Nexo

Nexo

How to register?

Nexo is a CeFi platform that offers crypto savings accounts and crypto loans. Savers can expect attractive interest rates and borrowers can choose from a wide selection of crypto-collateralized fiat loans.

Savings Accounts
21
Collateral
22
Loans
Clarity of interest policies
Jurisdictions
200+
Languages
EN, GER +8
CeFi/DeFi
CeFi
Business Accounts

Pros

  • 40+ fiat currencies available as loan currency Currencies
  • Nexo offers fiat savings accounts Currencies
  • No withdrawal fees Fees
  • Daily compounded interest Compound interest
  • Nexo's custodian is Bitgo, which has a good reputation in the industry Crypto-Custody
  • High base interest rates on saving accounts compared to other platforms Maximum Interest
  • Users receive an emal alert when logging into their accounts to confirm the login is legit Security settings
  • Nexo.io offers multiple language options Languages
  • The user can choose between flexible withdrawal and a one-month lock-up period, which pays higher interst lockup
  • The collateral exchange option allows users to swap loan collateral into another currency. That could be useful during a market crash to avoid liquidation by moving collateral into another currency. Loans
All pros

Cons

  • During the crypto flash crash in March 2020, Nexo liquidated significantly more crypto loans than other platforms and there were negative reviews about technical problems and lack of customer support Stress Test March 2020
  • Address-whitelisting is not possible Security settings
  • Withdrawal can take 24h even for cryptocurrencies if its a new or a larger account Withdrawal Speed

The interest rates at Nexo

BTC
BTC
BCH
BCH
LTC
LTC
BNB
BNB
DAI
DAI
EOS
EOS
ETH
ETH
HUSD
HUSD
LINK
LINK
PAX
PAX
PAXG
PAXG
TRX
TRX
TUSD
TUSD
USDC
USDC
USDT
USDT
XLM
XLM
XRP
XRP
DOT
DOT
ADA
ADA
DOGE
DOGE
SOL
SOL
Basic
Max
4%
8%
4%
8%
4%
8%
4%
8%
8%
12%
4%
8%
4%
8%
8%
12%
8%
12%
4%
8%
4%
8%
8%
12%
8%
12%
8%
12%
4%
8%
4%
8%
4%
8%
4%
8%
0%
3%
4%
8%
Basic
Max
2.7%
8.5%
3%
8%
2.2%
8%
3.7%
8.5%
6.2%
14%
3%
8%
2.8%
8.5%
8%
12%
7.5%
14%
2.5%
8%
4%
8%
5.8%
14%
6.6%
14%
6.6%
14%
2.5%
8%
3.2%
8%
4.5%
11.2%
2.9%
8%
0.2%
5%
4%
8%

Leading platform for fiat-loans

Nexo is a crypto lending platform from Europe that offers fiat-loans in more than 40+ currencies and interest rates on both loans and savings accounts are competitive. With Bitgo, Nexo works with a legit and safe custodian and there are no withdrawal fees. There is one flaw borrowers should consider: During the crypto flash crash in March 2020, Nexo liquidated more loans than other platforms and there were complaints about technical difficulties and lack of customer support. Nevertheless, Nexo runs a competitive platform with perks for both savers and borrowers.

Nexo

A community-driven company with a vision

Nexo in the CryptoStudio-Check

  • Overview
  • Savings Accounts
  • Crypto Loans
  • Security
  • User Experience
  • Business Review
Overview
Platform Score
based on 5 categories
Search icon Savings Accounts
based on 9 criteria
Search icon Crypto-Loans
based on 10 criteria
Search icon Security
based on 8 criteria
Search icon User Experience
based on 13 criteria
Search icon Business Review
based on 5 criteria

Pros

40+ fiat currencies available as loan currency

Currencies

Nexo offers fiat savings accounts

Currencies

No withdrawal fees

Fees

Daily compounded interest

Compound interest

Nexo's custodian is Bitgo, which has a good reputation in the industry

Crypto-Custody

High base interest rates on saving accounts compared to other platforms

Maximum Interest

Users receive an emal alert when logging into their accounts to confirm the login is legit

Security settings

Nexo.io offers multiple language options

Languages

The user can choose between flexible withdrawal and a one-month lock-up period, which pays higher interst

lockup

The collateral exchange option allows users to swap loan collateral into another currency. That could be useful during a market crash to avoid liquidation by moving collateral into another currency.

