Nexo Review 2023

3.9 / 5
Nexo is #22 in our crypto broker rankings.

Nexo is good for traders who want a straightforward way to access DeFi crypto markets and earn interest on their digital assets.

- Daytrading Review Team

Nexo is a crypto trading platform that also acts as a gateway to DeFi crypto functions such as staking, borrowing and lending. The platform supports 60+ crypto tokens, which can be purchased with a fiat on-ramp and traded in 500+ market pairs. The exchange operates a zero-fee policy allowing a set number of completely free withdrawals per month and fee-free trading.


Demo Account

Bonus Offer
Loyalty scheme with various bonuses, plus referral program
Bitcoin Payments, Credit Card, Debit Card
Crypto Trading

Nexo traders can buy and sell 60+ cryptocurrencies using fiat, or trade between 500+ market pairs. The app functions as a crypto wallet, meaning that clients will own their own tokens but Nexo will have custody of them. Crypto assets can be transferred from the Nexo wallet. Fees are low and user security is high.

✓ Pros

  • Convenient way to buy, stake, lend and borrow crypto through one platform
  • Allows users to borrow against their crypto holdings
  • 2 factor authentication for added security
  • Advanced Nexo Pro trading platform
  • Referral program with $25 in BTC
  • Very affordable pricing structure
  • High-yield interest savings
  • OTC trading capabilities
  • Audited by Armanino
  • Earn NEXO tokens

✗ Cons

  • Restrictions on using the native tokens for New York and Vermont US residents
  • High collateral requirement of 200% of the amount you wish to loan
  • Relatively small selection of crypto tokens which misses newer altcoins
  • Native tokens are required for maximum interest rates
  • Limited free cryptocurrency withdrawals
  • No crypto derivative trading

Nexo is one of the major digital asset institutions in the world that combines conventional and cryptocurrency finance. It provides a simple all-in-one solution where users can buy and manage their crypto. This review will discuss the exchange’s key services, outline its fee structure, explore Nexo’s regulation and security systems and weigh up the pros and cons of opening an account.

Nexo Headlines

Nexo was founded in April 2018 after completing a $52.5 million private sale that was 11 times oversubscribed. Soon after, the firm established the world’s first Instant Crypto Credit Line backed by cryptocurrency, enabling tens of thousands of consumers throughout the globe to access cash while simultaneously HODLing.

Three financial investors with over ten years of experience in European institutions helped shape the company: Antoni Trenchev, Kosta Kantchev, and Kalin Metodiev. They remain in prominent management positions today.

The platform’s goal is to bring professional financial services to the world of cryptocurrency and digital assets. With over $12 billion of assets under management and more than 4 million users, the exchange is one of the largest and most trusted lending institutions in the digital finance industry. Additionally, the company has handled over $80 billion in user funds across more than 200 jurisdictions .

The Nexo platform allows users to buy, borrow and lend over 35 supported cryptocurrencies, as well as fiat currencies like USD, EUR, and GBP. The firm offers cryptocurrency loans with borrowing rates as low as 0%. If you have idle savings, you can earn interest up to 18%.

You can buy coins with your bank card in 7 seconds and you can receive up to 0.5% crypto rewards on every purchase or swap.

The Nexo exchange has over 300 classic pairs and exotics. The integrated Smart Routing System also gives users the best rates from the leading 10 exchanges. To avoid volatility, prices are fixed when you place an order.

Nexo 2021 Crypto Platform & Wallet Review

A Brief History

Early History



Nexo Crypto Borrowing

Nexo users can access instant crypto-backed loans without any credit checks. The borrowing rates start from 0%, there are no mandated monthly repayments. It also provides a tax-efficient solution because cryptos aren’t converted into fiat.

Depending on the amount of credit you want to take out, you will need either basic or advanced identity verification. You may be asked to provide supporting documents. Aside from this, there are no other eligibility criteria for borrowing with Nexo.

Once you have been verified, you can start the process. First, you will need to deposit crypto. All fiat loans are backed by at least 200% crypto collateral. This means that, if you want to borrow $25,000, you will need at least $50,000 worth of Bitcoin or another altcoin as collateral. Some of the major coins you can deposit include BTC, ETHXRP, LTC, XLM, BCH, EOS, LINK, TRXBNB, PAXG and NEXO. The collateral list is made up of 38 cryptos. However, more new coins are added regularly.

