Nexo Reviews 2024: Fees, Features, Safety, Pros & Cons

Nexo is a high-yield crypto lending platform with built-in cryptocurrency exchange features. The platform is one of the market leaders when it comes to crypto lending and staking features.

Nexo is one of the oldest crypto lending platforms on the market and provides users with numerous opportunities to earn interest on their crypto. Additionally, the platform works as a crypto exchange that supports a large number of trending cryptocurrencies.

In this Nexo review, we’ll have a closer look at the platform to find out all the details.

Pros & Cons of Nexo

Pros

• Lots of options for earning high yields on your crypto.
• Integrated crypto exchange features with instant buying functions.
• Veteran crypto lending platform. 
• Nexo payment card for spending crypto at retail spots around the world.
• Non-custodial Nexo wallet.

Cons

• Crypto lending can be very risky because of high market volatility.
• If the platform goes out of business, you can lose all of your deposited cryptos.

Nexo Review: About the Platform

Nexo has been present in the crypto market since 2018 and is one of the first specialized platforms for crypto lending and borrowing services. Nexo allows users to both lend and borrow crypto. Lenders get rewarded with an interest rate and receive both their principal as well as the interest once the borrowers pay back the loan.

Borrowers can get loans from Nexo by providing a certain amount of crypto as collateral. The platform returns their collateral when they repay the loan and the interest. These are the core products of Nexo, however, the platform offers much more than just crypto lending.

Users have the Nexo crypto exchange at their disposal, where they can trade and swap more than 300 trading pairs. The Nexo trading interface comes with a classic price chart with candlestick indicators, a wide range of technical analysis tools, an order book, an order menu, and various trading order types. The interface is great for advanced traders. 

Beginners can use the instant buy/sell feature to get their hands on numerous popular cryptocurrencies with a credit card or debit card. This feature is great for users looking to get quick exposure to crypto without depositing fiat currency into their Nexo account.

Nexo complies with various reputable regulators and has a high degree of security. It also adheres to Anti Money Laundering laws (AML) in all jurisdictions where it operates.

Additionally, the authorities protect Nexo users in case of unprecedented events such as bankruptcy. Users can rest assured that using Nexo is legal, provided it’s available in their region. 

Crypto Coins Available on Nexo

Nexo supports 60+ leading digital currencies, including Bitcoin (BTC), Tether (USDT), USD Coin (USDC), BNB (BNB), Litecoin (LTC), Avalanche (AVAX), Ethereum (ETH), Binance USD (BUSD), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), Polkadot (DOT), Tron (TRX), Dai (DAI), Solana (SOL), Chainlink (LINK), and various additional altcoins.

These are the cryptocurrencies available in Nexo’s crypto exchange section, including the instant purchase and pro trading interface section. Traders can exchange any of these cryptocurrencies on the pro interface, which has more than 500 trading pairs.

Also, the quick swap feature doesn’t have any price slippage, which means you get exactly what you pay for, unlike numerous competitors with slippage of up to several percent. 

Users can deposit 31 cryptocurrencies to earn different interest rates. The interest rates start at 1.25% for Aave (AAVE) and go up to a staggering 24% for Axie Infinite (AXS). All of the cryptocurrencies available for earning interest are industry-leading projects. 

For borrowing funds, users need to deposit crypto collateral. Similarly to earning interest, this feature supports most of the same cryptocurrencies. 

The platform’s native NEXO token plays an important part in its operational mechanism because users can choose to receive their interest rewards in NEXO tokens, which automatically grants them a higher interest rate. 

Fiat Currencies Supported on Nexo

Nexo supports GBP, USD, and EUR for fiat deposits and instant crypto purchases. Additionally, users can deposit these fiat currencies to earn an 8% interest rate on all three currencies.

Users who want to borrow money can choose between 42 fiat currencies, including GBP, USD, EUR, AUD, NZD, HUF, SEK, CAD, TRY, and more. 

Countries Supported on Nexo

Nexo is available in most global regions except for Cuba, Bulgaria, Iran, Russia, North Korea, and Syria, as well as the US states of New York, Vermont, and Alaska.

Nexo Fees

The Nexo crypto exchange features don’t incur any fees, which is quite rare for crypto trading platforms. The main reason why there aren’t any trading fees on Nexo is that the platform earns revenue from its crypto lending features.

When you lend crypto through Nexo, the platform keeps a small portion of the interest rate in the form of fees while you get the rest. Because of this fee policy, the platform is able to provide free crypto exchange features.

Advanced users can take their trading operations over to the Nexo Pro platform. This platform has a fee policy similar to most crypto exchanges: spot traders incur a 0.2% fee for monthly trading volumes up to 10,000 USD, but the fees drop as the user’s trading volume rises.

For instance, market-making users with monthly trades between 100,000 and one million USD pay 0.12% in trading fees, while takers pay 0.14%. The lowest spot trading fees are reserved for big-time investors who conduct more than 500 million USD in monthly trading deals. They stand at 0.07% for takers and 0.04% for makers.

Nexo Pro futures trading fees start at 0.06% for monthly trading volumes up to 150,000 USD and can drop down to 0.03% for traders with a 30-day futures trading volume above 2.5 billion USD. 

You won’t incur any fees if you’re transferring crypto or fiat to other Nexo accounts. Nexo has a loyalty program with several tiers based on which you get between one and five free crypto withdrawals per month.

Depending on your loyalty tier level, you can withdraw 3,000, 5,000, 10,000, or 20,000 in fiat currency per month without any fees. Withdrawals beyond these tier limits incur a 0.5% withdrawal fee.

