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Home Platforms Nexo
Nexo reviews
Review Score
87%
34,504 Reviews
Platform Age
4 Years
HQ Country
Bulgaria
Max BTC Savings Rate
6%
APR

Average rating of 87% based on 34,504 reviews.

Founded 4 years ago in 2018.

Headquartered in Bulgaria.

Bitcoin (BTC) savings rates up to 6% APR.

Go to Nexo earnings calculator

Average rating of 87% based on 34,504 reviews.

Founded 4 years ago in 2018.

Headquartered in Bulgaria.

Bitcoin (BTC) savings rates up to 6% APR.

Go to Nexo earnings calculator

Matt logo
Reviewed by Matt
1 February 2021 (Updated 28 September 2022)

Nexo Review, Pros & Cons and Features

 

DeFinda Score™

An impartial, objective analysis of Nexo's features to help you compare platforms. Read our full analysis.
Savings Rates
8.5
Loan Rates
8.2
Established
3.6
Reviews
8.7
Risk Management
8
Withdrawals
8
Coverage
3.3
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 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

DeFinda Score™

Savings Rates

8.5

Nexo has some of the best instant access saving rates for Bitcoin (4%), Ethereum (5%), USD Coin (8%) and 9 more cryptocurrencies, however Nexo also has some of the worst instant access saving rates for Solana (5%), Bitcoin Cash (5%) and Kusama (5%)

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 30 cryptocurrencies.

Loan Rates

8.2

Nexo has some of the best loan rates secured against Bitcoin (6.9%), BNB (6.9%), XRP (6.9%) and 14 more cryptocurrencies, however Nexo also has less competitive loan rates secured against Tether (6.9% vs 4.5% at Coinloan), USD Coin (6.9% vs 1.48% at AAVE), Dai (6.9% vs 1.37% 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

3.6

Nexo was founded in 2018 which makes it 4 years old. That's still quite young as the oldest crypto platforms are 11 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

8.7

Nexo has an average expert rating of 84%, and an average user rating of 87% based on 34,494 user reviews. Nexo has over 9,000 reviews on Trustpilot, with an average user rating of 90%. Expert reviews include Hedge With Crypto (84%), Benzinga (90%), Money Check (86%) and Crypto Vantage (94%).

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.

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.

Coverage

3.3

Nexo supports 42 different cryptocurrencies and 3 fiat currencies. Key supported cryptocurrencies include Bitcoin, Ethereum, Tether, USD Coin, BNB and XRP. Nexo support for fiat currencies includes Pounds Sterling, US Dollars and Euros. The biggest crypto platforms offer support for over 250 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

7

Nexo offers 24 hour support by email, however they do not offer support by phone or online chat.

Nexo Reviews

Nexo has excellent reviews overall. People love its easy to use interface, simple concept and lack of any hidden fees. Both the Nexo iphone App and Android App have very good reviews and people generally find the App easy to use and more convenient than using the Nexo website.

The main topic of complaint is about transfers to the Nexo platform of funds. It is difficult to determine how many of these complaints are Nexo's fault as transferring fiat currency to any crypto platform from traditional banks often incurs additional security checks by the sending bank. Similarly the transfer of crypto funds on to the platform requires that the user very carefully enter the correct wallet address and ensure sufficient transaction fees assigned to the transfer to make sure the funds are processed swiftly. Some people also mention that it can be slow for customer service to respond to enquiries.

Based on a total of 34,504 reviews across the web for Nexo we gave the platform an overall rating of 87%.

Nexo Rating
87%
Based on 34,504 reviews
User Reviews
Overall User Rating
87%
34,494 reviews 34,494
Android App
86%
23,474 reviews 23,474
Trustpilot
90%
9,999 reviews 9,999
iPhone App
72%
923 reviews 923
Product Hunt
94%
98 reviews 98
Reddit
Leave a Review for Nexo
Submit Review

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 Savings Accounts

Nexo offers an excellent savings account on its platform that is easy to use and offers rates of up to 34% APR per year. Interest is paid to you daily and you can withdraw your funds at any time.

