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Home Platforms BlockFi vs Nexo

Compare BlockFi vs Nexo

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
7.3
Loan Rates
7.8
Established
5.1
Reviews
7.6
Risk Management
6
Withdrawals
4
Coverage
2.7
Support
10
Savings Rates
8.6
Loan Rates
8.3
Established
3.6
Reviews
8.7
Risk Management
8
Withdrawals
8
Coverage
3.3
Support
7
Savings Rates
7.3
Savings Rates
8.6
Loan Rates
7.8
Loan Rates
8.3
Established
5.1
Established
3.6
Reviews
7.6
Reviews
8.7
Risk Management
6
Risk Management
8
Withdrawals
4
Withdrawals
8
Coverage
2.7
Coverage
3.3
Support
10
Support
7

Pros & Cons

tick Transfers in and out of savings account are instant
tick Good customer support including phone support
tick One of the only major platforms to be based in and fully regulated in the US
tick Full transparency on company location and regulation status
tick Funds immediately start earning interest daily
tick No hidden fees & no credit checks
tick Flexibility to have interest paid in the currency of your choice
tick High LTV up to 50% available on loans
tick The world's first bitcoin reward Credit Card
tick Available worldwide
tick Been in business longer than Nexo (Founded 2017 vs 2018)
tick Has less assets under management than Nexo
tick Has phone support but Nexo doesn't
tick Has chat support but 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 Higher average review rating than BlockFi (87% vs 76%)
tick More reviews than BlockFi (33,870 vs 6,228 reviews)
tick Higher rating for android phone app than BlockFi (4.3 vs 3.9 stars)
tick Higher rating on Trustpilot than BlockFi (4.5 vs 3.5 stars)
tick Has fewer users than BlockFi
tick Quicker time to withdraw crypto than than BlockFi (Under 1 hour vs 24 hours)
tick Invests in unsecured loans but BlockFi doesn't
tick Has independent proof of reserves but BlockFi doesn't
tick Interface supports French, Korean, Japanese, Turkish, Portuguese-Portuguese, Spanish, Simplified Chinese, Russian and German whereas BlockFi doesn't
Savings Rates
tick BlockFi has a higher base saving rate for 2 stable coins:
Tether (USDT) (8% vs 4%)
USD Coin (USDC) (7.5% vs 4%)
tick BlockFi will pay interest on Gemini Dollar (GUSD) stable coin deposits whereas Nexo does not
3 more savings rates pros ...
Savings Rates
tick Nexo will pay interest on 3 fiat currency deposits not offered by BlockFi:
Pounds Sterling (GBP)
US Dollars (USD)
Euros (EUR)
More ...
tick Nexo has a higher base saving rate for 2 stable coins:
Dai (DAI) (4% vs 4%)
Pax Dollar (USDP) (4% vs 4%)
4 more savings rates pros ...
Loan Rates
tick BlockFi has a lower loan rate for US Dollars (USD) (4.5 - 9.75% vs 6.9%)
tick BlockFi has a higher maximum loan to value (LTV) ratio for US Dollars (USD) (50% vs 90%)
1 more loan rates pro ...
Loan Rates
tick Nexo offers loans in 30 fiat currency deposits not offered by BlockFi:
Pounds Sterling (GBP)
Euros (EUR)
Danish Krone (DKK)
Canadian Dollars (CAD)
Romanian Leu (RON)
Polish Złoty (PLN)
Australian Dollars (AUD)
Turkish Lira (TRY)
Swedish Krona (SEK)
Hungarian Forint (HUF)
Norwegian Krone (NOK)
Swiss Franc (CHF)
Croatian Kuna (HRK)
Israeli New Shekel (ILS)
Bulgarian Lev (BGN)
Czech Koruna (CZK)
Japanese Yen (JPY)
United Arab Emirates Dirham (AED)
South African Rand (ZAR)
Thai Baht (THB)
New Zealand Dollars (NZD)
Mexican Peso (MXN)
Saudi Riyal (SAR)
Kuwaiti dinar (KWD)
Qatari Riyal (QAR)
Bahraini Dinar (BHD)
Chinese Yuan Renminbi (CNY)
Kenyan Shilling (KES)
Omani Rial (OMR)
Ugandan Shilling (UGX)
More ...
tick Nexo offers loans in 2 stable coin deposits not offered by BlockFi:
1 more loan rates pro ...
cross Loans appear to be only available in the US at the moment
cross Slow withdrawals and high withdrawal fees
cross Savings accounts not available to US customers
cross 2% Loan origination Fee
cross Savings interest paid out monthly
cross English language version only
cross Moderate selection of cryptocurrencies supported
cross High minimum withdrawl amount
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
24 hours
Withdrawal Time
Less than 1 hour
Withdrawal Score
4
Withdrawal Score
8
Withdrawals Experience

In order to earn interest on BlockFi you must transfer funds from your BlockFi wallet to your BlockFi Interest Account. This means that when you want to make a withdrawal from an interest account you must first transfer your funds to your BlockFi wallet and then make a withdrawal request. This adds a minor amount of inconvenience but no significant delay to the withdrawal process.

