Nexo Review

Nexo Ratings at a Glance

Nexo Quick Summary

What Is Nexo?

Nexo has established itself as a prominent player in the cryptocurrency exchange space. The company offers a diverse range of features beyond traditional trading, such as borrowing options and a crypto rewards card. Since its inception in 2018, Nexo has adeptly navigated through both bull and bear markets. Over time, it has amassed a considerable user base of over 7 million across more than 200 countries.

However, regulatory challenges have led to certain limitations on product availability, particularly in the United States. In 2023, Nexo agreed to settle the charges made by the Securities and Exchange Commission (SEC) which forced the discontinuation of Nexo's Earn product. Similar restrictions apply in other jurisdictions like Canada and Australia, which underscores the complexities of operating in a rapidly evolving regulatory landscape.

Nevertheless, Nexo continues to provide a compelling value proposition with its strong security measures and zero-fee trading. Plus, the unique feature of allowing users to borrow against a wide array of over 80 cryptocurrencies, appeals to both novice and seasoned investors alike.

Let’s take a look at the various features offered by Nexo.

Earn Interest on Cryptocurrency

Nexo allows you to earn interest on 8 unique stablecoins and 30 crypto assets. Some supported coins include Bitcoin, Chainlink, Ethereum, Tron and Stellar Lumens. You can earn up to 16% for stablecoins and up to 30% for crypto assets. Interest is calculated on a daily basis, and you are free to deposit or withdraw your tokens at any time. There is no minimum required balance in order to take advantage of Nexo’s interest program.

In addition to earning on crypto, you can also earn up to 15% annual interest on euros, pounds and the U.S. dollar. You can link your bank account directly and transfer assets to your Nexo Wallet. Depending on your bank, these transfers may take between 1 to 3 days to close. Note that you must complete additional verification before you can begin earning interest on fiat currencies. 

Borrow Funds

Nexo allows cryptocurrency holders to take out crypto-backed loans by using their digital assets as collateral. Users can borrow funds without selling their cryptocurrency, and the process involves selecting the loan amount and collateral. Nexo evaluates the collateral and offers a loan with competitive interest rates. The collateral remains in the account until the loan is fully repaid. This enables users to maintain ownership of their assets while accessing liquidity. Loans are available from $50 to $2 million. Interest rate depends on your Loyalty Tier. Platinum members with Loan-to-Value (LTV) below 20% can enjoy interest rate of 2.9%. As of September 2024, Nexo has lent out over $8 billion in loans.  

Nexo Card

The Nexo Card allows you access to your Instant Crypto Credit Line using the same method as you use to charge purchases on any other credit card. The Nexo Card is accepted by over 100 million merchants around the world. You can get 2% cashback on all of your purchases when you use your card. The Nexo Card can be quickly ordered through the Nexo app, which also offers advanced security features such as instant card freezing and transaction monitoring.

The Nexo Card is currently available only to citizens and residents of the European Economic Area (EEA).

Nexo Exchange

The Nexo Exchange allows users to buy and sell 70+ assets and choose from over 500 trading pairs. It features a user-friendly interface, competitive fees, strong security measures, and support for various digital assets. This makes the cryptocurrency exchange a favorable option for users looking to diversify their portfolios in the crypto market.

Nexo Pro

Nexo offers advanced trading capabilities and deep liquidity for both experienced and novice traders. It features a user-friendly interface, competitive spreads, high transaction speeds, margin trading, and lending options, making it a comprehensive solution for various trading strategies and user needs.

Nexo Booster

This allows users to trade with up to 3x leverage and higher loan-to-value ratios, enhancing trading potential and investment returns. However, access to these features may vary by location due to regulatory restrictions. While leveraging can amplify positions, it also increases risks, potentially leading to significant losses.

Nexo Wallet

Nexo Wallet is a user-friendly platform that connects users to decentralized finance (DeFi) yields and popular decentralized applications (dApps) across five blockchain networks. It allows users to manage digital assets securely while taking advantage of high-yield earning opportunities.

As a crypto savings account, Nexo charges its users very few fees. Similar to a traditional savings account, Nexo doesn’t charge any type of account maintenance fee, and you’re free to withdraw your cryptocurrency at any time without facing charges. 

Nexo covers all transaction fees on your account end. This means that you’ll only pay brokerage fees when you transfer directly from an exchange wallet to your Nexo account. These fees will vary depending on the broker that you use. There is no minimum amount of cryptocurrency that you must deposit into your Nexo account in order to begin earning interest.