Nexo offers savings accounts on fiat currencies, stable coins and cryptocurrencies with the highest rates being offered on fiat and stable coins.

Savings Account Highlights

Nexo offers a loyalty program that increases your interest rate if you assign a certain proportion of your portfolio to Nexo tokens. They offer four loyalty levels of Base, Silver, Gold and Platinum. You can either buy Nexo tokens directly on the platform or use a third party exchange and then transfer the Nexo tokens to the Nexo platform. You can earn between 1% and 2% more per year by building up your Nexo token portfolio.

In addition to buying Nexo tokens, the platform also offers you the option of having your interest paid out in Nexo tokens, giving you an additional 2% interest rate per year. If you elect to have your interest paid out in Nexo then you will gradually increase your Nexo token holding which will eventually move you up in to the next loyalty level.

Whilst savings accounts are available for all currencies on an instant access basis, enhanced interest rates are available if you are willing to reduce your access terms. Various interest rate uplifts are available on most currencies, with fixed terms varying from 1 month to 12 months depending on the currency type.

Nexo Loyalty Levels
Loyalty Level Minimum NEXO Tokens as % of Portfolio Loan APR
Base 0% Nexo logo NEXO 13.9%
Silver 1% Nexo logo NEXO 12.9%
Gold 5% Nexo logo NEXO 8.9%
Platinum 10% Nexo logo NEXO 6.9%

Owning the Nexo token helps to increase your savings rates. In addition, attractive savings rates are available on the Nexo token itself. Nexo has periodically supported the price of the Nexo token by conducting byback programmes on the token to support the price. 

The combination of instant access to your funds, enhanced rates for payment in Nexo and then further interest on the accumulated Nexo tokens on top makes Nexo's saving product one of the most attractive on the market.

The table below shows Nexo's current savings rates. The first table is interest rates payable where the interest is paid out in the same currency as that deposited. The second table shows the enhanced rates available if you elect to have your interest paid out in Nexo tokens. Where an interest range is shown this is because the interest rate varies according to the deposit term.

You can calculate your potential earnings on Nexo using our Nexo interest rate calculator.

