Nexo Review 2024 – Should You Start Banking On It?


Nexo is one of the most popular platforms that allows its customers to earn compound interest on their cryptocurrency, which is paid daily. Nexo is a crypto platform that is also a borrowing and lending platform. Even though it is not considered a decentralized app, it uses protocols and blockchain technology on the platform to execute transactions. The user can earn cash through interest using their crypto, fiat currencies like USD, GBP, and EUR, and borrow cryptocurrencies using crypto coins as collateral. Collateral is crypto funds you would put up for a loan (if you don’t repay, they will sell it to cover the default). You do not earn interest in crypto that you use as collateral.

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Nexo platform’s crypto card is known as the Nexo card and is used by more than 40+ million businesses globally; this means that the user can get fiat currency whenever they need and by lending, they can make money from their idle crypto assets. Nexo is providing crypto loans against crypto collateral. Not sure how to start borrowing and earning on Nexo?

In this Nexo review, we will cover everything about Nexo, its features, pros and cons, and many more. Learn more about Nexo’s platform in this review.

Nexo Overview

Official Website
Headquarters London
Found in 2018
Native Token NEXO token
Listed Cryptocurrencies 17
Trading Pairs 100+
Supported Fiat Currencies EUR / GBP
Minimum Deposit Depend on the currency you choose
Trading Fees Depend on your account
Withdrawal Fees Gas fees will be charged post free withdrawal limit
Customer Support Live chat, Online messaging, Email support

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What is Nexo?

Like most platforms, Nexo is based on blockchain, but it enables crypto loan, and this makes it easier for the user to access instant crypto-backed loans.

The platform was established in 2018, and in recent years, it has started to gain more popularity in the cryptocurrency market. Antoni Trenchev is the co-founder and a managing partner of Nexo. Nexo’s slogan is “Banking on Crypto,” and it tries to replace services offered by traditional banking services using crypto assets.

Nexo promotes the model where the users can not only lend their cryptocurrencies but also acquire loans for them. They can also deposit, loan, earn interest on their crypto assets, and can instantly access fiat currencies without depending on credit scores. Nexo is one of the lending platforms that allow you to borrow cash or any stablecoins without a credit check. Nexo lending works by lending out cryptocurrencies to other entities. Nexo is an excellent platform for borrowing and earning on savings.

Nexo is backed by blockchain technology that provides transparency in its operations. Also, it facilitates the processing of smart contracts on Ethereum, and it stores the relevant tokenized data for the transactions.

Nexo Review - About NexoNexo Review – About Nexo

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Key Features

Let’s look at a few features that make Nexo an exceptionally good platform for all types of investors –

Nexo offers quick signup, where an account can be created within just a few minutes, and they can deposit cash, fiat, or cryptocurrency into their account. The user needs to answer a few questions regarding their personal information, and after confirming their account, they can get started.

The platform is very straightforward, and the layout of the platform is easy to navigate, especially for new users who do not have experience in trading platforms or transferring cryptocurrencies. They can instantly view their holdings, available credit, or anything they have borrowed with just a few clicks.

Nexo also offers users two-factor authentication to avoid any breach in security and provides maximum protection to the user’s investment.

When an account is opened and funded with fiat money or cryptocurrency, Nexo will automatically calculate interest earned on an everyday basis. It will directly deposit them into the user’s account.

Also, Nexo sends the user an in-app notification and lets the users know that their interest is deposited and how much they have earned as interest. Nexo users need not wait a month if they want to use the compounding interest on their fiat or cryptocurrency.

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Nexo Fees 

Nexo claims that it charges a very low fee for opening a crypto savings account. When compared to a traditional savings account, Nexo does not charge any type of account maintenance fee, and the user is free to withdraw their fiat or cryptocurrency anytime without any charges. It covers the transaction fees of the user account, which means the user only needs to pay a brokerage fee when they transfer from their exchange wallet to their Nexo account. Moreover, these fees vary and depend on the broker used. There is no minimum amount of cryptocurrencies to be deposited by the user to their account to start earning interest.

