A long time ago, it was difficult, if not almost impossible to use crypto to purchase daily items in stores. You could trade on crypto platforms, buy coins but rarely use it to make purchases. That’s because cryptocurrency was new and many traders are still trying to understand how it could be used in real-life.
However, if you could eventually use it, you’ll first go through lots of procedures. First, you’ll have to sell your crypto on other exchange platforms or any local exchange. Then withdrawal the local currency to your bank account. That’s how it’s was done before.
As time went by, some crypto platforms like Nexo made direct spending of crypto possible.
Nexo platform made a debit card for direct crypto use. It’s known as the Nexo Card.
It all began in 2018, when Nexo allowed traders to use their crypto as collateral to take a loan. Traders were able to use their crypto to get cash without actually selling it. Your crypto will still be in your wallet while you pay back the loan later.
In the year 2022, Nexo partnered with DiPocket and Mastercard and introduced the Nexo Card.
However, in August 2022, Nexo updated the use of Nexo Card. It’s known as the ‘Dual Mode’. That means Nexo Card can be spent it in two ways.
Who Can Use Nexo Card?
Only those in Nexo Card supported countries can use this card. It’s majorly for people in the United Kingdom and the European Economic Area (EEA).
The Nexo Card is like the regular plastic cards we use. With your Nexo Card, you can easily spend your crypto on everyday purchases.
You can earn interest, borrow money without spending your crypto.
What is Nexo Card?
The Nexo Card is a digital Mastercard that enables you to spend your cryptocurrency. It’s a special card that has a Dual Mode.
Detailed Uses of the Nexo Card
- Debit Mode (Spending Your Own Money): The debit card mode allows you to spend your stablecoins or crypto. However, any crypto you haven’t spent automatically earns you a daily interest. With an accumulation of 14% yearly interest. During payment, Nexo instantly changes your coins into the merchants choice of currency.
- Credit Mode (Spending Without Selling): The credit card mode enables you to get a loan for purchases instead of your coins. This is usually done by people that believes that the price of crypto will rise in future. You can pay back the loan without any interest using local currency or crypto. You certainly don’t have to pay any interest when paying back.
- You can also earn up to 2% cashback when you spend in this mode.
Furthermore, these modes can be used interchangeably. However, you must choose which mode to use in any transaction. This switching can be done in the Nexo app.
How Nexo Card Works
To use your Nexo Card, you’ll have to link your crypto account to a Mastercard. Then it’s entirely up to you to decide which mode to use during transactions. Moreover, only those in Nexo Card available countries can create an account and use the Nexo Card. Below are the steps on how to have an account with Nexo.
Create Your Account
- You can download the Nexo app from the App Store or Google Play Store. Or you can go to Nexo Registration page to sign up.
- You’ll be needing your personal email address and a secure password. Then use the 6-digit code that will be sent to you to confirm your account.
Verify Your Identity (KYC)
- Next, start your verification process. Use your real name and home address. Also, provide any information required.
- You’ll be up loading any recognized ID. A portrait picture is also needed to further prove your identity.
- Nexo’s approval sometimes takes few minutes or a day to get approved.
Add Funds
- After verification, add up to $50 to your account. The money is for the purchase of virtual card.
- You can add money by transferring crypto from a different wallet. Or you can use your bank card to buy coins directly in the app.
Activate Your Virtual Card
- You can activate your card in the Nexo app. Tap the card button for activation. Verify your phone number and choose your cards major currency. It’s usually Euro or British Pound.
- In addition, you can add the Nexo Card to either Google or Apple Pay for mobile payments. The card can also be used in any ATMs. Depending on your Nexo Token holdings, you can get a free withdrawals every month up to €2,000.
- The card can be used for travel needs. It has low exchange fee, so use it for all your travel expenses.
- Nexo Card is for personal use only. It doesn’t support corporate account opening.
Start Using the Card
- You can start using your Nexo Card anywhere. You can switch between modes as needed.
How to Get a Physical Card
Currently, the issuance of Nexo physical cards is on hold. However, if it returns, you’ll need a $5,000 in your account including Gold Loyalty status to get one.
List of Nexo Cardis Supported Countries
Nexo Card supported countries are:
- United Kingdom
- Switzerland
- Croatia
- Republic of Cyprus
- Czech Republic
- Denmark
- Andorra
- Belgium
- Bulgaria
- Estonia
- Finland
- Hungary
- Iceland
- Ireland
- France
- Germany
- Greece
- Italy
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Netherlands
- Slovakia
- Slovenia
- Spain
- Sweden
- Norway
- Poland
- Portugal
- Romania
List of Nexo Cardis Supported States in the USA
Nexo is currently present in the United States after a three-year absence. However, the use of Nexo Card is not in use in any of the U.S. states, only for European users.
Nexo service is open for individuals who’re focused on investments. Users can also access Nexo credit products such as:
- Crypto exchange
- Crypto-backed credit lines
- Nexo’s Yield programs
However, they can access these services through Nexo’s partnership with Bakkt.
Furthermore, New York and American Samoa can’t access any Nexo services.
The Nexo Card isn’t available in the U.S. because Mastercard products needs a particular regulation and approval for each state.
In addition, Nexo has an approval from the U.S. to operate in the country. However, the use of Nexo Card is yet to be added to Nexo services.
Nexo Card Alternatives:
- Coinbase Card
- Bybit Card
- Crypto.com Visa Card
- Bleap Mastercard
- MetaMask Card
Conclusion
The Nexo Card is a unique card from the Nexo platform. It’s a card used by the Nexo Card supported countries. It allows the European users to spend their coins easily as cash.
Nexo Card has a dual mode. This features allows users to choose between spending their crypto or borrowing to pay back later without any interest.
In addition, it has no monthly fee. It also gives crypto reward to users when they make purchases.
The Nexo virtual card is easy to get. However, the physical card has a high demand before you can get one.
Finally, since the inception of Nexo Card, crypto users now spend their crypto directly without first converting into cash.
Nexo Card has made regular shopping easier for crypto users.