Withdrawals from your BlockFi wallet are processed the next US working day. Requests made before 00:00 UTC will be processed the next day, requests made after this time will be processed in two working days time. This means that from the time of making a withdrawal request you could typically be waiting 24 hours before the request is actioned. BlockFi claim that this delay is for security reasons as it allows time for withdrawals to be reversed if necessary.

Withdrawals are only processed on US working days. This means that if your withdrawal request was submitted during a weekend or public holiday then you could be waiting even longer to get your funds.

Some withdrawals are subject to additional fraud checks. If the withdrawal gets flagged then BlockFi may ask for further confirmation of the withdrawal.

You get one free crypto withdrawal per month, after which a withdrawal fee is charged. These withdrawal fees can be quite high, for example the withdrawal fee on most stablecoins is $50 USD.

As an additional security measure you can whitelist withdrawal addresses, which means that only those addresses can receive funds.

Overall BlockFi has adopted a very strict withdrawal process, which should provide protection against fraudulent withdrawal requests. However the long withdrawal time and high withdrawal fees have attracted many complaints from users.

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
6
Risk Management Score
8
Risk Management

BlockFi implements the usual security measures to protect assets held in your crypto wallet. These assets are secure by a third party custodian, Gemini. It is likely that BlockFi has some level of insurance against loss of these assets, but we have not been able to confirm that this insurance exists or what level of cover is provided. The BlockFi app utilises two factor authentication and biometric face id. Users can enable crypto wallet address whitelisting so that funds can only be withdrawn to accounts that you have previously approved.

BlockFi provides extensive detail on its investment strategy for funds which are deposited in a BlockFi savings account. These activities including lending to retail and instutional clients. BlockFi state categorically that "they may ... lend, or invest ... assets without retaining in our possession a like amount of digital assets". This is somewhat concerning as it suggests that some loans made by BlockFi may not be fully collateralised. Full loan collateralisation is important as it means that the loan can always be repaid by using the collateral in the event of a default by the borrower. Having said this, BlockFi provides a detailed breakdown of how it manages loan risk, including its current allocations and credit risk methodology. A well managed credit risk strategy will allow BlockFi to generate higher savings rates for users.

BlockFi is very transparent on the measures it takes to ensure sufficient liquidity remains on the platform to service user withdrawl requests. It keeps 10% of client deposits readily available on hand at all times to service immediate requests. It aims to keep 50% of deposits either on hand or in loans that can be called in with in 7 days. It aims to keep 90% of deposits either on hand or in loans that can be called in within 1 year.

BlockFi does not provide a public audit of its reserves, although it does provide a snapshot of its financial assets here. Proof of reserves can provide significant reassurance to deposits as it is typically undertaken by a third party and it proves that the platform holds more assets than customer liabilities (i.e. it is in a position to be able to repay all users if necessary).

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

76% based on 6,228 reviews
87% based on 33,870 reviews
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Savings Rates