Nexo Account Minimums

Minimum withdrawal of cryptocurrencies will vary depending upon the type of fiat or cryptocurrencies the investor is holding in their best crypto wallets. The lowest withdrawal minimum for bitcoin is 0.001 coin, while the highest minimum for Tron is 20 tokens. Nexo loan provides crypto-backed loans, and they are unique because they allow the investor to retain control over their cryptocurrency and get appreciation benefits without having to sell their crypto assets to pay back their loans.

How To Get Started With Nexo?

Opening an account with Nexo is hassle-free, and it takes under a minute. Once the email verification is done, the user can start earning interest.

The platform has three levels of verification and KYC process; the basic and starter verification levels allow the clients to earn interest on their digital currencies and cap withdrawals on a lower amount. On the contrary, the advanced verification level lets the user earn interest on fiat currencies and also provides higher withdrawal maximums using a Nexo account.

The basic verification requires the investors to submit their details like full name, address, and phone number. When the SMS verification is sent to the phone number, and after confirming it, the user can get a credit line of up to $2,000,000 a day, and daily they can withdraw up to $20,000 from their savings account.

The advanced verification level on Nexo helps investors enjoy the benefits offered by the platform. At this stage, an investor can withdraw a maximum of $5,00,000 from their savings wallet and a maximum of $2,000,000 from their credit line.

This advanced stage also unlocks bank account transfers that are not possible on earlier verification stages. It makes it easy and fast to transfer money from traditional bank accounts to the Nexo account. After the KYC process, users are eligible for Nexo token dividends, and they can apply for the Nexo credit card.

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Nexo Products & Services

Nexo is crypto lending platforms that offer investment opportunities in crypto-backed consumer loans. Nexo offers its customers instant cash loans through crypto lending starting from $10 up to a maximum amount of $ 2 million. The user can borrow, lending Bitcoin, stablecoins, or cash with Nexo at zero hidden fees, and the service is also flexible with repayment, and that does not need any credit checks and makes it accessible to crypto holders.

It provides high-interest savings account for crypto and fiat currencies like EUR, USD, and GBP. Also, customer funds are backed up by an insurance policy. This helps the user earn up to 12% of interest on their fiat and cryptocurrency. These funds are added to the user saving wallet, or they can be withdrawn anytime by the user.

The Nexo card lets you spend the value of your digital assets without having to sell them. Nexo’s card has been accepted by many businesses globally, and it also offers 2% cashback on purchases with their supported business.

Just like popular cryptocurrency trading platforms, Nexo has its exchange that permits the existing users to swap more than 75 crypto assets and also several fiat currency pairs instantly. The exchange works like a broker, and the investors can simultaneously connect to more than five exchanges to compare the best prices of various cryptocurrencies.

If the collateral assets decrease in value significantly, the client will be warned to add more collateral. The client will be notified, and partial automatic loan repayments will only start after the LTV increases to 83.3%. As a borrower, you always have the option to transfer more collateral at any time. The Loan-to-Value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of the collateral.

Otherwise said, the measurement of the balance of the loan relative to the value of the collateral asset is represented as Loan-to-Value (LTV).

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Nexo Education

The platform provides a few special tools for the user to learn about the crypto market and the platforms they plan to invest in. Its educational tools are accessible for free, and the user need not log in to their account before they begin. Here are a few tools offered by the platform –

Nexo has YouTube displays that can be set up easily with the platform’s on-demand YouTube tutorials. You can learn about the platform within a few minutes and access the advanced account features easily.

The Nexo app gives tips on how to use the platform’s major crypto assets, updates to help the user keep up with the current market trends.

Nexo Customer Support

In this Nexo lending review, we have also covered Nexo customer support. The platform provides four methods for an investor to contact the customer support team –

They can contact Nexo through email, or they could send a mail to [email protected].

Users can also contact Nexo through online messaging or fill out an online request customer form.

Support can also be contacted through live chat, and users need to visit the website where they need to click the icon on the right-hand corner of the screen.

The customer service team is available 24×7, and the support requests are answered immediately.

