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Home Platforms Binance vs Nexo

Compare Binance vs Nexo

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Staking Yields
5
Loan Rates
4
Established
3
Reviews
9
Risk Management
2
Withdrawals
2
Coverage
10
Support
7
Staking Yields
10
Loan Rates
10
Established
3
Reviews
8
Risk Management
8
Withdrawals
8
Coverage
3
Support
7
Staking Yields
5.4
Staking Yields
10
Loan Rates
4.5
Loan Rates
10
Established
3.4
Established
3.5
Reviews
9.4
Reviews
7.8
Risk Management
2
Risk Management
8
Withdrawals
2
Withdrawals
8
Coverage
10
Coverage
3.2
Support
7
Support
7

Pros & Cons

tick The biggest crypto platform in the world
tick Huge array of innovative crypto related services
tick High liquidity exchange offers competitive rates
tick Low maker and taker exchange fees
tick Higher average review rating than Nexo (94% vs 78%)
tick More reviews than Nexo (169,324 vs 1,247 reviews)
tick Higher rating for android phone app than Nexo (4.7 vs 4.1 stars)
tick Been in business longer than Nexo (Founded 2017 vs 2018)
tick Peer to peer exchange available on Binance but not on Nexo
tick Has chat support but Nexo doesn't
tick Interface supports Bulgarian, Greek, Arabic, Argentinian-Spanish, Latvian, Polish, Brazilian-Portuguese, Vietnamese, Swedish, Romanian, Czech, Hebrew, Slovenian, Traditional Chinese, Italian, Indonesian, Mexican Spanish, Ukrainian Russian, Hindi, Chilean Spanish, Peruvian Spanish, Colombian Spanish, Filipino and Urdu whereas Nexo doesn't
tick Very simple & easy to use
tick No hidden fees
tick Interest paid daily
tick Earn higher savings rates by being paid interest in Nexo tokens
tick Earn further daily interest on accumulated Nexo tokens
tick Further interest rate enhancements for fixed terms of 1 to 12 months
tick Instant access accounts available for all currencies
tick No minimum monthly repayment amount on loans
tick Funds immediately start earning interest as soon as they are deposited
tick Proof of reserves verified by independent accountant
tick Advanced products available for high value investors
tick Nexo Pro provides an advanced exchange with prices aggregated from multiple third party exchanges
tick Higher rating on Trustpilot than Binance (4.7 vs 2.1 stars)
tick Has fewer users than Binance
tick Has less assets under management than Binance
tick Has a lower level of insurance than Binance
tick Has email support but Binance doesn't
tick Interface supports Korean and German whereas Binance doesn't
Staking Rates
tick Nexo will pay interest on 3 fiat currency deposits not offered by Binance:
Euros (EUR)
Pounds Sterling (GBP)
US Dollars (USD)
More ...
tick Nexo will pay interest on 6 stable coin deposits not offered by Binance:
2 more stakings rates pros ...
cross Headquarters location and license status unclear
cross Fiat withdrawls not available in some countries due to regulatory reasons
cross As of Dec 2022 not available to customers in the US
cross Lack of transparency about where company is located
cross Slow customer service with no phone option
cross You no longer control access to any crypto with your own private wallet key
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Withdrawals

Withdrawal Time
Withdrawal Time
Less than 1 hour
Withdrawal Score
Withdrawal Score
8
Withdrawals Experience

Withdrawals Experience

Nexo does not use separate savings wallets, so all crypto deposits immediately start earning interest. This means that when you need to make a withdrawl there is no need first transfer funds our of your savings account before then withdrawing them from the platform. This can be a significant time saving compared to other platforms.

In our tests, withdrawls from the Nexo platform were very smooth. The process is automated, so a withdrawl request is processed by Nexo within minutes of you making it. The total withdrawl time then just depends on the network speed. Typically most withdrawls in our tests were completed in well under an hour.

Nexo has never frozen withdrawls on any of its currencies and it claims to hold sufficient liquid funds at any point in time to handle anticpiated requests.

