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Nexo is the largest lender in the digital finance industry. Its platform leverages the power of blockchain technology to help users realise the full value of their crypto assets, while also offering options to exchange, buy, or earn crypto.
Pros & Cons
What can I do with Nexo?
Nexo offers a broad range of financial services, from a crypto exchange to online lending. Its most attractive feature is the fact that you can use the platform to earn interest on both crypto and fiat currency assets, paying far better rates than the traditional banking system.
Nexo was founded in 2018 by Credissimo, a European lending company. Since then it has accumulated more than 4 million users, has made more than 300 crypto pairs available for trading, and now operates in more than 200 jurisdictions around the world.
Nexo cryptocurrencies and trading options
What cryptocurrencies can you trade on Nexo?
There are 38 cryptocurrencies available to buy and sell on Nexo. This includes all the top coins, like Bitcoin and Ethereum, to the latest trends, like Solana and Avalanche, through to the newest coins on the block, like Apecoin.
About 30 of the coins offer ‘earn’ functionality, which means you can earn interest on the coins you own. In addition you can hold USD, GBP, and EUR on the platform and earn interest on those holdings.
Here is a selection of the coins available:
- Pax Dollar
All Nexo trading options
Nexo is primarily a crypto lending platform, but it does still facilitate trade in a number of assets, as show in the table below:
What cryptocurrencies pay interest on Nexo?
You can make your assets work for you with Nexo, by lending out your idle crypto and earning up to 17% annual interest. Although this figure can be boosted further by special promotions which are offered on regular occasions.
The fees are zero, the payouts are daily, and you can elect to receive payment in a number of currencies, such as the ones below:
- USD Coin
- Pax Dollar
- Nexo Token
- Binance Coin
Can I trade with leverage on Nexo?
Nexo offers leverage starting at 1:25, up to 3x your assets as a maximum.
Please note that there are fees for using leverage and it also amplifies your underlying trading risk to a great degree.
What are the spreads?
Nexo spreads or the percentage difference between the rate you get while exchanging and the actual market rate of the two assets, start at 0.20% on most pairs and it goes up from there.
The exchange is otherwise commission free, but as you can see, it is far from cheap. No wonder its spread costs are tough to come by.
|Product||Average spread||Fixed or variable?|
Fees, limits, and payment options on Nexo
What are the deposit and withdrawal fees, limits, and speeds?
Similar to other exchanges which incentivise trading, Nexo’s deposit/withdrawal fee structure is tiered. With your fees declining, depending on how active you are on the exchange.
1-3 business days
$30/$500,000 per day
Applicable bank charges
1-3 business days
Up to one hour
None/$2,000,000 per day
Up to one hour
How much are Nexo’s fees and commissions?
Nexo makes money from variable spreads on every transaction instead of a fixed commission or fees. That means there are no fees on transactions.
Nexo trade sizes and limits
The minimum trade size on the Nexo exchange is USD $30 or 0.0001155 in Bitcoin.
|Product||Minimum trade||Maximum trade|
Nexo trading platform
What devices can I use Nexo on?
The Nexo exchange is easily accessible via your favorite web browser as well as via the Nexo mobile trading app, which enables you to trade directly from your Apple or Android device.
- Android mobile device
- iOS mobile device
Can I use Nexo in my country?
The Nexo exchange is available globally, except in the following countries and states: Bulgaria, The Central African Republic, Cuba, Estonia, Iran, The US state of New York, The US state of Vermont, North Korea, Syria, and, temporarily, Australia.
Is Nexo available in my language?
Nexo’s website is accessible in a total of 8 languages, including English, Spanish, Turkish, and Mandarin.
How easy is it to use Nexo?
Nexo’s ease of use is what you might expect from a high volume crypto lending platform – fast, little to no down time, and a super simple layout to navigate to any part of its website.
The platform is highly functional and intuitive, but lacks the transparency of an established exchange, as an account and a balance are both required before being able to find out what your spread costs will be for any given transaction.
Nexo’s platform offers many different bells and whistles. Here are some of the ones which stood out to us.
Instant crypto credit line
This feature allows users to access a line of credit in exchange for putting up crypto assets as collateral for the loan.
As a collateralized loan, there are no background checks or other approval requirements and users are free to spend the money instantly by depositing the funds into their bank account or an online wallet.
Nexo has begun rolling out its own spending card that will let you spend the value of your digital assets without having to sell them. Besides getting instant 2% cashback on all purchases, the card is accepted by 40+ million merchants worldwide and also offers flexible repayment options.
Nexo’s proprietary token was launched in 2018 in parallel with the platform and has distributed more than $20 million in dividends to date, before commencing a $100 million buyback program in November 2021.
Owning at least 10% of your portfolio in Nexo tokens unlocks a huge number of rewards and the highest rates of interest. There is a sliding scale below this as well, with each level unlocking better rates up to the ‘Platinum’ level of 10%.
