Most Popular Cryptocurrency Wallets
Before we can provide you with a full Nexo wallet review you have to understand the difference between this company and the traditional types of Bitcoin wallets out there. So, we’ll start with that explanation so we can contrast and compare.
So, the first thing you should know is that there are two types of wallets out there. The first type is called “cold wallets,” and are not kept online so they can’t be hacked. One type of cold wallet is a paper wallet, which allows you to print out a key on a literal, physical piece of paper. Without this key, nobody can get into your wallet. If you lose the piece of paper, not even you will be able to get into it. This is hard to set up and is only recommended for people who are self-declared eggheads when it comes to tech stuff.
The second kind is a hardware wallet, which is usually a physical external drive that you only plug in when you’re using it. Once again, you’ll have to keep the password somewhere, or else you won’t be able to get in.
And then, there are also two types of hot wallets. The first is a software wallet that can run on any device you’d like. You just need a password to send and receive money. While not as secure as a cold wallet, it’s easy to use.
Then there is an online wallet that is controlled by whatever you choose for cryptocurrency to invest in. It’s also easy to use, but the problem is that if the company that’s running the wallet goes out of business, you’ll lose your crypto.
All of these wallets operate through Bitcoin exchanges, but as you’ll see in this Nexo wallet review, it’s not like any of these wallets. Instead, you put your money into Nexo and get a credit card that you can start spending.
Pros & Cons Of Nexo
In our Nexo wallet review, we again must point out that this is not a traditional cryptocurrency wallet – and that it works out in its favor. Because it’s a physical card, you can use it anywhere to buy anything.
The negative aspect is that they charge you interest on the money you spend, so the more you spend the more you’ll have to deposit. And, 5.9% interest is pretty steep – but what you’re paying for is the ability to spend your crypto money on sites that don’t accept crypto. That will be worth it for some people.
These are some important factors that went into our Nexo wallet review. But it’s safe to say that if you want a credit card and have crypto, Nexo will be good, but it doesn’t work as well as a wallet on its own.
Cryptocurrencies & Technology
Nexo is not built on traditional cryptocurrency technology but credit card technology. They use credit card algorithms to determine how much you can borrow and at what interest rate, which makes it easy for you to know where you stand with just a click.
In addition to this, depending on the type of crypto you put into Nexo, the amount of money you can borrow and at what interest rate may change, especially if it’s a volatile cryptocurrency. All this technology is put into place to make Nexo as safe for you as it is for them, which gains points in our Nexo wallet review. It also makes our basic point that Nexo is not so much a cryptocurrency wallet as it is a way to spend crypto on sites that don’t accept crypto.
Once you have it set up, Nexo is fairly easy to use. Let’s get into how that works. But as this works more like a credit card, we have to mention in this Nexo wallet review that there is no Nexo wallet promo code.
First, you go to the site and set up an account – and it’s as easy as signing up for anything online. You don’t need to provide them with your Social Security Number because they won’t be doing a credit check.
Then, you simply deposit your cryptocurrency into Nexo and you’ll find out your Nexo limits on credit. With a stable cryptocurrency, this is generally half the amount of money you have put into the account. Then as for Nexo wallet fees, it will set the interest rate on the money as you borrow it, which is currently 5.9%.
But as part of our review, we have to emphasize that both amounts can change. If you deposit a cryptocurrency that fluctuates, they may only let you borrow 10% of its value. And if that’s the case, they may charge you interest rates of up to 11.9%.
In any case, they will send you a credit card after signup that you can use the same way you would any other card to make a Nexo withdrawal or purchase.
Once it has assessed what you can borrow you can then put your crypto into the account. It will send you an address to use. Use that address to transfer your crypto in. This is the same address that you will be asked to use when it’s time to pay off your loan.
So, as for usability, our Nexo wallet review is all aces. It’s user friendly and more or less intuitive, and we doubt even newbies will have a problem with it.
Security And Support
Nexo is backed by a $100 million Lloyd’s of London insurance package, which means that even if Nexo were to go under you’d still get your money back. They also have to follow all of the regulatory guidelines of any company that issues a credit card.
You can add two-factor identification and request a text any time your card is used. Essentially, if you trust the credit card system, you’ll trust Nexo.
Our Nexo wallet review team checked out the customer support and it’s perfectly fine. You can call them 24 hours a day, seven days a week, or put through a support ticket. Again, this is much more like dealing with a credit card than it is dealing with a crypto wallet, and our Nexo wallet review is top-notch for this category. The trust and security should be there. Credit cards have been around for a long time.
Nexo is a solid choice if you want to be able to spend your crypto on sites that don’t accept cryptocurrency. It’s also nice if you need a short-term loan from time to time. Do not think of Nexo as a crypto wallet. It’s a way to gain financing through the deposit of cryptocurrency. That’s not a bad thing but is something to keep in mind. Nexo is part of the developing cryptocurrency structure. In a few years, there may be many companies like Nexo. At the moment it seems like the only one we have. This goes into our Nexo wallet review.