Nexo Crypto Interest

The company lets investors make money through interest on several stablecoins, Bitcoin, and altcoins. Supported coins include Bitcoin, Ethereum, Chainlink, Stellar lumens, and Tron. Nexo interest rates for cryptocurrency starts at 6% for altcoins, 10% for stablecoins; Users can also earn 12% as interest when they select a Nexo token.

Nexo calculates the interest rates on an everyday basis, and the user is free to deposit or withdraw the tokens anytime. Moreover, there is no requirement for minimum balance to benefit from the Nexo interest program.

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Comparison with Competitors – Why is Nexo a Better Choice?

When compared with its competitors, the company provides more flexibility with withdrawals and daily payouts.

Nexo’s first competitor is the traditional banks. However, they are not a major threat as clients look for real returns instead of ideal cash. They do not want to hold cash that offers low-interest rates in their bank accounts since that can be risky because of inflation.

The second type of competitor is Neo banks like Revolut, N26, Monzo, and several others. Just like traditional banks, these companies offer interest rates not higher than 1.25%. That being said, it offers several more features than traditional banks, including faster client onboarding.

The third group of competitors is companies like Celsius,, BlockFi,, and many more. Also, the difference in rates is minimum, and they are subject to changes at any time.

Nexo Card

Concerning the utility of the credit lines, the user can leverage them anywhere and anytime through a Nexo card. These cards can be ordered and managed through the Nexo wallet app. Through this card, the user can make payments in the local currency without any forex fees. Moreover, this card offers 2% instant cashback on all purchases. The user can choose to receive the rewards either in Bitcoins or Nexo tokens before they execute a transaction.

Nexo Review - Nexo CardNexo Review – Nexo Card

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Nexo Wallet

Features of Nexo Wallet

  • The platform’s wallet app can be accessed from both Android and IOS. If the user is looking to access crypto credit instantly and earn a side income through interest for their funds anytime and anyplace, Nexo wallet is the best choice. The user can store all their approved digital assets in their wallet.
  • Nexo wallet also has an exchange service and transfer service. Using the transfer service, the investor can transfer their assets from one account to another account. It also facilitates access to the latest incentive programs that are launched by the platform, like the Nexo loyalty service.
  • By depositing the crypto assets in the account, makes the user eligible to access two important depositing services on its platform, like the crypto-backed loan service.

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Nexo Token

Nexo’s native token is “Nexo Token,” a money lending platform that shares 30% of net profit to their loyal customers in the form of high yield dividends. According to the website, Nexo coin is the first dividend-paying asset token and has already paid more than 9 million in the last three years to the Nexo holders.

According to Nexo reviews, the token provides a few benefits to the users such as –

  • Users can earn 12% APR for stablecoins, GBP, EUR, USD deposits.
  • They can also earn 8%  APR for ETH, BTC, XRP, LTC, BCH, BNB, EOS, XLM, LINK, etc.
  • They can borrow a 5.9% APR per year for Nexo’s instant crypto credit lines.
  • 30% of Nexo’s net profit is shared with the token holders of Nexo through dividends.

Nexo Review - TokenNexo Review – Token

Nexo – Pros & Cons

Here are a few pros and cons of the platform –


  1. It offers an easy-to-use website and mobile app.
  2. Total support for business accounts.
  3. There is no lock-in period, and the user can withdraw the funds anytime.
  4. There are no withdrawal, platform, or transaction fees.
  5. $375 million insured and custodies with ledger vault.
  6. The user can earn an extra 30% income through interest from Nexo tokens.
  7. Free Nexo card for everyday transactions.
  8. No credit score check and no hidden fees.


  1. The platform holds Nexo tokens for receiving the best loan and savings rate.
  2. It offers lesser educational resources when compared with its competitors.
  3. In a few cases, lender interest rates are a bit higher than the borrowing rates.

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How to Create an Account?

If the user wants to earn high-yield passive interest or income through crypto using Nexo, they need to go to the website, create an account, complete the know your customer (KYC), and anti-money laundering (AML) process.

The ID verification process is completely automated and can be completed in minutes. Some of the personal information that is needed to be submitted are full name, address, and government-backed ids like driver’s license or passport. Once you create your account, you will have to deposit your crypto asset and digital assets.

