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Nexo reviews

Average rating of 78% based on 1,247 reviews.

Founded 6 years ago in 2018.

Headquartered in Bulgaria.

Deposits in 3 fiat currencies accepted including US Dollars (USD).

Matt logo
Reviewed by Matt
1 February 2021 (Updated 15 April 2024)

Nexo Crypto Platform

DeFinda Score™

An impartial, objective analysis of Nexo's features to help you compare platforms. Read our full analysis.
Staking Yields
10
Loan Rates
10
Established
3
Reviews
8
Risk Management
8
Withdrawals
8
Coverage
3
Support
7

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.

Nexo offers instant loans in over 30 different fiat currencies as well as USD Coin (USDC) and Tether (USDT). The loan is backed by collateral funds that you deposit on the platform. No credit checks are required as your collateral provides adequate comfort that the loan will be repaid. There is no minimum monthly repayment amount as interest is automatically deducted from your collateral.

Pros

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

Cons

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

Nexo Savings Accounts

1
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Columns
  Yield Loyalty Level Tokens Term Yield Yield Trend
30%
NEXO 30% APY
Platinum
Min 10% of portfolio held in Nexo tokens
30 days
30%
NEXO 30% APY
28%
AXS 28% APY
Platinum
Min 10% of portfolio held in Nexo tokens
30 days
28%
AXS 28% APY
26%
NEXO 26% APY
Platinum
Min 10% of portfolio held in Nexo tokens
Instant Access
26%
NEXO 26% APY
25%
NEXO 25% APY
Gold
Min 5% of portfolio held in Nexo tokens
30 days
25%
NEXO 25% APY
24%
AXS 24% APY
Gold
Min 5% of portfolio held in Nexo tokens
30 days
24%
AXS 24% APY
24%
AXS 24% APY
Platinum
Min 10% of portfolio held in Nexo tokens
Instant Access
24%
AXS 24% APY
22.7%
NEXO 22.7% APY
Silver
Min 1% of portfolio held in Nexo tokens
30 days
22.7%
NEXO 22.7% APY
22.5%
AXS 22.5% APY
Silver
Min 1% of portfolio held in Nexo tokens
30 days
22.5%
AXS 22.5% APY
21%
NEXO 21% APY
Gold
Min 5% of portfolio held in Nexo tokens
Instant Access
21%
NEXO 21% APY
20%
AXS 20% APY
Base
30 days
20%
AXS 20% APY
20%
NEXO 20% APY
Base
30 days
20%
NEXO 20% APY
20%
AXS 20% APY
Gold
Min 5% of portfolio held in Nexo tokens
Instant Access
20%
AXS 20% APY
18.7%
NEXO 18.7% APY
Silver
Min 1% of portfolio held in Nexo tokens
Instant Access
18.7%
NEXO 18.7% APY
18.5%
AXS 18.5% APY
Silver
Min 1% of portfolio held in Nexo tokens
Instant Access
18.5%
AXS 18.5% APY
16%
AXS 16% APY
Base
Instant Access
16%
AXS 16% APY
16%
NEXO 16% APY
Base
Instant Access
16%
NEXO 16% APY
16%
NEXO 16% APY
Platinum
Min 10% of portfolio held in Nexo tokens
90 days
16%
NEXO 16% APY
15%
NEXO 15% APY
Platinum
Min 10% of portfolio held in Nexo tokens
gbp
90 days
15%
NEXO 15% APY
15%
NEXO 15% APY
Platinum
Min 10% of portfolio held in Nexo tokens
usd
90 days
15%
NEXO 15% APY
15%
NEXO 15% APY
Platinum
Min 10% of portfolio held in Nexo tokens
eur
90 days
15%
NEXO 15% APY
No matching yield products found

Nexo Loans

4 matching crypto loans found
Loyalty Level Setup Fee LTV Rate
Base
None
None
UP TO
90%
13.9%
APR
Silver
Min of 1% of portfolio held in NEXO tokens
None
None
UP TO
90%
12.9%
APR
Gold
Min of 5% of portfolio held in NEXO tokens
None
None
UP TO
90%
8.9%
APR
Platinum
Min of 10% of portfolio held in NEXO tokens
None
None
UP TO
90%
6.9%
APR

DeFinda Score™

Staking Yields

10

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.

Read more ...

Loan Rates

10

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.

Read more ...

Established

3

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.

Read more ...

Reviews

8

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%).

Read more ...

Risk Management

8

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.

Read more ...

Withdrawals

8

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.

Read more ...

Coverage

3

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.

Read more ...

Support

7

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 1,247 reviews across the web for Nexo we gave the platform an overall rating of 78%.

