Nexo is a unique lending platform that allows you to earn interest on your cryptocurrency investments. Interest rates vary by distribution method and coin, but you can expect to earn between 6% and 12% APR. Nexo is based in Switzerland, which makes it less vulnerable to increasing U.S. regulation of crypto lending platforms.
Nexo also allows you to take out loans based on the amount of cryptocurrency in your account without selling your coins and buying them back. Interest rates for loans begin at 5.90% APR. Though you cannot currently buy or sell cryptocurrencies through the Nexo platform, the crypto savings account provider offers a high-yield method for investors to earn money on idle coins and fiat.
- Long-term cryptocurrency investors
- Those who already hold a stablecoin or alt-coin
- Beginners who are new to cryptocurrency savings accounts
- High-yield savings accounts earn up to 12% interest on coins and fiat currencies
- Comprehensive mobile app makes management simple
- Advanced security features and insurance
- Fewer educational resources than some competitors
Nexo Ratings at a Glance
Nexo Quick Summary
|Supported currencies||Earn interest on 33 different crypto assets|
|Currently available products||Crypto savings account, crypto-backed loans, fiat interest accounts|
|Platform||Beginner-oriented; quick to master and easy to get started|
|Mobile app||Comprehensive; mimics functionality of the desktop platform and offers additional card services|
|Available account types||Cryptocurrency savings accounts|
|Interest rates on idle assets||Interest rates for cryptocurrencies and fiat ranges from 3% to 18% depending on assets and distributions.|
|Interest rates on borrowed loans||Loan interest rates begin at 6.90% APR|
As a crypto savings account, Nexo charges its users very few fees. Similar to a traditional savings account, Nexo doesn’t charge any type of account maintenance fee, and you’re free to withdraw your cryptocurrency at any time without facing charges.
Nexo covers all transaction fees on your account end, which means that you’ll only pay brokerage fees when you transfer directly from an exchange wallet to your Nexo account. These fees will vary depending on the broker that you use. There is no minimum amount of cryptocurrency that you must deposit into your Nexo account in order to begin earning interest.
Withdrawal minimums for cryptocurrencies vary depending on the type of crypto you’re holding in your wallet. Bitcoin has the lowest withdrawal minimum at 0.001 coin, while Tron has the highest minimum with 20 tokens. It's also important to note that you'll be required to pay transaction fees for transferring cryptocurrency between wallets, but depending on your membership level with Nexo you will have access to one or more free withdrawals where the platform will void the gas fee.
Nexo also offers crypto-backed loans. Nexo’s crypto loans are unique because they allow you to retain control over your cryptocurrency and gain appreciation benefits without selling your crypto to pay back your loan. If you default on your loan, however, your collateralized cryptocurrency will be used to pay back your loan.
Like most types of loans, Nexo charges interest on the amount that you borrow, and rates are available from 6.9% APR. The amount of cryptocurrency that you’ll need to deposit as collateral will vary depending on the token or coin that you’re using the back your loan.
If you’ve never used a cryptocurrency savings account before, Nexo can be an excellent place to begin your savings journey. With a simple, straightforward and clean layout, mastering Nexo takes only a few minutes.
Let’s take a look at a few of our favorite features that make the platform exceptionally simple for beginners.
- Quick signups. Creating an account with Nexo will take only a few minutes for most users. Simply answer a few questions regarding your personal information, confirm your account, and get started with a comprehensive mobile or desktop platform.
- Straightforward platform. Platform layouts are also exceptionally easy to navigate — especially for beginners who don’t have experience transferring or trading cryptocurrencies. Instantly view your available credit, holdings, and pay back anything you’ve borrowed with just a few clicks. Nexo also features 2-factor authentication to avoid any lapses in security coverage to provide maximum protection for your investments.
With clearly labeled tabs, quick signups and easy transfers, Nexo’s platform is simple enough for complete beginners to master in just a few hours.
- Automatic interest calculation and payment. As soon as your Nexo account is set up and funded, you can sit back and relax — Nexo will automatically calculate your interest earned on a daily basis and deposit it directly into your account. Nexo will even serve you in-app notifications that let you know when your interest is deposited and how much you’ve earned. Unlike most other crypto interest accounts, Nexo distributes your interest earned each day — so you won’t need to wait a month before you can start taking advantage of the benefits of compounding interest.
The Nexo crypto banking account makes it exceptionally easy to earn daily interest on your cash and cryptocurrencies without selling them. View notifications on your platform to track your interest and watch your investments grow over time.
It’s important to note you can’t top up your cryptocurrency by directly buying through Nexo, and the platform functions solely as a savings account. This means you need a brokerage account open and funded with another exchange before you can add tokens or coins to your Nexo wallet (with the exception of the Nexo token). In the future, we’d love to see Nexo incorporate on-platform exchange compatibility so users can buy and sell crypto directly through their Nexo account. Some of the largest and most trusted cryptocurrency exchanges you can start investing on today are Coinbase, Gemini and Voyager.
Nexo offers a few unique tools that you can use to learn more about the cryptocurrency market and its platform as you invest.
Let’s take a look at a few of our favorite tools.
- YouTube demonstrations. Setting up your Nexo account is easy with the platform’s on-demand YouTube tutorials. Learn more about Nexo’s platform in just a few minutes and access advanced account features.
- Cryptocurrency news highlights. Nexo’s app doesn’t only offer tips and tricks on using the platform — it also includes video updates on major cryptocurrency happenings to keep you in the know.
