Buy Pax Dollar in Seconds

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 Pax Dollar 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 instantly 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 top up USD, EUR, or GBP from your local bank via a secure bank transfer. Wires sent from the US generally take 1-2 business days to be reflected in your account. EUR transfers via SEPA usually take 1-3 business days, while GBP transfers via Faster Payments take up to 1 business day. Wires sent from other countries typically take longer to process – up to 3 business days.

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

Nexo allows you to buy as little as $10 worth of USDP. This stablecoin is pegged to the price of the US dollar and it’s possible to own less than one USDP. For example, 0.54 holdings of USDP, given that the peg remains stable, would be valued at $0.54 cents.

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

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

To get instant rewards, make sure at least 1% of your Portfolio Balance consists of NEXO Tokens. 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 cashback of 0.5%, join the Platinum Loyalty tier by holding at least 10% of your Portfolio Balance in NEXO.

Example

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

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

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.

You start earning interest automatically the next day after you add Pax Dollar to your Nexo Wallet. If you want to increase the amount of interest you earn by up to 2% you can opt to receive your interest in NEXO.

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

The security of the assets in your Nexo Account is guaranteed by our industry-renowned custodians and the leading authorities in compliance and includes:

• 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 Bakkt, Ledger Vault, and other partners.

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

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

You can learn more about our security and insurance here.