Our review of Nexo crypto platform: 4.4/5

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Nexo in brief

Our opinion of Nexo

Nexo provides a secure and regulated platform that complies with FINTRAC and CSA guidelines, making it a reliable choice for Canadian users. Its high-interest savings accounts stand out, offering up to 12% APY with daily compounding payouts, creating a strong opportunity for passive income. The crypto-backed lending feature allows users to access instant fiat or stablecoin loans while keeping their assets intact.

The Nexo Card enhances flexibility, enabling users to spend their crypto without selling it while earning up to 2% cashback on transactions. With zero deposit and withdrawal fees, the platform remains cost-efficient for both small and large investors. The loyalty program further rewards users, adjusting interest rates and borrowing costs based on the amount of NEXO tokens held.

Despite these advantages, Nexo does not provide a fully integrated trading platform, focusing instead on lending and savings. Traditional staking features are absent, limiting blockchain-native earning opportunities. An NFT marketplace would further expand its ecosystem, catering to digital asset collectors. Additionally, interest rate tiers could be more transparent, as the best rewards are reserved for users with significant NEXO holdings.

Who is Nexo best for?

Nexo is ideal for investors seeking passive income, crypto-backed loans, and a seamless way to spend digital assets. Those looking for active trading, staking, or DeFi features may find other platforms more suitable.

Let's find out more about our test results on Nexo.

Reliability and Security 4.6/5

Founded in 2018, Nexo has established itself as a leading crypto finance platform, offering services such as crypto-backed loans, high-yield savings accounts, and an integrated crypto card. With over 5 million users worldwide, it has built a reputation as a secure and innovative platform for managing digital assets. Nexo has received multiple awards for its contributions to the crypto lending and financial services sector, recognizing its role in bridging traditional finance with digital assets.

For Canadian traders, Nexo operates as a registered Money Services Business (MSB) with FINTRAC, ensuring compliance with Canadian financial regulations. However, it does not have direct registration with provincial regulators such as the OSC, BCSC, or ASC. Despite this, it follows CSA guidelines, making it a legally compliant and trusted platform for users in Canada.

Security is a core strength, with features such as two-factor authentication (2FA), biometric login, military-grade encryption, and insured digital asset storage. Nexo also uses real-time auditing and collateralized lending models to minimize risk exposure, ensuring users' funds remain protected.

Cryptocurrencies Available 3.8/5

Nexo positions itself as a crypto finance platform rather than a traditional exchange, focusing on crypto-backed lending, savings, and financial services. While it offers a smaller selection of tradable assets compared to global exchanges, it includes major cryptocurrencies, select altcoins, and stablecoins that align with its lending and interest-earning model.

Unlike some competitors, NFTs are not currently supported, and the platform does not provide access to a large variety of DeFi tokens or niche assets.

Below is a comparison of Nexo’s asset diversity versus the market average:

Our opinion on Nexo's offerings

Nexo provides a solid selection of essential digital assets, covering Bitcoin, Ethereum, stablecoins, and key altcoins that align with its lending and interest-earning services. However, the limited crypto selection and lack of NFT support place it behind traditional exchanges offering hundreds of assets, including DeFi tokens and collectibles.

Services and Tools 4.2/5

Nexo stands out as a comprehensive crypto finance platform, offering a range of financial services designed to help users earn, borrow, and spend digital assets efficiently. While it does not function as a traditional trading exchange, it provides high-yield savings, crypto-backed loans, and a flexible crypto card.

• Crypto Card: ✅ – The Nexo Card allows users to spend crypto without selling it, offering up to 2% cashback on purchases.
• Lending: ✅ – Users can borrow fiat or stablecoins using crypto as collateral, with interest rates starting at 0% APR for top-tier users.
• Interest-Earning Accounts: ✅ – Users can earn up to 12% APY on crypto and fiat savings, with daily compounding payouts.
• Exchange Services: ✅ – A built-in exchange allows users to swap over 30 cryptocurrencies, but it lacks advanced trading features like margin or futures.
• Fiat Deposits & Withdrawals: ✅ Available – Users can deposit and withdraw CAD and other fiat currencies with zero fees, making it convenient for Canadian traders.

