• Average rating of 78% based on 1,242 reviews.
• Founded 5 years ago in 2018.
• Headquartered in Bulgaria.
• Deposits in 3 fiat currencies accepted including US Dollars (USD).
Nexo Crypto Platform
DeFinda Score™
| Staking Yields | |
| Loan Rates | |
| Established | |
| Reviews | |
| Risk Management | |
| Withdrawals | |
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| Support |
Nexo is a cryptocurrency platform that offers savings accounts, loans and some exchange services. Nexo offers savings rates as high as 34% APR on deposits, with no hidden fees and instant access to your funds. Instant loans can also be secured against your deposits at rates as low as 6.9% APR, with no credit checks required.
The platform was founded by Antoni Trenchev and Kosta Kantchev and is backed by Michael Arrington via his Arrington XRP fund. The company is reported to be managing over $5Bn USD in assets for over 1m customers and is regulated and authorised to provide services in over 200 countries.
Whilst the platform is heavily crypto focused, anyone can signup for Nexo and you don't need to own any cryptocurrency to benefit from their service. Nexo accepts deposits in both crypto currencies and regular fiat currencies such Euros or Pounds Sterling. Once your funds are deposited you will instantly start earning interest paid out on a daily basis. Interest is paid in the same currency as you deposited, or for even higher interest rates you can choose to have your interest paid out in Nexo tokens.
Read more ...
Pros
Very simple & easy to use
No hidden fees
Interest paid daily
Earn higher savings rates by being paid interest in Nexo tokens
Earn further daily interest on accumulated Nexo tokens
Further interest rate enhancements for fixed terms of 1 to 12 months
Instant access accounts available for all currencies
No minimum monthly repayment amount on loans
Funds immediately start earning interest as soon as they are deposited
Proof of reserves verified by independent accountant
Advanced products available for high value investors
Nexo Pro provides an advanced exchange with prices aggregated from multiple third party exchanges
Cons
As of Dec 2022 not available to customers in the US
Lack of transparency about where company is located
Slow customer service with no phone option
You no longer control access to any crypto with your own private wallet key
Nexo Savings Accounts
| Yield | Loyalty Level | Tokens | Term | Yield | Yield Trend | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
30%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
30 days
|
30%
|
|||||||||||
|
28%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
30 days
|
28%
|
|||||||||||
|
26%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
Instant Access
|
26%
|
|||||||||||
|
25%
|
Gold
Min 5% of portfolio held in Nexo tokens
|
30 days
|
25%
|
|||||||||||
|
24%
|
Gold
Min 5% of portfolio held in Nexo tokens
|
30 days
|
24%
|
|||||||||||
|
24%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
Instant Access
|
24%
|
|||||||||||
|
22.7%
|
Silver
Min 1% of portfolio held in Nexo tokens
|
30 days
|
22.7%
|
|||||||||||
|
22.5%
|
Silver
Min 1% of portfolio held in Nexo tokens
|
30 days
|
22.5%
|
|||||||||||
|
21%
|
Gold
Min 5% of portfolio held in Nexo tokens
|
Instant Access
|
21%
|
|||||||||||
|
20%
|
Base
|
30 days
|
20%
|
|||||||||||
|
20%
|
Base
|
30 days
|
20%
|
|||||||||||
|
20%
|
Gold
Min 5% of portfolio held in Nexo tokens
|
Instant Access
|
20%
|
|||||||||||
|
18.7%
|
Silver
Min 1% of portfolio held in Nexo tokens
|
Instant Access
|
18.7%
|
|||||||||||
|
18.5%
|
Silver
Min 1% of portfolio held in Nexo tokens
|
Instant Access
|
18.5%
|
|||||||||||
|
16%
|
Base
|
Instant Access
|
16%
|
|||||||||||
|
16%
|
Base
|
Instant Access
|
16%
|
|||||||||||
|
16%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
90 days
|
16%
|
|||||||||||
|
15%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
gbp
|
90 days
|
15%
|
||||||||||
|
15%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
usd
|
90 days
|
15%
|
||||||||||
|
15%
|
Platinum
Min 10% of portfolio held in Nexo tokens
|
eur
|
90 days
|
15%
|
AXS
USDTNexo Loans
DeFinda Score™
Staking Yields
Nexo has some of the best instant access saving rates for Ethereum (5%), EOS (5%), TRON (10%) and 6 more cryptocurrencies, however Nexo also has some of the worst instant access saving rates for Bitcoin Cash (5%), Cardano (5%), Pax Dollar (8%) and several other cryptocurrencies
Enhanced rates on Bitcoin of 3.5% - 5% APY are available in return for investment in Nexo's loyalty token, NEXO.
Enhanced loyalty rates are available on a further 31 cryptocurrencies.
Loan Rates
Nexo has some of the best loan rates secured against Bitcoin (6.9%), Litecoin (6.9%), XRP (6.9%) and 16 more cryptocurrencies, however Nexo also has less competitive loan rates secured against Tether (6.9% vs 4.5% at Coinloan), Decentraland (6.9% vs 0.599% at AAVE), TrueUSD (6.9% vs 1.9% at AAVE) and several other cryptocurrencies.
Note that loans are complex products with rates varying by collateral and LTV. For a full comparison visit our loans page.
Established
Nexo was founded in 2018 which makes it 5 years old. That's still quite young as the oldest crypto platforms are 16 years old.
Nexo has approximately 175 employees. That makes it one of the smaller crypto platforms by number of employees.
