Nexo Review 2023

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Sinead Burgess
Sinead Burgess
Updated on August 21, 2022

Before we start things off, you should know that the focus of this review is not the brand new hydrogen fuel cell-powered Hyundai Nexo vehicle but the online crypto banking platform Nexo instead.

With the emergence of cryptocurrency exchanges and the different options they offer to their customers, came the need for alternative crypto endeavours that the financial world has developed over the years with regular fiat currencies. Financial platforms that offer borrowing, lending, and general banking features have existed long before the creation of cryptocurrencies and Nexo is bringing them into the crypto-financial loop. 

NEXO exchange logo

Nexo is a lending and borrowing platform oriented towards digital assets. The platform’s main goal is to achieve a better performance compared to other established financial institutions and offer more variable interest trading accounts for most of the popular cryptocurrencies, as well as stablecoins and some fiat currencies.

So if you’re trying to find an alternative banking platform in the kingdom of cryptocurrencies with agreeable interest rates and affirmed crypto collateral loans, then Nexo is the right platform for you.

About the Nexo Trading Platform

Nexo is an overdraft-based blockchain system that enables users to take part in cryptocurrency lending and offers access to instant crypto-backed loans. The platform was created in 2018 and its initial goals were to bring the most utilized financial and crypto service platform to the world of cryptocurrency.

In just three years since the platform was launched, Nexo has amassed more than a million satisfied users and holds just over $12 billion USD in managed assets or (AUM). With a large number of both users and assets, Nexo quickly became a leading exchange in the crypto-banking sector and is utilized by lenders who want to gain some passive earnings and those who want to borrow can use digital assets as investment collateral.

The Nexo exchange offers users a yearly percentage yield or YPY that ranges from 6% to 12% for a plethora of cryptocurrencies and regular currencies. The available cryptocurrencies on the platform range from the most popular ones like Bitcoin (BTC) to utility coins such as Chainlink (LINK), as well as stablecoins like Tether and MakerDAO.

NEXO homepage

Along with the borrow and lend features, Nexo has its own cryptocurrency native token (NEXO). Users who utilize the NEXO token are awarded extra features on the Nexo exchange that include bonus rates of interest, company dividends, and lower loan interest rates.

The Nexo borrowing and lending platform is oriented towards more beginner-friendly operations and its development was built around long-term investors. A new user could start learning the basics through the platform and develop their skills to remain on the platform indefinitely without a reason for choosing another platform. 

When you open an account on Nexo, the three main features that will be accessible to you include a cryptocurrency interest account, cryptocurrency credit lines, and a Nexo crypto-credit card that can be swiped at every Mastercard outlet, which basically means worldwide.

We’ll explain some of the details below in the article.

Nexo Features

Interest Account

Standing out as the most sought after features of Nexo is their Interest Account. Prospective crypto-lenders are enabled to open interest accounts and receive prizes on a plethora of cryptos, including stablecoins, and regular fiat currencies. The interest rate is paid on a daily basis without waiting periods for the locking process for any withdrawals.

Nexo offers its users the possibility for interest accounts on 14 cryptocurrencies. The largest interest rates are paid to users who sublimate the native NEXO token to their Nexo Interest Account. Traders can have gross interest in 6 stablecoins that include PAX, TUSD, USDT, USDC, HUSD, and DAI.

NEXO interest account

Upon opening the interest account, traders can choose between different rates or between features like Earn in Kind and Earn in NEXO. You can choose the Earn in Kind feature when you want to collect the interest in the crypto you’re holding, while the Earn in NEXO feature lets you earn your interest rate in NEXO tokens. Users earn up to an additional 2% of APY when the interest paid is collected in NEXO.

Besides offering competitive interest in a variety of cryptocurrencies, Nexo gives users the option to earn interest in fiat currencies. The interest account for fiat comes for three different fiat currencies; USD, GBP, and EUR.

The interest rates from crypto assets range between 6% and 12% and they are different depending on the choice of cryptocurrency, the number of NEXO in a user’s portfolio and the user’s choice to collect interest in crypto or NEXO tokens. The interest for fiat currencies is in the range between 10% to 12% depending on the chosen currency.

