Learn how to buy Bitcoin on Nexo. One of the most reliable crypto lending platforms in the industry offering very competitive yields(APY).
In the ever-evolving landscape of cryptocurrencies, Nexo stands out as a platform that goes beyond the traditional exchange model. With a history dating back to 2018, Nexo has managed to capture the attention of over 5 million users in more than 200 countries.
Particularly, by offering a range of innovative features and services, Nexo presents crypto enthusiasts with exciting opportunities. These opportunities allow them to earn, borrow, trade, and stake their digital assets.
By continue reading this guide you will get all the answers you are looking for according to the Nexo platform:
- How to buy Bitcoin on Nexo
- Understanding the features of the Nexo platform
- How crypto and fiat deposits work on Nexo
The Nexo Platform Explained
Nexo’s allure lies in its ability to provide more than just a crypto exchange. Their Nexo Earn product allows users to earn attractive yields on their crypto holdings, while their crypto loans enable individuals to access funds by using their digital assets as collateral. The Nexo Card, powered by Mastercard, offers users the ability to spend their crypto effortlessly and earn rewards in the process.
In short, below are the potential earnings for holding assets on Nexo:
- Earn 7% APY on Bitcoin deposits
- You get a loan instantly / no credit line checks
- Get a loan up to $2000000 a day
- Built-in exchange(swap BTC for stablecoins)
- Earn 15 % APY on stablecoins
How To Buy Bitcoin on Nexo(3 Options)
Why should you buy Bitcoin on Nexo? To enumerate, by using the Nexo platform you can earn additional yields that could add up in the long run.
Meaning, if you buy and hold Bitcoin on Nexo for a year straight you can earn up to 7% APY. This is a very competitive rate and a perfect option if you don’t want to trade Bitcoin.
Moreover, Nexo is a modern crypto platform with a built-in exchange that makes it very easy for you to buy Bitcoin even if you don’t own some yet.
Below the options to buy Bitcoin on Nexo:
Option 1: Buy Bitcoin on Nexo with a Credit Card
If you are using your credit card frequently for online purchases then buying Bitcoin with a credit is a good option here. Overall, purchasing crypto this way is a very convenient and fast way to acquire Bitcoin within minutes.
Buying Crypto with a Credit Card For the First Time
If you are new to the platform and just created an account you need to add your credit card to the platform first. How does this work?
Particularly, Nexo integrated this step into the crypto-buying process. Meaning, you can initiate a new Bitcoin buying transaction by clicking the Buy Crypto button in the upper menu. After hitting this button a Buy Crypto screen appears that asks you to link a credit/debit card when purchasing Bitcoin.
As you are buying Bitcoin for the first time, you have to link a new card first. A credit card verification process will be next, which includes:
- Enter card details
- Complete a 3D verification process
Don’t worry in just a few minutes this all can be done and you can start buying crypto with a credit card on Nexo.
All in all, buying Bitcoin with a credit card gives you 0,5% cash back in BTC for every transaction being made. However, you still have to deal with fees being charged by VISA or Mastercard which are 1.99% for EU and 3.49% for non-EU countries.
Option 2: Buy Bitcoin with fiat currency(EUR, USD or GBP)
Another option you have when buying Bitcoin on Nexo is to do this with ‘regular‘ money. Additionally, at Nexo, you have three options for this: EUR, BGP, or USD.
Like any other platform that offers financial services, you have to connect and transfer money from your bank account first. How does this work on Nexo?
Transfer Money From your Bank to Nexo
Getting money on the Nexo platform works very fast for EU inhabitants that want to deposit EUR or GBP. In other words, Euro and GBP deposits will be instant, whereas USD can take up to 3 business days.
Below the steps to deposit fiat currency on the Nexo platform(with EUR as an example):
- At the Nexo website, go to the Dasboard page
- Scroll down the assets below, until you find EUR(+)
- Next, click on Transfer button
- A dropdown list appears where you choose Top Up
- Next, choose Bank Transfer as Top Up method
- Select EUR as currency to Top Up
- A new screen appears to do a Local SEPA transfer, click I Understand
- From here you can add your bank account details and initiate a deposit
Buy Bitcoin with fiat currency(EUR)
At this point, you have received your funds in your Nexo account and are ready for the next step. In addition, this will be buying Bitcoin on Nexo with Euro.