Nexo has a total of approximately 5 billion USD of assets under management. The biggest crypto platforms are managing up to 21 billion USD of assets.
Reviews
Nexo has an average expert rating of 84%, and an average user rating of 78% based on 1,231 user reviews. Expert reviews include Hedge With Crypto (84%), Benzinga (90%), Money Check (86%) and Crypto Vantage (94%).
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.
Withdrawals
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.
Coverage
Nexo supports 51 different cryptocurrencies and 3 fiat currencies. Key supported cryptocurrencies include Bitcoin, Ethereum, Tether, BNB, USD Coin and XRP. Nexo support for fiat currencies includes Pounds Sterling, US Dollars and Euros. The biggest crypto platforms offer support for over 33 different cryptocurrencies.
Support for a larger number of cryptocurrencies is helpful if you are looking for trading opportunities, but may be less important if your priority is long term investment in one of the major cryptos.
Support
Nexo offers 24 hour support by email, however they do not offer support by phone or online chat.
Nexo Reviews
Based on a total of 1,242 reviews across the web for Nexo we gave the platform an overall rating of 78%.
| Overall User Rating |
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1,232 reviews 1,232 |
| iPhone App |
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1,100 reviews 1,100 |
| Product Hunt |
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98 reviews 98 |
| Android App |
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30 reviews 30 |
| Trustpilot |
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4 reviews 4 |
| Show 1 more user review ... | ||
| Overall Expert Rating |
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10 reviews 10 |
| Crypto Tips |
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| Crypto Vantage |
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| Bitcoin Trading Sites |
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| Benzinga |
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| Blockonomi |
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| Show 20 more expert reviews ... | ||
Nexo YouTube Reviews
Nexo Promo Codes & Vouchers
Nexo Debit Cards
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2%
Cashback
Paid in
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Apply |
Nexo Fees
| Exchange fees | 0% exchange fee |
| Fiat deposit fee |
Free
|
| Fiat withdrawal fee |
Free
|
| Crypto deposit fee |
Free
|
| 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 |
| Savings crypto account withdrawal limit | $500,000 per day |
| Loan crypto account withdrawal limit | $2,000,000 per day |
| Savings fiat account withdrawal limit | $100,000 per day |
| Loan fiat account withdrawal limit | $2,000,000 per day |
| Number of free crypto withdrawals per month | 1 |
Nexo Supported Currencies
Nexo supports over 50 currencies including Pounds Sterling, US Dollars, Euros and Bitcoin.
| GBP Pounds Sterling | Pounds Sterling |
| USD US Dollars | US Dollars |
| EUR Euros | Euros |
| USDT Tether USDt | Tether USDt |
Countries That Can Use Nexo
Nexo's services are available in all countries EXCEPT:
Nexo Languages
Nexo's supports the following languages: English, French, Korean, Japanese, Turkish, Portuguese-Portuguese, Spanish, Simplified Chinese, Russian and German.
Nexo Key Data
| Legal name | Nexo Services OÜ |
| Year founded | 2018 |
| Country incorporated in | Estonia |
| Headquarters country | Bulgaria |
| Decentralised |
No
|
| Number of employees | 101-250 |
| Number of users | 100,000,000 |
| Total assets under management | $5,000,000,000USD more ...$0USD |
| Savings accounts |
Yes
|
| Loans |
Yes
|
| Crypto to crypto exchange |
Yes
|
| Fiat to crypto exchange |
Yes
|
| Pro exchange marketplace |
Yes
|
| Peer to peer exchange |
No
|
| Margin trading |
Yes
|
| Corporate accounts |
Yes
|
| Instantly buy crypto with fiat |
Yes
|
| Integrated crypto wallet |
Yes
|
| Crypto withdrawals to private wallet |
Yes
|
| Fast account verification |
Yes
|
| Futures exchange |
Yes
|
| Insurance level | $775,000,000USD more ...$0USD |
| Cold storage |
Yes
|
| Cold storage custodian | BitGo, LedgerVault |
| Crypto security standard | Level 3 |
| Two factor authentication |
Yes
|
| Loan over collateralisation percent | 200%+ |
| Know your customer |
Yes
|
| Credit check |
No
|
| Regulators | Regulated in Estonia, Switzerland and the Cayman Islands |
| 24/7 support |
Yes
|
| Email support |
Yes
|
| Phone support |
No
|
| Chat support |
No
|
| Exchange fees | 0% exchange fee |
| Fiat deposit fee | Free |
| Fiat withdrawal fee | Free |
| Crypto deposit fee | Free |
| Withdrawal process | Nexo does not use separate current (chequeing) and savings accounts. All deposits are automatically held more ... 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 | Withdrawl fees vary by loyalty level: Base level - 1 free crypto withdrawl per month Silver - 3 free more ... crypto withdrawls per month Gold - 5 free crypto withdrawls per month Platinum - 15 free crypto withdrawls per month |
| Savings crypto account withdrawal limit | $500,000 per day |
| Loan crypto account withdrawal limit | $2,000,000 per day |
| Savings fiat account withdrawal limit | $100,000 per day |
| Loan fiat account withdrawal limit | $2,000,000 per day |
| Liquidity pools |
No
|
| DeFi products |
No
|
| Unsecured loans |
No
|
| Independent proof of reserves |
Yes
|
| Proof of reserves | Nexo has contracted with Armanino, a top 20 more ... 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. |
Frequently Asked Questions
Useful Links
Nexo Contact Details
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Blog Page 3
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