Is Nexo exchange safe for you? You should know about it

Amongst several exchanges developed for the trading or investment of Cryptos one of the famous exchanges is Nexo. Just like we need a physical market to spend resources to buy some services, in a similar way the exchanges work as a place wherein a buyer or investor spends its money to buy or credit or multiply its resources. The only difference is that the markets are physical and meant for the physical assets but on the other hand, the exchanges are virtual, their working is also virtual over a network and these are meant for the digital assets in the form of digital currencies.

Nexo is an online digital currency loan service that has facilities ranging from offering credit and financial benefits for the storage of digital crypto assets and that too on a platform of Bitcoin and Ethereum with the use of a wallet offered from the Nexo itself. This platform is managed by a technology enthusiast named Michael Arrington and is being led by Antoni Trenched who is also the Co-Founder & managing partner of the firm. It was launched in 2017 and since then it has undergone around transactions worth $2 billion. With a user count of around 1.5 million, it serves over more than 300 jurisdictions and has a support of around 50 fiat currencies. The services provided by Nexo have helped it to gain popularity around the globe. As a result, people often foresee it as to be an alternative crypto investment method providing secure storage options for individuals. Not only the individual but the companies also enable themselves to enjoy their financial benefits in case the borrowers and lenders are involved.

Some of the key features of Nexo are:

• Without the sale of crypto, one can obtain an instant cash loan.
• Earning of around 10% on stable currencies along with other fiat currencies.
• Earning of around 6% on crypto coins per annum.
• The platform of Nexo is insured against theft and frauds.
• The process of loan review is simple and fast.
• Daily payment of interest amount.

With these features, Nexo has gained around four and a half stars in terms of ease of use, four stars in the user interface, four and a half in terms of fees, four and a half in terms of security with an overall average of 4.2. Thus, the platform of Nexo has emerged as a reputable, trustworthy and legitimate source. It is licensed and regulated in over 200 countries and has an insured value of around $100 million provided by BitGo. Thus, placing money with Nexo offers peace of mind to the investors because of the insurance and facility of returning funds in case of a breach or theft. 

Nexo in partnership with Ledger offers a vault solution for storing assets insured up to $ 150 million. The companies of Arsh and Marsh provide custom insurance policies to it. The company is aiming to increase the insurance cover to 1 billion dollars in 2021 because of the exponential growth and its commitment to quality services to the customers. Nexo also has the cold storage wallets that are provided by BitGo that itself has $100 million insurance cover through the network of underwriters through the insurance company of Lloyd’s. It also covers protection against frauds and thefts. Making an account with Nexo is very simple. One has to follow the instructions and after the KYC is done, he is ready to be a seller or investor depending upon the choice. Keeping yourself acquainted with the new resources and knowledge always proves to be a trustable asset to an investor.

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