Nexo Mobile App

Nexo mobile app has the same functionality as the desktop platform and allows users to manage their credit line card and their crypto with just a few clicks. Here are some of its features-

  • The Nexo mobile app offers an array of management services, and it ensures that only users have access to their Nexo cards. They can use this app to enable interest notifications when executing a transaction, changing their card’s pin, etc.
  • It offers safety features like two-factor authentication, and it employs a military-grade 256-bit encryption method and round-the-clock fraud monitoring services to offer the highest safety standards for the user’s mobile Investment.
  • The user can also enable face recognition that helps in adding an extra layer of security to their mobile wallet and ensure that only the user can access their accounts if their mobile device is stolen or lost.
  • Managing the crypto investment and interest is simple when the user enables interest notifications through their app. The app can be downloaded for free on both Apple and Android devices.

Nexo Review - Mobile AppNexo Review – Mobile App

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Nexo Review – The Final Verdict

To conclude this Nexo loan review, the idea of crypto lending is one of the most revolutionary things that happened because of the wide adoption and popularity of cryptocurrencies. Nexo is considered to be the first crypto lending platform to provide instant crypto-backed loans. Nexo also allows crypto investors to use their digital assets & provide them as collateral for a crypto credit line. has remained steady regardless of market conditions. At the end of our review, we’d like to mention that the platform is suited to long-term investors who are planning to build their wealth by leveraging cryptos. Nexo offers an insured and safe way for users to earn interest or access money through a loan. Nexo has over $4 billion in assets and over 1 million users.


Is Nexo Safe to Use?

Nexo is driven by trust and designed for security. It follows global AML and KYC standards and complies with strict regulations to avoid risk. Nexo has security measures in place and has become one of the most secured crypto lending companies. It has extensive firewall server architecture, biometric-based identity verification, segregated multi-signature cold wallets, and it also stores the client’s funds through a ledger vault.

Is Nexo Regulated?

Yes, it is a regulated and licensed digital currency provider that complies with strict regulations in over 200+ jurisdictions around the world. The team ensures that all compliance and legal terms are met before accepting customers from other countries.

Is Nexo better than any bank account?

Using the platform, you can deposit the crypto like bitcoin and other altcoins in their wallet, and they can also choose how they can lend them, which implies that they can use the peer-to-peer market for lending. The entire system is designed for securing liquidity automatically than a traditional bank. It makes it easy for the user to get fiat currency even while they retain ownership of their digital assets.

Is Nexo Trustworthy?

Nexo is a reputable crypto savings and lending provider that is trustworthy and legitimate. It is regulated and licensed in more than 200 countries and has $100 million insured against theft, provided by the custodian BitGo. Using BitGo, Nexo’s insurance policy provides the investor’s peace of mind that funds will be returned if there is any risk of hack or security breach.

Is Nexo Insured?

Nexo has associated itself with several providers to offer a vault solution to store various crypto assets that are insured of up to $150 million through a custom insurance policy. Additionally, the cold storage wallets are offered by the custodian, BitGo. BitGo offers $100 million as insurance protection through an insurance company called Lloyd’s. This policy protects the user’s digital assets and their keys that are held in the BitGo wallet. The insurance policy covers insider theft, loss of keys, hack, theft of private keys, etc.

Which Coins Are Supported by Nexo?

Crypto assets can be deposited on the Nexo platform and also used as collateral for obtaining a cash loan instantly with ETH, BTC, LTC, XRP, BCH, XLM, PAXG, EOS, BNB, and NEXO.

What Coins Does Nexo Accept as Collateral?

Users can borrow Nexo’s crypto-backed instant money loans if they deposit cryptocurrencies like Stable coins, ETH, BTC, LTC, XRP, BCH, EOS, XLM, PAXG, BNB, Nexo as collateral.

Disclaimer: This page does not solicit or recommend investments, nor does it provide trading or financial advice. Before investing in cryptocurrencies or engaging in securities trading, you should conduct thorough due diligence, including consultation with a certified financial advisor. We accept no liability for any financial losses incurred.

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