Interest Paid Out in Choice of Currencies
Loyalty Level
Base Silver Gold Platinum
GBP
Pounds Sterling
4%
APR
4.5%
APR
6%
APR
8%
APR
USD
US Dollars
4%
APR
4.5%
APR
6%
APR
8%
APR
EUR
Euros
4%
APR
4.5%
APR
6%
APR
8%
APR
Bitcoin
Deposits below 1.34 BTC
3%
APR
Deposits above 1.34 BTC
1.5%
APR
Deposits below 2.14 BTC
3.5%
APR
Deposits above 2.14 BTC
2%
APR
Deposits below 10.7 BTC
4.5%
APR
Deposits above 10.7 BTC
3%
APR
Deposits below 214 BTC
6%
APR
Deposits above 214 BTC
4.5%
APR
Dogecoin
0.25%
APR
1.5%
APR
3%
APR
TerraClassicUSD
14%
APR
15.3%
APR
17%
APR
20%
APR
Polkadot
10%
APR
10.5%
APR
12%
APR
14%
APR
Dai
Deposits below 100,000 DAI
8%
APR
Deposits above 100,000 DAI
4%
APR
Deposits below 500,000 DAI
8.5%
APR
Deposits above 500,000 DAI
4.5%
APR
Deposits below 1,000,000 DAI
10%
APR
Deposits above 1,000,000 DAI
6%
APR
Deposits below 4,000,000 DAI
12%
APR
Deposits above 4,000,000 DAI
8%
APR
Polygon
10%
APR
10.5%
APR
12%
APR
14%
APR
TRON
9%
APR
9.5%
APR
10.5%
APR
12%
APR
Avalanche
7%
APR
7.75%
APR
9%
APR
11%
APR
Ethereum
Deposits below 78.3 ETH
4%
APR
Deposits above 78.3 ETH
1.5%
APR
Deposits below 391 ETH
4.5%
APR
Deposits above 391 ETH
2%
APR
Deposits below 783 ETH
5.5%
APR
Deposits above 783 ETH
3%
APR
Deposits below 3,130 ETH
7%
APR
Deposits above 3,130 ETH
4.5%
APR
Chainlink
Deposits below 3,170 LINK
3%
APR
Deposits above 3,170 LINK
1.5%
APR
Deposits below 5,080 LINK
3.5%
APR
Deposits above 5,080 LINK
2%
APR
Deposits below 25,400 LINK
4.5%
APR
Deposits above 25,400 LINK
3%
APR
Deposits below 508,000 LINK
6%
APR
Deposits above 508,000 LINK
4.5%
APR
Cosmos
6%
APR
6.75%
APR
8%
APR
10%
APR
Litecoin
4%
APR
4.5%
APR
5.5%
APR
7%
APR
HUSD
Deposits below 101,000 HUSD
8%
APR
Deposits above 101,000 HUSD
4%
APR
Deposits below 505,000 HUSD
8.5%
APR
Deposits above 505,000 HUSD
4.5%
APR
Deposits below 1,010,000 HUSD
10%
APR
Deposits above 1,010,000 HUSD
6%
APR
Deposits below 4,040,000 HUSD
12%
APR
Deposits above 4,040,000 HUSD
8%
APR
Stellar
4%
APR
4.5%
APR
5.5%
APR
7%
APR
Tether
Deposits below 100,000 USDT
8%
APR
Deposits above 100,000 USDT
4%
APR
Deposits below 500,000 USDT
8.5%
APR
Deposits above 500,000 USDT
4.5%
APR
Deposits below 1,000,000 USDT
10%
APR
Deposits above 1,000,000 USDT
6%
APR
Deposits below 4,000,000 USDT
12%
APR
Deposits above 4,000,000 USDT
8%
APR
Bitcoin Cash
4%
APR
4.5%
APR
5.5%
APR
7%
APR
Terra Classic
4%
APR
4.5%
APR
5.5%
APR
7%
APR
USD Coin
Deposits below 100,000 USDC
8%
APR
Deposits above 100,000 USDC
4%
APR
Deposits below 500,000 USDC
8.5%
APR
Deposits above 500,000 USDC
4.5%
APR
Deposits below 1,000,000 USDC
10%
APR
Deposits above 1,000,000 USDC
6%
APR
Deposits below 4,000,000 USDC
12%
APR
Deposits above 4,000,000 USDC
8%
APR
EOS
4%
APR
4.5%
APR
5.5%
APR
7%
APR
TrueUSD
Deposits below 100,000 TUSD
8%
APR
Deposits above 100,000 TUSD
4%
APR
