The Nexo Booster is bringing leverage trading to Nexo

Nexoa leading cryptocurrency lending platform and exchange, has introduced a new feature to its platform, the Nexo Booster.

Launched as part of the Nexo app earlier this year, Booster is set to give web users of the platform more functionality and further expand their holdings.

Nexo Booster brings leveraged trading to the platform, allowing users to buy up to 3x the amount of their desired asset.

According to the company, Booster is the industry’s first product that allows users to amplify the purchasing power of their current holdings without allocating additional capital.

Fully Secured Leverage with Nexo Booster

What makes Booster different from other leveraged products on the market is its hybrid design. Essentially, Booster shares the same functionality as Nexo Exchange and Nexo Instant Crypto Credit Lines, allowing you to automatically execute, borrow and exchange trades without slippage.

This feature allows users to gain 1.25x to 3x leverage on their portfolios through the Nexo Instant Crypto Credit Line. Leverage through the Nexo Booster works by collateralizing the user’s existing holdings and assets acquired by the user through booster transactions. This ensures that the user’s entire credit line is fully collateralized and the loan-to-value (LTV) ratio is below his 70%.

The booster transaction’s LTV determines how high the fees are. Fees can range from 1% for LTV below 50% to 3% for LTV between 60% and 70%. Users receive up to 0.5% Exchange Loyalty Rewards per transaction as the booster uses Exchange’s infrastructure and instant crypto credit lines.

Nexo Booster accepts 28 currencies: BTC, ETH, XRP, LTC, EOS, BNB, XLM, PAXG, LINK, TRX, ADA, DOT, AXS, MATIC, MANA, SAND, UNI, AAVE, GALA, CRV. increase. 1INCH, FTT, SOL, AVAX, FTM, ATOM, KSM, NEAR.

The platform has a cap of $250,000 per booster transaction, but users can make as many transactions as they like. An open credit limit does not prevent users from using boosters. However, it is important to note that an open credit line will change his LTV for booster transactions.

Each of the 18 cryptocurrencies that can be used as collateral in a line of credit has an acceptable LTV, with Bitcoin topping out at 50%. Nexo Booster has 1 Allowed LTV for all coins set at 70%, allowing users to borrow more for assets with lower LTV available.

Nexo Booster not only brings new features to the platform, but also brings an extra level of security. Boosters are technically similar to leveraged or margin trading, but are built to increase user security by allowing a more secure LTV level only for transactions that are not common in leveraged trading. it was done. Unlike margin trading where both long and short positions are possible, Nexo Booster only offers leverage for long positions.

Another big change that Nexo brings is a significant improvement in usability for leveraged trading. Extracting credit by repeatedly borrowing against crypto assets, buying more assets, and pledging them for more loans is a time-consuming and expensive process that involves multiple taxable events. can also cause

Nexo Booster automates all these credit requests and transactions, saving time and money for clients using the platform.

Nexo is currently working on adding features to Booster and improving security for its users. Nexo Booster is not available for users in the US, Canada, Australia, and Estonia.