Nexo Review

Nexo Review

Robert McDougall 

August 22, 2022

Cryptocurrency

What is Nexo?

Nexo is one of the world’s leading financial services providers that focuses on digital assets and currencies. Nexo was developed by a team with years of experience in the FinTech industry, along with an understanding of blockchain. The platform was started in 2018, and it has been striving to expand its professional financial services to the world since then. Nexo claims to have over four million daily users worldwide. Nexo is available in more than 200 jurisdictions, so almost any person in any region of the world can join the platform and use its services.

The dual mission of Nexo is to make the lending industry prosper and to solve the industry’s incompetence. The platform acts as a vehicle for users to purchase crypto assets, earn by investing them, instantly exchange crypto and do many more things right in one place. With a community of more than 300,000 members and countless strategic affiliates, Nexo is one of the most trusted crypto platforms that you can use, and for a limited time, you can claim $25 FREE Bitcoin when you sign up here and deposit $100.

  • Web Address: www.nexo.io
  • Main Location: London
  • Cryptocurrencies: BTC, ETH, XRP, USDT, USDC, DAI, BCH, LTC and 30+ more
  • Fiat currencies: USD, EUR, GBP, and more
  • Deposit Methods: Cryptocurrency, Credit/Debit cards, Bank Transfer
  • Deposit Fees: Free
  • Withdrawal Fees: Free
  • Mobile App: Yes

My Overall Thoughts on Nexo

With its many features, its communities and its security, Nexo leaves very little for professional crypto enthusiasts to complain about. The exchange is trying to transform the financial industry and get people out of the traditional banking trap. Be it investing your money, purchasing or selling, everything is easier with Nexo, and all these features even come with benefits like cash back.

Nexo also facilitates borrowing not only crypto but also fiat currencies. You can instantly obtain the assets you want just by providing collateral, and you can do so with a low interest rate. Among all these things, the following are the ones that I think are the best about Nexo:

1) You can earn impressive returns on assets:  Users can choose from a wide variety of assets to stake on the platform, with the option for daily payouts. Nexo offers up to 16% APY on some assets, but even those who opt for stablecoins to protect their equity can still earn a great deal of money by investing on the platform. Nexo also offers top-tier insurance so users can always have peace of mind when investing. Unfortunately, this is not available for US residents. If you are a US resident looking to earn crypto interest, I suggest you have a look at Hodlnaut (read review) or Celsius (read review) as alternatives.

2) Buy and sell crypto quickly and easily:  You can buy a lot of cryptocurrencies on Nexo almost instantly with various payment methods. The platform even has an option to swap assets. You can also sell assets for fiat currency.

3) Nexo offers 0% APR loans:  If you are looking for a low-interest crypto or fiat loan, check out Nexo. The interest rates on the platform start at 0%. Users simply provide collateral to obtain a loan. Interest rates depend on the LTV and on how many NEXO tokens you hold; the highest interest is 13.9%.

Despite the benefits mentioned above, the platform needs to bring a live chat team to instantly reply to users’ concerns. Additionally, the platform should ease up on its verification process, since users cannot use any services without verifying their identity.

Key Features & Advantages of Nexo

Countless cryptocurrency exchanges focus on particular aspects, but Nexo is an all-in-one platform for your complete crypto needs. It also boasts a premium interface and a professional experience. Some benefits include buying and selling crypto assets instantly or choosing between more than 300 pairs to exchange assets and earn cash back. And that’s not to mention earning interest, borrowing assets, crypto credit cards and other features. See below to find out all of the key features and advantages of Nexo to determine if it would be wise for you to go with them:

Negatives & Disadvantages of Nexo

I would be lying if I called Nexo a flawless crypto platform. Yes, it has certainly changed millions of people’s perspectives about crypto thanks to its services, but the exchange still has room to improve. Check out the negatives and disadvantages of Nexo below to determine how they might affect your experience:

What Services Does Nexo Offer?

Crypto enthusiasts from all over the world can use Nexo to buy and sell cryptocurrencies, swap them or explore the platform’s earning and borrowing features. But the thing that makes Nexo unique is that every feature is optimized to offer a seamless experience. It offers high interest rates when it comes to earning and low interest rates for borrowing. The platform does not charge any fee for purchasing and selling other than the network gas fee. Swapping assets is instantaneous. But do the services of Nexo end here? No! Take a look below to learn more about the complete services.

