click the Get Started button to open a wallet. The process takes no more than a few minutes and can have you buying and selling on the same day. 

2. Deposit fiat currency

Once your account is open, you'll need to deposit some fiat currency. This can be done by clicking the Deposit button on the Nexo homepage and selecting the desired currency.

3. Buy crypto with fiat

With funds now available in your wallet, it's time to buy some crypto. Click the Buy Crypto link on the main menu, select the currency you want to buy, and enter the amount. You'll see real-time pricing and can complete your purchase with just a few clicks.

4. Store your cryptos in Nexo

Now that you've got your crypto, it's time to store it in a safe and secure place. Nexo offers a variety of options, including instant withdrawals, fiat-backed stablecoins, credit card purchases, and even loans in more than 40 different fiat currencies.

5. Start earning interest

Not only can you use Nexo to buy crypto, but you can also earn interest on your holdings. Just navigate to the Interest tab on the main menu and select the desired currency. You'll see real-time returns and can start earning right away.

Final Thoughts

That's it! You're now ready to start buying crypto with Nexo.

If you want to learn more about Nexo and whether it is the right platform for you, check out our full review, which breaks down all of the various options, benefits, and drawbacks of the exchange. 

If you don't feel like Nexo is right for you, go to our comparison page to find the best crypto exchange for your needs.