In this article, we are going to walk through the Nexo instant crypto loan platform and show you how in just three steps how you can take an instant crypto loan with Nexo.io
You can take a crypto loan on Nexo.io starting from a $1000 (Thousand dollars) and going all the way up to $2000000 (Two million)
Note – If you want to take an even larger loan send to Nexo on email to premium(at)nexo.io
But for everybody else with less than 2 million crypto loan here are the three steps
Step 1 – Create an Account with Effortless KYC
You start by creating your account, creating an account is very simple. Just put email id and strong passwords and verify your email id. That’s it!
Now going to your profile page to pass through the fastest KYC procedure
There are 2 types of KYC
You just Need to provide your name address and phone this will allow you to take loans of up to $10,000 a month
If you want to take loans of up to two million you can do so by passing the advanced gateway see where you upload your ID passport or driver’s license.
you can also take your loan as a company and to do so you pass corporate KYC, where you send us the relevant corporate documentation to support(at)nexo.io
Lastly, you need to activate two-factor authentication from the security page so that your profile has yet another protection layer on top of Nexo military-grade 256-bit encryption and now you’re ready for step number two
Step 2 – Deposit Your Crypto Assets
Now can deposit your crypto assets to your Nexo.io wallet provided by Bitgo (the world renowned and SEC approved custodian)
At this time as 20 November 2108 Nexo accepting crypto deposits in bitcoin, Ether, Binance Coin and NEXO Token which are the only crypto acid giving you a 50% discount of the loans that you that you take.
Now you can use this 50% discount when you use Nexo tokens as a collateral or when you repay your loans.
Nexo is taking votes and looks like will keep adding new crypto assets as collateral options on a regular basis
After depositing your crypto into Nexo wallet you can see the crypto loan limit instantly.
For now loan limit is equal to 50% or half of the Bitcoin and either you have deposited for other crypto assets.
For other cryptocurrencies in wallets, this loan limit percentage might vary depending on their risk levels. and so now that you have the posted your crypto assets to your wallet you’re ready for step number three
Step 3 – Immediate Withdraw
You can immediately withdraw a loan to pay for your personal or business expenses or to pursue some new lucrative investments.
Now you can withdraw fiat like Dollars, Euros, Rupees to your bank there are more than 40 different currencies which can be sent to almost any country in the world and which will usually arrive to your bank account within just a business day
You can also withdraw stable coins like Tether (USDT) directly to your wallet that you can use to buy more crypto or you can convert to US Dollars.
Nexo is planning for Nexo credit card and soon you’ll be able to spend your loan directly with the upcoming Nexo credit card.
Great News about Nexo Loan
Great News is that when you take a crypto loan not only you maintain ownership of your crypto assets along the potential outside coming with that but you also avoid paying any crypto capital gains taxes which you otherwise have to pay in many countries when you sell your crypto assets.
You can always review your account balance from the platform dashboard or from Nexo’s upcoming Nexo mobile app
You will only pay interest on the amount you have withdrawn or spent with your cart you can repay your loan at any time. There are No minimum loan repayments, No hidden fees, No credit checks, No capital gains taxes
Remember, If you use Nexo tokens as a collateral for your loan or if you repay you along with Nexo tokens You get a 50% discount on the interest rate.
That’s it. It’s that simple. We will be creating more interesting content on Nexo Instant loan, be updated on this space and signup of Howcoinswork’s Newsletter on the homepage.