Loans

Cons

During the crypto flash crash in March 2020, Nexo liquidated significantly more crypto loans than other platforms and there were negative reviews about technical problems and lack of customer support

Stress Test March 2020

Address-whitelisting is not possible

Security settings

Withdrawal can take 24h even for cryptocurrencies if its a new or a larger account

Withdrawal Speed
Savings Accounts
Rating:
Search icon Currencies:
21: BTC, BCH, LTC, BNB, DAI, EOS, ETH, HUSD, LINK, PAX, PAXG, TRX, TUSD, USDC, USDT, XLM, XRP, DOT, ADA, DOGE, SOL
Search icon Fiat Savings Accounts:
Ja
Search icon Base Rate:
4% for BTC, 4% for ETH, 8% for USDT
Search icon Maximum Interest:
The more NEXO tokens a user holds in his portfolio, the higher the interest rate. The Portfolio balance comprises the value of all assets in both the credit line AND savings wallets: Base: up to 1% NEXO tokens in portfolio: 4% interest on volatile cryptocurrencies, 8% on stablecoins and fiat Silver: 1-5% NEXO tokens in portfolio: 4.25% interest on volatile cryptocurrencies, 8.25% on stablecoins and fiat Gold: 5-10% NEXO tokens in portfolio: 4.5% interest on volatile cryptocurrencies, 9% on stablecoins and fiat Platinum: at least 10% NEXO tokens in portfolio: 5% interest on volatile cryptocurrencies, 10% on stablecoins and fiat Additionally, investors can choose to receive their interest payouts in NEXO tokens to receive 2% higher rates, and +1% of they choose to earn in fixed term deposits instead of flexible payouts (not possible for stablecoins). Altogether, the maximum rate for BTC is [Variable Maximalzins BTC]%, for ETH it's [Variable Maximalzins ETH]%, and for USDT [Variable Maximalzins USDT]%. Apart from earning interest, NEXO token holders get a share of the company profits in form of a dividend (which is not included in the maximum interest rate displayed here).
Search icon Lock-up Periods:
Choice between flexible and a one month lock up period
Search icon Minimum Deposit:
No minimum deposit
Search icon Compound interest:
Daily payout and daily compound interest if flexible payout is selected
Search icon Withdrawal Limits:
Cryptocurrencies: (Starter: $20k/day; Basic: $20k/day; Advanced: $500k/day) Fiat currencies: (Starter: $0, Basic: $0, Advanced: $100,000/day)
Search icon Currency of Interest Payments:
Investors can choose to receive their interest payments in-kind (same as deposit currency) or in NEXO token. Receiving interest in NEXO token enables investors to get a higher interest rate
Crypto Loans
Rating:
Search icon Maturity:
12 months credit line, with unlimited extensions. Borrowers only pay interest for the amount of credit they have actually borrowed.
Search icon Minimum Loan:
10 USD
Search icon Maximum Loan:
2 million USD
Search icon Loan currency:
Fiat & Crypto
Search icon Accepted Collateral:
22
Search icon Loan Liquidation:
There are three Margin Calls at 71.4%, 74.1%, 76.9% LTV, and liquidation occurs at 83.3%. Nexo will then partially liquidate the borrower's collateral to reinstall an LTV of less than 80%.
Search icon Stress Test March 2020:
Nexo liquidated a significant amount of loans and there were complaints about inefficient margin call procedures, technical problems, and lack of customer support
Search icon Base Rate:
13.90% for all loans
Search icon Minimum Interest:
In order to receive a Credit Line Interest Discount, clients must hold a certain percentage of their portfolio assets in NEXO tokens. The Portfolio balance comprises the value of all assets in both the credit line AND savings wallets. The higher the percentage of NEXO tokens, the lower the interest rate: Base: up to 1% NEXO tokens in portfolio: 11.9% interest Silver: 1-5% NEXO tokens in portfolio: 10.9% interest Gold: 5-10% NEXO tokens in portfolio: 8,9% interest Platinum: at least 10% NEXO tokens in portfolio: 5.9% interest The lowest possible rate is currently at 6.90% for all currencies
Search icon Loan to Value Ratio:
Depending on the currency of the collateral
Security
Rating:
Search icon Withdrawal Speed:
Cryptocurrencies: (Starter: $20k/day; Basic: $20k/day; Advanced: $500k/day) Fiat currencies: (Starter: $0, Basic: $0, Advanced: $100,000/day)
