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How I Test Nexo Credit Line to Purchase a Yield Token without Losing all my BCH
Warning! This is just my sharing of my financial journey, not a financial advice; however, feel free to take my journey as a use case reference to chart your own financial planning journey. And if you have a better idea, feel free to share your knowledge and we can compare notes and make our money earn for us together!
Finally after many moons of micro blogging in noise.cash and occasionally write here in read.cash + able to redeem some intial investment tokens from testing beta release games, I am ready to test the Nexo's minimal credit line!
Patiently waiting for the compounding in Nexo tokens to earn a good credit score for me to borrow some tangible money to earn more with all the crypto (including my hard earned BCH) as collateral is definitely no easy task.
Instead of using off my earned BCH to buy other tokens / property that yields interest, I will loose my BCH itself. With the almost 7 months compounding in $NEXO tokens, it is now ready to be used as interest payback for credit line borrowing; and whenever I choose to payback my loan in interest using $NEXO tokens, my BCH is untouched, while I have my extra credit to own a long-term income generating token (property).
That being said it doesn't mean I must borrow MAXIMUM of my credit line. One must NEVER borrow 100% of available credit line so that if your BCH value drops, your collateral liquidation risk is minimal.
Checking out directly from the site with the choice of payment in USDC was relatively simple, because it requires the USDC in ERC-20 token form (and not other L2 chains), Nexo's zero fee withdrawal becomes easy.
Once you have keyed in the right amount, simply press the "Withdrawal" button.
Go through both 2 step authentication and email verification...
And your withdrawal is on its way.
Surprisingly, thanks to the recent greatly reduced gas fee on the Ethereum network, the entire process is done within 15 minutes.
And I became a happy customer here, writing a review on how easy it is to create a minimal credit line (once your savings reaches above $500 USD worth) with, now successfully owning 1/10,000 of a piece of a property in USA in token form on the blockchain!
Of course, after I signed the legally generated purchase agreement through the service HelloSign with RealT.