Next, click on “Withdrawal Funds From Credit Line”. You will see the available loan amount and be given two asset class finance options. The first option is a fiat currency loan, which will require your bank account details. There are over 40 fiat currencies to choose from.

The second option is to receive your loan in USDT (Tether) or USDC (USD Coin), which will require you to provide a wallet address for a loan in stablecoins. With Nexo, the minimum loan amount is $500 for fiat and $50 for stablecoins. The maximum is $2,000,000. Crypto-backed loans can be spent at any time.

If the market value of your assets increases, your loan limit will increase automatically. If the market value of your assets decreases making the collateral insufficient, you will receive a notification to add more funds. Crypto can be automatically transferred from the savings wallet.

Interest Rates

The yearly interest rate (APR) paid for a Nexo loan depends on the percentage of your portfolio balance held in NEXO, the platform’s native token. Your portfolio balance is the combined value of your credit line and savings wallet. Some competitors like YouHodler, Celsius, BlockFi, and SwissBorg do not have their own native tokens.

As with any other cryptocurrency, the value and stock price of NEXO tokens to USD changes with demand. You can purchase native tokens on the platform and other major exchanges with fiat and other accepted cryptocurrencies.

Borrowing rates start from 0%, and if you hold more than 10% of your portfolio in the native token, then you qualify for extra deductions and benefits. Interest will be debited from your available limit and repayments can be made at any time. There are no instalments.

You can repay using fiat (USD, EUR, GBP), crypto, or any combination of the two. There is no minimum repayment amount in fiat, but there are minimum repayment amounts if you are repaying with crypto.

Nexo Booster

With Nexo Booster you can borrow against your portfolio up to three times its value. The currently owned assets become collateral until the credit is paid.

In order to eliminate slippage, the Instant Crypto Credit Line simultaneously processes borrowing and swapping. In the event of asset appreciation, you can return your credit and retain the profit.

Nexo Crypto Lending

You can earn interest by storing crypto and fiat in the Nexo wallet. This wallet accepts USD, GBP, and EUR as fiat, and the cryptocurrencies supported include BTC, XRP, and XLM. You are able to buy crypto within seven seconds, so fiat deposits from your bank card are almost instant. Minimum deposits apply at USD 10, GBP 10, EUR 1,000, and BTC 0.001.

APR rates will depend on the type of saving terms you select for your deposit and the number of native tokens you own. You can also choose between earning in kind (same currency as your deposit) or NEXO tokens.

The company offers daily pay-outs and compounding of your cryptos. Earning rates vary by your loyalty level and asset type. However, the highest APR on stablecoins is 12%, and the highest for crypto is 16%. To calculate your daily interest, multiply your account volume by the interest rate and divide by 365.

Both flex and fixed terms are available:

Nexo XRP delisting and interest calculator
Nexo Exchange Platform

Earn Interest On NEXO

As well as earning on the crypto and fiat that you store in your wallet, your NEXO tokens produce interest.

On June 8th 2021, Nexo held a vote for token holders to choose between the previous dividend-based system and a daily payout. The exchange used to pay token holders 30% of its income in dividends, but as the users’ majority chose a daily interest payment, the last NEXO dividend happened in June 2021 and holders now receive daily payments.

Holding 10% of your portfolio in native tokens qualifies you for a platinum loyalty tier. This has benefits such as receiving the lowest borrowing rates, highest interest rates, up to 2% in crypto rewards when you use your Nexo card, and 5 free withdrawals per month.

Nexo Pro

Nexo Pro is an advanced investing platform that offers spot, margin and futures trading with 5x leverage. Aimed at active traders, users can speculate on the price of more than 400 cryptos with market, limit and trigger orders. The terminal also supports automated trading strategies, including TWAP.

Our experts particularly liked Nexo Pro’s perpetual futures. These straightforward contracts allow traders to take a position on the future price of major cryptos like Bitcoin (BTC) without owning the underlying asset. Contracts are settled in Tether (USDT) while both long and short positions can be opened. 2x leverage is available.

Deep liquidity is available on Nexo Pro as the brokerage has teamed up with more than 10 exchanges, third-parties and market makers. The result is ultra-fast executions with less slippage and competitive pricing.

Nexo Pro is a good step up for users who want to do more than simply exchange popular cryptocurrencies.