Search icon Regulations:
Regulated in Estonia, Switzerland, and Cayman Islands
Search icon Team Transparency:
CEO gives interviews and public presentations, the team is not mentioned on the website but on LinkedIn
Search icon Crypto-Custody:
Nexo's custodian is Bitgo, which has a good reputation in the industry and has $100m insurance for Nexo's assets
Search icon Security Settings:
Nexo offers most industry-standard security settings such as 2-factor-authentication, ID Check, and login Email alerts. It is not possible to whitelist addresses
Search icon Terms & Conditions:
Nexo has the right to use the assets deposited by savers or borrowers for investment purposes. That includes giving loans to third parties
Search icon Transparency:
Nexo publishes a reserves audit conducted by Armanino
Search icon Security Hacks:
There are no reports about any successful security hacks
User Experience
Rating:
Search icon Account Opening:
Fast and straightforward, takes less than 5 minutes
Search icon Business Accounts:
Yes
Search icon Mobile App:
Android and iOS, can be used as a standalone App
Search icon Desktop App:
Yes
Search icon Wallet address book:
Yes
Search icon Reporting:
The reporting shows the total interest earned but there is no other form of reporting. The email reporting is acceptable, it is possible to download a CSV file showing the wallet history
Search icon Coin-Reporting:
Nexo provides reporting in the respective cryptocurrency and in US dollar
Search icon Look & Feel:
Well-designed app but not feature-rich
Search icon Customer Service:
24/7 live customer chat support, comprehensive FAQ, customer service answers questions quickly and provides useful answers
Search icon Clarity of interest policies:
The website does clearly explain the interest rate policy after login, but not on the homepage. The rates displayed on the homepage are based on investors holding part of their assets in NEXO tokens. Without holding these NEXO tokens, the actual interest rates will be lower than the rates advertised on the website
Search icon Countries:
200+
Search icon Fees:
Depending on your Loyalty tier, you will receive between 1 and 5 monthly crypto withdrawals to an external wallet that are feeless
Search icon Languages:
EN, GER +8
Business Review
Rating:
Search icon Financing:
Nexo raised $50 million with an ICO in 2018. The company is profitable
Search icon CEO Track Record:
Nexo is CEO and founder Antoni Trenchev's first entrepreneurial project of this scale. Prior to Nexo, he was involved in politics and had advisory roles
Search icon Assets under Management:
12bn in AuM according to Nexo (as of April 2021)
Search icon User Base:
According to Nexo they have more than two million users on their platform so far. Nexo does not publish exact figures. CryptoStudio has asked for information and has not received an answer
Search icon Community Interaction:
Does participate in public discussion online but does not provide detailed answers to CryptoStudio's inquiries
Nexo

User-friendly mobile App and efficient customer support

Nexo Look & Feel

Nexo's app is easy and straightforward to use but it does have a few flaws, for example, it's not possible to whitelist addresses. The app is available in 10 languages and customer support answers quickly and thoroughly.

Registration process

Registering with Nexo is easy and straightforward and takes only a few minutes.

Step 1

Nexo is available for desktop and you can download their mobile app for Android (APK) and iPhone (iOS). To register on dektop, click "Create Account" in the upper right corner.

Step 2

Start the registration process through the desktop app at www.nexo.io or on your smartphone and create a user Account.

Step 3

Click on "My Profile" in the upper right corner and verify yourself. For the Basic Verification you only need to provide your name, address, and phone number.

Step 4

You can now use Nexo.io. If you want to increase your limits, you have to complete the Advanced Verification under "My Profil" using your ID card.

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