Deposits below 500,000 TUSD
8.5%
APR
Deposits above 500,000 TUSD
4.5%
APR
Deposits below 1,000,000 TUSD
10%
APR
Deposits above 1,000,000 TUSD
6%
APR
Deposits below 4,000,000 TUSD
12%
APR
Deposits above 4,000,000 TUSD
8%
APR
Axie Infinity
20%
APR
22.8%
APR
25%
APR
30%
APR
BNB
4%
APR
4.5%
APR
5.5%
APR
7%
APR
Pax Dollar
Deposits below 100,000 USDP
8%
APR
Deposits above 100,000 USDP
4%
APR
Deposits below 500,000 USDP
8.5%
APR
Deposits above 500,000 USDP
4.5%
APR
Deposits below 1,000,000 USDP
10%
APR
Deposits above 1,000,000 USDP
6%
APR
Deposits below 4,000,000 USDP
12%
APR
Deposits above 4,000,000 USDP
8%
APR
XRP
Deposits below 118,000 XRP
4%
APR
Deposits above 118,000 XRP
1%
APR
Deposits below 178,000 XRP
4.5%
APR
Deposits above 178,000 XRP
1.5%
APR
Deposits below 1,180,000 XRP
5.5%
APR
Deposits above 1,180,000 XRP
2.5%
APR
Deposits below 23,700,000 XRP
7%
APR
Deposits above 23,700,000 XRP
4%
APR
Fantom
10%
APR
11.3%
APR
13%
APR
16%
APR
PAX Gold
Deposits below 15.5 PAXG
3%
APR
Deposits above 15.5 PAXG
1%
APR
Deposits below 24.8 PAXG
3.5%
APR
Deposits above 24.8 PAXG
1.5%
APR
Deposits below 124 PAXG
4.5%
APR
Deposits above 124 PAXG
2.5%
APR
Deposits below 2,480 PAXG
6%
APR
Deposits above 2,480 PAXG
4%
APR
THORChain
14%
APR
14.5%
APR
15.5%
APR
17%
APR
Cardano
4%
APR
4.5%
APR
5.5%
APR
7%
APR
Solana
4%
APR
4.5%
APR
5.5%
APR
7%
APR
Kusama
4%
APR
4.5%
APR
5.5%
APR
7%
APR
Interest Paid Out in Same Currency
Loyalty Level
Base Silver Gold Platinum
GBP
Pounds Sterling
4%
APY
4.25%
APY
5%
APY
6%
APY
USD
US Dollars
4%
APY
4.25%
APY
5%
APY
6%
APY
EUR
Euros
4%
APY
4.25%
APY
5%
APY
6%
APY
Bitcoin
Deposits below 1.34 BTC
3%
APY
Deposits above 1.34 BTC
1.5%
APY
Deposits below 2.14 BTC
3.25%
APY
Deposits above 2.14 BTC
1.75%
APY
Deposits below 10.7 BTC
3.5%
APY
Deposits above 10.7 BTC
2%
APY
Deposits below 214 BTC
4%
APY
Deposits above 214 BTC
2.5%
APY
Dogecoin
0.5%
APY
1%
APY
TerraClassicUSD
14%
APY
15%
APY
16%
APY
18%
APY
Polkadot
10%
APY
10.3%
APY
11%
APY
12%
APY
Dai
Deposits below 100,000 DAI
8%
APY
Deposits above 100,000 DAI
4%
APY
Deposits below 500,000 DAI
8.25%
APY
Deposits above 500,000 DAI
4.25%
APY
Deposits below 1,000,000 DAI
9%
APY
Deposits above 1,000,000 DAI
5%
APY
Deposits below 4,000,000 DAI
10%
APY
Deposits above 4,000,000 DAI
6%
APY
Polygon
10%
APY
10.3%
APY
11%
APY
12%
APY
TRON
9%
APY
9.25%
APY
9.5%
APY
10%
APY
Avalanche
7%
APY
7.5%
APY
8%
APY
9%
APY
Ethereum
Deposits below 78.3 ETH
4%
APY
Deposits above 78.3 ETH
1.5%
APY
Deposits below 391 ETH
4.25%
APY
Deposits above 391 ETH
1.75%
APY
Deposits below 783 ETH
4.5%
APY
Deposits above 783 ETH
2%
APY
Deposits below 3,130 ETH
5%
APY
Deposits above 3,130 ETH
2.5%
APY
Chainlink
Deposits below 3,170 LINK
3%
APY
Deposits above 3,170 LINK
1.5%
APY
Deposits below 5,080 LINK
3.25%
APY
Deposits above 5,080 LINK
1.75%
APY
