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Modulis 1 · First steps
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Nexo — buying crypto with euros

Video · 2 min.
Nexo: crypto for euros

Laura sends €20 to Nexo and her balance still shows €0: she forgot the Reference code. We go step by step: sign-up and KYC, 2FA with an authenticator app (not SMS), a SEPA top-up, the Reference code, buying SOL, and what to know before you sign up.

Narrated, with light music
The full lesson with numbers and rules is below.
Watch on YouTube
Nexo CEX
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This is an affiliate link. It costs you nothing extra, but the platform pays a commission. That helps keep the school free.

Regulatory history — context worth knowing

Nexo's regulatory path:

What this means for you: Nexo is not an "EU-licensed exchange" in its own name — it operates under partner licences, and some products (Earn, loans) aren't covered by them at all. Before signing up anywhere, check the platform in the ESMA MiCA CASP register (esma.europa.eu) — regulatory statuses change, so verify the source rather than this lesson. And like any CEX, Nexo is custodial (the exchange holds the keys, not you) — your crypto sits on Nexo's servers, not in your own wallet. That's why our strategy has a clear boundary: we use Nexo only to buy with euros, and then immediately move the crypto to our own wallet (Jupiter Wallet for Solana or MetaMask for Ethereum). That's how you take custody of your own keys.

Nexo is a popular cryptocurrency exchange in Europe. It lets you buy cryptocurrency with euros through a simple bank transfer. This lesson walks you through buying SOL or ETH from scratch.

Why Nexo?

A simple analogy

Nexo works like an online currency exchange booth. You send euros, they hand you cryptocurrency. Simple and fast.

FeatureNexoOther CEXs
Bank transfer (SEPA)FreeOften free
Purchase fee0.5–1.5%0.1–3%
Identity verification10–30 min10 min – 24 hrs
CurrenciesEUR, USD, GBPDepends on the exchange
Crypto withdrawalFree (1x/month)Often paid
MiCA CASP licence in its own nameNo (operates via partners)Kraken, Coinbase, Bitvavo, Revolut — yes
Why Nexo works well for Europeans

Nexo accepts bank transfers with no fees. And once a month, you can send cryptocurrency to your own wallet for free. That's very convenient for beginners.

Signup and identity verification

What you'll need to have ready

Before you start, get these things together:

The signup process

You can sign up through our affiliate link to Nexo — it costs you nothing extra and pays the school a commission. Prefer not to use it? Just type nexo.com by hand.

  1. Create a Nexo account

    Go to nexo.com and click "Get Started". Enter your email and choose a strong password — at least 12 characters, with uppercase letters and numbers.

    Use a password you don't reuse on other sites!

  2. Confirm your email

    Nexo will send a confirmation email. Open it and click the link. If you don't see it, check your SPAM folder.

  3. Verify your identity (KYC)

    Once logged in, click "Verify Identity". Select your country (Lithuania). Photograph your passport or ID card — both sides.

    Shoot it in good lighting. The document must be clearly readable.

  4. Take a selfie

    Nexo will ask you to take a photo of yourself (or record a short video). It's an automated system — just look into the camera.

    Don't wear sunglasses. Your face must be clearly visible.

  5. Wait for approval

    Verification usually takes 10–30 minutes. Occasionally up to 24 hours. You'll get an email once it's approved.

What is KYC?

KYC (Know Your Customer) is like passport control at the airport. The exchange has to verify who you are, because the law requires it. It's a safeguard against fraud.

Bank transfer — depositing euros

Once your identity is verified, you can deposit euros:

Step by step

  1. Log in to your Nexo account
  2. Click "Top Up" or "Add Funds" at the top
  3. Choose "EUR"
  4. Choose "Bank Transfer (SEPA)"
  5. Copy Nexo's bank details:
    • Beneficiary name
    • IBAN number
    • BIC/SWIFT code
    • Payment reference (Reference) — very important!
Payment reference — one field you fill in

Enter the Reference code Nexo generated for you into the payment description field at your bank — that way Nexo instantly matches the transfer to your account. Before you hit "Confirm" on the transfer, take a quick look: is the Reference code actually there? A five-second check on your part, and the transfer lands straight in your account.

A simple analogy

The Reference code is like the note written on an envelope. If you don't write down who a letter's for, the post office doesn't know where to deliver it. Same with money — a bank transfer NEEDS a Reference code.

Transfer details

ParameterValue
Minimum deposit10 EUR
Fee0 EUR (SEPA)
Waiting time1–2 business days
CurrencyEUR

Which bank works best?

Buying SOL or ETH

Once the euros land in your Nexo account, you can buy cryptocurrency!

Buying SOL SOL

  1. Click "Buy Crypto" or "Exchange"
  2. Choose "SOL" from the list
  3. Enter the amount in euros (e.g. 500 EUR)
  4. Review the price and fees
  5. Click "Buy SOL"

Buying ETH ETH

  1. Click "Buy Crypto" or "Exchange"
  2. Choose "ETH" from the list
  3. Enter the amount in euros
  4. Review the price and fees
  5. Click "Buy ETH"
Market vs Limit order — what's the difference?