Nexo Credits For Cryptocurrencies

Nexo offers its users the possibility of instant crypto credit lines when they’re using cryptocurrencies as collateral. The crypto loans on Nexo don’t require any credit checks and similar financial background checks. These types of loans are also addressed as credit lines for crypto and collateral choices include Bitcoin, Ethereum, MakerDAO, and Tether. For the custody of these digital assets, the company’s insurance policy goes up to $100 million.

NEXO interest rates for crypto

When a loan is created, Users’ yearly percentage rate or (YPR) relies on the number of NEXO tokens in their personal portfolio. Without any native tokens, the Nexo exchange’s loan amounts to 13.9% and using NEXO tokens this percentage could be lowered down to 5.9% depending on the amount of NEXO tokens. Repayments to loans are collected every 30 days. In case they are repaid by a user in less than a month, their loan interest will be charged for a full month’s worth period. 

The cryptocurrency’s value that’s collateralizing a loan will abundantly impact the volume of credit on the platform. In case the chosen cryptocurrency reduces in value, the loan may be partly refunded to ensure the variation in value. In case the cryptocurrency rises in value, then a larger credit line will be presented to the user.

Nexo Card

When we speak of credit line utility, users can leverage them anytime and anyplace in the world with the help of their Nexo card. The Nexo card can be ordered and even managed from the designated Nexo wallet app, which we’ll address later in the article. Upwards of 40 million vendors across the world accept the Nexo card. When users swipe the Nexo card, the payment amount is redacted from any balance available on their crypto credit line. There are no maintenance fees and the card doesn’t charge any annual or monthly usage fees.

NEXO card

Using the card, users can conduct payments in their local currency without any FX fees or additional charges. The card even offers a 2% cashback on all purchases and users can choose to receive rewards in either NEXO tokens or Bitcoin before making a purchase.

Supported Cryptocurrencies

Nexo supports 14 different cryptocurrencies and utilizes a mix between regular cryptocurrencies and stablecoins. The cryptocurrencies supported on Nexo include; Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS.IO (EOS), Litecoin (LTC), Stellar (XLM), Tron, (TRX), Tether (USDT), Chainlink (LINK), MakerDAO (DAI), Binance Coin (BNB), TrustToken (TUSD), Paxos (PAXG), and USD Coin (USDC).

The supported fiat currencies on Nexo include; The United States Dollar (USD), the European Euro (EUR), and the British Pound Sterling (GBP).

Nexo Token Features

As we stated earlier, the NEXO token is native to the cryptocurrency exchange Nexo. The token is the essential resource that contributes to both Nexo credits, as well as the interest yielding platforms and offers users a wide range of features such as:

NEXO token

  • Interest discounts. Users that utilize the NEXO token in their portfolios can get up to a 50% discount on their interest rates for crypto credit loans.
  • Bonuses. Nexo bonuses allow for an extra 2% APY on any cryptocurrency, stablecoin, and fiat interest accounts. The added bonus is admitted when interest is settled in NEXO tokens.
  • Free withdrawals. Nexo free withdrawals features apply to users who are holding a determined figure of NEXO tokens in their portfolio, they can be eligible for up to 5 free cryptocurrency withdrawals.
  • Dividends. Nexo dividends enable profit redistributions up to 30%. On the Nexo exchange, 30% of profits are redistributed as dividends to NEXO token holders. There are two dividends that are equal to the amount of NEXO deposited in the platform and a loyalty dividend that fluctuates depending on the time period that NEXO tokens have been deposited.

How to Create a Nexo Account

Creating an account is a simple and straightforward task that anyone should be able to complete in a manner of minutes. For basic features access, users need only to create a Nexo account and verify their personal email. When the email verification process is completed, the trader would be granted access to start using the basic features of the platform. 

There are two types of Nexo wallets that users can choose from; The interest wallet that is used to collect earned daily interest and the credit wallet that can be utilized as collateral to make instant crypto loans.

