Nexo began as a crypto lending platform in 2018. While it still offers crypto-backed credit lines, the platform has expanded to include other digital asset management services. And these services are centered primarily on crypto savings and trading, as we will expound on in this Nexo review.
As an innovative platform, Nexo has won several awards and recognitions, with the Forbes Business Awards in 2021 being one of its most notable. The platform also has robust partnerships and alliances with many crypto and fiat companies, like Ledger, Mastercard, Chainalysis, and Fireblocks.
While we are impressed with the platform’s growth, we also understand that trust is not based on growth alone. As such, this Nexo review will show you how the platform works, its pros and cons, and the core features to expect.
What is Nexo?
When it comes to wealth management for digital assets, Nexo is one of the leading platforms we’ve reviewed. At its inception, the platform allowed users to borrow stablecoins by using their digital assets as collateral. These digital assets include ETH, BTC, and XRP.
The lending feature was groundbreaking, as it meant you didn’t have to sell your assets when borrowing. And selling your assets could make you miss out on future gains.
While that feature revolutionized crypto lending, the platform has gotten much better. Today, Nexo offers a range of tools to help you save, grow, and manage your digital assets, whether new cryptocurrencies or established coins like Dogecoin. These tools include high-yield savings, an exchange for trading, crypto-backed borrowing, and the Nexo Card, which works for both credits and debits. If you need more tools, Nexo can still tailor them to your needs via Nexo Private.
Nexo offers solutions for individuals and for businesses. And there is also a loyalty program that unlocks higher savings rates and lower borrowing rates.
A few standout things to note about Nexo include the following:
The platform is available in over 150 jurisdictions
Nexo offers funding for businesses
You can store and manage over 100 cryptocurrencies
The platform supports fiat payment options like Apple Pay, Google Pay, bank transfers, and bank cards
How Does Nexo Work?
The first step to using this platform is to set up an account. Your account type plays a key role in determining which tools you can use.
If you want to manage your assets as an individual, then the personal account is your best bet. This account type offers tools in three major areas:
Savings
Asset management
Spending
Keep assets above $100,000, and the experience gets better with bespoke support from a relationship manager. Even so, the platform adds a loyalty program, one we found impressive during our Nexo review. That is because of the program’s many benefits, but even more so because the program is open to those with personal accounts.
For asset management, Nexo offers a crypto exchange where you can swap cryptocurrencies. You also get a credit line to borrow funds without selling your digital assets. If you need more trading features, then you can try its crypto futures trading platform.
The Nexo Card is the next crucial part of the features available for personal account holders. This card allows you to spend, but it gets better. You can earn interest and cashback on the card as you spend.
On the business side, Nexo features corporate accounts for companies. You can also get a white label solution if you need customized tools.
There is payment gateway support as well for businesses. With this solution, your clients can pay you in crypto directly without worrying about fiat-to-crypto conversions on their end.
Nexo: Advantages and Disadvantages
We’ve reviewed several crypto exchanges. But we must say that Nexo is a one-of-a-kind platform. From its nifty solutions on digital asset management to white-label features for businesses, the platform was impressive throughout our Nexo review.
But we still noticed a few things that could improve the experience if fixed. Here’s what we liked about the platform and what we hope the team improves:
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As mentioned earlier, Nexo offers features for both personal and business accounts. The top features we explored during our Nexo review include the following:
Flexible Savings
This feature offers up to 14% annual interest on savings. The rate depends on the crypto asset. But what makes it even better is that you can get daily payouts with no lock-ups.
Since there are no lock-ups, you can use your funds for more investments or trading at any time. And you can also spend your digital assets using the Nexo Card.
As of this writing, Nexo has paid over $1.2 billion in interest since its inception. It has also managed over $11 billion in assets, making it not only a reputable brand but also an efficient company.
The digital assets you can save in Nexo range from meme coins to the top altcoins, AI agent coins, low-cap cryptos, and penny cryptos.
Besides providing a savings option for your digital assets, Nexo also provides a feature for easy tax reports. You can effortlessly import your Nexo transaction history, calculate capital gains, losses, and income, and generate tax reports.
Fixed-term Savings
Unlike the flexible savings option, fixed-term savings require lock-ups for specific periods. Even so, Nexo offers a few notable features that make the option worthwhile.
First, you’ll get slightly higher annual interest rates (16%) compared to the flexible savings option. You can get even higher rates via the platforms’ loyalty program.
Another notable feature is the ability to renew your savings effortlessly. This feature is available with the auto-renewal option. And even better, you can switch the fixed term before it ends and convert it into a new one.
The fixed-term savings option can help compound wealth over time. While you grapple with new ICOs, you can effortlessly lock up your portfolio for 1 month, 3 months, or 12 months.
Dual Investment
This option allows you to buy low and sell high while earning high yields. And with it, you can earn up to triple-digit interest rates. But the interest rate will depend on your strategy.
You can automate the entire process for more efficiency. Nonetheless, you’ll always get clear views of your potential returns upfront. This approach helps in making informed decisions.
The dual investment feature also allows you to lock in rates. What impressed us in this part during our Nexo review is that the rates won’t change regardless of the market conditions.
If you keep over $100,000 in digital assets in Nexo, then the platform will tailor its dual investment feature for you. These customizations include exclusive interest rates, flexible maturities, and Nexo’s bespoke pricing strategies via Nexo Private’s OTC desk.