Buy and sell cryptocurrencies instantly:  With Nexo, users can purchase and sell a variety of cryptocurrencies almost instantly. Within only a few seconds, your desired assets are deposited into your Nexo account. This is a useful feature because it allows you to buy or sell them at the right time without having to wait for hours because of slow processing, confirmation and verification.

Users can either use credit cards to purchase crypto or top off their Nexo accounts with funds from their bank accounts and use that money to get the cryptocurrencies they want. As for selling, the fiat currencies are deposited directly into the users’ bank accounts within a specified period.

FREE $25 BTC signup bonus:  Nexo offers new users a welcome bonus of $25 BTC when you sign up using a referral link, such as this one. All you need to do is deposit $100 and you will receive the bonus in your Nexo account.

30+ cryptocurrencies:  Nexo has a great variety of cryptocurrencies that users can purchase, sell, swap, stake or borrow. In total, there are more than 30 assets, including almost all the popular assets as well as others that hold potential. This means users can diversify their portfolios, broaden their investments and explore projects that could benefit them in the long term. When you spread your portfolio wisely among the potentially good assets, you lower your chances of losing all your equity at once and increase the chances of making more money.

Up to 16% APY on digital assets:  Nexo offers up to 16% APY on certain crypto assets, which can help users grow their portfolios exponentially. The returns offered by Nexo are great compared to the many crypto accounts that offer only about 8%–10% APY on assets. Due to the higher rate of returns, you can grow your equity much faster and let your idle assets make money for you.

Swap between 300+ market pairs:  In addition to selling and purchasing at Nexo, users can swap their assets between 300+ market pairs. This feature allows users to exchange their assets with potentially better ones without wasting any time. With so much variety, it’s easy to find the right pair and execute the trade on the platform. Nexo also offers up to 0.5% cash back on every single swap you make, depending on your Loyalty tier.

You will be restricted when you buy cryptocurrencies with Nexo, since you will always have the option to swap your assets out with other ones.

Easy and fast borrowing:  Nexo has made it very quick and easy to borrow crypto assets . Users simply deposit their own crypto assets on the platform, providing them as collateral, and they are eligible for a loan. The amount you can borrow depends on how much collateral you have provided.

Nexo loans both stablecoins and fiat currencies. Interest rates start at 0% (for Gold and Platinum Loyalty members), and, with instant approval and no origination fees, you can borrow from anywhere between $50 and $2 million. Gold and Platinum members are ones that have more than 5% of their portfolio in their account comprising NEXO tokens.

Industry-popular loans and traditional banking loans take days to approve and come with hefty interest rates no matter the period and amount; Nexo eliminates these pesky aspects to borrowing.

Mobile app:  Nexo has introduced a mobile app for those who want to access their crypto assets and investments at any time. The Nexo app is available on both iOS and Android devices.

With the Nexo mobile app, users can make purchases, borrow assets or invest money wherever and whenever they want. They can also use the app as a crypto wallet. The app comes with a simple UI that allows users to access the features and functions easily.

Nexo card:  Nexo credit cards allow users to pay worldwide merchants without selling their crypto assets and converting them into fiat currencies. To obtain a Nexo card, you must be a citizen of the European Economic Area and have a minimum specified balance in your portfolio.

The Nexo card comes with benefits like earning up to 0.5% cash back in BTC or 2% cash back in NEXO tokens. Much like the loans, the credit line interest rates start at 0% APR with no minimum monthly repayments. The Nexo card also integrates with Apple and Google payments, making it useful on an even broader level. You can read our full review of Nexo card here.

Beginner-friendly platform:  It is very simple to get started with Nexo due to the platform’s layout, design and features. Users with no experience can easily explore the platform as each activity has a separate section and you do not need to spend any time on the features that you do not wish to use.

Unlike countless decentralized exchanges and even many private exchanges, you do not need prior crypto knowledge to use Nexo.

NEXO token benefits:  NEXO is the native token of the crypto exchange. Only those who hold NEXO tokens receive certain benefits. As the officials claim, NEXO is the key to unlocking the platform’s full potential.