The table below compares the savings rates for BlockFi and Nexo. Enter the amount you intend to deposit to get a more detailed comparison.
Fiat Currencies
Stable Coins
DAI Dai
4% - 6% APY
4% - 6% APY
7% - 7.5% APY
7% - 7.5% APY
USDC USD Coin
7.5% - 8.5% APY
7.5% - 8.5% APY
USDP Pax Dollar
4% - 7% APY
4% - 7% APY
USDT Tether
8% - 8.75% APY
8% - 8.75% APY
Crypto Currencies
3% APY
3% APY
AAVE Aave
3% APY
3% APY
ADA Cardano
10% APY
10% APY
ALGO Algorand
2.5% APY
2.5% APY
ATOM Cosmos
7% APY
7% APY
AVAX Avalanche
5% APY
5% APY
3% APY
3% APY
0.1% - 1% APY
0.1% - 1% APY
3% APY
3% APY
BNB BNB
3% APY
3% APY
BTC Bitcoin
2.5% - 3.5% APY
2.5% - 3.5% APY
7% - 7.5% APY
7% - 7.5% APY
CHZ Chiliz
3% APY
3% APY
COMP Compound
3% APY
3% APY
3% APY
3% APY
DOGE Dogecoin
2% APY
2% APY
DOT Polkadot
15% APY
15% APY
3% APY
3% APY
EOS EOS
3% APY
3% APY
ETH Ethereum
2% - 3.5% APY
2% - 3.5% APY
FIL Filecoin
2% APY
2% APY
FTM Fantom
3% APY
3% APY
FTT FTX Token
3% APY
3% APY
GALA Gala
3% APY
3% APY
GRT The Graph
5% APY
5% APY
LINK Chainlink
0.1% - 1% APY
0.1% - 1% APY
LTC Litecoin
0.1% - 2% APY
0.1% - 2% APY
6% APY
6% APY
3% APY
3% APY
MATIC Polygon
5% APY
5% APY
MKR Maker
3% APY
3% APY
7% APY
7% APY
PAXG PAX Gold
0.1% - 1% APY
0.1% - 1% APY
RUNE THORChain
3% APY
3% APY
3% APY
3% APY
SOL Solana
5% APY
5% APY
SRM Serum
3% APY
3% APY
SUSHI SushiSwap
3% APY
3% APY
TRX TRON
6% APY
6% APY
UNI Uniswap
2% - 3% APY
2% - 3% APY
3% APY
3% APY
Loading rates ...
Fiat Currencies
EUR Euros
8% APR
8% APR
GBP Pounds Sterling
8% APY
8% APY
USD US Dollars
8% APR
8% APR
Stable Coins
DAI Dai
4% - 12% APR
4% - 12% APR
HUSD HUSD
4% APY - 12% APR
4% APY - 12% APR
TUSD TrueUSD
4% - 12% APR
4% - 12% APR
USDC USD Coin
4% - 12% APR
4% - 12% APR
USDP Pax Dollar
4% APY - 12% APR
4% APY - 12% APR
USDT Tether
4% - 12% APR
4% - 12% APR
14% - 20% APR
14% - 20% APR
Crypto Currencies
ADA Cardano
5% - 8% APR
5% - 8% APR
ATOM Cosmos
7% APY - 11% APR
7% APY - 11% APR
AVAX Avalanche
8% - 12% APR
8% - 12% APR
24% - 34% APR
24% - 34% APR
5% APY - 8% APR
5% APY - 8% APR
BNB BNB
5% - 8% APR
5% - 8% APR
BTC Bitcoin
2.5% - 7% APR
2.5% - 7% APR
DOGE Dogecoin
0.25% - 3% APR
0.25% - 3% APR
DOT Polkadot
11% - 15% APR
11% - 15% APR
EOS EOS
5% APY - 8% APR
5% APY - 8% APR
ETH Ethereum
2.5% - 8% APR
2.5% - 8% APR
FTM Fantom
12% - 18% APR
12% - 18% APR
KSM Kusama
5% - 8% APR
5% - 8% APR
LINK Chainlink
2.5% APY - 7% APR
2.5% APY - 7% APR
LTC Litecoin
5% - 8% APR
5% - 8% APR
5% APY - 8% APR
5% APY - 8% APR
MATIC Polygon
12% APY - 16% APR
12% APY - 16% APR
NEXO Nexo
12% APR
12% APR
PAXG PAX Gold
2% - 7% APR
2% - 7% APR
RUNE THORChain
15% - 18% APR
15% - 18% APR
SOL Solana
5% - 8% APR
5% - 8% APR
TRX TRON
10% - 13% APR
10% - 13% APR
XLM Stellar
5% - 8% APR
5% - 8% APR
XRP XRP
2% APY - 8% APR
2% APY - 8% APR
Loading rates ...
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Loans Rates

The table below compares the loan rates for BlockFi and Nexo. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
USD US Dollars
4.5% - 9.75% APR
50% LTV 4.5% - 9.75% APR
Stable Coins
Loading rates ...
Fiat Currencies
AED United Arab Emirates Dirham
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
AUD Australian Dollars
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
BGN Bulgarian Lev
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
BHD Bahraini Dinar
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
CAD Canadian Dollars
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
CHF Swiss Franc
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
CNY Chinese Yuan Renminbi
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
CZK Czech Koruna
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
DKK Danish Krone
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
EUR Euros
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
GBP Pounds Sterling
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
HRK Croatian Kuna
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
HUF Hungarian Forint
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
ILS Israeli New Shekel
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
JPY Japanese Yen
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
KES Kenyan Shilling
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
KWD Kuwaiti dinar
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
MXN Mexican Peso
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
NOK Norwegian Krone
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
NZD New Zealand Dollars
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
OMR Omani Rial
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
PLN Polish Złoty
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
QAR Qatari Riyal
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
RON Romanian Leu
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
SAR Saudi Riyal
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
SEK Swedish Krona
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
THB Thai Baht
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
TRY Turkish Lira
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
UGX Ugandan Shilling
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
USD US Dollars
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
ZAR South African Rand
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
Stable Coins
USDC USD Coin
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
USDT Tether
6.9% - 13.9% APR
90% LTV 6.9% - 13.9% APR
Loading rates ...
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Company

Legal name
BlockFi Lending LLC
Legal name
Nexo Services OÜ
Year founded
2017
Year founded
2018
Country incorporated in
2
Country incorporated in
77
Headquarters country
2
Headquarters country
42
Platform token
Platform token
Nexo
Centralised
tick Yes
Centralised
tick Yes
Number of employees
505700
Number of employees
101-250
Number of users
225,000
Number of users
100,000,000
Total assets under management
$15,000,000,000USD
Total assets under management
$5,000,000,000USD
Withdrawal time in hours
24hours
Withdrawal time in hours
0
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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