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Nexo review: Is it safe for high returns?

Earn rewards on cryptocurrencies, stablecoins and fiat all in one place.

Nexo is a borrowing and lending platform focused on digital assets. With a focus to outperform traditional financial institutions, the platform offers reward accounts for some of the most popular cryptocurrencies, stablecoins and select fiat currencies. Reward rates can be as high as 18%, which makes it a promising platform for investors looking to put cryptocurrency holdings to work. There is also a Nexo card that allows you to spend with your crypto and earn 2% in NEXO cashback or 0.5% in BTC.

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Fiat currencies




Product Name Nexo Cryptocurrency Lending
Fiat Currencies EUR, GBP, USD & 37 more
Cryptocurrencies BTC, ETH, LTC, XRP, EOS, XLM, BCH, TRX & 5+ more
Deposit Methods Bank transfer (ACH)
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Nexo and how does it work?

Founded in 2018, Nexo aims to bring popular financial services to the cryptocurrency industry. With over 1.5 million users and US$12 billion in assets under management (AUM), Nexo has become a premier platform in the sector. It can be utilised by lenders looking to earn passive income and borrowers that wish to use cryptocurrency assets as collateral.

The platform offers between 3% and 18% annual percentage yield (APY) for a range of digital assets and fiat currencies. Digital assets range from cryptocurrencies such as Bitcoin (BTC) and Chainlink (LINK), to stablecoins, such as USDC and DAI.

Its beginner-oriented platform is easy to use and was developed for long-term investors looking to earn rewards on their funds. Alongside the potential to earn, the platform also provides users with the opportunity to borrow funds.

The platform works alongside its native cryptocurrency, NEXO. NEXO token holders are entitled to extra features within the Nexo platform including bonus rates on rewards, dividends and access to lower rates on loans.

A Nexo cryptocurrency account comes with access to 3 main features:

  • Cryptocurrency reward account. With a reward account, users can earn yields on cryptocurrency holdings and select fiat currencies. Nexo offers up to 12% annual yields and has a unique daily payout model, where users get credited every day. Funds can be deposited or withdrawn at any time.
  • Cryptocurrency credit lines. Nexo cryptocurrency credit lines allow users to deposit digital assets as collateral and borrow either cash or stablecoins. The platform offers automatic approval, without the need for credit checks. Borrow between US$50-2 million. Rates start from 6.9% and Nexo promises its users that these rates will never exceed 13.9% APR depending on the asset borrowed.
  • Nexo card. This Nexo card is accepted at all Mastercard outlets (currently over 40 million merchants). Through the Nexo Wallet app, users can navigate all features and transactions related to a Nexo card. Users can get 2% crypto cashback on all purchases, create virtual cards for online purchases, and monitor transactions in real time.

The Nexo Loyalty program offers varying benefits based on the amount of NEXO you hold and has 4 tiers:

  • Base. No minimum about of NEXO required
  • Silver. At least 1% of your holdings must be NEXO
  • Gold. At least 5% of your holdings must be NEXO
  • Platinum. At least 10% of your holdings must be NEXO

What fiat currencies are supported?

  • Supported fiat currencies: EUR, GBP, USD
  • Supported cryptocurrencies: Approximately 17 cryptocurrencies

Nexo offers support for 3 fiat currencies. These include the euro (EUR), British pound (GBP), and the US dollar (USD). Users can deposit all 3 into reward accounts. The fiat currencies also compose one-half of multiple cryptocurrency pairings within the Nexo Exchange.

Lending: Nexo reward account

One of Nexo’s most popular features is the Nexo reward account. Lenders can open a reward account and begin earning on a variety of cryptocurrencies, stablecoins and fiat currencies. The yield is paid daily, with no set period for how long digital assets must be locked in the system before the withdrawal.

Nexo currently offers reward accounts for more than 30 different cryptocurrencies. The highest yield is offered to those that deposit the native token NEXO into a reward account. Users can also earn from stablecoins including USDT, USDC, TUSD, DAI and EURx. When opening a reward account, users have the option to select “Earn in Kind” or “Earn in NEXO”. Earn in Kind means that the reward is paid in the underlying cryptocurrency of the account. Earn in NEXO means that the reward is paid in NEXO tokens. Users receive up to 4% APY extra when the rewards are collected as NEXO.

Rates for Cryptocurrencies rewards go up to 18%. They vary based on the cryptocurrency chosen, the amount of NEXO tokens that are within a portfolio, which reward account is chosen and whether a user would like to receive the rewards as NEXO.

List of Nexo supported crypto assets and stablecoins and their potential rewards

Borrowing: Nexo crypto credit lines

Nexo offers users the opportunity of instant loans when using cryptocurrency as collateral. These are known as Nexo crypto credit lines. Options for collateral include BTC, ETH, DAI and USDC. The company offers up to a $100 million insurance policy for the custody of such assets.

When creating a loan, a user’s annual percentage rate (APR) depends on the amount of NEXO they hold in their portfolio. Without NEXO tokens the platform’s loan APR starts at 13.9%. Rates can be lowered to between 0% -1.9% APR by becoming Gold or Platinum account holders. Importantly, loan repayments are always rounded up to 30 days. If a user repays a loan within a 30-day period, they will still be charged for the full 30 days.

