Nexo Review (2024): The Best Crypto Exchange?
With over 5 million users, Nexo is one of the biggest cryptocurrency platforms in Canada along with BlockFi and Celsius. Not only that, but its NEXO token is currently in the top 100 cryptocurrencies in Canadian rankings.
This short introduction will help you understand what Nexo is, how it works and what the pros and cons are.
Good to know
- Launched: 2018
- Where is Nexo located: Zug, Switzerland
- Who owns Nexo: Nexo has six executives. Nexo was co-founded by Kosta Kantchev.
- Number of assets available: 50+ cryptocurrencies
- Minimum deposit: $15
- Customer service: chat and email
- Nexo fees on fiat: card purchases have fees of 1.49% for EU and 3.49% for non-EU countries.
- Nexo fees on crypto withdrawals: none
- Payment methods: credit card, wire transfer, crypto assets
- Other assets: none
- Experience required: none
- Features: NFT-backed borrowing, Nexo card, NEXO coin, Nexo wallet
Our Nexo review
Nexo was founded in 2018 by Kosta Kanchev Georgi Shulev and Antoni Trenchev in Bulgaria before moving its headquarters to Switzerland. It received its initial funding from Arrington XRP Capita, a Washington-based venture capital firm that specializes in blockchain markets. Nexo was born out of Credissimo, a Europe-based FinTech group that specializes in loans.
What is Nexo? It is a prominent crypto exchange and lending platform that allows you to buy and sell crypto, and also to earn internet on any cryptocurrency investments you currently hold. In short, you to make money both actively and passively from your crypto assets. Nexo is headquartered in Switzerland which means it is less affected by the fluctuations of US fiduciary policy towards cryptocurrencies.
The savings account offering allows users to earn interest on idle coins. Savers can earn yields on savings as high as 12%. This is an appealing proposition for those who already own cryptocurrency and want to put it to work. Nexo offers interest rates between 3% and 18% depending on the amount invested.
Nexo offers loans from a minimum of 50 stable coins or $500 fiat. The maximum loan that can be taken out in a day is $2 million. Depending on how the loan is made up, interest rates vary between 6.9% and 13.9%.
- High returns savings accounts
- Intuitive mobile app
- Zero fees policy on withdrawal transfer and exchange
- Steeper learning curve for beginners than some competitors
What coins does Nexo offer?
Nexo currently supports more than 50 cryptocurrencies. Some of the most popular coins include:
- NEXO Token
- USD Coin
How to buy Bitcoin on Nexo?
To give a sense of how Nexo works, let's work through buying one of the most popular and well-known coins. Once you have opened your account you can either transfer crypto coins from a wallet or another platform or begin buying currency using fiat.
You can buy Bitcoin using your debit or credit card for as little as $10. You can also make a bank transfer to your Nexo account and use that to purchase Bitcoin on the trading platform. There is a card purchase fee of 1.49% for EU and 3.49% for non-EU countries.
Good to know
Members of the Platinum Loyalty Tier will receive an automatic 0.5% cashback in crypto rewards when they make a purchase.
You can also trade cryptocurrencies you already hold for Bitcoin on Nexo's Crypto Exchange. This exchange will happen automatically and without price fluctuation. For a more detailed look at the dos and don't's of buying crypto coins, take a look at our trading cryptocurrency guide.
What services does Nexo Canada offer?
Nexo offers crypto trading through its Crypto Exchange, which allows users to trade cryptocurrencies to take advantage of shifts in the market.
While card purchases have fees, fiat and crypto deposits and withdrawals do not. Nexo is committed to avoiding the burdensome fees imposed on users by other platforms that can discourage fluidity in the market and rapid trading. This works to create a faster and more reactive market than encourages responsive trading.
You can choose to hold cryptocurrencies with Nexo's Earn on Crypto savings accounts. These can offer up to 16% ARP which is paid out daily. There are four Loyalty Tiers: Base, Platinum, Silver and Gold. Each higher tier offers better rates of return and additional bonuses like cashback on purchases.
Nexo is also a lending platform, offering loans between $50 and $2 million. Gold and Silver Tier members are eligible for lower rates of interest, as low even as 0%. There are no credit checks and no monthly repayments.
Is there a specific Nexo token?
Yes! Nexo has its own crypto coin called NEXO. Buy and trade it on the Nexo platform as well as on many other leading crypto exchanges. The NEXO token price varies over time as does the value of all cryptocurrencies. NEXO has a maximum supply of 1 million coins.
The amount of NEXO that you hold in your Nexo wallet, known as your portfolio, will determine which loyalty tier (base, platinum, silver or gold) you are. Having a higher amount of NEXO in your wallet means you are able to access exclusive rewards like lower interest on loans, higher APR on savings and cashback on purchases.
What is the NEXO price?
The NEXO coin price at one point went as high as $4.00 USD but has fallen again to around $0.95 USD. As with all crypto tokens, the price can change quickly. The best way to keep up to date on the live price of NEXO tokens is through the Nexo platform website.
Does Nexo offer crypto staking?
Crypto staking is a way of verifying the blockchain that exists as an alternative to crypto mining. Owners of cryptocurrency can choose to 'stake' their crypto coins in order to help new coins in that currency be minted. This is known as the proof-of-stake system of verification. Staking allows crypt coin owners to earn passive income.
Nexo does not currently offer to stake. However, you are able to use Nexo to transfer crypto coins into staking pools. To find the best crypto staking platforms and begin NEXO staking then sign-up, please hit the button below. If you would like to stake your crypto, take a look at our guide to crypto staking, where you can compare the best crypto staking platforms.
Make money from your coins
What is the Nexo card?
Nexo card is a crypto credit card that allows holders to spend money against their crypto assets. Nexo card is not currently available for Canadians. Nexo is only available to residents of EU states.
If you are interested in having a crypto credit card, it would be worth doing some research into which crypto platforms offer one. Take a look at our guide to crypto exchanges and quickly find out where you could get one.
Is Nexo safe?
As with all crypto trading platforms, the first question you will be asking yourself is, how safe is Nexo? Let's break it down. Nexo states that it is a licensed and regulated platform. However, Nexo does not in fact state which institution has licensed and regulates it unlike competitors such as CoinSmart, who are regulated by FINTRAC.
Nexo partners with Bakkt, BitGo, Ledger Vault and others who collectively provide over $770 million of insurance for assets held on the platform. Nexo also has biometric security features to enhance users' protection.
This said it is important to remember that crypto platforms do not have the same regulatory standards as established financial institutions. Nexo is headquartered in Switzerland, not in Canada and you should not expect the same level of protection as you would enjoy with a financial entity directly regulated by the Canadian government.
What are the best alternatives to Nexo?
There is a wide variety of crypto exchanges to choose from, and different interfaces and bonuses may suit different people. If you are interested in having a crypto credit card and being able to access your assets while out and about then Nexo might not be the right platform for you.
Some exchanges are more geared towards trading and others are better for making passive income. This can be done either by staking or saving. The best way to find the right platform for you is to take a look at our crypto exchanges and use the inbuilt comparison tool to see what is on offer.
Compare the best crypto exchanges