User Reviews
Overall User Rating
78%
1,237 reviews 1,237
iPhone App
76%
1,100 reviews 1,100
Product Hunt
94%
98 reviews 98
Android App
82%
35 reviews 35
Trustpilot
94%
4 reviews 4
Reddit
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Nexo YouTube Reviews

Nexo Promo Codes & Vouchers

$25 Free BTC

When you deposit $100 or more in assets on the platform

Earn $25 in BTC

Get paid $25 in BTC for every friend you refer to Nexo

0.5% Cashback

Up to 0.5% cashback on every crypto purchase or swap

2% Cashback On Card Purchases

When you take out a Nexo card

Nexo Debit Cards

Nexo card logo
Nexo card logo
Mastercard logo Debit Plastic Waiting List Contactless Payment
Mastercard logo Debit Plastic Waiting List Contactless Payment
2% Cashback Paid in Bitcoin logo BTC
  • Unlimited free currency exchange transactions per month
  • No annual fee or monthly fee
2%
Cashback
Paid in Bitcoin logo BTC
Apply

Nexo Fees

Fees
Exchange fees 0% exchange fee
Fiat deposit fee tick Free
Fiat withdrawal fee tick Free
Crypto deposit fee tick 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
Limits
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
BNB BNB BNB
USDC USDC USDC
XRP XRP XRP
Show more currencies

Countries That Can Use Nexo

Nexo's services are available in all countries EXCEPT:

Afghanistan
Bulgaria
Central African Republic
Congo
Congo, the Democratic Republic
Côte d'Ivoire
Eritrea
Estonia
Iran
Iraq
Lebanon
Libya
Myanmar
North Korea
Sierra Leone
Somalia
South Sudan
Syrian Arab Republic
United States
Yemen
Zimbabwe

Nexo Languages

Nexo's supports the following languages: English, French, Korean, Japanese, Turkish, Portuguese-Portuguese, Spanish, Simplified Chinese, Russian and German.

Nexo Key Data

Company
Legal name Nexo Services OÜ
Year founded 2018
Country incorporated in Estonia
Headquarters country Bulgaria
Decentralised cross No
Number of employees 101-250
Number of users 100,000,000
Total assets under management $5,000,000,000USD more ...$0USD
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange tick Yes
Fiat to crypto exchange tick Yes
Pro exchange marketplace tick Yes
Peer to peer exchange cross No
Margin trading tick Yes
Corporate accounts tick Yes
Instantly buy crypto with fiat tick Yes
Integrated crypto wallet tick Yes
Crypto withdrawals to private wallet tick Yes
Fast account verification tick Yes
Futures exchange tick Yes
Security
Insurance level $775,000,000USD more ...$0USD
Cold storage tick Yes
Cold storage custodian BitGo, LedgerVault
Crypto security standard Level 3
Two factor authentication tick Yes
Loan over collateralisation percent 200%+
Know your customer tick Yes
Credit check cross No
Regulators Regulated in Estonia, Switzerland and the Cayman Islands
Support
24/7 support tick Yes
Email support tick Yes
Phone support cross No
Chat support cross No
Fees
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
Investment Strategy
Liquidity pools cross No
DeFi products cross No
Unsecured loans cross No
Independent proof of reserves tick 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.
Key People
Antoni Trenchev
Co-Founder
Kosta Kantchev
Co-Founder
Vasil Petrov
CTO
Michael Arrington
Backer
Licenses & Certifications

Frequently Asked Questions

ANexo has put in a number of measures to ensure safety of deposited funds including cold storage wallets by BitGo and Ledger Vault with a total of $375m of insurance cover. These services have multiple layers to ensure security of crypto assets and your assets are arguably more secure with them than stored privately. Nonetheless it is the case that if you deposit your crypto assets on the Nexo platform you will no longer control the private keys for these assets.
AYes, Nexo is licensed and regulated in the European Union. Their license information may be found here.
AYes, Nexo has a mastercard product however there are currently delays in the issuing of this card and a waiting list applies.
AYes, you can buy Bitcoin on Nexo. Just signup for an account and then transfer your fiat currency across to the Nexo platform. You will then be able to use that currency to buy Bitcoin.
AYes, Nexo has confirmed here that they do offer corporate accounts.
ASome users have reported issues of slow transfers of fiat currencies to Nexo. This is often because transfers to any crypto based platform from traditional banks are subject to additional fraud checks which can cause delay.
ATo access all of Nexo's services you will need to complete their Know Your Customer (KYC) process. This entire process is handled automatically by Jumio and is quick and easy to complete. Nexo offers a range of verification levels and it is possible to access a basic selection of Nexo's services without completing the full KYC process.
AYes Nexo has a separate offering for institutional clients at https://nexo.io/institution. Services include borrowing and lending of crypto assets and fiat currencies, large OTC deals, structured derivative products, margin trading and research analysis.
ANexo is incorporated in Estonia, and their headquarters are located in Bulgaria.
ALooking at reviews from across the web, Nexo has an average review score of 78% based on 1,247 reviews.

Useful Links

Nexo Contact Details

https://nexo.io/
info@nexo.io
Nexo Financial Services Ltd - 1 Canada Square Floor 39, Canary Wharf, London, United Kingdom, E14 5AB
Nexo Clearing & Custody Ltd - 1 Canada Square Floor 39, Canary Wharf, London, United Kingdom, E14 5AB
Nexo Services OÜ Estonia - Harju maakond, Tallinn, Kesklinna linnaosa, Tornimäe tn 5, 10145

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