Market order — you buy immediately at the current price. Like at a shop — you grab the item and pay.

Limit order — you say "I only want to buy at THIS price." If the price doesn't drop that far, nothing gets bought. Like waiting for a sale.

For beginners, we recommend a Market order — it's simpler.

Withdrawing crypto to your wallet

After buying SOL or ETH, the next step is sending it to your own wallet (Jupiter Wallet or MetaMask). We'll cover that in upcoming lessons.

Quick overview

ParameterSOLETH
NetworkSolanaEthereum or Arbitrum
Fee (1x/month)00
Fee (additional withdrawals)~0.01 SOL~0.005 ETH
Waiting time~1 minute1–5 minutes
Minimum amount0.01 SOL0.001 ETH
Network check — a skill you master in a few seconds

When sending ETH, choose the same network your wallet runs on. It's like an address on a letter — you need the right address AND the right city. The skill is simple: the network you send crypto on has to match on both sides — you check it before hitting "Send", and the transfer lands exactly where it should.

Withdrawing more than €1,000? The exchange may ask you to prove the wallet is yours

This isn't a scam — it's the EU Travel Rule (Regulation 2023/1113, in force since 2024-12-30): for transfers above €1,000 to a self-hosted wallet, a licensed platform must verify that the address belongs to the customer.

The legitimate procedure looks like this: you sign a text message with your wallet (the wallet shows only the text — no transaction is created, your balance doesn't change, no gas is paid), or you make a small test transfer.

How to tell it apart from a scam: a legitimate request comes from the exchange interface you're already logged into, and you started it yourself. If the wallet window asks you to approve a token transfer, a "Permit" allowance, an "Approve", or a delegation — that's no longer proof of ownership, it's an attempt to drain you. Proving ownership never requires permission to move your funds.

Nexo — pros and cons

Pros

Cons

Taxes in Lithuania

Taxes — what matters to know

Buying cryptocurrency isn't taxed. You only owe tax once you sell and realize a profit. Keep all your purchase records — you'll need them later to calculate your profit.

Frequently asked questions

Can I buy from Lithuania?

Yes! Nexo operates across Europe. A Lithuanian bank account works perfectly.

How long does a SEPA transfer take?

Usually 1 business day. If you send it on a Friday, the money arrives Monday.

Can I buy with a card?

Yes, but the fee will be ~1.5–3.5%. A SEPA transfer is free — better to use that instead.

What if the money doesn't arrive?

Check that you entered the Reference code correctly. If you did, reach out to Nexo support via chat.

Summary

StepTime it takes
Signup + identity verification10–30 min
Bank transfer (SEPA)1–2 business days
SOL/ETH purchase1 minute
Total~1–2 days

Now you have SOL or ETH in your Nexo account. You now know how to make this journey from euros to crypto on your own — you can repeat it anytime with no one's help. Next step: create a crypto wallet and move your assets there.

Quick check
Why is it important to include the Reference code in the payment description when making a SEPA transfer?
Practice task
0 / 5
Your first real purchase — €10-20

Time to move from reading to doing. Signup and KYC take about 30 minutes, and the SEPA transfer takes 1-2 business days. €10-20 is enough for your first purchase — think of it as your 'tuition fee', not an investment.

Use a unique password you don't use anywhere else, and be sure to turn on 2FA. For your first purchase, use only an amount you can afford to lose — you're learning the process here, not investing.

This is learning, not investing — use only small amounts you treat as tuition.

You just walked through the whole chain yourself — signup, KYC, 2FA, a SEPA transfer, and your first crypto purchase. Most people never do this.

What Is a Crypto Exchange?CEX Comparison
Mark as read

Support

Free material is easy to put off

Something practice teaches: when you paid nothing to learn, it is easy to postpone learning indefinitely. If these lessons actually gave you something — saved you a mistake, or explained what nobody else did — you can pay whatever you think they were worth.

This is not a price, a subscription, or a fee for access. The amount is yours to choose, and paying nothing is entirely fine.

Solana address

CUj6wYQLSBxidzm7Lqtkxbw2d8Sv2H2tbJELyAjR756M

Solana network only

Send SOL or SPL tokens (e.g. USDC) only on the Solana network. Sending from an exchange over a different network loses the funds permanently — nobody can recover them.

What you get for it

Nothing extra, and that is deliberate. Every lesson, all three difficulty levels and every calculator stay free and sign-up-free, with or without a donation. There is no gated section, no share of profits, no future token and no claim on anything.

Where the money goes

A donation becomes my own money. I use it to keep the site running and to fund a public demonstration position on a lending protocol — real money, so the lessons have something to show instead of only theory. I publish the results, losses included, publicly and free for everyone. It is my position and my risk, not a pooled fund.

This is a gift for content already received, not an investment and not a payment for a service. Non-refundable. Educational content, not an investment recommendation.