Nexo Crypto Platform

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

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

DeFinda Score™

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.

Nexo Promo Codes & Vouchers

$25 Free BTC

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0.5% Cashback

Up to 0.5% cashback on every crypto purchase or swap

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2% Cashback On Card Purchases

When you take out a Nexo card

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$25 Free BTC

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

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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

More Deals ...

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Nexo Staking & 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.

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	13.9%
Silver	1% NEXO	12.9%
Gold	5% NEXO	8.9%
Platinum	10% 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.

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.

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.

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	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

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

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.

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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.

Nexo Supported Currencies

Nexo supports over 5 currencies including Pounds Sterling, US Dollars, Euros and Bitcoin.

Nexo Supported 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 Key Data

Company

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

Products

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

Security

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

Support

24/7 support	Yes
Email support	Yes
Phone support	No
Chat support	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	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.

Key People

Antoni Trenchev

Co-Founder

Kosta Kantchev

Co-Founder

Vasil Petrov

CTO

Michael Arrington

Backer

Licenses & Certifications

Financial Crimes Enforcement Network

ISO 27001 Information Security Management

System and Organization Controls (SOC2) Type 1

System and Organization Controls (SOC2) Type 2

CryptoCurrency Security Standard (CCSS) Level 3

Kansas - Office of the State Bank Commissioner - Supervised Loan License

New Hampshire - Banking Department - Money Transmitter License

Oregon - Division of Financial Regulation - Money Transmitter License

Arizona - Department of Insurance and Financial Institutions Consumer Lender License

California - Department of Financial Protection and Innovation - Financial Lender License

District of Columbia - Department of Insurance, Securities and Banking - Money Lender License

Idaho - Department of Finance - Regulated Lender License

Illinois - Department of Financial and Professional Regulation - Consumer Instalment Loan License

Minnesota - Department of Commerce - Regulated Loan Company License

Mississippi - Department of Banking and Consumer Finance - Money Transmitter License

Missouri - Division of Finance - Sale of Checks & Money Transmitter License

Montana - Division of Banking and Financial Institutions - Consumer Loan License

New Hampshire - Banking Department - Small Loan Lender License

Oregon - Division of Financial Regulation - Consumer Finance License

Utah - Department of Financial Institutions - Registered Lender

Wyoming - Department of Audit - Supervised Lender License

Financial Transactions and Reports Analysis Centre of Canada - Money Service Business Registration

Swiss Financial Market Supervisory Authority - Affiliate Member of the SRO "So-Fit" Geneva

Australian Securities and Investment Commission - Registration as Foreign Company

Australian Transaction Reports and Analysis Centre - Registration as Reporting Company

Companies Registration - Trust or Company Service Provider License

Useful Links

Nexo Contact Details