In the Nexo HODL challenge, if you hold $5k or more in your savings account for 90 days you’ll earn up to $1500 in free crypto, and interest.
This is one of the best free crypto promotions of 2022 we’ve seen so far, and comes in two stages:
1. Buy Crypto or Top Up Your Nexo Balance
Between March 17th and April 17th, to take part you need to buy between $5k – $100k on the Nexo.io platform in one of these cryptos:
- Avalanche (AVAX)
- Binance Coin (BNB)
- Cardano (ADA)
- Luna (LUNA)
- Polkadot (DOT)
- Polygon (MATIC)
- Solana (SOL)
Or top up your Nexo balance (by sending cryptocurrency to yourself on Nexo from a wallet or exchange) with one of these four cryptos – ADA, BNB, DOT, MATIC.
We recommend buying one of those four on another crypto exchange if you choose one of those, for lower fees.
2. HODL for Free Crypto
Then from April 17th – July 17th, three months, just hold and don’t sell. Finish with at least the same amount of the cryptos you started with, or higher (you are allowed to withdraw the interest Nexo pays).
If you bought or sent yourself the following amounts, this is how much free crypto you’ll earn:
- $5000 – earn $150 in NEXO
- $10,000 – earn $250 in NEXO
- $25,000 – earn $600 in NEXO
- $100,000 – earn $1,500 in NEXO
The free crypto you earnt in the form of NEXO tokens can then be swapped for any other crypto or cashed out as fiat currency.
NEXO is the native coin of the Nexo platform and has been in a bullish uptrend, so could be worth holding as an investment. It also allows you to unlock higher interest rates on Nexo. You are free to sell it at any time though.
Nexo Interest Rates while Holding
While you’re taking part in the challenge, you’ll also earn the following annual interest rates (APR) depending on the crypto you choose. These are market-leading, higher than BlockFi.
The optimal route could be to choose MATIC or DOT, buy it from a crypto exchange you also have an account on, then send it to yourself on Nexo.
New users that join Nexo via the links on this site also can earn a referral bonus of $25 in Bitcoin.
Unfortunately Nexo is not available in the US, but you can earn free crypto interest on Crypto.com in the United States.
Also read our comparison of the best crypto lending platforms on the market and their interest rates.
Cryptoassets are a highly volatile unregulated investment product.
Author: Michael Abetz
Michael has been investing in cryptocurrency since the 2017 bull run, and is a freelance writer producing educational material on decentralized finance topics online.… View full profile ›