Earn Daily Interest On Your Crypto With Nexo.io!

in LeoFinancelast month

Granted, earning interest, making investments, and the like are not the topics you usually find on my blog. I prefer to talk about crypto gaming and everything around it. That doesn't mean that I'm not trying to achieve financial freedom like most of us here, though. Quite the contrary actually. I'm tirelessly working towards that goal. Just yesterday, there has been a great article on the topic of getting rich slowly by @lbi-token. The major takeaway was that you usually don't become rich over night. Of course you might always hit that 100X alt coin, buy and sell in the exact right moments, and leave the game a made man. The reality is, though, most of the time that won't happen. Because of that, it's important to look at the options available to us to build our wealth and passive income through other means. One such option I want to talk about today is nexo.io.

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Photo by Jeremy Bishop

The core concept behind nexo.io is pretty clever. People can deposit their crypto currency as collateral and take loans in either fiat or stable coins against it. This allows people to hold on to their crypto currency and at the same time have liquidity available to them. The interest rates lenders have to pay start as low as 5.9%. Considering the average increase in value for most major crptocurrencies, this is pretty damn cheap. More exactly, you are going to pay less interest than the expected increase in value for these coins is going to be. Put in other words, if you play your cards right, your collateral is going to pay for these fees itself and you can use the liquidity for what ever you need it. This is obviously pretty cool for anybody that wants to actively work with his capital and is willing to take some risks doing so.

Incidentally, that's not me. A lot of people still stuck in the conventional financial system certainly have a somewhat different opinion on that matter, but I perceive myself as rather defensive in terms of investments. I don't enjoy taking overly big risks. That's not to say I don't take a shot every now and then if I see a chance, but most of my money goes towards long term earning opportunities. Luckily, nexo.io has me covered on that. Like the traditional banks once did, they not only lend money to people, they also allow you to deposit your holdings and pay out interest on them.

nexo.io accepts both fiat currency and many of the more prominent cryptocurrencies. They have a variable interest rate which is both dictated by the current market situation and also the amount of NEXO tokens you hold. If you don't bother with these, you currently can earn 8% annualized interest on fiat and stable coins and 5% on all other cryptocurrencies. Personally, I use the service both for some of my fiat as well as for roughly 3 ETH I don't intend to sell any time soon.

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I also hold a minor amount of BTC and BCH on the site. Ever since I've joined noise.cash, I'm earning between 2$ and 3$ worth of Bitcoin Cash every day. Since I don't have anything to use it on at the moment, I just put it to nexo.io for some additional interest. As you can see above, interest on nexo.io is paid out daily which is an amazing thing in my book. Not only does that help with compound interest, your funds also are available when ever you need them. There's no mandatory holding time for the service, you start earning interest right away. If you ever need any of your fiat or crypto, you can withdraw it and receive it immediately (in the case of crypto) or withing 48 hours (in the case of fiat).

To me, nexo.io is the perfect way to earn some passive income without taking too much of a risk. Like everything in the digital world, your funds are obviously at risk as long as they are sitting in their wallet. That said, though, depositing crypto as collateral is a great way to reduce the risk of actually loosing money with their lending operations. It's also worthwhile to take note that nexo.io is a registered financial institution operating from London. That's not to say there's no risk left, but in my opinion, it's manageable. They also require KYC in order to deposit or lend money. While I'm not a fan of KYC, I think it's acceptable in that case as it adds yet another layer of security for their operation.

Nevertheless, never put all your eggs in one basket. My personal rule for this is to never have more than 10% of my holdings in one place. That's obviously not always true at all times with price shifts taking place but it's what I aim for. Whenever I find my holdings to accumulate too much in one place, I start to move some funds.

nexo.io doesn't charge any fees for deposits or withdrawals but in case of cryptocurrency, you obviously have to pay the Gas fees. In case of Bitcoin Cash the transaction fees amount to a couple of pennies per deposit so I don't really care about them. In the case of Bitcoin and Ethereum, though, they are a lot higher. Consequentially, I only move funds to nexo.io that I'm comfortable with leaving there for a long time. In my case, I don't intend to touch that ETH anytime before 2025 or possibly even later.