Withdrawls attract no fees for your first few withdrawls. This means that Nexo will pay the network transaction fee on your behalf. After the first couple of free withdrawls every month you will then have to start paying this fee. Nexo does not charge any additional withdrawl fees on top of the network fee. Your number of free withdrawls increases with your Nexo loyalty level.

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Risk

Risk Management Score
Risk Management Score
8
Risk Management

.

Risk Management

Nexo has contracted with Armanino, a top 20 US accounting firm, to independently audit Nexo's assets and customer liabilities and to verify that these assets are greater than the liabilities. This verification can be checked live on Armanino's website.

Nexo has £775m of insurance on custodial assets, spread across a number of custodians including BitGo, Ledger Vault, Bakkt and others.

Nexo claims to insist on overcollateralisation on all loans that it makes, even to the biggest borrowers. This means that Nexo should always hold assets great then a borrower's debt, so the debt could be paid off in full by using the collateral at any time.

Nexo has contracted with Armanino, a top 20 US accounting firm, to independently audit Nexo's assets and customer liabilities and to verify that these assets are greater than the liabilities. This verification can be checked live on Armanino's website.

Nexo has £775m of insurance on custodial assets, spread across a number of custodians including BitGo, Ledger Vault, Bakkt and others.

Nexo claims to insist on overcollateralisation on all loans that it makes, even to the biggest borrowers. This means that Nexo should always hold assets great then a borrower's debt, so the debt could be paid off in full by using the collateral at any time.

Nexo states that its investment strategy is market neutral, i.e. it is not speculating on the potential increase in certain assets. Overall Nexo appears to have one of the most prudent financial risk management strategies out there and they have an impecable track record having never suffered any hack or ever frozen withdrawls. There does however always remain some risk with any crypto based business, such as a severe lack of liquidity in the markets of the loan collateral held.

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Reviews

94% based on 169,324 reviews
78% based on 1,247 reviews
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Staking Rates

The table below compares the staking rates for Binance and Nexo.
Fiat Currencies
Stable Coins
Crypto Currencies
Loading rates ...
Fiat Currencies
EUR Euros
5% - 15%
5% - 15%
GBP Pounds Sterling
5% - 15%
5% - 15%
USD US Dollars
5% - 15%
5% - 15%
Stable Coins
BUSD BUSD
8% - 14%
8% - 14%
DAI Dai
8% - 14%
8% - 14%
TUSD TrueUSD
8% - 14%
8% - 14%
USDC USDC
8% - 14%
8% - 14%
USDP Pax Dollar
8% - 14%
8% - 14%
9% - 16%
9% - 16%
Crypto Currencies
AAVE Aave
0.25% - 4%
0.25% - 4%
ADA Cardano
4% - 8%
4% - 8%
APE ApeCoin
4% - 9%
4% - 9%
ATOM Cosmos
6% - 11%
6% - 11%
AVAX Avalanche
7% - 12%
7% - 12%
16% - 30%
16% - 30%
4% - 8%
4% - 8%
BNB BNB
4% - 8%
4% - 8%
BTC Bitcoin
3% - 7%
3% - 7%
DOGE Dogecoin
<&nbsp;0.01% - 3%
<&nbsp;0.01% - 3%
DOT Polkadot
10% - 15%
10% - 15%
EOS EOS
4% - 8%
4% - 8%
ETH Ethereum
4% - 8%
4% - 8%
FTM Fantom
2% - 7%
2% - 7%
KSM Kusama
7% - 12%
7% - 12%
LINK Chainlink
3% - 7%
3% - 7%
LTC Litecoin
4% - 8%
4% - 8%
MATIC Polygon
1% - 7%
1% - 7%
5% - 10%
5% - 10%
NEXO Nexo
4% - 12%
4% - 12%
PAXG PAX Gold
3% - 7%
3% - 7%
SOL Solana
4% - 8%
4% - 8%
TRX TRON
4% - 8%
4% - 8%
XLM Stellar
4% - 8%
4% - 8%
XRP XRP
4% - 12%
4% - 12%
Loading rates ...
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Company

