Somewhere between 3-5% of all sports bettors are profitable in the long run. If you’ve only been betting for a short time, then there’s a good chance you’re still in the green; it might be a good place to stop then.
But don’t just leave your money stagnant. You can grow your sports bet winnings further by using Nexo. Nexo is a digital currency platform that allows people to borrow and lend cryptocurrency, so you can make some passive income with this peer-to-peer market.
If you’re interested in hearing more, then read on for a thorough Nexo review and see if it’s the right choice for you.
Learn More About Nexo
Nexo was actually established in 2017, but it didn’t gain any traction until recent years. The company’s slogan is “banking on crypto”, which indicates its goal of replacing traditional bank services with cryptocurrencies and blockchain technology.
As we’ve said before, Nexo is a platform for lending and borrowing with cryptos. Across over 200 jurisdictions, Nexo offers services using 35 cryptocurrencies, as well as over 40 fiat currencies.
Some of the cryptocurrencies you can use on Nexo include Bitcoin, Ethereum, Cardano, and XRP. You can also perform Nexo token payments with USD, EUR, BTC, and ETH.
On that note, Nexo’s token has a current circulating supply of over 560 million. There’s a max supply of 1 billion Nexo coins. At the time of writing (early June 2022), the price of 1 Nexo token is $1.206.
The Pros of Using Nexo
Now that you know a little more about Nexo, let’s talk about the pros you can get by making a sports betting investment. Below are the main advantages investors get from using Nexo.
You Can Buy Crypto Easily
The interface on Nexo is very user-friendly. You can easily buy cryptocurrencies without having to slog through page after page. In fact, all you have to do is enter your bank card information and create an account, and you can continue with a purchase!
There’s also a nice selection of cryptos; 20 to be exact. They’re all popular ones, such as Bitcoin and Ethereum.
The Nexo Exchange allows you to switch between over 150 market pairings, which means this platform offers you an all-in-one solution.
Its wallet app allows you to see your assets from anywhere, even if you’re on an unsafe network. Simply use the showcase mode, which will hide your balances.
There Are Instant Crypto Credit Lines
Nexo doesn’t perform credit checks to loan out crypto to its users. It uses digital assets as collateral instead. As a result, there are instant crypto credit lines, meaning you can lend out your investment immediately.
As soon as you sign up with Nexo and deposit your cryptos in its wallet, you’ll start generating a steady stream of passive income. And the signup process takes less than a minute to do! Better yet is, you won’t have to take on normal risks as you would with regular crypto investments.
You can use Nexo’s handy calculator to see how much you’ll earn over a year.
You’ll Earn a Very High Yield
You’ll earn daily interest (as well as annual) with the money you invest in Nexo. This means your profits can compound over time. In fact, you’ll start earning compound interest just 24 hours after your first transfer!
The exact interest rate will depend on your loyalty tier. The requirements are as follows (in regards to the percentage of Nexo coins in your portfolio):
- Base: No Nexo tokens
- Silver: At least 1%
- Gold: At least 5%
- Platinum: At least 10%
If you have a platinum account, you can earn up to 17% interest on fiat and stablecoins, and up to 36% on crypto savings.
The interest rate will also depend on whether you’re on flex or fixed terms. Fixed terms will earn a higher interest rate, especially if you choose 12 months over 3.
Also, if you earn in Nexo, you’ll get up to 2% more interest. Whereas if you earn in kind (non-Nexo coins), this gives you the base rate.
Regardless of the type of account you have, your interest payout choice, and saving term, these interest rates are practically unheard of in traditional banking.
Your Cryptocurrencies Are Insured
All of the cryptos on Nexo are stored with Ledger Vault. This is a reputable institution that has over 100 leading companies as clients. All funds are kept secure and Ledger Vault ensures that Nexo is compliant with data security laws and regulations.
Nexo says its insurance portfolio is $375 million. There are plans to increase this number to over $1 billion. And while the assets are currently backed by Arch Insurance and Marsh, Nexo also plans to expand its insurers.
When compared to other digital currency platforms, you’ll see that the insurance here far surpasses any other platform’s. Needless to say, if anything happens to your investment, you’ll be fairly compensated and reimbursed.
You Won’t Have to Worry About Hidden Fees
Whenever you make a transaction, the order confirmation page will clearly list the processing fee charged by Nexo. You won’t have to worry about being hit by extra fees afterward, as everything’s transparent with this company.
Even better is, there are no fees associated with adding to or withdrawing from your wallet. The number of free crypto withdrawals is limited to between 1 to 5 (depending on your loyalty tier). But you can make as many cash withdrawals as you wish.
If you go over on crypto withdrawals, you’ll be charged a gas fee. These aren’t concrete and change with time, so check with Nexo if you’ll need to go over your allocated free withdrawals.
Do note that should you make a withdrawal, you won’t lose the interest you’ve accumulated.
You Can Use the Nexo Card
Nexo has its own credit card that’s accepted by over 40 million merchants in the world. You can use the Nexo card to leverage the utility of your credit lines. The card deducts from the balance of your instant crypto credit line.
What’s fantastic about this card is there are no monthly or annual fees. Plus, you get a 2% instant cashback on all purchases, which is paid out in either Nexo tokens or Bitcoin (your choice). And when traveling, you can swipe and avoid foreign exchange fees.
The Cons of Using Nexo
As with any decision, you need to carefully examine both the pros and the cons. To answer the question of “is Nexo worth it,” you’ll need to know the full picture. Here are some of the cons of using Nexo.
You Need to Invest in Nexo Tokens to Get a Higher Interest Rate
If you’re not particularly sold on Nexo coin investments, then allocating up to 10% of your portfolio to this token can be annoying. But this is necessary if you want to unlock the highest interest rates possible.
Of course, you can always choose to go with the base interest rate and not invest in any Nexo coins at all. With Nexo’s high interest rates, even the base loyalty tier is a better choice than investing with traditional banking.
Is Nexo Safe?
Perhaps you’ve weighed the pros against the cons and you think that Nexo is ideal for you. But is Nexo safe?
The good news is, Nexo complies with AML and KYC standards, which are globally used. In addition, the platform uses extensive firewall server architecture and biometric-based identity verification.
For your protection, it also uses segregated multi-signature cold wallets and stores your funds in bank-grade Class III vaults with multi-signature storage custody. So even if a hacker’s somehow infiltrated the system, they’ll be thwarted by these features.
Other security measures that Nexo has in place include login alerts, withdrawal confirmations, and 2-factor authentication.
The website is also EU-licensed and is considered a regulated financial institution. It has various licenses (such as consumer lender, money transmitter, financing law, money lender, regulated lender, and supervised loan) from a number of jurisdictions both within and outside of the US.
As you can see, Nexo is one of the most secure platforms to invest your bet winnings on, especially since it hasn’t had any security breaches since its inception.
This Nexo Review Says the Platform’s Worth It
After reading this Nexo review, it should be clear to you that Nexo is safe and worth your time. While it’s true that there are some cons to using Nexo, the pros far outweigh them.
So we have a resounding “yes” to the question, “is Nexo worth it?” Make your bet winnings grow by investing with Nexo, even when it’s off-season.
If you’re ready to sign up, then use our affiliate link. If you invest $100 through it, we’ll both get $25! Otherwise, check out our free resources to become a better sports bettor and stretch your bankroll.