5/8/2022 Update: The bonus is now $100 + $50 in BTC. You get $100 you need to deposit $1,500 in supported asset and hold them for 30 days. To get additional $50, you need to swap at least $1,500 on the Nexo Exchange during the 30-day hold period. Since nexo has a significant enough fee/spread (I think around 2%), the latter is probably not worth doing. Check the following link to signup https://nexo.io/get-started
Nexo, a crypto lending CeFi program, is currently offering $100 welcome bonus, paid out in Bitcoin, when you make your first top-up of $1,000 or more. In this post I will tell you why this is an amazing bonus and walk you through various cheap ways to deposit $1,000 into Nexo.
First things first, I have previously covered Nexo, along with various other CeFi platforms that allow free withdrawal, here. Second, due to precedent set by $100 million fine on BlockFi, Nexo announced they will not offering interest to US customers. I have covered this matter in detail in this post, all while using as little crypto lingo as possible.
Use the following link to signup
https://nexo.io/welcome
(to my knowledge this bonus not stack with $25 referral bonus so I suggest not going through a referral)
Quick Glance at Terms and Conditions
- Top up $1,000 or more in supported asset
- hold them for 30 days
- your portfolio has to remain above $1,000 at the end of the 30-day period for the bonus to be awarded
Why is This a Very Hot Offer?
Not long ago Nexo used to offer signup bonus of $10 for $100 deposit (that’s what I did by the way). They would occasionally increase the offer to $25 in BTC for $100 deposit but $10 signup bonus was the standard, well until they eventually made $25 in BTC the standard bonus.
Now, $25 for depositing $100 is an great offer. That is basically an easy 25% return on your deposit. And if we are to compare it with crypto industry signup bonuses, said bonus is still great. Remember, a lot of crypto platforms still offer $10 signup bonus and something like $50 signup bonus with $400 deposit from Celsius is regarded as an amazing bonus. So, yes, in comparison to the bonuses that are out there and when comparing the deposit to bonus ratio, this is a very attractive offer from a well established platform.
What Should I Deposit?
I highly suggest depositing USDC, a stablecoin related to parties like Circle and Coinbase.
However, if you already have other crypto lying around then maybe it is worthwhile to deposit them instead. But keep in mind your balance needs to be above $1,000 threshold at the end of 30 day period.
How to Make $1,000 Deposit?
You can use these crypto platform to make free deposit into Nexo. However, I will summarize three quick convenient ways:
BlockFi (zero cost in fee):
get $10 in BTC when you signup to BlockFi, fund your account, and maintain $100 of balance for 30 days.
https://blockfi.com/?ref=8f100f7c
- Using your bank account deposit $1,000 in BlockFi.
- Purchase $1,000 in USDC (no fee) then use one free monthly withdrawal to withdraw to Nexo.
- After you get the bonus, use free withdrawal from Nexo to deposit USDC back into BlockFi.
- Transfer back to your bank account.
Gemini (0.35% fee):
Get $10 in BTC after you buy or sell $100 in crypto
https://www.gemini.com/share/6nxyqzqfe
- Using your bank account deposit $1,000 in Gemini.
- Purchase $1,000 in USDC through activetrade (0.35% fee) then use one of ten free monthly withdrawal to withdraw to Nexo.
- After you get the bonus, use free withdrawal from Nexo to deposit USDC back into Gemini.
- An alternative is to withdraw USDC into Coinbase instead. There is no fee in selling (or buying) USDC in Coinbase.
- Convert USDC to cash (0.35% fee again). Transfer back to your bank account.
Just Withdraw (Because Gas Fee is Low)
Because the gas fee is low, you can just withdraw $1000 USDC from a platform of your choice to Nexo. For example, an excellent platform to do this from would be Coinbase since there is no buy/sell fee on USDC.
Another platform that you might already be on is OnJuno. There is no buy/sell fee on USDC on OnJuno and USDC held earns 4% APY. You can easily withdraw and deposit USDC into OnJuno. Here is an example of me withdrawing from OnJuno (which does an excellent job of announcing network fee beforehand). The fee came out to be only $2.55 which was basically 0.2% of what I was withdrawing. OnJuno currently has an excellent $100 signup bonus and I walk you through on how to get it here.
