Exploring the Nexo.io Platform | Made my first deposit
Nexo has been around for a while
I've heard many mention it as an option, while others using it for a longer time already. Personally, I never decided to explore the platform until a couple of days ago. This actually began when my boyfriend asked me what the earnings would be using the crypto dot com app as I originally planned. It made most sense to me because that card is going to be used next year and staking funds there, which I could later unstake and spend, seemed like the smartest move. It would save me some headaches of moving stuff around, taking into account the fees and transfer times. I usually think ahead when needing fiat balance, but it could happen that I need it without foreseeing it.
Maybe I should re-evaluate my decision
His question made me doubt that decision. I decided to look at Nexo, as that was the first one to pop up in my head. After hearing about Nexo many times, it made sense to check out that one first. The first thing I noticed was that they offer a higher rate so I gained more interest and had a reason to check out their site and services. I would have (probably) stopped looking (for now) if their returns were lower.
Nexo loyalty levels
So there are 4 levels of loyalty, and while usually you have to have a huge stake with the native token of the platform, Nexo operates differently. As you can see, you need to have a percentage of your portfolio in Nexo tokens, needing only 10% in Nexo tokens to receive platinum status.
As you can see, it's worth it to add Nexo to your portfolio to get higher returns on your staked crypto or fiat currencies. You can see that the Earn benefits go from 4% as high as 12% when receiving the interest in Nexo tokens. You are free to choose this option, or receive it in the same currency as the one that's staked. This extra bonus % in Nexo tokens was one of the reasons I decided to go for the Nexo platform instead of using the Crypto dot com app. I can imagine that at some point I will evaluate this decision again as I already have their card and will use it in Spain next year. Unless, the Nexo card will be available and be even more interesting.
My funds were waiting for me to swap them
I had initially decided to stake stable coins to have the security that the value would not drop when the market crashes. After all, this staking journey is meant to help fund our emigration journey next year. But when I could not find a way to buy the Nexo tokens at first (I kept receiving errors with my card), I had a bright moment of realization and decided to swap this to Nexo tokens 100%.
The market had dipped and Nexo had fallen from $3.30 to $2.00 when I realized this was the opportunity to see the value of my stake go up the next day(s) even without earning the interest. As my Ethereum that was deposited had dropped about 10 bucks in value, I would at least earn that back soon AND make a profit. Half of the ETH was send to another account btw, so my half was only $5 max.
I bought the Nexo tokens, and refreshed. I was now a platinum member. So now I could go to the earn section and start staking.
Fixed term staking
I didn't know this upfront, but there is only a limited amount of staking options per term. I've noticed that some coins had only 1 option left, where others offered several. For me this wasn't an issue this time, as I only wanted to stake this part for 3 months to experience if I'd see myself doing this longer term for the next stake. I'm open to changing my financial plan when I see better ways to achieve the goals.
As you can see, 12 month's would have offered me 3% bonus returns, but I went for the 3 months anyway.
I will receive the interest in Nexo tokens, earning daily compounding interest.
Next day profit
The next day I was happy to see confirmation that my change of plan was the smart thing to do:
As expected, the market recovered and my Nexo tokens had gone up to $2,49 at the time of this writing. I think depending on the status of the market, it can be better to go for stable coin or fiat staking, when you prefer some more insurance that the value won't drop too hard. I'm considering adding weekly stakes there, where part of it will be Nexo stakes if I could buy in Nexo cheap, and others stable or fiat currencies, to have less risk that the value drops. I need to think about it, and will decide this next week.
Referral Promo $25 BTC Gift
When I signed up, I noticed the referral promo that's valid until December 31 this year. When you sign up and deposit $100 before the promo ends, we both receive $25 in BTC as a bonus. Follow the link below the screenshot to find all the information.
Nexo Sign Up Bonus $25 BTC after $100 deposit. Valid until December 31 2021
If you signed up using my referral, thank you!
Let's Connect
If you want to connect, you can give me a follow on my socials. For inquiries, you can send me a direct message on Discord.
My Referral links:
Posted Using LeoFinance Beta
https://twitter.com/makehivethrive/status/1468135156087197697
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Cool! I also have some of my funds at Nexo for the same reason -- more attractive rewards. My Nexo token holdings are locked for 12 months, which was not my intention, but hey it's been 4 months already. What's another eight? hehe.
Oh nice to read this. Ideally, I would start locking up for 12 months and then add weekly stakes so I'd see weekly returns by then, but I'm not 100% confident that this would be the right time to do so. For starters because of the need for funds to move to Spain next year, and second as I believe the market may be very different at that time. Maybe for now, I'll just stick to the 3 month stakes for a while until the funds for next year are all set at least. But you're already at 33% of that year, so not that long anymore :)