Legal name
Binance UAB
Legal name
Nexo Services OÜ
Year founded
2017
Year founded
2018
Country incorporated in
135
Country incorporated in
77
Headquarters country
135
Headquarters country
42
Platform token
BNB
Platform token
Nexo
Decentralised
cross No
Decentralised
cross No
Number of employees
4000
Number of employees
101-250
Number of users
29,000,000
Number of users
100,000,000
Total assets under management
$3,000,000,000USD
Total assets under management
$5,000,000,000USD
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Products

Savings accounts
tick Yes
Savings accounts
tick Yes
Loans
tick Yes
Loans
tick Yes
Crypto to crypto exchange
tick Yes
Crypto to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Pro exchange marketplace
tick Yes
Pro exchange marketplace
tick Yes
Peer to peer exchange
tick Yes
Peer to peer exchange
cross No
Margin trading
tick Yes
Margin trading
tick Yes
Corporate accounts
tick Yes
Corporate accounts
tick Yes
Instantly buy crypto with fiat
tick Yes
Instantly buy crypto with fiat
tick Yes
Integrated crypto wallet
tick Yes
Integrated crypto wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Fast account verification
tick Yes
Fast account verification
tick Yes
Futures exchange
tick Yes
Futures exchange
tick Yes
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Security

Insurance level
$285,000,000USD
Insurance level
$775,000,000USD
Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
Cold storage custodian
BitGo, LedgerVault
Crypto security standard
Crypto security standard
Level 3
Two factor authentication
tick Yes
Two factor authentication
tick Yes
Loan over collateralisation percent
Loan over collateralisation percent
200%+
Credit check
cross No
Credit check
cross No
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Support

24/7 support
tick Yes
24/7 support
tick Yes
Email support
cross No
Email support
tick Yes
Phone support
cross No
Phone support
cross No
Chat support
tick Yes
Chat support
cross No
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Fees

Maker fee
0%
Maker fee
Taker fee
0%
Taker fee
Exchange fees
Exchange fees
0% exchange fee
Fiat deposit fee
Varies by currency and deposit method. Free for some methods/currencies. Up to 3.5% for others.
Fiat deposit fee
tick Free
Fiat withdrawal fee
Varies by currency and deposit method. Free for some methods/currencies. Up to 2.5% for others.
Fiat withdrawal fee
tick Free
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
Withdrawal process
Nexo does not use separate current (chequeing) and savings accounts. All deposits are automatically held in savings accounts and start earning interest immediately. This means that when you need to make a withdrawl there is no need to first move the funds out of the savings account and in to the current account. Withdrawls are processed automatically so the time from you initiating the withdrawl on Nexo to the time the withdrawl action is requested on the blockchain is normally just a minute or so. The time for the withdrawl to be confirmed on the blockchain depends on the specific cryptocurrency. There is a withdrawl limit of $500,000 per day. Your first couple of withdrawls every month attract no fees. This means Nexo is effectively paying the network fee for you. The number of free withdrawls depends on your loyalty level. In our tests, withdrawls from Nexo have been consistently fast and effortless. Nexo has never frozen withdrawls on any of its currencies.
Crypto withdrawal fee
Varies by currency. 0.0005 BTC for Bitcoin.
Crypto withdrawal fee
Withdrawl fees vary by loyalty level:
Base level - 1 free crypto withdrawl per month
Silver - 3 free crypto withdrawls per month
Gold - 5 free crypto withdrawls per month
Platinum - 15 free crypto withdrawls per month
Crypto wallet withdrawal limit
Up to 100 BTC per day for verified accounts
Crypto wallet withdrawal limit
Savings crypto account withdrawal limit
Savings crypto account withdrawal limit
$500,000 per day
Loan crypto account withdrawal limit
Loan crypto account withdrawal limit
$2,000,000 per day
Savings fiat account withdrawal limit
Savings fiat account withdrawal limit
$100,000 per day
Loan fiat account withdrawal limit
Loan fiat account withdrawal limit
$2,000,000 per day
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Investment Strategy

Liquidity pools
Liquidity pools
cross No
DeFi products
DeFi products
cross No
Unsecured loans
Unsecured loans
cross No
Independent proof of reserves
Independent proof of reserves
tick Yes
Proof of reserves
Proof of reserves
Nexo has contracted with Armanino, a top 20 Us accounting firm, to independently audit Nexo's assets and customer liabilities and to verify that the assets exceed customer liabilities. This verification can be checked live on Armanino's website.
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Registrations & Regulation