The value of the cryptocurrencies collateralising the loan will greatly influence the amount of credit offered by the platform. If the value of cryptocurrencies reduces, a loan may have to be partially repaid to cover the difference. If the value of cryptocurrencies increases, more credit will be offered.

Trading: Nexo Exchange

The Nexo Exchange offers users the ability to trade more than 300 different cryptocurrency and fiat pairs. The platform implements an innovative “Smart Routing system”, that simultaneously connects to over 5 different exchanges to find the best price and then splits orders depending on price volume.

Nexo does not charge a direct trading fee when making an exchange. However, the exchange does charge a spread. The spread is the difference between the rate a user receives while exchanging and the actual market price of the assets. This is often collected by market makers for providing liquidity to a market.

Nexo Card

The Nexo crypto card is an option for Nexo account holders. It works like a traditional prepaid debit card. However, the Nexo card allows you to gain access to your digital assets in your Nexo wallet and spend them on purchases in fiat. You’ll also get 2% NEXO cashback on all the purchases you make.

However, if you choose to receive your crypto cashback in BTC, you’ll get 0.5% in BTC rewards.

To get hold of the Nexo card, you can order one from your Nexo mobile app and use it anywhere in the world where you see the MasterCard logo.

Nexo claims to have zero fees on all transactions including maintenance fees, inactivity fees and foreign exchange fees.

You can manage your Nexo card from your Nexo mobile app, such as freezing or unfreezing your card at any point and creating virtual cards to use for more secure online purchases. You’ll also be able to add your Nexo card to Apply Pay and Google Pay.

How to sign up with Nexo

Signing up on the Nexo platform is straightforward. To access the basic features all a user needs to do is register on the platform and then verify their identity. Once verified a user will be able to access the majority of features on offer.

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What does the Nexo token do?

NEXO is the native token of the Nexo platform. It is the underlying asset that contributes to the credit line and rewards platforms. It offers a number of features for its users:

  • Rate discounts. Users can get up to a 50% discount on rates for cryptocurrency credit loans by holding NEXO tokens within their portfolios.
  • Bonus yields. Users can earn an extra 4% APY on cryptocurrency, fiat and stablecoin reward accounts. The additional bonus is granted when rewards are paid in NEXO tokens.
  • Free withdrawals. When holding a set number of NEXO tokens in a portfolio, users can get up to 5 free cryptocurrency withdrawals each month.
  • Dividends. 30% of all profits collected by the Nexo platform are redistributed as dividends to NEXO token holders. This includes a base dividend, that is proportional to the amount of NEXO deposited in the platform, and a loyalty dividend, which varies based on the length of time NEXO tokens have been deposited.

Customer support

Nexo offers 3 different types of customer support:

  • Email
  • Online messaging
  • Live chat

It also provides social media feeds that are constantly monitored by the support team. Although cryptocurrency platforms usually lack decent customer support, Nexo has created an above-average help centre.

Is Nexo safe to use?

The Nexo group holds legal entities all over the world to remain regulatory compliant in the jurisdictions that it operates within. The company is licenced by FinCEN in the United States and has strict KYC and AML policies that adhere to European, Australian, and Hong Kong legal frameworks.

All funds deposited onto the platform become the custody of Nexo. A user must, therefore, trust Nexo to look after funds once they are within an account. To account for this responsibility, the platform has a dual institutional-grade custodial partnership with BitGo and Ledger. This partnership means the platform is able to offer a US$375 million insurance policy for all users’ deposits. While this is promising, it only covers 3% of the claimed US$12 billion worth of assets under management. Nexo claims that the majority of assets are held within offline “cold” storage facilities but what percentage of assets are held there is unknown.

While Nexo ensures that all funds are asset-backed by a portfolio of 200-500% over collateralised cryptocurrency loans, using a platform such as this always comes with some associated risk. While the policies implemented at Nexo make it as safe as similar cryptocurrency platforms, a user should be comfortable with the potential risks before depositing funds.

Sites like Nexo

Direct competitors to Nexo include BlockFi, Celsius and Nexo offers similar rates on borrowing and lending when compared to these competitors and offers similar levels of security and regulation. One factor that Nexo does stand out on is its insurance policy. However, as previously mentioned, the insurance offered does not cover all assets under management. Before choosing a centralised borrowing and lending platform, we always recommend doing your own research to see which better serves your needs and experience level.


Nexo has successfully brought popular financial services to the cryptocurrency industry and has done so within a platform that is easy to use for inexperienced cryptocurrency investors. Nexo offers a wide range of features, excellent rewards for both borrowers and lenders, and has institutional-grade security to guard funds. If you are looking for a way to earn passive income on cryptocurrency holdings, Nexo will likely be a platform worth checking out.

  • Beginner-friendly. Nexo has built an approachable and simple user interface, making it ideal for newcomers to the cryptocurrency space.
  • Safe. Nexo employs the highest levels of security for its users’ funds. Although not void of risk, it does offer comfort that funds will be secure on the platform.
  • Support for business accounts. Nexo caters to all users, including institutions.
  • Nexo card. 2% NEXO cashback on all purchases or 0.5% in BTC cashback.
  • Cumulative insurance policy. The US$375 million dollar insurance policy is cumulative for all clients. If there is a black swan event, there might not be coverage for all users.
  • Lacks educational resources. Nexo’s tutorials and guides are limited and could be improved.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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