Instant Crypto Credit Line Nexo: Pros and Cons

What’s Nexo?

Just the way you have the option of getting a loan from your bank, Nexo allows you instant crypto credit on a certain interest. This is feasible for the traders of cryptocurrency who have to remain active in the market even when they might not have the desired amount in their digital wallets. Therefore, an instant loan from Nexo is the “it” thing. You can get a loan on more 45 fiat currencies while earning daily interest on your assets. How easy could it get! Furthermore, Nexo is one of the most efficient crypto lender in the market in more than 200 jurisdictions. The crypto credit lines are also as tax-efficient as possible.

How does it work?

The most interesting thing is that Nexo users can instantly withdraw crypto credit lines after joining. Once you’ve become a part of the Nexo family, you can deposit cryptocurrency after having chosen a type of currency such as, Bitcoin (BTC), Ether (ETC), etc. As if things were not interesting enough, what makes it all even better is the fact that once you’ve borrowed the currency, you are the one who owns the digital assets as long as the credit line is still there.

Moreover, there are no hidden interest charges so you have to pay interest solely on the money that you have either withdrawn or have spent via your Nexo credit card. And guess what the annual percentage rate is? Only 8%! This APR is applicable in either of the two scenarios; firstly, if Nexo is staked as collateral or the second option is that the repayment option is set as Nexo.

Read more: WazirX Introduces its New Feature – The Smart Token Fund

Pros of Nexo:

• It’s one of the most experienced platform in the field of crypto credit and is frequently audited by Delloite.
• Founders of Tech Crunch and other famous professionals of this industry are part of the advisory board of Nexo which makes it even more reliable.
• Nexo provides a great way of earning some extra income which comes from the profits of the company itself. So 30% of extra money sounds good, right?
• There is no tax liability if Nexo Token is involved.
• You can also get a credit card for free with Nexo Token.
• Use of Nexo Token also ensure high speed funding.
• As long as you’re using Nexo Token there will be no exchange fee.
• It works amazingly fast! You’ll receive the amount in your account as soon as you borrow it.

Cons:

• Efficiency may be adversely affected if the approval time extends a little longer than anticipated. 
• There is no backing other than that of Crypto.

There may be potential issues in a bear market but that’s a con that comes with crypto market itself.