Update 5/7/22: Bonus is now $150, $50 of it requires swapping $1,500 on the exchange. Hat tip to reader peek
Contents
The Offer
- Nexo is offering a $100 welcome bonus when you make your first top-up of $1,500 or more. Must maintain that balance for 30+ days. Get an additional $50 when swap $1,500 or more in volume on the Nexo Exchange
Our Verdict
The previous best bonus was a $25/$20 bonus. That only requires a deposit of $100. Personally I don’t feel that comfortable depositing large amounts with these crypto companies, but others disagree and find it worth doing.
Hat tip to reader Peek
Looks like this one expired. The link is not showing $150 anymore, and terms has this now: “Create your Nexo account between 00:00 UTC on May 5, 2022 and 14:00 UTC on July 1, 2022. “.
William Charles
Does anyone know whether any crypto bonuses offered by these exchanges and apps can be churned?
Davis I’ve had Cake DeFi, Celsius, Nexo, Hodlnaut, BlockFi, WeBull, eToro, Voyager, Abra, OKcoin etc… and closed all the accounts after getting the bonuses. Now I’m just wondering which of these is worth wasting time for? Are any of these confirmed to be churnable? 
slowbrake
3.5% fee to buy Bitcoin is very high,
$52.35 on $1500 eats up more than half of the $100.00 Bonus. What am I missing?
transfer in coins that you already have
1 – $1500 real bank account to Coinbase USDC – $0
2 – Coinbase to Nexo – like $8 maybe? and you’d have to wait up to week to have access to the full 1.5k.
3 – Hold for 30 days, do not transfer ANYTHING out of nexo – get $100 (like 70% APY) on 1.5k
4 – Transfer 1.6k USDC back to coinbase using the nexo free monthly withdraw
5 – Withdraw from coinbase to bank – I think it’s $0.
That extra $50 for trading 1.5k though – fees will likely eat the vast majority, reports of slippage/fee goes from 0.1-2.0% – with a lot of points at the higher half. I don’t have the time to math, swap and invest $30, wait, confirm, email, etc for what may amount to $10-20 profit.
Hey, do you mind explaining why swapping from USDC to another stablecoin (and then maybe back?) would be a bad idea to get the $50? I’m not too knowledge about terms like spread and slippage etc. I think there maybe a fee trying to withdraw the bitcoin after but then couldn’t you just wait a month for another free withdrawal? Thanks!
You exchange your $1 of stable and receive 99 cents alternate stable. They you switch back and you give 99 cents of alternate stable to get 98 cents of stable. You’ve lost 2% of the 3.3% bonus.
Nexo says ‘no fees’ to swap. All exchanges that I’ve seen do this are opaque and have a higher spread than transparent ones. Nexo doesn’t display swap depth/pricing.
So you’ll have to guess at how much the spread and slippage will take out of a roundtrip to USDC. I guess you could swap to tether on nexo, leave it in tether, send to coinbase and sell for 0.999 USD and 0.3% fee. You’d probably still have $35 or so.
Assuming no glitches with getting paid the bonus, and if you’re being taxed on it – that’s another calculation. I guess that’s probably where I have distrust, I’ve gotten kicked out of a number of crypto bonuses for things and there’s no recourse – and it always come with some sunk costs (unlike bank bonuses)
Like this bonus, lets say you drop 1.5k into it. Than you swap into Tether. At the end of the month you have $1485 left due to the USDC to Tether spread – no bonus according to the fine print. Or you do BTC and it drops in price – no bonus and the loss. Or you exchange $1500 in tether and they say – will you only traded for 1485, the spread doesn’t count, no bonus.
Ah I see. So it looks like swapping from USDC to Tether would cost ~$40 from just testing with the exchange on the app as it still shows the conversions even with no money in my account. Then, sending to Coinbase and selling for USD would I believe have a 1.49% fee (not sure where you got 0.3%) making the entire transaction a loss overall if I am understanding this correctly. So it seems it is better off to just transfer 1500 of USDC and hold it for the $100 bonus. There is another stablecoin I randomly came across in the app called TerraUSD that is apparently losing a bunch of value so that would be interesting if I had that coin and it went back up in value but of course I don’t know much about that at all. So I’ll definitely just stick to USDC but I was surprised to see you would actually get more (like 1550) for swapping to TerraUSD but that is because its value is down right now. Thanks for your help btw!
You got it.
I thought coinbase pro had a 0.3% fee.
Probably shouldn’t buy TerraUSD now. Upside is only back to $1, downside is the rest of the way to zero.
Slightly off topic maybe, but can anyone recommend the best credit card(s) for purchasing crypto?
Or does it have to be a debit card only?
Curious about this too, if anyone knows.
The Bank of Nigeria’s Visa Infinite is my top choice, and you don’t even need to be royalty to apply for it
One thing to note is the bonus BTC credits immediately after meeting requirements and stays unusable for 30 days. If the market trends downwards as it has been till now, the bonus will be worth less than they advertise.
The low 30K is a good buy zone right now. Much better than my 60K and shit altcoins.
60k? Oof.
i dont see the bonus credits and sent $1500 worth of btc this morning. where do you see the bonus credits at?
What do they mean by a “swap” (to get the extra $50 bonus)? Does that mean for example sell bitcoin and buy eth?
seems like a good offer, though with the transfer fee being high these days from external wallet, is it actually worth the extra $150?
Gemini is still free for 10 transfers a month as far as I know.
Jeff
Is it stackable with referral bonus?
No legal protection for your money on these exchanges. Not worth risking $1500 to make 10% imo
churnable?