Deposits below 25,400 LINK
3.5%
APY
Deposits above 25,400 LINK
2%
APY
Deposits below 508,000 LINK
4%
APY
Deposits above 508,000 LINK
2.5%
APY
Cosmos
6%
APY
6.5%
APY
7%
APY
8%
APY
Litecoin
4%
APY
4.25%
APY
4.5%
APY
5%
APY
HUSD
Deposits below 101,000 HUSD
8%
APY
Deposits above 101,000 HUSD
4%
APY
Deposits below 505,000 HUSD
8.25%
APY
Deposits above 505,000 HUSD
4.25%
APY
Deposits below 1,010,000 HUSD
9%
APY
Deposits above 1,010,000 HUSD
5%
APY
Deposits below 4,040,000 HUSD
10%
APY
Deposits above 4,040,000 HUSD
6%
APY
Stellar
4%
APY
4.25%
APY
4.5%
APY
5%
APY
Tether
Deposits below 100,000 USDT
8%
APY
Deposits above 100,000 USDT
4%
APY
Deposits below 500,000 USDT
8.25%
APY
Deposits above 500,000 USDT
4.25%
APY
Deposits below 1,000,000 USDT
9%
APY
Deposits above 1,000,000 USDT
5%
APY
Deposits below 4,000,000 USDT
10%
APY
Deposits above 4,000,000 USDT
6%
APY
Bitcoin Cash
4%
APY
4.25%
APY
4.5%
APY
5%
APY
Terra Classic
4%
APY
4.25%
APY
4.5%
APY
5%
APY
USD Coin
Deposits below 100,000 USDC
8%
APY
Deposits above 100,000 USDC
4%
APY
Deposits below 500,000 USDC
8.25%
APY
Deposits above 500,000 USDC
4.25%
APY
Deposits below 1,000,000 USDC
9%
APY
Deposits above 1,000,000 USDC
5%
APY
Deposits below 4,000,000 USDC
10%
APY
Deposits above 4,000,000 USDC
6%
APY
EOS
4%
APY
4.25%
APY
4.5%
APY
5%
APY
TrueUSD
Deposits below 100,000 TUSD
8%
APY
Deposits above 100,000 TUSD
4%
APY
Deposits below 500,000 TUSD
8.25%
APY
Deposits above 500,000 TUSD
4.25%
APY
Deposits below 1,000,000 TUSD
9%
APY
Deposits above 1,000,000 TUSD
5%
APY
Deposits below 4,000,000 TUSD
10%
APY
Deposits above 4,000,000 TUSD
6%
APY
Axie Infinity
20%
APY
22.5%
APY
24%
APY
28%
APY
BNB
4%
APY
4.25%
APY
4.5%
APY
5%
APY
Pax Dollar
Deposits below 100,000 USDP
8%
APY
Deposits above 100,000 USDP
4%
APY
Deposits below 500,000 USDP
8.25%
APY
Deposits above 500,000 USDP
4.25%
APY
Deposits below 1,000,000 USDP
9%
APY
Deposits above 1,000,000 USDP
5%
APY
Deposits below 4,000,000 USDP
10%
APY
Deposits above 4,000,000 USDP
6%
APY
XRP
Deposits below 118,000 XRP
4%
APY
Deposits above 118,000 XRP
1%
APY
Deposits below 178,000 XRP
4.25%
APY
Deposits above 178,000 XRP
1.25%
APY
Deposits below 1,180,000 XRP
4.5%
APY
Deposits above 1,180,000 XRP
1.5%
APY
Deposits below 23,700,000 XRP
5%
APY
Deposits above 23,700,000 XRP
2%
APY
Fantom
10%
APY
11%
APY
12%
APY
14%
APY
PAX Gold
Deposits below 15.5 PAXG
3%
APY
Deposits above 15.5 PAXG
1%
APY
Deposits below 24.8 PAXG
3.25%
APY
Deposits above 24.8 PAXG
1.25%
APY
Deposits below 124 PAXG
3.5%
APY
Deposits above 124 PAXG
1.5%
APY
Deposits below 2,480 PAXG
4%
APY
Deposits above 2,480 PAXG
2%
APY
THORChain
14%
APY
14.3%
APY
14.5%
APY
15%
APY
Nexo
4%
APR
4%
APR
4%
APR
4%
APR
Cardano
4%
APY
4.25%
APY
4.5%
APY
5%
APY
Solana
4%
APY
4.25%
APY
4.5%
APY
5%
APY
Kusama
4%
APY
4.25%
APY
4.5%
APY
5%
APY