Consequently, this works similarly to buying crypto with a credit card explained earlier in this guide. All you have to do is to click on the Buy Crypto button in the upper menu.
After hitting this button the Buy Crypto screen appears again and asks you how to buy crypto. Click on the VISA card option and scroll down until you find your Fiat Balances.
From here you can initiate a buy transaction on the Nexo platform. All in all, buying crypto with fiat currency is less expensive(as a credit card) as you have to pay a 1.5% extra spread fee.
Option 3: Use the Built-in Swap Exchange of Nexo
Already have some crypto available on the Nexo platform? Or maybe you have some crypto available in an external wallet? Another option you have is to deposit crypto first and use the Swap feature of Nexo to buy Bitcoin.
Moreover, crypto deposits at Nexo are free and also a fast alternative compared to traditional wire transfers. How do crypto deposits work on Nexo?
Deposit Crypto Assets to Nexo
You can easily transfer new crypto assets to the Nexo platform by using the Top Up feature. For example, to deposit USDT to Nexo follow these steps:
- At the Nexo website, go to the Dasboard page
- Scroll down the assets below, until you find USDT
- Next, click the Transfer button and select the Top Up option
- Select the network you want to use for the USDT transfer
- Finally, copy the USDT deposit address to your clipboard
At this point, you must go to the external platform to start a crypto withdrawal. Additionally, ensure the withdrawal network matches the top-up network you previously chose on the Nexo platform(In this example Polygon). Paste your copied Nexo wallet address into the ‘Send to’ / ‘Withdrawal Address’ / ‘Destination’ field and authorize the transaction.
All in all, the USDT deposit will be reflected in your Nexo account as soon as it reaches the required number of blockchain confirmations.
Make the Crypto Swap on Nexo
Did your USDT or other crypto funds reach the Nexo platform? At this point, you are ready to buy Bitcoin with crypto by using the Nexo Swap feature. How does this work?
- At the Nexo website, find the Exchange page in the upper menu(click on it)
- Choose the first option Convert
- First, choose your wallet that has the crypto funds(Saving Wallet or Credit Line Wallet)
- Find the crypto you want to swap for BTC(E.g USDT)
- Finally, click on Preview Exchange and finish the transaction
Overall, The Nexo Exchange is an anything-to-anything crypto exchange where you can swap seamlessly between almost any two supported cryptocurrencies. Additionally, swapping crypto on the exchange also can be done for zero fees.
Conclusion: Should You Buy Bitcoin on Nexo
Back in 2022, many other crypto lending platforms like Celsius, Terra Luna(FTX) went bankrupt. These accidents were very painful for a lot of crypto investors who lost their holdings overnight.
However, the Nexo platform never got into trouble even though we witnessed a tough bear market last year. Moreover, in 2023, Nexo is still a very solid crypto lending platform that offers competitive rates for earning yields over crypto.
Of course, in the volatile crypto markets, there aren’t any guarantees and you should never overleverage yourself or invest all your money into one trade.
With that being said, I’m still a very happy user of the Nexo platform and its additional features. Besides, I wouldn’t recommend trading crypto on this platform because of the high fees being charged here.
On the other hand, if you are looking for a way to earn passive income over your assets then Nexo is a good choice. It offers very competitive yields where you can choose over more than 100(+) cryptocurrencies. Happy investing!
Related: How to Earn Crypto Money on Nexo
FAQ – Buy Bitcoin on Nexo
Can I Buy Bitcoin with Credit Card on Nexo?
Yes, it’s possible to use your credit card to buy Bitcoin. Nexo integrated this option in the crypto buying process where you can seamlessly add a credit card as a payment option.
Can I Buy Bitcoin with USD on Nexo?
Yes, it’s possible to use USD as a payment option on Nexo where USD deposits can take up to 3 business days. Remember that most of Nexo’s products are available in most jurisdictions the exchange serves, but a handful of products and services are not available in the US. For example, Nexo no longer offers its Earn product in the US.
Does Nexo Charge Fees for Buying Bitcoin on the Platform?
Yes, a standard fee will be applied to the “Pay With” amount specified: 1.99% for EU and 3.49% for non-EU countries. The Processing Fee is provided on the final confirmation page and is visible before you complete the purchase.
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