Nexo Pro crypto trading
Nexo Pro

Nexo Wallet & Card

To access the exchange’s interest for yield farming you will need the Nexo wallet app. This is available to download for free on Android (APK) and iPhone (iOS). You can store, and earn a percentage on all your approved digital assets in the wallet. It also gives you access to the transfer service, the exchange platform, and the crypto-backed loan system.

Through the wallet app, you can order and manage your Nexo card. This allows you to use your credit lines from anywhere in the world without any exchange or conversion fees up to €20,000.

The card is accepted by over 90 million merchants worldwide. There are no monthly or annual fees associated with maintaining the card and it offers 2% instant cashback on all purchases. Before making a transaction, you can choose to receive the cashback in native tokens or BTC.

Furthermore, you can get the card for free in either physical or online format (compatible with iOS devices and Google Pay).

Other Fees

The exchange has a zero fees policy, meaning that no extra costs are charged for taking out or withdrawing loans. Depending on your loyalty tier, you have a number of fee-free crypto withdrawals to external wallets – these range from one free crypto withdrawal a month for base tier customers to five free monthly withdrawals for platinum users.

Any extra withdrawals incur a variable network charge. Money transfer times are up to 24 hours.

Security & Regulation

Nexo is a security-oriented crypto solution that offers among the highest insurance in the industry. The $375 million package includes partnerships with leading blockchain security providers such as BitGo, Ledger Vault, Bakkt, and other firms that are insured by Lloyd’s of London, Marsh and Arch. For example, the SEC-approved custodian, BitGo protects users’ funds from hacks, theft and loss of private keys, plus insider theft.

To give users extra peace of mind, Nexo experiences real-time reserve audits over the firm’s custodial holdings provided by Armanino. The exchange further safeguards its assets and customers with secure cloud, transfer, and data protection infrastructure.

Nexo is licensed by several financial bodies across the globe, including the U.S. Financial Crimes Enforcement Network and the Australian Securities and Investment Commission. The brand is also licensed to operate in the EU. However, it is not registered with UK’s FCA.

Users can increase their account security by enabling two-factor-authentication (2FA), biometric identification and withdrawal alerts.

Note that advanced verification is not currently available for New York and Vermont US citizens and residents, meaning that they cannot trade NEXO tokens on the exchange nor receive interest in the native tokens.

Always remember to check with a local tax advisor on how your assets and transactions should be taxed.

Customer Support

The exchange platform features a 24/7 chat option where you can access help in case of an unexpected error on the platform. For example, if you need to reset your 2FA, your account is not working or if you have any questions.

You can also fill in their support form or email Moreover, the exchange has an extensive FAQ collection and educational YouTube videos on how to use their platform.

Nexo trading platform and debit card

Note, the company has an office in London alongside a distributed headquarters and a remote-first workforce.

Registering For Nexo

Here’s how to get started with Nexo:

  1. Choose Your Platform – The exchange is available for desktop traders through its website You can also download the mobile app for Android (APK) or iPhone (iOS) via the relevant app store. Both the desktop and mobile versions are clear, modern, and easy to use.
  2. Register – To begin the registration process, click “Create Account” in the upper right-hand corner.
  3. Verify – Before you get started, you will need to verify your identity. The exchange’s basic verification only requires your name, address, and phone number. If you wish to increase your limits, you will need advanced verification using your ID card. It can be found under the “My Profile” section of the platform.

Nexo Verdict

Nexo offers an array of services, allowing users with crypto to borrow cash with flexible repayments and competitive rates. The firm also offers high-yield interest options for users looking to safely store their cryptocurrency and fiat. However, it is important to keep an eye on your accounts to ensure your collateral remains sufficient. Some US citizens will have to wait until advanced verification is available to make full use of the Nexo platform. OTC trading is also available to live account holders.


What Is Nexo?

Nexo is a cryptocurrency lending and trading platform. Customers can take out crypto backed loans without any credit checks as well as earn APR on idle assets. You can also purchase, exchange, and store tokens.

How Much Interest Can I Earn With Nexo?

APR rates vary depending on whether you choose fixed or flex terms, how the interest is paid, and how many native tokens you hold. Rates go up to 16% for platinum users.

Do I Need A Credit Check For A Loan With Nexo?

