Nexo extends its credit line offering with an industry-first leverage functionality, introduced as the Nexo Booster. Using Nexo Booster, you can amplify your purchasing power without investing additional funds. Nexo Booster brings together all elements of the Nexo brand under one umbrella, like the credit division, wallet digital asset custody service, opportunities of DeFi yield, and its cryptocurrency exchange.
Nexo Booster is available on Nexo’s mobile application and will allow its three million-strong community members to get up to 3x leverage on their portfolio. The Booster transactions are 100% collateralized; it collateralizes your current holdings and the assets acquired through the booster transaction.
Nexo introduced the Nexo Booster keeping the novice userbase in mind, thereby only allowing users to leverage up to 3x. It is more likely for retail clients to give in to FOMO than experienced traders. You can easily find 125x leverage on some professional platforms, but Nexo is committed to bringing its users a sustainable product in the long run.
With Nexo Booster, you can boost up to 19 cryptocurrencies (BTC, ETH, AVAX, SOL, MATIC, LUNA, UNI, ADA, DOT, XRP, BCH, LTC, BNB, EOS, XLM, LINK, TRX, PAXG, DOGE). Users can utilize the Profit Projection bar and calculate potential future profits and losses. This tool is beneficial for general users in predicting market movements and how they will affect their portfolios.
Nexo Booster fees vary from 1% to 3% depending on your LTV, which is factored into your outstanding credit line balance. In the “After Purchase” section, you can find your LTV, your borrow amount, and available credit before and after completing your transaction. Users get to review every detail before finalizing any leverage transaction.
Nexo Booster utilizes the infrastructure of Nexo’s Exchange and Nexo’s Instant Crypto Credit Lines. Users can get 0.5% cashback for every swap under the Exchange Loyalty Cashback using Nexo Booster. Users can benefit from this feature only until they exceed the Exchange Loyalty Cashback limit.