First time lending my stablecoin at NEXO

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Avatar for Eybyoung
3 years ago

At first, I thought that Nexo is for staking but someone clarified it to me recently I think it was ScottBusiness that what I am doing in NEXO is lending my crypto coins or stablecoins. I think last 2 months ago I did some little background or reading reviews from the user about their experiences on NEXO and so far they have good feedback that NEXO is doing great.

Nexo is younger than Celsius Network so some user prefers Celsius and Blockfi. But later, if I can accumulate enough funds I will try to dig deeper about another staking/lending platform so I can put my eggs on different baskets because I always believed in the saying β€œDon't put all your eggs in one basket” so it's better to have different platforms so if ever something happens, I will not lose all the funds in one go.

Nexo has an APY of 4-5% in crypto coins and 8-10% to stablecoins, at first I would like to lend only stablecoins because it has a higher APY percentage, I thought I could send some of my stablecoins at Bitcoin.com from my swapping profit but I ended up lending my available crypto coins which are XRP, BCH, & TRX because the USDT on Bitcoin.com is an SLP token under Bitcoin Cash Blockchain while the USDT on Nexo is ERC20 under Ethereum Blockchain. I didn't know it at first, gladly sir Telesfor told me so.

Just recently I open an account in Binance for trading, then I remembered I wanted to lend Tether on Nexo so yesterday, I did my first deposit on stable coins. I send my BCH from Bitcoin.com wallet to Binance then converted it to Tether (USDT) before I send it to my Nexo account.

I decided to add my little investment in Nexo because their interests are given daily. They will also update you with your earnings and also about your deposits. Your funds is also withdrawable at anytime since it was not locked in.

I wrote this one because I know some of my newbie followers also wanted to lend some stablecoins at NEXO.

So here are the steps how to deposit your stablecoins in Nexo from Binance

You can use other coins or whatever coins you have from another wallet. Just open an account in Binance or any exchange that supports your coin and sell it to USDT or any stablecoins you like because there are other available stablecoins in Nexo that has the same APY percentage, such as USDC, PAX, DAI, EUR, TUSD, GBP & HUSD. But let's stick to Binance since I used Binance and the USDT coin.

  • Assuming you already send your crypto coin to Binance. Log in to your Binance account in the Home section find the convert button. Chose the coin you like to convert in USDT.

  • For example BCH to USDT. Just make sure that you will meet the minimum amount of conversion. BCH has 0.05 minimum and 12 BCH maximum amount.


  • After you sell or convert it to stablecoin you can now send it to Nexo just tap the Top Up button, go to your Nexo account chose the stablecoin you like, and copy the address just make sure that the address you have chosen has the same terminal which ERC20 failure to check it will lead into losing your funds. Refer to the photo above and make sure to read the important notice.

  • After you copied the address on your Nexo account, go back to your Binance wallet then click withdraw and chose your USDT balance. Refer to the photo above make sure you follow it carefully so you will not lose your funds. The transactions fee is somehow a pain on my ass (lol) it cost $3, well you know Ethereum blockchain has high gas fees next to BTC. The minimum amount to be withdrawn is $6 and you will only receive $3 because you will pay $3 for the transaction fee. After you filled up everything you will proceed to 2Factor authentication before you can send your funds.


After 6 confirmation Binance will notify you that you have successfully withdrawn your USDT.

Vice versa you will also receive notification from Nexo that you have successfully deposited your stablecoins. Nexo has guaranteed by $100 million custodian insurance policy.

It's always better to diversify your investment in cryptocurrency there are a lot of methods how to invest in crypto such as holding, staking, lending, trading and so on. Just always do your own research before jumping on it since I am not a financial advisor.

Related Article: Staking/Lending Review on NEXO

@Eybyoung


If ever you decided to lend on NEXO just follow the steps above if you want to Top Up on stablecoins. @Jane @Ruffa you might want to try this just do it at your own risk πŸ˜†

Thank you for reading!

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3 years ago

Comments

Ah so hindi po sya pede idirect sa address? Kailangan nakaerc muna?

$ 0.00
3 years ago

Yes, pag stablecoins..

$ 0.00
3 years ago

I'm planning to send my bch into nexo but it is only $10 but atleast I can earn interestsπŸ˜† may requirements po ba kapag stable coin ang ilelend? (like id, parang yun yata nabasa ko dun sa nexo e not sure) nagmessage nga po pala ako sa telegram hehe may tanong lang po akoπŸ˜†

$ 0.00
3 years ago

I already reply on you on telegram hehe.

$ 0.00
3 years ago

Thanks po hahaha

$ 0.00
3 years ago

I didn't know there was such a thing. I didn’t think that way I could make a profit.

$ 0.00
3 years ago

There are a lot of ways to earn from your crypto assets you just have to do your own research about it all.

$ 0.00
3 years ago

I was also planning that too..maybe $50 from my bch.. Now you encouraged me to pursue it πŸ˜†

$ 0.00
3 years ago

Haha sana all $50 pwd rin ako maliit muna try out lang hahaha dagdagan ko rin yun later on.

$ 0.00
3 years ago

Magkano stake mo? Mataas fee kpg stablecoins

$ 0.00
3 years ago

$3 ang fee.. maliit lang haha later na dagdagan.

$ 0.00
3 years ago

You emhpasized a crucial point dear. While sending Tether, one should be careful about the blockchain that they choose. ERC20 is the most commonly used one around the world but I can be TRX or Omni as well.

$ 0.02
3 years ago

Yeah, I have to cite the important details about the blockchain so if ever they want to send it there they should be careful. TRX20 and Omni have lower fees but as you have said ERC20 is most commonly used because it was the first.

$ 0.00
3 years ago

Meron na ako sa n3xo, bch lang akin. Sayang sa usdt sana kasi mas malaki laki, tapps tinamad na ako magpa convert convert galing binance kaya un, sa bch nalang ahahaha. At napaka malas dahil ambaba ng bch πŸ˜‚πŸ˜‚, at saka mababa palang nilagay ko doon kaya ambaba din ng interest na nakukuha ko ahaha.

$ 0.00
3 years ago

Oo nga baba ngayon tas mahal ang fee $3 woooh sakit sa bangs haha saka mo na lang dagdagan pag nakarami ka na πŸ˜†

$ 0.00
3 years ago

Kaya nga ee, buti sa inyo ang laki na ng interest, nabawi mo naman na ata ang fee ee kasi malaki naka lend mo.

$ 0.00
3 years ago

Hahaha, maliit lang lol di pa bawi. Try2 lang tas dagdagan nmn pag naka ipon ganon lang pa onti onti hanggang 20 years πŸ˜†

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3 years ago

Great dear you are writing full of highly experienced

$ 0.00
3 years ago