Nexo Tutorial: How to Use Nexo Wallet for Crypto Passive Income

nexo lets us earn passive income on all the crypto we have within the app automatically without doing anything else we just need to either buy crypto in the app itself or transfer crypto in from another exchange and then we'll start earning passive income on bitcoin ethereum other cryptos and us dollar stable coins as well amongst others and nexto pays pretty good rates in this video we'll look at the entire platform including buying crypto on the platform itself depositing crypto from another exchange how to get better rates and bonuses and how to borrow against your crypto as well if that's something you want to do nexo also has sign up offers most of the time which is free bitcoin with your first deposit so i'll leave the link below and you can see what the bonus is at the time that you're watching this timestamps for each section are down there as well so you can skip ahead but let's first come over to nexo and see the platform first thing just sign up for an account go and click create account or log in you just need your email address and that's it you don't need any kyc to actually get set up and using nexo that's for the moment that may change in the future though coming over once you've set up an account and you've gone through all that you can just come to your account screen you can use the mobile version as well but you can see really it is very simple you can essentially earn on these assets and they're adding more assets over time but what we want to do is come down all the way to all of the assets that we have here so they're listed right here and you want to deposit this so easily just come to top up like this and then you will get your bitcoin address so firstly let's come to actually uh depositing crypto from another exchange so if you've got binance kucoin you know coinbase any of those all you have to do is just get your bitcoin address right here so you can use pretty much any account to deposit but check the terms and conditions down there to see if any types of wallets are not accepted just to make sure but common basically copy your address so i'm just going to do that here and copy it and then i'm going to go over to my binance account you may have something else click the uh the asset that you want to deposit onto nexo very simply enter the address right here and then just go through that transaction in whatever exchange that you're using you'll have to pay a blockchain fee if you're using the blockchain which you will be so do that then that will be really deposited into your nexo account after the blockchain goes through its confirmations once that bitcoin or any other coin is in your account it starts earning interest uh straight away automatically you don't have to do anything so that will start racking up and then the day after or the day after that you will actually get essentially your transactions and you'll see the interest being paid on it if you want to come and withdraw the crypto it's exactly the same thing just click on withdraw you'll see how much crypto that you have in your account and then you'll have to put the withdrawal address in there so if i go back to my binance what i would do is click on deposit get my crypto address in there and then put that in the withdrawal address right here choose how much bitcoin or whatever other currency that you want to withdraw and then go through that again you will have to pay a blockchain fee for doing so although nexo gives you one free withdrawal per month as standard and we'll go through some of the ways that you can actually make that higher as well but very simple to withdraw crypto on the platform there's two ways to buy crypto on the platform with fiat currency the first is with a card so you know just like buying anything else the second is with a bank transfer bank transfers are going to be cheaper overall most of the time because card fees are fairly high for me i have fiat support in dollars euros and pounds just come over to top up like this you'll see a lot of information here really the standout features are you need to send it from a bank account that's in your own name that matches the kyc info that you give to nexo they won't accept anything else the second is they'll give you a reference number as you can see right here this is a specific account reference so they know where to put the funds you'll have to pay 10 in the states you'll use a wire transfer through ach and then there's some minimums and maximums and everything like that so that's pretty simple just a bank transfer over to them if you're actually using pound sterling then they support faster payments and swift and euro i think is swift and separate so that's the easy way to uh actually add a fiat currency the second way is just to click on the cryptocurrency that you want to buy so let's choose bitcoin right here and just click on buy btc down here and it'll give you the options it actually takes you over to the exchange feature so you can use your card right here put in the amount that you want to buy so if you want to use dollars or euros or pounds do that and then choose how much of the crypto you want to buy preview that exchange it will give you an exchange rate and that's just going through to buy with your card those are higher fees though if you have a fiat balance so you've put a fiat currency in and deposited that that will eventually show up in your fiat balance right here and then you can go through and trade that and they'll just give you that um exchange price and you can go through and buy the cryptocurrency you can trade crypto directly in the app as well so let's say you've got some crypto in your account from either an exchange or your visa card you can trade it directly in the app by pressing swap so if you go back to the account main page just come up to the exchange right here and then you can click swap right here and whatever balances that you have so i've got some bitcoin we can come and choose the amount so let's say 0.005 bitcoin something like that um i can swap that into something else so this is the one we're paying with essentially the crypto that we're selling so you need something on account to sell first and then the uh crypto that you receive right here we can choose whatever that is so nexo token or xrp let's just choose usd coin so i can sell an amount of bitcoin 0.05 um and that will go into an amount of usd coin press preview exchange it will give you the rates go through and what uh nexo does is they don't actually charge any trading fees on swaps within the platform what they will do is just give you a price now that price may be a little bit worse than the the real spot rate that they're getting um from what i've done in terms of research they charge around maybe 0.1 to 0.3 in terms of the spread so that's kind of the commission you're paying but you don't actually see how much your commission you're actually paying so there won't be any commission charges it will just give you a rate as you can see for .005 bitcoin the rate is 282 dollars right now so that's the price you get and if you want to do that you can preview and then go ahead and actually swap that if you do sell into a fiat currency it's not directly transferred out to your bank it's kept on the platform