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Is Nexo Safe to Use?
Nexo is designed for security and is driven by trust. They strictly comply with global KYC and AML standards and stringent regulations. Nexo gives utmost priority to security. They have also
placed a variety of safeguards to make sure that Nexo remains one of the most secured crypto lending companies. It includes Biometric-Based Identity Verification, Extensive Firewall Server
Architecture, Segregated Multi-Signature Cold Wallets, and much more. Nexo also stores user funds in bank-grade Class III vaults through Ledger Vault.
With 2FA authentication, biometric identification, withdrawal confirmations, login alerts, and round the clock support, Nexo ensures that you remain in control over your account.
Is Nexo Regulated?
Nexo is an EU licensed and regulated financial institution. You can read more about that here.
How to Borrow Cash With Nexo
You can instantly borrow fiat from Nexo by using crypto as collateral. As mentioned earlier, they support over 40+ currencies, and you can spend it how you like with your method of choice or with
a Nexo card.
Once again, to borrow, login to your account. Select supported crypto and “Top Up”. Send your crypto to the address and you’re set. It’s the same process as lending crypto.
Behind the deposit, you will see your credit line, which you can use instantly. You can transfer to a bank or use it with your Nexo card. With the Instant Crypto Credit Line, you can make use of
a variety of crypto to back your loan. This ensures that you are less vulnerable to crypto volatility
Nexo provides a 50% discount on the final amount. If your outstanding balance is within the loan limit, you don’t need to make monthly payments. Once you fully repay the loan, you can withdraw
your assets from the wallet. You can also choose to start a new line of credit with the collateral.
When it comes to loan limits, it’s determined by the market value of your assets used as collateral. If your assets increase in value, the Nexo Oracle (Nexo AI) will increase your loan limit
automatically.