Buy DAI 

First, you have to verify your identity which only takes a couple of minutes. Once you pass verification, then:

1. From the Dashboard, tap on the “Add Funds” option and select the “Credit/Debit Card”.

2. Pick DAI and enter how much you would like to spend.

3. Enter your credit or debit card details.

4. Confirm your purchase and you’re done! Your funds will appear in your Nexo account.

By making a successful purchase of crypto, your card details are automatically saved so you can select that card for future transactions. There is no limit as to how many cards you add to your account.

You can also choose to complete a purchase with Apple Pay or Google Pay.

You can top up USD, EUR, or GBP from your local bank via a bank transfer. EUR and GBP transfers are fast, while USD wires generally take up to 2 business days to be reflected in your account.

Once your funds arrive, simply go to the Exchange tab inside the Nexo app and swap them for the amount of DAI you want.

Nexo allows you to buy as little as $1 worth of DAI. This stablecoin is pegged to the price of the US dollar and it’s possible to own less than one DAI. For example, 0.54 holdings of DAI, given that the peg remains stable, would be valued at $0.54 cents.

Users take many variables into consideration when deciding how much DAI to buy. Supply, demand, availability, competing cryptocurrencies, and investor sentiment are key indicators of DAI’s utility.

As DAI is pegged to the US dollar, questions such as “When is the right time to buy DAI?” and “Is it too late to buy DAI?” should be answered by first acknowledging the fact that investors usually don’t expect the price of stablecoins to appreciate.

To earn crypto rewards, make sure the ratio of NEXO Tokens in your account against the rest of your portfolio is at least 1%​​​​​​. The rewards you get depend on your Loyalty tier – the higher your Loyalty tier is, the more rewards you’ll get.

If you want to get the maximum reward rate of 0.5%, join the Platinum Loyalty tier by maintaining the ratio between NEXO Tokens against the rest of your portfolio at 10% or more.

Example

Let’s say you stay within Nexo’s Platinum Loyalty tier and you buy $5,000 worth of DAI via the Nexo Exchange. That means you’ll get $25 worth of DAI in cashback:

$5,000*0.5% = $25 in DAI

To find out the exact cashback rates for each tier, visit our Help Center.

Note: The total crypto rewards paid are limited up to $100,000 in exchange volume per month. That means you’ll get rewarded until your total monthly amount of swaps reaches $100,000. That limit resets back to $0 on the 1st day of each month.

Buying and owning stablecoins is not taxable. However, selling or exchanging DAI must be reported on your taxes, even if you had no gain or loss. You can do more than simply HODLing your DAI with the Nexo Card. It allows you to spend on everyday purchases while using your crypto as collateral, instead of selling it.

Nexo works with the leading authorities in custody and compliance:

• Insurance from our custody partners via Lloyd’s of London and Marsh & Arch.

• The finest custody solutions in the blockchain space, provided by SOC 2 Type 2 certified Fireblocks, Ledger Vault, and other partners.

• Military-grade 256-bit encryption and fraud monitoring mechanisms, ensuring the integrity of your funds.

• ISO/IEC 27001:2013 accredited information management systems.

You can learn more about our fundamentals here.