Those with over $100,000 in digital assets also get maximized profits from the dual investment feature. That is thanks to the relationship manager you’ll get when you reach that level.
Nexo Exchange
With the Nexo exchange, you will access over 1,500 crypto pairs, which is competitive in the market. The exchange supports blue-chip assets, stablecoins, altcoins, and many more.
The swapping experience gets better as Nexo uses a smart order router. This router aggregates liquidity from not one but multiple venues to ensure swap executions are done at their true costs. And it doesn’t matter if you have a large order of up to $3 million.
Besides getting efficient crypto swaps at the Nexo Exchange, you will also get crypto cashbacks for every exchange. And if you are worried about missing out on price changes, then you can use the Target Price Swap feature.
The Target Price Swap feature allows you to buy or sell automatically. Simply specify your preferred price and watch it do the rest.
Nexo also provides interest on your active assets while they wait for order execution. This way, you can maximize your interest earnings without even breaking a sweat.
If you need large-volume swaps, then the Nexo Private OTC trading desk is what you need. But to access that feature, you’ll need to hold over $100,000 in digital assets on the platform.
The Nexo Private OTC trading desk allows you to execute large-volume swaps with minimal market impact. You can also collaborate with your relationship for even more customized trade executions.
One thing we found impressive during our Nexo review is the deep liquidity and institutional-grade executions the Nexo Exchange provides via the Nexo Private OTC trading desk. And if you want to do your due diligence before trading, the Nexo app has all you need.
With the app, you can receive AI-powered alerts, track on-chain whale activity, view social sentiment, and perform on-chain analytics.
Crypto Futures Trading
Besides regular swaps, Nexo also offers crypto futures trading, where you can leverage price movements for profits. And if you are new to crypto futures or want to refine your strategy, you can use the demo trading section.
Nexo offers a 100x leverage to allow you to control larger positions than your capital. While that is commendable, it still isn’t as high as what CoinFutures, a competing platform in this regard, offers. The latter offers up to 1,000x leverage.
Besides leverage, Nexo also allows you to hedge against your spot positions. You can simply open a short position on the crypto futures trades as a hedge.
Trigger entry, stop-loss, and take-profit orders are available in the crypto futures trading section. These are handy, as you do not have to view the charts all the time.
Credit Line
The interest at Nexo is as low as 2.9% annually. And you can borrow up to $200 million as a private client. Individuals get a limit of $2 million daily.
During our Nexo review, we had the following things to note about its credit line:
You don’t have to sell your digital assets to borrow
Funds are disbursed within 24 hours
You can hold onto assets while accessing liquidity
Nexo offers loans in stablecoins and other currencies
You can repay your loan in fiat or crypto
And when needed, you can use Nexo Booster to mirror the investment strategies of large corporations. But note how much you can borrow depends largely on how much you have in your holdings. Nexo allows you to get up to 3x your holdings.
Nexo Card
An impressive part of using the Nexo Card is that you can use it in debit or credit mode. In the credit mode, you can use the card to access liquidity without selling your assets. Switch to the debit mode, and you can spend your digital assets.
The Nexo Card offers several benefits, which include the following:
Up to 14% interest on your unspent balance
2% crypto cashback on purchases
Up to $2000 in free ATM withdrawals per month
Zero monthly and annual fees
Accepted by 100 million merchants globally
With the Nexo Card, you can spend stablecoins and FiatX assets. These assets include USDx, EURx, and GBPx. It gets even better, as you can effortlessly pick which digital assets to prioritize.
If you have up to $100,000, then you will access higher spending limits and custom terms. Even so, you can get more benefits when you climb higher in the loyalty program.
The Nexo Card is available as a physical and virtual card. While we couldn’t get the physical card during our Nexo review, the virtual card was more than enough. It is simple to activate, and you can use it with Apple Pay or Google Pay.
Nexo Prime
Nexo Prime is the ultimate brokerage for institutional investors. It is designed for crypto exchanges, broker-dealers, payment providers, and trading desks.
With Nexo Prime, you can perform spot trading, crypto futures trading, and OTC trading. The OTC services allow you to grow your wealth via fixed-term savings and also borrow digital assets via the institutional credit line.
You’ll access industry-leading liquidity with the Nexo Prime, an advantage that impressed us during our review. Then, you have the institutional-grade custody that combines solutions from Fireblocks and Ledger Vault. And let’s not forget that these are the best in the business.
How to Sign Up for Nexo
You can register for Nexo via its official website or the mobile app. We tested both platforms during our Nexo review, and both were intuitive and quick.
Follow the steps below to set up your Nexo account:
Open the registration page and pick between a personal or a corporate account.
Enter your email and wait for the verification code.
Enter the verification code and create a password.
Agree to the terms of service and privacy policy.
With step 4 complete, you can log into the Nexo platform and view your dashboard. However, we recommend you go back to your profile and complete the remaining personal details. That’s because you’ll have to verify your identity before buying crypto on the platform.
Conclusion—Nexo Review
Nexo has proven to be handy when it comes to digital asset management. It provides the tools to not only store your digital assets but also grow them via savings. The credit line is another handy feature that separates Nexo from other crypto exchanges.
Another thing that impressed us during our Nexo review was the platform’s readiness to roll out new features. This proved Nexo’s commitment to innovation and long-term growth.
If you want a better way to engage your crypto instead of leaving it in storage, Nexo is our top recommendation. Even if you want a custom management solution for your crypto assets, Nexo still beats the competition.