Fees and Commissions 4.3/5

Nexo offers a competitive fee structure, particularly for users who hold NEXO tokens and qualify for higher-tier benefits. The platform does not charge deposit or withdrawal fees, making it a cost-effective choice for users looking to transfer funds in and out. Instead of standard trading commissions, Nexo applies a spread-based pricing model for crypto exchanges. Borrowing rates depend on the user's loyalty tier, ranging from 0% to 13.9% APR, with lower rates available for users holding more NEXO tokens.

Below is a comparison of trading costs for some of the most traded cryptocurrencies on Nexo versus the market average:

Other Fees on Nexo

• Deposit Fees: Free for all crypto and fiat deposits.
• Withdrawal Fees: Free for fiat withdrawals; limited free crypto withdrawals per month based on loyalty tier.
• Conversion Fees: Applied when exchanging cryptocurrencies; exact rates depend on liquidity and market conditions.
• Inactivity Fees: None.

Our opinion on Nexo's fees and commissions

Nexo provides one of the most cost-effective fee structures, especially for users who actively participate in its loyalty program by holding NEXO tokens. No deposit or withdrawal fees and competitive borrowing rates make it attractive for long-term investors and borrowers. However, spread-based trading fees may be higher than fixed maker-taker fees on traditional exchanges.

Customer Reviews 4.7/5

Nexo has a Trustpilot rating of 4.7/5 based on 15,677 customer reviews, indicating a high level of satisfaction among users, particularly for its crypto-backed lending, interest-earning accounts, and fee-free transactions. 

Here are some recent reviews from Canadian users:

• Daniel R (January 15, 2024): "I’ve been using Nexo for almost a year now, and the experience has been great. The interest I earn on my USDC deposits is much better than what any bank offers, and I love the daily compounding payouts. The Nexo Card has also been a game-changer, letting me spend my crypto without actually selling it. I did run into a slight delay on a withdrawal once, but customer support resolved it within 24 hours."
• Sarah L (March 2, 2024): "I took out a crypto-backed loan on Nexo when Bitcoin’s price dipped, and it was a seamless process. The loan was approved instantly, and I didn’t have to sell my BTC at a loss. The repayment terms were fair, and I even got a lower interest rate because of my NEXO token holdings. My only issue is that they don’t offer staking, which would make it even better for passive income."
• Jason M (February 2, 2025): "Nexo is a solid platform for earning passive income on crypto. The ability to get free withdrawals each month based on my loyalty tier is a nice perk. I mainly use it for earning interest on Ethereum and stablecoins, and so far, the payments have been reliable. The exchange is simple to use, but I wish they had more advanced trading tools like stop-loss orders or margin trading."

Good to know

Nexo maintains one of the highest customer satisfaction ratings, reflecting positive feedback on its lending services, interest accounts, and user-friendly platform. 

How does Nexo compare to other Crypto brokers?

Nexo offers a unique approach to crypto finance, focusing on crypto-backed lending, high-interest savings, and flexible spending solutions. Below is a comparison of its features against three other major brokers.

Conclusion of our analysis of Nexo

Nexo provides a secure and regulated platform that emphasizes earning interest on crypto, flexible borrowing options, and spending digital assets without selling them. Unlike competitors, it does not focus on trading, staking, or NFT marketplaces, making it better suited for passive income and lending rather than active trading or DeFi investments.

For users seeking to maximize crypto holdings through savings and lending, Nexo presents one of the most competitive options. However, those looking for broad asset selection, staking rewards, or NFT integration may find alternative platforms more fitting.

Before opening an account on Nexo, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Nexo?

Nexo offers different account types through its Loyalty Program, which determines the interest rates, cashback rewards, and borrowing costs users can access. Below is a breakdown of the account levels and their key characteristics.

Nexo's tiered account system incentivizes users to hold NEXO tokens, offering higher interest rates, lower borrowing costs, and additional perks as holdings increase.

Base Account

The Base Account is for users who do not hold any NEXO tokens. It provides standard savings interest rates and basic borrowing rates but offers the lowest cashback and only one free crypto withdrawal per month. This tier is ideal for users who want to use Nexo’s core services without committing to holding NEXO tokens.

Silver Account

The Silver Account requires at least 1% of the portfolio to be in NEXO tokens, unlocking slightly higher interest rates and lower borrowing costs. Users also receive increased cashback rewards on the Nexo Card and an additional free crypto withdrawal per month.