Withdrawal minimums for cryptocurrencies vary depending on the type of crypto you’re holding in your wallet. Bitcoin, Bitcoin Cash, Pax Gold and yearn.finance have the lowest withdrawal minimum at 0.001 coin, while Pepe has the highest minimum with 1,750,000. It's also important to note that you'll be required to pay transaction fees for transferring cryptocurrency between crypto wallets, but depending on your membership level with Nexo you will have access to one or more free withdrawals where the platform will void the gas fee.

Nexo also offers crypto-backed loans. Nexo’s crypto loans are unique because they allow you to retain control over your cryptocurrency and gain appreciation benefits without selling your crypto to pay back your loan. If you default on your loan, however, your collateralized cryptocurrency will be used to pay back your loan.

Like most types of loans, Nexo charges interest on the amount that you borrow. Interest rates are available from 2.9% APR. The amount of cryptocurrency that you’ll need to deposit as collateral will vary depending on the token or coin that you’re using the back your loan. 

If you’ve never used a cryptocurrency savings account before, Nexo can be an excellent place to begin your savings journey. With a simple, straightforward and clean layout, mastering Nexo takes only a few minutes.

Let’s take a look at a few of our favorite features that make the platform exceptionally simple for beginners.

• Quick signups. Creating an account with Nexo will take only a few minutes for most users. Simply answer a few questions regarding your personal information, confirm your account, and get started with a comprehensive mobile app or desktop platform.
• Straightforward platform. Platform layouts are also exceptionally easy to navigate — especially for beginners who don’t have experience transferring or trading cryptocurrencies. Instantly view your available credit, holdings, and pay back anything you’ve borrowed with just a few clicks. Nexo also features 2-factor authentication to avoid any lapses in security coverage to provide maximum protection for your investments.

• Automatic interest calculation and payment. As soon as your Nexo account is set up and funded, you can sit back and relax. Nexo will automatically calculate your interest earned on a daily basis and deposit it directly into your account. Nexo will even serve you in-app notifications that let you know when your interest is deposited and how much you’ve earned. Unlike most other crypto interest accounts, Nexo distributes your interest earned each day. You won’t need to wait a month before you can start taking advantage of the benefits of compounding interest. 

Nexo offers a few unique tools that you can use to learn more about the cryptocurrency market and its platform as you invest. 

Let’s take a look at a few of our favorite tools.

• YouTube demonstrations. Setting up your Nexo account is easy with the platform’s on-demand YouTube tutorials. Learn more about Nexo’s platform in just a few minutes and access advanced account features.
• Cryptocurrency news highlights. Nexo’s app doesn’t only offer tips and tricks on using the platform. It also includes video updates on major cryptocurrency happenings to keep you in the know.
• Nexo’s blog. Nexo’s official company blog is also regularly updated with information on the cryptocurrency market and how the platform is expanding and changing to fit the shifting needs of investors.

All of Nexo’s educational tools are available for free. You don’t need to be logged into your Nexo account before you begin.

Nexo’s mobile app mimics functionality of its desktop platform, allowing you to manage your card, line of credit and crypto with just a few taps. 

Here are a few of our favorite features offered by the Nexo mobile app.

• Card management services: The mobile app allows you to access a host of management services to ensure that only you have access to your card. Use the app to enable notifications when a transaction is recorded , change your card’s PIN and more.
• Military-grade safety features. In addition to 2-factor authentication features, Nexo employs military-grade, 256-bit encryption and 24/7 fraud monitoring services to provide the highest possible level of safety for your mobile investments. You can also enable face recognition technology to add another layer of security to your mobile wallet — and ensure only you can access your account if your mobile device is lost or stolen.
• Interest notifications. Managing your cryptocurrency investments and earned interest on-the-go is simple when you enable interest notifications through your Nexo app.

The Nexo app is available as a free download for both Android and Apple devices. 

Nexo offers three methods that you can use to contact its customer service team.

• Email: To contact Nexo by email, send a message to support@nexo.io.
• Online messaging: To contact Nexo with a customer support message, click on the Contact Support button at the support.nexo.com page and fill out the online assistance request form.
• Live chat. To contact Nexo via live chat, visit nexo.io and click on the blue speech bubble in the lower right-hand corner of your screen.

Nexo’s team monitors customer support requests 24 hours a day, 7 days a week.

If you’ve never used a cryptocurrency savings account in the past, Nexo is an excellent platform to begin with. Offering high-yield interest rates, a simple mobile and desktop platform and high-level security, Nexo is an ideal choice for both cryptocurrency beginners and seasoned investors. 

Though you’ll need to make your actual investments on a brokerage platform, transferring to and earning interest through Nexo is intuitive and easy.