All of the above obviously is not financial advise, always to your own research, you know the drill. Point is, don't let all of your crypto just sit in your wallet doing nothing when you could let it work for you and earn you some sizable interest. At the same time, don't charge ahead and move all your funds to nexo.io now. Always try to balance things out, spread your risks as much as you can. nexo.io alone is not going to make you rich but it's another great tool to work towards it.

And that's all from me for today! Thank you all for reading and see you next time with the newest edition of the Play2Earn report.

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Never mind :P

Posted Using LeoFinance Beta

Your posts are always helpful an nice to read.
Thank you!
*spotted on noise.cash

Posted Using LeoFinance Beta

noise.cash is such a nice guy :D
Thank you for your kind feedback!

Posted Using LeoFinance Beta

Indeed it's a good way to put your crypto to work for you instead of just sitting in your wallet. In fact I'm already using three of this kind of platform but to be honest I don't feel comfortable lending my crypto to a third party, as you know "not your key not your crypto", that's why I've only allocated a small percentage of my portfolio.

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Agreed, it's what I try to do as well. Fun enough I have a lot less issues putting 10,000€ on the site than I had with the 3 ETH. Maybe because I expect them to be a lot more valuable than those 10,000€ eventually ;-)

Posted Using LeoFinance Beta

Using NEXO too and satisfied so far, those daily interests are a joy haha.
Perfectly adapted for a “not all your eggs in the same basket” strategy.

Posted Using LeoFinance Beta

Thanks for the info about Nexo. I've seen lots of ads for it but haven't used it yet. I might try it out with a bit of fiat that's sitting in a bank account and earning 0 interest.

My personal rule for this is to never have more than 10% of my holdings in one place

Good idea. I need to apply something like this to my holdings but, first, I need to get my records up to date so I know exactly what I have and where.

Ever since I've joined noise.cash, I'm earning between 2$ and 3$ worth of Bitcoin Cash every day.

I was surprised to read this. I tried to sign up but I can't get into my account. It says there's no account with my email and if I try and create a new one it says that email is already taken. Spent hours faffing around with it and gave up in the end.

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Damn that sucks about noise.cash, the site is pretty decent. Maybe try to contact them about the issue or try to register with another mail (best in a private window I guess) and see what happens. You'll never need the mail address afterwards so it wouldn't hurt if it was a "fake" one.

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your funds are obviously at risk as long as they are sitting in their wallet.

That's the problem with all these. I am far too non-trusting to go for any of them. Notice they are coming out of the woodwork like lice recently? Ads... everywhere.

Perfectly understandable and I'd never bet all my money on them... or even a larger portion of that. Regarding the services on the market I feel like nexo is the most trustworthy so I hope to get a shot at recovering my deposit if things start to go south for other platforms first.

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You convinced me!
To join noise.cash that is.
How on earth do you make a few bucks everyday??
😂

Honest answer? No clue :D
I just drop some random stuff there every other hour and people seem to enjoy it, often getting tipped 0.1$ - 0.15$ per blurt ;-)
Leave me your profile link so I can subscribe you please.

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Well I'm glad it's working out for you! I've already gotten a few tips but I don't know where they go. Do they normally take long to transact or what? There's nothing in my wallet.

https://noise.cash/u/proto26

I already found you.

Tips will go directly to your BCH wallet, they never show on noise.cash.
You need to insert one in your Profile. Once that's done, they are almost instantaneous.

@khazrakh
I connected my BCH wallet yesterday when I started. I kind of thought the problem would resolve itself overnight but my wallet is still empty. What do you think I should do? Anything I can do?
I'm always having some sort of technical difficulty.

Mh that's really odd honestly. At this point it's probably best to contact support, no idea how to solve this, sorry :-(

I think I figured out that my particular wallet is not supported. Guess I'll have to download another one. Thanks for listening to my troubles!