Nexo offers crypto-backed loans, which means you can receive a credit line without credit checks as long as you have sufficient cryptocurrency collateral. You can work out how much collateral you will need using the calculator on the website. You can use 35+ coins including BTC, ETH, PAXG, XRP, LTC, XLM, BCH, EOS, LINK, TRX, NEXO and BNB as collateral.

Has Ripple (XRP) Been Delisted From Nexo?

There have been rumors that XRP would be delisted from Nexo. However, at the time of writing XRP is still listed for purchase, sale, borrowing, and lending.

Does Nexo Charge Withdrawal Fees?

You can withdraw fiat from Nexo at any time with zero fees. Base tier customers have one free withdrawal per month. Platinum users have five free withdrawals per month. Any further cryptocurrency withdrawals may incur fees.

Can I Get Interest On Fiat With Nexo?

Yes, Nexo is one of the few crypto-lending companies that allows users to earn interest in fiat currencies. Accepted currencies are USD, GBP, and EUR. APR on fiats goes up to 12% depending on your account type and deposit terms.

Accepted Countries

Nexo accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Nexo from Bulgaria, Central African Republic, Cuba, Estonia, Iran, Syria.

Payment Methods

Nexo Details

Minimum Trade $30
Regulated By ASIC, FCEN
Islamic Account No
Mobile Apps iOS & Android
Margin Trading No
Volatility Index No
Spot Trading No
Perpetual Swaps No
AI / Machine Learning No
Robo Advisor No
P2P Trading No
Negative Balance Protection No
VPS Hosting No
Tournaments No
Demo Competitions No
Managed Accounts No
Market Maker No
Social Trading No
Guaranteed Stop Loss No

Cryptocurrency Trading Details

Crypto Spread N/A
Crypto Lending Yes
Crypto Staking Yes
Crypto Mining No
Crypto Auto Market Maker No
Crypto Coins
  • 1INCH
  • AAVE
  • ADA
  • APE
  • ATOM
  • AVAX
  • AXS
  • BCH
  • BNB
  • BTC
  • CRV
  • DAI
  • DOGE
  • DOT
  • EOS
  • ETH
  • FTM
  • GALA
  • KSM
  • LINK
  • LTC
  • MANA
  • MKR
  • NEAR
  • NEXO
  • PAXG
  • RUNE
  • SAND
  • SOL
  • TRX
  • TUSD
  • UNI
  • USDC
  • USDP
  • USDT
  • XLM
  • XRP

Top 3 Alternatives to Nexo

Compare Nexo with the top 3 similar brokers that accept traders from your location.

  1. IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
    Go to IG Group
  2. Kraken – Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
    Go to Kraken
  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
    Go to World Forex

Nexo Comparison Table

Compare Nexo With Similar Brokers
Nexo IG Group Kraken World Forex
Rating 3.9 4.4 3.9 4
Markets Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Cryptos Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $10 $1
Minimum Trade $30 0.01 Lots Variable 0.01 Lots
Bonus Loyalty scheme with various bonuses, plus referral program Lower fees when trading volume exceeds $50,000 in 30 days 100% Deposit Bonus
Education No Yes Yes No
Platforms Own MT4, AutoChartist, TradingCentral AlgoTrader MT4, MT5
Leverage 1:30 (Retail), 1:250 (Pro) 1:1000
Payment Methods 3 6 6 10
Visit Visit Visit Visit Visit
Review IG Group
World Forex

Compare Trading Instruments

Compare the markets and instruments offered by Nexo and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Nexo Trading Instruments
Nexo IG Group Kraken World Forex
CFD No Yes No Yes
Forex No Yes No Yes
Stocks No Yes No Yes
Commodities No Yes No Yes
Oil No Yes No Yes
Gold No Yes No Yes
Copper No Yes No No
Silver No Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes No No
ETFs No Yes No No
Bonds No Yes No No
Warrants No Yes No No
Spreadbetting No Yes No No
Volatility Index No Yes No No

Nexo vs Other Brokers

Compare Nexo with any other broker by selecting the other broker below.


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Nexo is a crypto trading platform that also acts as a gateway to DeFi crypto functions such as staking, borrowing and lending. The platform supports 60+ crypto tokens, which can be purchased with a fiat on-ramp and traded in 500+ market pairs. The exchange operates a zero-fee policy allowing a set number of completely free withdrawals per month and fee-free trading.