Nexo Loans

Nexo lets you borrow money secured against the funds that you have deposited on the platform. All you have to do is deposit your funds and the loan is immediately available for you to withdraw. There are no credit checks required and the system is fully automated, running via an oracle smart contract on the Ethereum blockchain. Loans are available from $500 USD to $2,000,000 USD with a minimum term of 30 days.

Borrowing money secured against your crypto assets is an excellent way of utilising some of the wealth stored in those assets without being forced to sell the underlying asset. This means that you continue to benefit from any price appreciation in the crypto asset even after you have withdrawn the loan funds.

 

Borrowing against your crypto assets also means that you do not sell the assets which in some tax jurisdictions would trigger a capital gains tax event which would ordinarily require you to pay a proportion of your proceeds (your capital gain) to the government.

Loan Account Highlights

The loan funds can be used for any purpose that you like and ordinarily Nexo will not ask you anything about the purpose of the loan or what you intend to spec the money on. You could use the funds to pay for some of your everyday costs, or you could use the loan to buy more cryptocurrency thereby giving you leverage to increase your gains if you think the market is going to go up. Of course leverage can magnify your loses too and this strategy should only be considered with extreme caution.

The amount that you can borrow depends on the amount of funds that you deposit on to the platform. These funds are known as the collateral. Nexo will lend you a fixed proportion against the collateral that you have deposited and this is called the Loan to Value (LTV) ratio. So if you deposit £1,000 as collateral and the LTV is 60% then Nexo will lend you a maximum of £600. Nexo's LTV rates vary according the currency type that you deposited as collateral as some currencies/tokens are much more volatile than others. Nexo's LTV rates vary from as low as 25% to as high as 90%.

Nexo provides a unique collateral exchange feature that allows you to exchange the collateral against which your loans is secured for a different currency without terminating the loan. This lets you keep your LTV at a sensible level when there is volatility in the crypto market. For example if you have a loan secured against Bitcoin as collateral and the price of Bitcoin starts to drop significantly (thereby increasing the LTV on your loan and putting it as risk of liquidation), you could choose to exchange your Bitcoin collateral for a stablecoin, which would significantly reduce your risk.

As of December 2021 Nexo has started to accept NFTs as collateral for loans. Nexo will accept Bored Ape Yacht Club and CryptoPunk NFTs as security for crypto loans. They will lend up to 20% of the value of the NFT in various stablecoins and cryptocurrencies.

Nexo provide a handy loan calculator to work out how much you can borrow. Alternatively you can use our loan calculator below.

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

Nexo Fees & Limits

One of the great features of Nexo is the complete absence of hidden fees. It is completely free to deposit and withdraw both fiat currency and cryptocurrencies from the platform. There are limits on the number of free crypto withdrawls that you can make each month and this limit increases with loyalty level which is governed by the number of Nexo tokens you hold.

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

Security

Loan Security Highlights

Nexo uses a combination of BitGo and Ledger Vault for cold storage of deposited crypto assets. They are covered by a total of $375m of insurance against theft or loss of coins. BitGo provides $100m of this insurance cover underwritten by Lloyds of London. Nexo is workig towards increasing its insurance cover level to $1Bn in 2021.

Nexo offers a premium service for loans of over $2m with some additional benefits including collateral funds stored in a dedicated cold storage wallet.

Any funds deposited on the platform which are subsequently lent by Nexo to institutions are done so on an overcollateralised basis of at least 200%.

Two factor authentication is provided on both the web app as well as the iPhone and Android apps. Whilst this is an optional feature it is highly recommended that you use this feature to increase the security on your account. Biometric access to your account via Face ID can also be enabled on the iPhone app.

Nexo has reported that the Nexo token has been fully audited by Castillo Network who found no security flaws.

As of June 2021 Nexo has appointed Armanino LLP to independently audit and verify their crypto holdings. This provides users of the Nexo platform with further reassurance that the crypto assets held really do exist.

Nexo Mastercard

Nexo are planning to launch a mastercard card that will be connected directly to your Nexo wallet. It promises instant 2% cashback on all purchases and no annual fees or foreign exchange fees. At the time of writing the card is not available, but a waiting list exists to order a card.

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 Mobile Apps

Nexo offers mobile apps for both iPhone and Android. The apps are fully comprehensive and allow access to all of the key features found on the main Nexo website. They are compatible with Face ID for fast and secure access and are well designed and easy to use. Additional features include notifications of interest payments and management of your physical Nexo card.

Nexo Exchange

Nexo offers a limited exchange service which allows exchange of fiat Euros and Pounds Sterling into 11 different cryptocurrencies and vice versa. The service effectively acts as a broker and queries a selection of larger crypto exchanges to find the best price at which to complete the transaction. This means that you can use Nexo to buy cryptocurrencies such as Bitcoin using fiat currencies such as Euros.