Know your customer
tick Yes
Know your customer
tick Yes
Regulators
Regulators
Regulated in Estonia, Switzerland and the Cayman Islands
Financial Crimes Enforcement Network
Financial Crimes Enforcement Network
tick Yes
ISO 27001 Information Security Management
ISO 27001 Information Security Management
tick Yes
System and Organization Controls (SOC2) Type 1
System and Organization Controls (SOC2) Type 1
tick Yes
System and Organization Controls (SOC2) Type 2
System and Organization Controls (SOC2) Type 2
tick Yes
CryptoCurrency Security Standard (CCSS) Level 3
CryptoCurrency Security Standard (CCSS) Level 3
tick Yes
Kansas - Office of the State Bank Commissioner - Supervised Loan License
Kansas - Office of the State Bank Commissioner - Supervised Loan License
tick Yes
New Hampshire - Banking Department - Money Transmitter License
New Hampshire - Banking Department - Money Transmitter License
tick Yes
Oregon - Division of Financial Regulation - Money Transmitter License
Oregon - Division of Financial Regulation - Money Transmitter License
tick Yes
Arizona - Department of Insurance and Financial Institutions Consumer Lender License
Arizona - Department of Insurance and Financial Institutions Consumer Lender License
tick Yes
California - Department of Financial Protection and Innovation - Financial Lender License
California - Department of Financial Protection and Innovation - Financial Lender License
tick Yes
District of Columbia - Department of Insurance, Securities and Banking - Money Lender License
District of Columbia - Department of Insurance, Securities and Banking - Money Lender License
tick Yes
Idaho - Department of Finance - Regulated Lender License
Idaho - Department of Finance - Regulated Lender License
tick Yes
Illinois - Department of Financial and Professional Regulation - Consumer Instalment Loan License
Illinois - Department of Financial and Professional Regulation - Consumer Instalment Loan License
tick Yes
Minnesota - Department of Commerce - Regulated Loan Company License
Minnesota - Department of Commerce - Regulated Loan Company License
tick Yes
Mississippi - Department of Banking and Consumer Finance - Money Transmitter License
Mississippi - Department of Banking and Consumer Finance - Money Transmitter License
tick Yes
Missouri - Division of Finance - Sale of Checks & Money Transmitter License
Missouri - Division of Finance - Sale of Checks & Money Transmitter License
tick Yes
Montana - Division of Banking and Financial Institutions - Consumer Loan License
Montana - Division of Banking and Financial Institutions - Consumer Loan License
tick Yes
New Hampshire - Banking Department - Small Loan Lender License
New Hampshire - Banking Department - Small Loan Lender License
tick Yes
Oregon - Division of Financial Regulation - Consumer Finance License
Oregon - Division of Financial Regulation - Consumer Finance License
tick Yes
Utah - Department of Financial Institutions - Registered Lender
Utah - Department of Financial Institutions - Registered Lender
tick Yes
Wyoming - Department of Audit - Supervised Lender License
Wyoming - Department of Audit - Supervised Lender License
tick Yes
Financial Transactions and Reports Analysis Centre of Canada - Money Service Business Registration
Financial Transactions and Reports Analysis Centre of Canada - Money Service Business Registration
tick Yes
Swiss Financial Market Supervisory Authority - Affiliate Member of the SRO "So-Fit" Geneva
Swiss Financial Market Supervisory Authority - Affiliate Member of the SRO "So-Fit" Geneva
tick Yes
Australian Securities and Investment Commission - Registration as Foreign Company
Australian Securities and Investment Commission - Registration as Foreign Company
tick Yes
Australian Transaction Reports and Analysis Centre - Registration as Reporting Company
Australian Transaction Reports and Analysis Centre - Registration as Reporting Company
tick Yes
Companies Registration - Trust or Company Service Provider License
Companies Registration - Trust or Company Service Provider License
tick Yes
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Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

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We always rank and compare products objectively and impartially.

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