Holding Nexo tokens automatically makes you a part of Nexo’s Loyalty Program which gives you numerous benefits, such as cashback, lower borrowing rates, and up to 5 free crypto withdrawals.
Security and regulation
Is Nexo safe?
Nexo places a great emphasis on safety and security, this much is evident by taking a look at their website, which highlights a “Security” section in their header bar.
The platform works with some of the leading authorities in custody and compliance, like Bakkt and BitGo to protect user assets and pledges to only lend them out on an over-collateralized basis.
Am I and my cryptocurrency protected?
Nexo complies with stringent regulations and its adherence to global KYC and AML standards are reinforcements that security is among Nexo’s foremost priorities.
In addition to this, the platform employs segregated multi-signature wallets and extensive firewall server architecture.
Is Nexo regulated?
Yes, Nexo companies hold licenses and registrations in numerous jurisdictions worldwide, including:
- Multiple U.S. States
- In Switzerland as a member of the Recognized Self-Regulatory Organization So-Fit
- In Australia with the Australian Securities and Investment Commission
- Hong Kong with a Company Service Provider License
- And Lithuania as as Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator
Do I have to verify my account with Nexo?
Yes, Nexo adheres to a strict Know Your Client (KYC) policy and the platform requires you to verify your email, legal name, date of birth, address, and passport or other similar government issued identification before granting unlimited trading, deposit, and withdrawal privileges.
Besides having a dedicated Help Center and covering some basic exchange terms in its legal section, Nexo does not offer any educational resources to users.
Tools and charting
Nexo’s instant crypto exchange offers a basic, no-frills service with fixed-price execution, good fill prices, and a cashback feature for every swap you make.
Beyond this, it is Nexo’s Prime Exchange for institutional clients that provides the more robust trading tools that other exchanges make available to their individual clients as well.
Nexo has a message feature on its website and a general email address, but beyond this there are no support channels apart from a Telegram community.
Nexo is perhaps the best crypto earning platform available today. It offers the opportunity to monetise your assets through daily interest payouts, simply for holding coins. You can also use the platform like a savings account for your regular currency (USD, GBP, or EUR) and unlock excellent rates of interest.
As a regulated and insured financial entity that has processed over $1.5 billion for over 550,000 Nexo customers around the world, it has proven itself as a trusted platform in a relatively short period of time, having only been created in 2018.
The only drawback is the limited number of coins available. Nexo regularly adds new cryptocurrencies, however, and often runs promotions to offer higher rates of interest with less risk than most staking platforms.
How to buy and sell cryptocurrency on Nexo
How to buy crypto on Nexo
- Login to your Nexo account and verify your identity
- Select a payment option by clicking on the “Add Funds” option on your Dashboard and tap on “Credit/Debit Card”.
- Select the asset you want to buy
- Complete your purchase
How to sell crypto on Nexo
- Login to your Nexo account and verify your identity
- Navigate to your dashboard and select the coin you would like to sell
- Enter the quantity you are wanting to sell
- Complete your sell order
Nexo is a private crypto lending company, owned by Credissimo, a European lending company.
Nexo makes money on the spread it collects on every transaction on its platform, as well as other more nominal fees it charges users.
Depending on the laws where you reside, you may have to pay taxes on your Nexo profits. Please consult your local tax laws to determine what applies to you.
First make certain that all of your linked bank accounts and cards are removed and there are no funds remaining in your account. Once this has been done, contact customer support to formally request the closure of your account.
No, there is no short capability on Nexo as of the time of this publication.
To recover your password, simply click on ‘Forgot Password’ on the login page and enter your email. A link will be sent to the email associated with your account, which you can use to reset your password.
No, there is no PayPal withdrawal option at this time.
All your open trades are saved in real time and you can view them once the platform is available again.
Yes, once you are logged into your Nexo account you can view your full trading history from within your account dashboard.
Yes, crypto coins are a supported deposit method and it does not come with any associated fees either.
Yes, Nexo offers various bonuses from time to time, including a welcome bonus of $100 in Bitcoin, when you make your first top-up and others. Check the website for the latest.
Choose the ‘send’ option in your crypto wallet, fill in all the required data and then find your Nexo wallet address by clicking on ‘top up’ next to the appropriate cryptocurrency. You will then receive a QR code to complete the transaction.
No, Nexo adheres to Know Your Client (KYC) protocols and procedures and you will not be allowed to perform any transactions prior to verifying your identity.
Yes, the Nexo platform offers an integrated savings and credit line wallet.
You can withdraw any asset from your Nexo account at any time unless it’s being used as collateral for an outstanding loan. Simply use the “Withdraw” button next to the asset you wish to withdraw.
After this, you will be able to provide an address to where you want to send your crypto assets.
There is no publicly available evidence to suggest that Nexo has ever been hacked.
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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