Cheapest Way to Buy Nexo Tokens (U.S. Based Nexo User)

DCV - December 30, 2021

Hi! This post will detail the cheapest way I bought Nexo tokens and then transferred it to my Nexo wallet to upgrade my loyalty level. Upgrading the loyalty level increases my staking benefits. Also, as a U.S.-based Nexo user, this is kind of a work around for acquiring Nexo tokens because I can't earn them with the Nexo app.

To do this, I first need a Trust Wallet account and some BNB coins. Trust Wallet is just like Metamask but is a native wallet of the Binance ecosystem and offers very cheap token swapping. The BNB coins will be used to buy Nexo tokens for very cheap. I have my BNB in my Metamask account and will be showing in this post the whole process of going from BNB to Nexo tokens deposited into my Nexo wallet. Let's get started.

Swapping For Nexo Directly On Nexo APp

I am aware that the Nexo app has a function to swap for Nexo tokens but I'm going to show that it's not cheap. The swapping service Nexo uses is Changelly and the first issue is that there's a minimum to exchange. I wanted to exchange about $50 worth of BTC for Nexo tokens but that was below the minimum. If I input the minimum amount, I end up paying a fee of about 28 Nexo tokens which is about $50-$60 at the time.

Transferring BNB from Metamask to Trust Wallet

There is a much cheaper way using the Binance Chain. First, I need to move some BNB to my Trust Wallet. Take a look at this video on how to transfer BNB to Trust Wallet:

Whatever the method is used to get the BNB to Trust Wallet, I just need to make sure I'm sending via the correct network whether it be the Binance Smart Chain network which transfers BEP20 tokens or via the Binance Chain mainnet which transfers BEP2. Ultimately though, I need the BEP2 BNB coin in Trust Wallet.

Swapping BNB for Nexo Tokens

So I already have some BNB coins in my Trust Wallet on the Binance mainnet. I can tell because I have a nonzero balance of BNB and NOT Smart Chain BNB. This is very important. If the BNB coins are not on the mainnet, I cannot swap them to Nexo tokens.

To swap to Nexo tokens, I tap "Swap" in my Trust Wallet. Then, I select BNB to pay with, and search for Nexo to get. I need to make sure the it says BEP2 under Nexo. This means that I'm swapping on the Binance mainnet.

I then input the amount I want to swap. There's no minimum to swap in Trust Wallet. Then, I tap "Swap". I confirm the transaction and the swap is complete. I just have to refresh to see the new balance of Nexo tokens.

Transfer Nexo Tokens to Nexo App

Then next step is to transfer the Nexo tokens to my Nexo account. I tap my Nexo balance, and tap "Send". Now, I have to find the Nexo wallet address to send the tokens to.

I open up my Nexo app. Tap the "plus" icon and tap "Top Up". I search for Nexo token which is the third option. Here I have to choose between the ERC20 standard token or the BEP2 standard token. To be consistent with what I have in Trust Wallet, I select the BEP2 token.

Nexo warns me that I need a memo to complete the transaction. I tap "I understand" to continue. I first copy the address and paste it into my Trust Wallet. Then I copy the memo and paste it into Trust Wallet as well.

I tap "Next", check that my information is correct, and then confirm the transaction. I refresh to see my updated balance and nthen check Nexo to see that the transfer went through.

Confirming Loyalty Level Upgrade

Now, I wanted to make sure that having more Nexo in my Nexo wallet actually upgraded my loyalty level. I tap "Portfolio balance" to check it and sure enough, I was upgraded from "Base" to "Silver" having transferred over the Nexo tokens. I can now enjoy the increased benefits of being at the silver level.

YouTube version of this post:

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