- Nexo’s blog. Nexo’s official company blog is also regularly updated with information on the cryptocurrency market and how the platform is expanding and changing to fit the shifting needs of investors.
All of Nexo’s educational tools are available for free, and you don’t need to be logged into your Nexo account before you begin.
Nexo offers 3 methods that you can use to contact its customer service team.
- Email. To contact Nexo by email, send a message to firstname.lastname@example.org.
- Online messaging. To contact Nexo with a customer support message, fill out an online assistance request form here.
- Live chat. To contact Nexo via live chat, visit nexo.io and click on the blue speech bubble in the lower right-hand corner of your screen.
Nexo’s team monitors customer support requests 24 hours a day, 7 days a week.
Nexo’s crypto savings accounts offer access to 3 unique products: cryptocurrency interest, loans backed with cryptocurrency as collateral and the Nexo Card backed by your digital assets.
Let’s take a look at each of these features and how Nexo uses blockchain technology to enhance their provided services.
Earn Interest on Cryptocurrency
Nexo allows you to earn interest on 8 unique stablecoins and 24 altcoins. Some supported coins include Bitcoin, Chainlink, Ethereum, Tron and Stellar Lumens. Interest rates begin at 3% for altcoins and 10% for stablecoins, but you can earn up to 18% interest when you elect to take your distributions in Nexo’s proprietary token instead of in the same type of token you used to accrue it.
Interest is calculated on a daily basis, and you are free to deposit or withdraw your tokens at any time. There is no minimum required balance in order to take advantage of Nexo’s interest program.
In addition to earning on cryptocurrencies, you can also earn up to 12% annual interest on euros, pounds and the U.S. dollar. You can link your bank account directly and transfer assets to your Nexo wallet. Depending on your bank, these transfers may take between 1 to 3 days to close. Note that you must complete additional verification before you can begin earning interest on fiat currencies.
If you hold cryptocurrency in your Nexo account, you can access crypto-backed loans. Here’s how it works.
- Step 1: Deposit cryptocurrency to use as collateral. Quickly transfer your held crypto to your Nexo account. In most cases, transfers from wallets take only a few minutes. Nexo currently accepts BTC, ETH, XRP, LTC, XLM, BCH, EOS, LINK, TRX, stablecoins, PAXG, NEXO and BNB as collateral.
- Step 2: Agree to your loan conditions. When you agree to the loan conditions and interest rate, the Nexo blockchain will instantly generate your loan. This means no waiting period and your loan funds are available as soon as the terms are set. You also won’t need to wait for your lender to run a credit check before you can access the money you want to borrow.
Loans are available from $50 to $2 million. Rates start from just 0% and never exceed 13.9% – Nexo never looks at credit scores.Y ou can take the value of your loan by bank transfer, credit card or crypto. If the value of the cryptocurrency you used as collateral significantly declines, you may be asked to add more cryptocurrency and top up your account. Users can select from more than 40 fiat currencies or borrow instantly using USDT or USDC.
- Step 3: Repay your loan. From here, you can begin repaying your loan. Nexo will calculate your interest automatically. As you pay back your loan, your loan limit will increase and you can borrow additional money as needed.
As of June 2022, Nexo has lent out over $6 billion in loans.
Nexo’s new Nexo Card allows you access your Instant Crypto Credit Line using the same method as you use to charge purchases on any other credit card. The Nexo Card is accepted by over 40 million merchants around the world, and you can get 2% cashback on all of your purchases when you use your card.
The Nexo Card can be quickly ordered from your Nexo app. The Nexo app also gives you access to an advanced set of security features for your card, including instant card freezes and transaction monitoring.
Nexo’s mobile app mimics functionality of its desktop platform, allowing you to manage your card, credit line and crypto with just a few taps.
Here are a few of our favorite features offered by the Nexo mobile app.
- Card management services. The Nexo app allows you to access a host of management services to ensure that only you have access to your card. Use the app to enable notifications when a transaction is recorded , change your card’s PIN and more.
- Military-grade safety features. In addition to 2-factor authentication features, Nexo employs military-grade, 256-bit encryption and 24/7 fraud monitoring services to provide the highest possible level of safety for your mobile investments. You can also enable face recognition technology to add another layer of security to your mobile wallet — and ensure only you can access your account if your mobile device is lost or stolen.
- Interest notifications. Managing your cryptocurrency investments and earned interest on-the-go is simple when you enable interest notifications through your Nexo app.
The Nexo app is available as a free download for both Android and Apple devices.
If you’ve never used a cryptocurrency savings account in the past, Nexo is an excellent platform to begin with. Offering high-yield interest rates, a simple mobile and desktop platform and high-level security, Nexo is an ideal choice for both cryptocurrency beginners and seasoned investors.
Though you’ll need to make your actual investments on a brokerage platform, transferring to and earning interest through Nexo is intuitive and easy.
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Nexo is a dishonest crypto provider. I bought nexo tokens using grab virtual card and nexo restricted my account saying that I need to provide a statement which I gave and they rejected it saying that email statement is not accepted. My virtual card provi
They have very good interest rates and easy to use platform.
nexo has crappy security and allows your cryto to be stolen do not risk it
It's a total rip off
To decide whether to trust my money to the service that is reviewed
Your review was very informative and helpful. I will create an account with NEXO based on your report and insights. Thank you!
The advertise 8% Interest earnings on BTC in the US but it is not possible to earn more than 5%.
They stole my money, and there is no human support. There is no recourse. Stay far away from these crooks.
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