Taking out a loan from Nexo is a straight forward process. You can
1. Watch this ~4.5 minutes long video:
2. Read the explanation below.
3. Check this article where you can also find screenshots and examples.
You can transfer your crypto assets to your Nexo account and get an instant crypto loan (credit line), which you can immediately access using the free Nexo Card or by withdrawing in 40+ currencies to your personal/business bank account, or in USDT to your Tether address, or in USDC to your USD Coin address.
In order to obtain a loan, follow these steps:
- Sign up for your Nexo account at https://platform.nexo.io/;
- Deposit your crypto assets. The platform supports BTC, ETH, PAXG, XRP, LTC, XLM, BCH, EOS, LINK, TRX, stablecoins, NEXO, and BNB with new major altcoins being added on a regular basis;
IMPORTANT! Please note that Nexo does not support wrapped coins that are pegged to (i.e., represent) coins from another blockchain. Тransferring such assets to your Nexo account will result in permanent loss. Make sure to always transfer BTC/BCH native as well as ETH, NEXO, USDT, USDC, TUSD, DAI, PAX, LINK, PAXG, and HUSD created on the Etherium blockchain.
- Undergo the Basic/Advanced Verification in the My Profile section;
- Go to “Withdrawal Funds From Credit Line” where you will see the available loan amount;
- Choose the preferred withdrawal method and enter your bank account for a loan in fiat currency.
- Enjoy spending your Nexo Loan.
Please note that:
a) if you want to take a fiat loan against stablecoins, you will have to cover at least 50% of your loan using other crypto assets as collateral (BTC, ETH, etc.). This is required to comply with Anti Money Laundering standards
b) it is also important to note that you may be as well requested to provide supporting documents to prove the origin of your funds
c) please keep in mind that upon requesting a loan crypto assets may be automatically transferred from Savings wallet to Credit Line wallet if there is not enough collateral in the Credit Line wallet to support the loan