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What is a Nexo Card?
A Nexo card is essentially a debit card that is linked to your Nexo wallet account. Owners of the Nexo App, can simply tap a few times and get instant access to a Nexo card on their own. The whole point of the Nexo card (and crypto cards in general) is the ability to use your crypto funds outside the digital world, without selling them for fiat currency.
For online gamblers, this means that you can finally visit all those fiat-only casinos using your crypto and not use any of your bank details. The Nexo card is linked to a crypto-backed credit line and can be used anywhere where a Mastercard is accepted. This also means that any online casino that accepts a Mastercard as a payment method will happily open its doors to all Nexo cards.
How to Apply for a Nexo Card
Applying for a Nexo card is incredibly simple. The official Nexo website offers a basic tutorial demonstrating how easy it is to apply for one. Follow these simple steps to become a proud owner of a Nexo card:
- Create and verify your Nexo crypto account
- Buy some cryptocurrency using the Nexo marketplace
- In the Nexo App, find the option called Activate Card
- Instantly gain access to your virtual Nexo card
Optional: Apply for a physical Nexo card – the company may charge you shipping and manufacturing fees. OR add your new virtual card to Apple Pay and Google Pay.
How do I deposit or withdraw money?
Depositing funds to your Nexo account can be done using these methods:
Withdraw your crypto assets from the crypto wallet using the following methods:
Is Nexo Card Safe to Use?
Nexo card is extremely safe to use. The company has one of the most rigorous security systems as well as a lengthy verification process for the sake of security. While this procedure may drive away many users, there is no denying that a Nexo card is probably one of the safest crypto debit cards on the market.
Nexo Card supports 7 Cryptocurrencies
Advantages of Nexo Debit Card
A Nexo card has a lot of default advantages, such as a 2% cashback on all purchases using a debit card. There is also a loyalty program where each loyalty tier brings its own benefits and the fact that there are no inactivity fees. These are all standard benefits of almost all crypto cards but here is where Nexo shines:
Nexo crypto loan
Users can use their crypto holdings as collateral and apply for a loan using their Nexo account. Even though there is a huge KYC procedure associated with this process, users who undergo it gain instant access to loaned funds. Thanks to instant crypto credit lines, users are also able to use their loaned funds immediately after approval.
Nexo interest rates
All Nexo users (including cardholders) gain interest rates. This is different than crypto rewards and doesn’t require that users hold Nexo tokens or anything specific. As long as you have some funds available in your Nexo account (no minimum requirement), you can earn daily interest.
Nexo savings account
Speaking of interest rates, Nexo also offers its users special savings accounts for up to 34 different cryptocurrencies. Depending on the amount and the cryptocurrency in question, users can earn up to 36% interest rates using their savings account.
Disadvantages of Nexo Debit Card
No Anonymity when using a Nexo Card
Before users can get access to their Nexo cards, they have to fill out a lot of personal information. All this information is going to be available when using a Nexo card. While it may not be directly tied to a bank, users have significantly less anonymity when using a Nexo card.
Rigorous KYC Procedure
Out of all the crypto wallets and crypto cards we’ve ever used, Nexo has arguably the most rigorous KYC procedure. Nexo continuously asks for further information regarding identity, proof of residency, and financial information. We understand that the point of this is to improve security but we still feel like they are asking too much.
Still in Early Access Stage
While the Nexo wallet and the Nexo app are fully developed, the Nexo debit card is still in early access. This can be a double-edged sword. For one, this means that the developers may be thinking of adding more digital assets, crypto rewards, and other benefits to support the card.
On the other hand, this also means that users might encounter many problems when using the debit card as the developers are still ironing out all the issues.
Nexo Card for Bitcoin Casinos
When playing at Bitcoin casinos users should probably stick with their Nexo wallet instead. However, many online casinos do not accept Bitcoin or any other digital assets. Using a Nexo card, users can start playing at all fiat casinos, as long as they accept Mastercard (and most of them do).
Nexo Card for Sports Betting
Fans of sports betting can also use their Nexo wallet to place bets using cryptocurrency. If a sports betting website does not allow cryptocurrency a Nexo card is a great solution. Many fiat-only sports betting websites accept Mastercards and using this method, users can place all the bets they can afford without involving their bank of choice.
How to Place Sports Bets Using Cryptocurrency?
Placing sports bets using cryptocurrencies is also incredibly simple. Follow these steps to start placing sports bets:
The Benefits of Using Nexo in Online Gambling
There are many reasons why using Nexo is great for online gambling:
How Does Nexo Benefit Online Gaming Operators?
Gaming operators are constantly trying to encourage more users to start using cryptocurrencies. There are many reasons for this:
Gamble Responsibly with Nexo Card
Before you start placing bets and getting bonuses at online casinos, please consider the following safety measures:
- Do not share your wallet details with anyone – Sharing crypto wallet details (especially your key phrase) is a sure way to have your funds stolen. Keep your wallet account details safe from everyone.
- Double-check who you are sending your funds to – With crypto transactions, there are no chargebacks. Once a wallet initiates a transaction, there is no going back. Because of this, always make sure you know exactly to who you are sending your funds.
- Do not spend more than you can afford – Gambling can be addictive and it is important to know your limits. Set a spending limit for each playing session and don’t go overboard. Not following this simple rule can lead to huge losses or even bankruptcy.
Nexo has been around for a while and many users have already had the chance to test out the wallet, app, and debit card. Here’s what users have to say about Nexo:
What users like best about Nexo
Users are generally happy with what Nexo offers. According to most users’ reviews, the Nexo wallet is a great place to store your crypto assets especially because of all the benefits that come with it.
Card users are happy that there are no monthly, annual, or inactivity fees and they generally feel that the free 10 free ATM withdrawals are more than enough until the monthly limit resets. They also enjoy the loyalty program and like how each loyalty tier has its own crypto rewards rate.
What users dislike about Nexo
Users dislike the long and rigorous KYC procedure needed to create a debit card or simply create a new wallet. Many argue that Nexo has the most rigorous KYC procedure out of all other crypto wallets and we tend to agree. Users also aren’t happy with the lack of anonymity by owning a Nexo debit card.
Is Nexo Card Worth It?
Other than having access to all crypto online casinos, a Nexo card extends that access to fiat casinos too. Thanks to the 2% cashback rewards, loyalty tiers, and many other benefits, a Nexo card is a great choice for any casino player and sports bettor alike. If you are a crypto user who wants to play at fiat casinos but doesn’t want to share bank details, then a Nexo crypto card may be the perfect choice for you.
Thank you for reading our review. We hope that we have helped you make your decision about the Nexo card!