Nexo also offers a currency swap service that allows exchange of crypto currencies between one another. This service could be used to swap Nexo tokens for Bitcoin for example.

Nexo offers a leveraged purchase product called the Nexo Booster. This simplifies the leverage process for users who want to use leverage to increase their crypto profits. The Nexo Booster offers up to 3x leverage on your purchase. All leverage must be fully collateralised by deposits placed on the platform. The additional crypto that you purchase through leverage will be included in this collateral. The maximum loan to value (LTV) is 70%, so the size of your collateral loan can be no larger that 70% of your total crypto assets. Nexo will also offer you 0.5% cashback on any Nexo Booster purchases. Warning: Leveraged crypto purchases are extremely high risk as they amplify your loses as well as your gains. Do not use leverage unless you are certain of what you are doing and fully understand the potential loses.

Nexo Premium

Nexo have announced a premium service for high value customers who are borrowing over $2m USD. The premium offer includes dedicated cold storage wallet for collateral funds as well as a designated account manager and bespoke over the counter liquidity solutions. Further details can be obtained by emailing premium@nexo.io.

Nexo also offers a number of innovative products to help high value investors to build their portfolio and gain leverage in trading:

Portfolio Booster With this product Nexo will use your deposited BTC as collateral to draw down a loan of your choosing and then immediately use this loan to buy more BTC. The new BTC will then be added to your portfolio balance and a final LTV calculated against this amount. This allows you to quickly build your BTC holdings, but obviously comes with additional risk as you are effectively leveraging your position. Nexo charge a fee for this service (from 3% to 6% at the time of writing) and interest is chargeable on your loan.

TWAP Algorithmic Execution Nexo's Time Weighted Average Price (TWAP) strategy is a methodology that Nexo can employ for you when purchasing large quantities of crypto currency. Using this strategy Nexo will break the order down into many dynamically generated smaller orders and spread these across multiple exchanges in order to purchase the crypto at a lower price and to prevent the large trade from affecting the market price.

Zero Cost Loan With this innovative product, Nexo will grant you a loan secured against your deposited collateral at no cost at all (no fees and no interest payments). The term of the loan must be pre-agreed as well as a safe-guard price (lower bound price) and cashout price (upper bound price).

Nexo Pro

Nexo offer an advanced "Pro" exchange service. This service offers more sophisticated order types such as limit and stop loss orders. Liquidity is sourced from 10 different third party exchanges including Binance, Huobi, BitFinex, Kraken and FTX. Leveraged futures contracts and algorithmic trading systems are also available.

Screenshot of Nexo pro

Supported Currencies

Nexo supports over 40 currencies including Pounds Sterling, US Dollars, Euros and Bitcoin.

GBP Pounds Sterling
USD US Dollars
EUR Euros
BTC Bitcoin
ETH Ethereum
USDT Tether
USDC USD Coin
BNB BNB
XRP XRP
ADA Cardano
SOL Solana
DOGE Dogecoin
DOT Polkadot
DAI DAI
MATIC Polygon
TRX TRON
AVAX Avalanche
UNI Uniswap
LINK Chainlink
ATOM Cosmos
LTC Litecoin
XLM Stellar
APE ApeCoin
EOS EOS
AAVE AAVE
TUSD TrueUSD
USDP Pax Dollar
FTM Fantom
PAXG PAX Gold
NEXO NEXO
LDO Lido DAO
KSM Kusama
Show more currencies

Nexo Countries

Nexo is available in over 200 countries, however there are some countries that Nexo is not available in. This can sometimes be due to international trade sanctions imposed on these countries which prevent Nexo from providing services there.

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

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
Yemen
Zimbabwe

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.

Nexo Key Data

Company
Legal name Nexo Services OÜ
Year founded 2,018
Country incorporated in Estonia
Headquarters country Bulgaria
Decentralised tick Yes
Number of employees 101-250
Number of users 100,000,000
Total assets under management $5,000,000,000USD
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
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 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 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 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

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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