How To Buy Nexo (NEXO) In Canada (Aug 2022)

What Is Nexo (NEXO)?

Nexo (NEXO) is an Ethereum-based Decentralized Finance (DeFi) lending protocol. Founded in 2017 by Kosta Kantchev, it came as an answer to the lack of lending and borrowing platforms on the Ethereum blockchain. Nexo works by using an automatic smart contract protocol and a Lending Pool (LP) of crypto assets, including some of the biggest like Bitcoin, Ether, Litecoin and XRP.

Nexo uses a Proof of Work (PoS) consensus algorithm to secure transactions, and miners validate blocks. Before a transaction is validated, it has to be approved by the majority of all nodes in the network.

When you deposit cryptocurrencies in the lending pool you earn a small reward in the form of NEXO tokens, which can be held to earn discounts on interests or a larger interest payment on your deposited funds. As of 2022, Nexo has over 200 million users and over $4 billion in assets, and you can acquire NEXO tokens in some of the biggest exchanges, including Huobi Global, Bitfinex, and FTX. As of 2022, Nexo hasn’t been hacked or had any major exploit.

Here are some other quick facts about Nexo:

Where To Buy Nexo In Canada

Here’s how to buy Nexo in Canada smoothly and easily:

1. Open Your Newton Account

Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.

If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.

2. Fund Your Newton Account

Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.

Your funds will appear in your account in 30 minutes or less.

3. Buy Nexo With Newton

Once you’ve funded your account, you can go ahead and buy however much Nexo you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Nexo from the dropdown menu.

Your order will be processed immediately, and your Nexo will show up in your account right away. And that’s it—you just bought Nexo!

Zero Trading Fees

Spreads: 0.2% – 0.7% Security: 95% cold storage Signup bonus: $25 Low spreads & zero trading fees.

CLAIM $25 BONUS ★★★★★ Rated 4.2/5

Why Newton Is Great For Buying Nexo

There are many reasons Newton is my exchange of choice for buying Nexo, but here are just three:

1. Extremely Low Fees

Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.

The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Nexo on its Fees page.

2. Wide Variety Of Coins

Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Nexo, Newton is your best bet for finding them.

Newton obviously supports the major coins like Bitcoin and Ethereum, but smaller altcoins like Neo and Oasis Network are also supported.

3. Designed For Canadians

If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.

Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.

Where To Store Nexo

Storing Nexo is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.

With Newton, though, you can skip expensive wallets altogether and just store your crypto right inside their app. Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Other benefits of using Newton include:

• The widest selection of coins of any Canadian crypto wallet/exchange
• Newton performs daily off-site backups to ensure your crypto is always kept safe
• Open an account in 30 seconds
• $25 bonus when you buy $100 in crypto using my signup link

Newton is a widely trusted wallet and exchange I’ve personally used for more than a year. Whether you want to make your first crypto purchase or just spread out where you hold your coins, I can’t recommend Newton enough.

Zero Trading Fees

Spreads: 0.2% – 0.7% Security: 95% cold storage Signup bonus: $25 Low spreads & zero trading fees.

CLAIM $25 BONUS ★★★★★ Rated 4.2/5

In Summary

Here’s how to buy Nexo in Canada:

1. Open a Newton account using my referral link to get your $25 signup bonus.
2. Deposit Canadian dollars into your Newton account with zero fees.
3. Exchange dollars into Nexo with no commissions—you just pay the spread.

Buying Nexo In Canada FAQs

What Fees Are Involved With Buying Nexo?

Newton doesn’t charge any trading fees or commissions on Nexo, so you just pay a spread of around 0.2% – 0.7%.

Which Canadian Exchanges Offer Nexo?

Newton is the only exchange Canadians can use to buy Nexo today. Other exchanges like CoinSmart and Bitbuy may add support for Nexo in the future, but right now, Newton is the only option Canadians have.

How Do I Sell Nexo In Canada?

To sell Nexo, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Nexo you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.

Alternatively, if you wish to transfer your Nexo to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Nexo from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.

Is Nexo A Good Investment?

At its current price of $2.12 USD, Nexo is down 47.91% from its all-time high of $4.07 USD on May 12, 2021. If the past is any indication, though, there’s a good chance Nexo will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.

Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.

Nexo Price Prediction

Our price prediction for Nexo is $6.55 USD within 12 months. This equates to an increase of 209% from its current price of $2.12 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.