The main benefit of holding NEXO tokens is increased yields when investing. Users also get additional cash back when performing particular activities on the platform, free withdrawals and discounts on interest rates while borrowing money.

You can swap your NEXO tokens for other crypto assets whenever you want, but holding them offers you the opportunity to make more money than standard users.

Licensed and registered with maximum security:  Nexo is a licensed and registered crypto platform that has been authorized by multiple parties, leaving no concern for users who want to use its services. Nexo also provides maximum security due to its ISO certified protection and biometric-based identity verification system.

These security measures build trust among the users of the platform and make them feel confident about investing their money in the platform.

Nexo’s massive network of communities, discussed more below, also keep all the members in touch and offer transparency. Finally, Nexo carries $375 million insurance policies that further protect user funds.

Massive community, blog and media center:  To give members a friendly environment with helpful information, Nexo created a massive community with thousands of members. It also provides blogs and media centers with several topics that users can check out anytime.

These media and communities help users understand how the crypto world works and what is currently going on in the blockchain industry. It can help keep you updated so you never miss an opportunity to invest, buy or sell.

Things I Don't Like About Nexo

Nexo is a great, feature-filled crypto exchange—there is no doubt about that. But it still has a few flaws that might affect the experience of some users. Take a quick look at the negative aspects below.

No live chat support:  Nexo claims to offer 24/7 customer support, and there is a help button on the bottom right area of the screen that looks like it connects you to a live chat. However, it is not actually live chat support. Clicking the button activates the platform’s AI bot that generates answers based on your question. You might be lucky and get a suitable answer, but this does not work all the time.

A crypto platform with the caliber of Nexo should have actual live chat support with living agents that can better serve the users and solve their queries. If you want to talk to a person, you have to use the old-school method of submitting a request and then waiting for a couple of hours to get a reply.

Strict verification is required before using any service:  Many might consider strict verification a benefit of Nexo, but it can be quite a hassle to fully verify your identity before accessing even the smallest of features on the platform. Users must enter all of their personal information and then upload several documents to verify it. It can take quite some time to complete the process. While it is not a bad idea to have only verified users on the platform, the process could be eased up a little.

Nexo Fees

Nexo Deposit Fee

Crypto deposits are absolutely free on the platform. Purchases through credit cards and bank transfers are free, too, but your bank might charge a processing fee.

Nexo Fiat Withdrawal Fee

It is absolutely free to withdraw fiat assets (or FiatX) to your bank account, although, again, your bank might charge a processing fee.

Pros and Cons of Nexo

Pros
  • Instant selling and purchasing of crypto assets
  • Earn up to 16% APY on certain assets
  • Borrow crypto and fiat assets with ease through collateral
  • Swap between 300+ market pairs
  • Claim benefits by holding NEXO tokens
Cons
  • No live chat support
  • Strict verification process

The Verdict

If Nexo supports users from your jurisdiction, which is highly likely, and you are in need of an all-in-one crypto platform, then hands down, Nexo is one of the best you could choose right now. The astonishing engineering and concept behind the platform have given it a touch that every professional crypto user would appreciate. While there still are a few aspects that need improvement, they do not severely affect your experience.

Invest with high rates, buy crypto, sell crypto, swap assets, borrow assets with low rates and use a crypto card with a line of crypto credit. Do you know of any other platform that offers all these services with zero to very minimal fees? If not, then you should have your answer about joining Nexo. Remember to sign up with the button below to claim your $25 BTC FREE!

Frequently Asked Questions

Is Nexo available in the US?

Nexo is available for residents of the US, but those users cannot hold NEXO Tokens or invest their idle assets. If you are from the US, I recommend you open an account with Hodlnaut (read review) or Celsius (read review) instead.

Is Nexo safe to use?

Nexo is a safe crypto platform that offers user assets full immunity. The platform is even insured up to $375 million and has bank-grade security to offer users a reliable and secure environment.

Can you borrow assets on Nexo?

Users can borrow a variety of assets on Nexo, including fiat and cryptocurrencies. Users are provided with different size loans depending on their collateral and account level on the platform.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.

To read our privacy policy read this breakdown.


Tags


You may also like

Luno Promo Code

Luno Promo Code

Binance Referral Code Australia

Binance Referral Code Australia
>