The monthly transaction limit is 60,000 USD, while the daily limit is 10,000 USD. As for ATM withdrawals using the Nexo credit card, you can withdraw up to 2,000 USD daily and 10,000 USD monthly.

Main Features of Nexo

The platform lends stablecoins or fiat currency to borrowers by converting your crypto and giving out loans with variable interest rates. You can select the duration of your crypto loan anywhere between one and 36 months.

The platform even has a calculator where you can see exactly how much you would earn by lending certain cryptos for a specific period of time. 

As for borrowers, they can borrow a broad range of fiat currencies or stablecoins by depositing a certain amount of crypto as collateral. Users can choose the cryptocurrency they want to use as collateral, and the calculator will show how much they need to deposit to borrow a certain amount of fiat currency.

Nexo provides users with a very practical Nexo credit card in cooperation with MasterCard. Users can spend crypto from their Nexo account at millions of retail payment spots. Also, each purchase with the Nexo card grants a cashback reward of 0.5% if you choose BTC or 2% if you choose NEXO tokens. 

Additionally, Nexo has an easy-to-use non-custodial Nexo wallet that allows users to store their whole crypto portfolio. You can use the wallet on a desktop computer or download it for iOS or Android operating systems. The wallet supports NFT storage, portfolio management, and any tokens built on Ethereum, Avalanche, Binance Chain, Polygon, and Fantom. 

How Easy Is It to Open a Nexo Account?

Creating an account on Nexo is quite easy. This is what you need to do:

• Visit the Nexo landing page and click on Get Started.
• Create an account password and provide the platform with your email address.
• Agree with the Nexo use terms.
• Click on Create Account.
• You’ll receive an email from Nexo with an activation code. Enter the code from that email on Nexo to activate your account.
• Now you need to verify your identity before you can start using Nexo.
• Select the Personal Info tab in your Nexo account or mobile app.
• Provide your full name and address and answer the questions about your employment status and the industry you work in.
• Nexo will also ask you what your primary source of income is, and you’ll need to provide additional details about your employment.
• Now you’ll need to enter your mobile phone number, after which you’ll receive an SMS message with a verification code. Enter the code to verify your phone number.
• The identity verification step is next. Choose whether you wish to submit a photograph of your driver’s license, passport, or government-issued ID card.
• The next step is to take a selfie photo with your mobile or web camera.
• You’ll soon receive a message confirming your ID verification, signaling that you’re ready to start using Nexo.

How Secure Is Nexo?

Nexo is a highly secure crypto platform that stores most of the deposited assets offline in cold storage devices. Nexo has a 375 million USD insurance fund in cooperation with BitGo and Ledger Vault to ensure users get refunded in case of any unfortunate events, such as platform hacks.

The platform has an ISO 27001:2013 certificate, which means it has strong security measures, thorough data encryption, and versatile risk assessment protocols. Additionally, Nexo is subject to regular third-party security audits to ensure the platform’s safety measures are up to date and patch up any possible security flaws.

Has Nexo Ever Been Hacked?

Nexo has never been hacked. The platform has a clean hack record and hasn’t been subject to any successful hacks since its launch in 2018.

Is Nexo a Regulated Exchange Platform?

Nexo is one of the most regulatory-compliant crypto platforms on the market. It has more than 40 operating licenses for providing services in around 200 jurisdictions around the world.

Because of this, Nexo abides by strict anti-money laundering regulations in the regions where it operates. Users need to pass through the Know Your Customer (KYC) protocol and prove their identity when opening a Nexo account as part of Nexo’s regulatory compliance measures.

Apart from the US, Nexo has acquired additional licenses come from the Ministry of Finance of Poland, the Swiss Financial Market Supervisory Authority, the Companies Registry of Hong Kong, the Financial Transactions and Reports Analysis Centre of Canada, and other regulators. 

How Does Nexo Compare to Other Alternative Exchanges?

Since Nexo combines crypto exchange and crypto lending services, let’s see how it compares against some classic crypto exchanges and lending protocols.

Aave (AAVE) and Compound (COMP) are some of the leading crypto lending protocols on the market. Unlike Nexo, these protocols are decentralized and governed by their communities through community proposals and votes. Also, the communities govern the project treasuries, while Nexo is a heavily centralized platform.

However, both of these lending protocols lack regulatory compliance because they focus on crypto-to-crypto lending, while Nexo also deals with fiat currency. 

As far as crypto exchanges are concerned, it’s best to compare Nexo with platforms like Coinbase and Kraken, which focus on providing users with both basic trading features like instant buy/sell options, as well as pro trading features.

In comparison with these platforms, Nexo supports far less cryptocurrencies, given the fact that both competitors support more than 120 cryptos. The fee segment is where Coinbase and Kraken really can’t compete with Nexo because the platform doesn’t charge any trading fees on its basic exchange section.

On the other hand, the two competitor platforms are known for having quite high trading fees. However, all three platforms have similarly low fees on their pro trading interfaces.

Does Nexo Have an App?

Nexo has a well-designed mobile app for Android and iOS devices. The Nexo mobile app is very user-friendly and comes with an intuitive design that lets users easily engage in crypto lending and borrowing activities.

Also, all of the Nexo crypto exchange features are available on the app, as well as the possibility of buying crypto directly with fiat currency. However, Nexo Pro features aren’t available through the Nexo mobile app. To use Nexo Pro, you need to access the platform through a web browser. 

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