How to buy NEXO in the UK 

A Beginner’s Guide to Buying and Selling NEXO Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and wish to buy NEXO – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many NEXO tokens you want to buy.

The cryptocurrency market has become a highly promising investment vehicle. Many people are turning into crypto despite the high volatility of the market. The strong trend that has happened since the beginning of the year has made investors more interested in the crypto market as they look for a way to reap huge returns from the sector. 

There are many types of cryptocurrencies that one can invest in, including NEXO tokens. NEXO is a cryptocurrency that you can invest in when you want to diversify your crypto portfolio from the basic currencies such a Bitcoin and Ethereum

With this guide, you will be equipped with knowledge about how to buy NEXO in the UK and some things you need to consider before investing. However, it would help if you first considered the high risk of investing in cryptocurrencies before diving into the market. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY NEXO IN THE UK
  2. A Step-by-step Guide to Buying NEXO
  3. How to Sell NEXO
  4. Which Wallets Can I Use to Hold NEXO
  5. How NEXO Works
  6. Key Things to Consider before Buying NEXO in the UK 
  7. Conclusion

QUICK GUIDE: HOW TO BUY NEXO IN THE UK

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select NEXO
  5. Enter how many NEXO tokens you want to buy
  6. Check the details and confirm your purchase

A Step-by-step Guide to Buying NEXO

When you want to buy NEXO in the UK, follow these simple steps: 

Step 1: Open an exchange account 

The first thing you need to do is to open an exchange account. There are several exchanges in the UK, and all these come with different ways for you to buy NEXO tokens. Before choosing the exchange, you should ensure that it can support NEXO coins. 

Opening an account is a very easy process. All you need to provide is your names, your contact details, and proof of address. In addition, you may be required to verify some details that you have provided through submitting documents such as your government-issued ID and a proof of address document. 

Opening the exchange account will only take a few minutes. To set up the security of your exchange, you need to provide a multi-factor authentication process that will keep the account secure and ensure there is a minimized chance of your account being accessed by someone else without your authorization. 

Step 2: Fund the account 

The second step is to fund the exchange account, so you can have a way of buying NEXO tokens. The most basic way of funding your account is by using a credit card or a debit card. You can also link your bank account directly with the exchange and deposit the funds you would like to spend. 

If the exchange does not allow the direct purchase of NEXO using GBP, you can choose to exchange other cryptocurrencies for the NEXO coins. Some tokens that you can use in the trade include Bitcoin and Ethereum, the most popular cryptocurrencies. 

Step 3: Buy NEXO

After depositing funds into the exchange, the third step is to buy NEXO tokens. Buying is also a very easy process. All you need to do is go to the buy-side of the exchange account, enter the amount you want to spend, confirm the transaction and you will receive a notification in your email stating that your transaction has been processed. 

To buy NEXO tokens, you can place either a market order or a limit order. The market order will enable you to buy the tokens at the ongoing prices, while the limit order will allow you to buy the tokens when the prices reach a certain low level. 

Step 4: Store in a crypto wallet 

The fourth step is storing the NEXO tokens in a crypto wallet. There are two main types of crypto wallets: a hot wallet and a cold wallet. The hot wallet is the one that allows you to store your tokens for a short while online as you trade them to earn quick returns. 

The other type of wallet is a cold wallet that will store your tokens offline. Cold wallets are highly secure because your tokens will not be available online and will be less susceptible to loss. It is ideal for those who want to store NEXO for long and those who want to hold large amounts. 

How to Sell NEXO

Selling NEXO is as easy as the process of buying the tokens. All you need is to go to the sell-side of your exchange account and then enter the amount you would like to sell. Confirm the details, and the transaction will be processed. 

There are two ways of selling NEXO tokens. You can sell them for GBP or other cryptocurrencies. Al you need to do is lookout for the pair that you want to exchange with. Pairs are often named ETC/NEXO, BTC/NEXO, or ETH/NEXO. 

Which Wallets Can I Use to Hold NEXO?

As mentioned earlier, there are two main ways for someone to hold NEXO tokens. One can use hot wallets or cold wallets. Hot wallets are usually found in the exchange account, and they will keep your tokens online, so it is easy for you to retrieve them as you sell regularly. 

On the other hand, cold wallets are stored in external devices such as USB drives, and they keep your tokens safe away from any online interference. 

How NEXO Works 

NEXO works like all the other cryptocurrencies. The token is based on a decentralized system, which ensures there are no intermediaries involved in buying and selling the tokens. Investors of these tokens buy when prices are low and sell when prices are high to earn returns. 

Key Things to Consider before Buying NEXO in the UK  

Some things you need to consider before buying NEXO include:

Performance 

One of the things you need to assess is the performance of the tokens. Check how NEXO tokens have been doing in recent months, which will help you make an informed decision.

Volatility 

Cryptocurrencies are highly volatile, so you need to check whether you can manage the high risk of investing in this market. 

Usability 

Determine whether NEXO has other uses other than being traded to make money. When a token has several uses, it ensures that its future price is protected from a large market dip. 

Conclusion 

NEXO is one of the most popular cryptocurrencies. The token has become very popular in the market because of maintaining a certain price threshold. Follow the steps above and become part of the crypto community by buying the NEXO in the UK.

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