When creating a Nexo account, there are three different levels of verification;

  • Initial Starter Verification. For this verification, what you need is an email confirmation. Users can utilize features like everlasting top-ups for cryptocurrency deposits with a daily cap for withdrawals that’s limited to $20,000 USD.
  • Basic Level Verification. For the second tier of verification, the user is asked to arrange their personal credentials like full name and surname, state of residence, place of residency with a valid address, and a personal phone number. The basic level verification is limited in the same way as the initial verification but the daily cap for withdrawals is raised to $2 million USD.
  • Advanced Verification. This type of verification is the third and final tier of user verification. Users will be required to display a legal document like a state ID and bank account statement either for credit card/debit card information. This level of verification allows deposits and withdrawals of fiat money via Nexo-associated bank transfers and the limits for crypto withdrawal are extended to the highest degree.

The Nexo platform understands and adopts the decentralized origins of digital assets and enables the bulk of the platform’s options to be reachable with the most basic of verification levels. Meaning that anyone is allowed to utilize the bulk of the cryptocurrency features on Nexo but with daily trading limitations.

Nexo Insurance

All cryptocurrencies on the Nexo exchange are stored within the Ledger Vault. The private keys that are entrusted to the Ledger Vaults are kept in bank-grade cold storage with multi-signature storage custody. The Ledger Vault offers asset insurance up to $150 million and is backed by Arch and Marsh. According to the latest readings, the Nexo insurance policy reaches nearly $400 million and their plan is to raise it up to $1 billion within the current year through a syndicate of users. You can read about Nexo’s security in more detail here.

NEXO partnership with Ledger Vault

Nexo Safety Features

In terms of safety, Nexo follows the regulations of every country that supports it. In the States, the platform has FinCen licensing and implements AML and KYC security policies in compliance with the legal frameworks of Hong Kong – China. Europe, and Australia.

All of the funds that are deposited on Nexo are in the custody of the platform. As the funds are in their custody, Nexo must take care of them once the funds are in an account. The safety of the funds is ensured by both Ledger and BitGo through a twofold institutional-grade association.

NEXO security features

Although there are risks included when handling cryptocurrencies, Nexo ensures its users that their funds are subsidized by company securities that range between 200-500% with overcollateralized cryptocurrency loans. The policies utilized by Nexo deem the platform similarly safe as other cryptocurrency platforms but users should be aware that there is always a chance of risk when handling cryptocurrencies.

Customer Support

Usually, cryptocurrency platforms are lacking in the customer support section of their services but Nexo really stepped up their game when it comes to their customers and the support that they can provide. Nexo currently offers several different types of customer support;

  • Email Customer Support – Users that have an issue or a question can contact the Nexo customer service through their official email [email protected];
  • Online Live Chat – Users can directly address the Nexo customer support through their live chat application at and click on the blue speech bubble in the corner;
  • Online Messages – Users who want to contact Nexo with a customer support message can do so by filling out an online assistance form.

A Few Words Before You Go...

Our final words for the review are that we believe the Nexo exchange is suited best for long-term investors with goals of acquiring wealth by leveraging their crypto. In return for their leveraging, the platform offers a safe environment and high-level insurance for earning high-interest returns and for users that borrow the option to receive an instant cryptocurrency loan without any credit checks and three levels of identity verification. Nexo offers options where the rate of interest can skyrocket up to 12% and this makes Nexo a worthwhile exchange for investors who are looking to delve into cryptocurrencies and generate from them a healthy profit. 

All in all, the Nexo exchange is easy to use and offers rates and insurance that not all traditional financial methods can compete with. Along with their excellent customer support, two different wallets, and a native mobile app, Nexo is paving the DeFi road and quickly becoming a leader in the lending and borrowing cryptocurrencies industry.

frequently asked questions

The short answer to that is Yes. Nexo is a licensed and regulated digital currency provider and complies with regulations in more than 200 jurisdictions in the world. Some of them include the United States, Australia, Hong Kong, and more.

Nexo has a native mobile app that comes packed with interesting features. With a few screen taps, users can manage all of their crypto-related products, order their Nexo card, and much more. The app comes with industry-level security features like two-factor authentication, face verification and is available both for Android and Apple devices like the iPhone.

Some of the direct competitors of Nexo are BlockFi, Celsius, and Nexo offers similar interest rates when borrowing or lending when compared to its competitors but the factors that make Nexo stand out are the excellent customer support and the impressive insurance policy.