so if we come back to the account page you can see that usd euro and gbp are actually supported and if you just want to hold the fiat currencies so not any crypto not any stable coins you can do that and actually earn interest on them but if you want to withdraw to your bank for example us dollar click on withdraw and then you can see right down here so for us dollar they actually support wire transfers and ach transfers that's going to be most important really for u.s residents if we come to gbp right here click withdraw you can see they actually support faster payments in the uk and swift as well um that is if your actual bank supports it but that is the way that you get fiat currency off of nexo into your bank nexo also charge different amounts of interest per crypto and also you can make more money depending on how you invest so just as an example with bitcoin come over to your manage wallet right here so just click on this this gives me an overview of what's going on right here so first i've got the savings wallet and i do have an amount of bitcoin in there and it says earning up to eight percent but it's not actually earning eight percent right now you can see the uh term that i'm getting is four percent so uh this is a variable interest rate so you get four percent variable now if you click on fixed terms right here um you can actually get one month bonus so you can see a one percent so if you lock it up for a month and you can't take it out for a month you can get an extra one percent on your interest so taking you from four to five percent what i have to do is click on max right here to put the amount of bitcoin that i want to put in can put max can put a fraction of it half of it whatever you want to do um and then just click create term what that will do is lock up your bitcoin for one month and give you an extra apy of one percent you don't earn an extra one percent for that month you want an extra one percent as an apy which is an annual interest rate so you'd have to divide the one percent bonus that you're getting by 365 and then times it by 30 days and that is the extra interest that you're getting or the the extra that you would earn over that time so you know is it worth it well if you're just going to be hodling long term for 12 months or more just keep creating this term over and over and you'll be getting more bitcoin click create term and then automatic renewal if you want that to just keep renewing over and over again nexo also have something that they call earn in kind this is when you earn in nexo tokens and not the token that you're actually um investing with so for example if you put bitcoin on nexo any interest that you will earn will be in bitcoin if you want to earn higher interest rates you can earn in their own nexo tokens come to interest breakdown right here and then you'll see the amount that you're getting i'm getting four percent um and then you can see down on the bottom right it says earning kind get two percent bonus you will get two percent more interest but all of your interest will come in nexo tokens so there's an investment decision that you will have to make whether you want your interest in nexo tokens or whether you just want to compound your bitcoin or ethereum or you know any other asset that you have on the platform but if you do want a higher rate and you get a smaller riskier token then get those nexo tokens they'll pay you more you know maybe you want to um get the extra two percent and sell it back into bitcoin um maybe you can kind of up that two percent but a little bit complex but if you do want it it's there for you if you do want to buy the nexo token your best bet is the nexo platform obviously nexo token is in the top 100 coins as of making this video anyway if you come to coin gecko look down here you can see it's on uni swap it's on bit for next so it's not on major exchanges like binance kucoin coinbase so really what you're going to want to do is just kind of top it up actually on the platform itself that's going to be the easiest way and you do get some extra benefits for having the nexo token overall firstly you get loyalty points or bonuses for for having it so the first one is you get lower borrowing rates so if you want to borrow against your crypto so let's say you have bitcoin and you want to borrow us dollars against that you can get a credit line as you can see here so you have the balance and then there's a credit line so let's say you have 20 000 of bitcoin you might get say ten thousand dollars as a credit balance that you can actually loan and they will loan you fiat currency that you can withdraw to your bank if you have nexo tokens you will get lower interest rates on your loans so that's a good thing and with nexo tokens depending on how much you have you may also get higher interest rates on your deposits as well nexo also have plans for a mastercard there's a waitlist at the moment but in the future you will be able to essentially spend crypto via the card or sell crypto into the fiat balances that they support and then spend from that it is on a waitlist at the moment but it is coming very soon i touched on borrowing before but it is something you can do on nexo so if you have large amounts of bitcoin or ethereum or another cryptocurrency you don't want to sell it because you think the value of that is going up but you want to borrow fiat currency for using in you know other areas of your life you can do that once you deposit any cryptocurrency on the platform you will get what's known as a credit line your loan to value will differ for bitcoin it may be sixty percent so if you have ten thousand dollars of bitcoin they'll give you six thousand dollars of the fiat currency that you can loan that credit line is shown right here and then what you can do is come down to the crypto itself so we're going to come down to the wallet right here and then you can see transfer between wallets so right now i have an amount in my savings wallet what i can do is transfer that right over to my credit line wallet actually for bitcoin you can see they give you 50 ltv so if i transfer 10k over to the credit line wallet that is being used as collateral to collateralize my fiat currency loan so i can put let's say ten thousand dollars over here they'll give me five thousand dollars of fiat currency to uh in my account that i can withdraw out and use any way that i want transfer between what's right here so that's next so they do provide a very valuable service in my opinion you get good interest rates on your crypto plus fiat currency loans if you want to do that they have over 13 billion dollars in assets under management right now so they're obviously providing a good service like other lending platforms as well they do usually have a sign up offer so check that out in the description you can go through and see how much bitcoin they're going to give you with your first deposit uh also check a load of other helpful videos down in the description as well i'm james with money zg cheers for watching and i'll see in the next one

Channel: MoneyZG

Views: 12,379

Keywords: nexo, nexo crypto, nexo wallet, nexo tutorial, nexo wallet tutorial, how to use nexo wallet, how to use nexo credit line

Id: qXby_T6M8ec

Length: 13min 21sec (801 seconds)

Published: Sat Nov 27 2021