Gold Account

The Gold Account provides a significant improvement in benefits, requiring at least 5% of the portfolio to be in NEXO tokens. Interest rates on savings accounts increase to 10%, loan APRs decrease to 8.9%, and users receive three free crypto withdrawals per month. Cashback rewards on the Nexo Card rise to 1.5%, making this tier attractive for users actively engaging with Nexo’s financial ecosystem.

Platinum Account

The Platinum Account is the highest tier, requiring at least 10% of the portfolio to be in NEXO tokens. Users receive the best interest rates of up to 12% APY, zero-cost crypto loans, 2% cashback on the Nexo Card, and five free crypto withdrawals per month. This tier is ideal for long-term users looking to maximize passive income and borrowing benefits.

Nexo’s Loyalty Program offers significant benefits to users holding NEXO tokens, with higher earnings, better borrowing rates, and more perks at higher tiers. However, users who do not wish to hold NEXO tokens may find fewer benefits in the lower tiers.

How do deposits and withdrawals work with Nexo?

Nexo provides multiple deposit and withdrawal options, ensuring fast and fee-free transactions for both fiat and cryptocurrencies. Below is a breakdown of the available methods, supported currencies, processing times, and associated fees.

Nexo sets itself apart by offering zero deposit and withdrawal fees for fiat and crypto, making it one of the most cost-effective platforms for users looking to move funds in and out frequently.

Compared to many competitors that charge withdrawal fees for both fiat and crypto transactions, Nexo's free structure—combined with instant transfers within its ecosystem—makes it highly competitive. However, the number of free crypto withdrawals per month is limited based on loyalty tier, which may be restrictive for users making frequent transfers.

Does Nexo offer crypto staking?

Crypto Staking on Nexo

Nexo does not offer traditional staking for earning blockchain-native rewards. Unlike some exchanges that allow users to stake tokens directly on a proof-of-stake (PoS) network, Nexo focuses on interest-earning accounts, where users deposit cryptocurrencies and earn fixed or flexible APY based on their loyalty tier.

Crypto Lending on Nexo

Nexo provides crypto-backed lending services, allowing users to borrow fiat or stablecoins by using their digital assets as collateral. Loan interest rates depend on the Nexo Loyalty Program, with rates as low as 0% APR for Platinum-tier users.

Below is a breakdown of the interest rates available for different cryptocurrencies on Nexo:

Nexo’s lending and savings services offer passive income opportunities and flexible borrowing options, making it an attractive alternative to traditional staking and DeFi lending platforms. However, users looking for native staking rewards will need to use external wallets or staking-focused exchanges.

How are revenues generated by Nexo taxed?

Taxation of Crypto Income on Nexo in Canada

In Canada, income generated from crypto trading, interest earnings, and lending activities on Nexo is taxable under the Income Tax Act. The Canada Revenue Agency (CRA) classifies crypto-related earnings as either capital gains or business income, depending on the trading frequency and intent.

• Capital Gains Tax: If crypto is bought and sold as an investment, 50% of the profit is taxable at the individual's marginal tax rate.
• Business Income Tax: If trading is frequent or structured like a business, 100% of the profits are taxable as business income.

Earnings from Nexo’s interest-bearing accounts and crypto lending services are treated as income, meaning they must be declared in full on a tax return.

How to declare crypto income in Canada

• Track Transactions: Maintain records of all trades, interest earnings, withdrawals, and deposits. Nexo provides transaction history exports, which can assist in tax reporting.
• Determine Taxable Income: Identify whether earnings fall under capital gains, business income, or interest income based on trading behavior.
• Report on Tax Return:
• Capital gains should be reported on Schedule 3 of the T1 General Tax Return.
• Business income should be reported under self-employment income on Form T2125.
• Interest earnings from Nexo’s savings accounts should be declared as investment income in the tax return.
• Include Borrowing Transactions: Crypto-backed loans on Nexo are not considered taxable events, but liquidation of collateral due to loan default may trigger a capital gains event.

Watch out!

Failing to report crypto earnings can result in penalties, audits, or fines from the CRA. Using tax software or consulting a tax professional can help ensure accurate reporting and compliance.

Contact: How to contact Nexo customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.