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Nexo Review – Is it Legit? (June 2023)
Comprehensive and Unique Crypto Finance Platform
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Account Minimum: $0
Fees: Competitive Fees
Best For: Earning Interest on Cryptocurrency
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Nexo is a cryptocurrency platform and service which describes itself as one of the worlds leading digital asset institutions offering an all-in-one solution to buying, borrowing, and managing cryptocurrencies.
The company has been around since 2017 and now operates in over 200 jurisdictions providing service to more than 4 million users around the world while supporting dozens of cryptocurrencies, and fiat currencies, and providing a wide range of innovative features to traders.
What sets this platform apart is the ability to earn high interests from crypto that is held, we will dive into this in our review.
- High interest rates
- Daily interest payments available
- Several free monthly withdrawals
- Lack of clarity on fee structure
- Limited exchange offering
Trust and reputation of an exchange, broker, or any kind of service in the industry is crucial. From this standpoint, Nexo has performed well. Firstly, the company has been around since 2017. While this is not a huge amount of time, it is good within the sector and has allowed the company to cultivate a strong reputation in that time.
First off, users can be certain that their funds are safe. This is helped by a top-tier insurance policy that Nexo has in place. This insurance covers up to $375 million and is one of the most comprehensive in the industry. The company also increases transparency by working with Armanino to provide users with real-time audit figures of their custodial holdings. These can be viewed at any time through the following link. Nexo also has a number of security partners they work with to ensure that funds are always safe and that the service continues to run in a smooth and transparent manner. These partners include reputed names like BitGo and Vault.
Overall, the company has a strong reputation for providing a top-tier service that operates with a high level of accountability and works to ensure user assets are kept as safe as possible.
The asset range at Nexo is extensive. As an all-in-one service, the offering encompasses an exchange as well as the Nexo loan service. Through the exchange area of the company, users can trade in more than 300 market pairs including over 100 exotic pairs which may be more difficult to find elsewhere. The exchange also offers a smart routing system that ensures the best possible prices remain available.
When it comes to the other key aspects of the Nexo services, borrowing, lending, and earning, there is a range of options available to users. More than 35 popular cryptocurrencies can be purchased within 7 seconds using the Nexo buy function. This includes Bitcoin, Ethereum, USDC, USDT, and NEXO the native token of the company.
The Earn function of the service allows users to earn interest on crypto holdings which compounds and also can be paid out on a daily basis if desired.
Get better interest rates with Nexo’s Loyalty Program. Hold 10% or more of your Portfolio Balance in NEXO Tokens to get the highest earn rates, biggest rewards, and interest-free credit lines.
How much you earn depends on how much Nexo is held, for example*:
8% interest on stablecoins
8.5% interest on stablecoins
10% interest on stablecoins
12% interest on stablecoins
*Rates are subject to change, visit the website for more details.
As one of the cornerstone features of the company, the Nexo borrow service is also available and allows for borrowing at industry-low rates, instant approval, and fast transfer of funds in crypto to the borrower.
Commissions and Fees
Fees at Nexo are very competitive in all areas of their service. Using the exchange, the company keeps fees to a minimum and fixes prices at the moment you place a trade. This helps to create certainty around the price while they also take the best prices from the market using a number of sources. Up to 0.5% in crypto rewards is also available on trades.
Borrowing through Nexo is similarly low cost in nature. Borrowing rates start from 0% with no obligatory monthly repayment structure in place. Compounding interest on your holdings also allows you to earn based on your portfolio. This can be as much as 16% APR on crypto and 12% APR on stablecoins.
There are also no fees for moving crypto to or from our Nexo wallet. Users can benefit from 1-5 free crypto withdrawals on a monthly basis. This depends on their position within the company loyalty program that operates on a tiered basis. The Nexo card is connected to our credit line so there is no need to sell any of your holdings to use the card which is accepted by more than 90 million merchants worldwide and offers up to 2% in crypto rewards.
Trading with Nexo you will find a very user-friendly experience throughout. This applies across each of the services which the company offers. The Nexo exchange is well laid out and intuitive in terms of functions and features that operate in browser with no download required. This platform is essentially similar to many other mainstream exchanges and the features offered on order types and charting capabilities.
The remaining core of the Nexo service including the borrowing function is accessible on desktop or mobile and is a very easy-to-navigate experience. This makes the process as simple as possible for traders who are either new to the industry or more experienced.
Using the mobile app associated with the service is very convenient and available on both Android and iOS. No functionality or capability is sacrificed when using the mobile app versus the online browser version of the service.
There are three main methods of contact offered for customer support at Nexo. These are the web-based live chat service which is available directly on the website or through the mobile app. A ticketed online support service is also available for other queries, and the Nexo support team can be emailed.
Responses from Nexo support are swift through all forms of contact. These replies are also professional in helping users answer the questions they have asked. The Nexo customer support service is monitored on a 24/7 basis.
Overall, Nexo provides a comprehensive, all-in-one service to users. They effectively combine a complete cryptocurrency exchange alongside a host of other saving and borrowing features which remain the primary focus of the company.
In providing such a detailed service, the company has managed to attract millions of users worldwide within a relatively short period of time. This growth is sure to continue if Nexo keeps growing its offering in the user-friendly and accessible way that they have to date.
That being stated, most people will sign-up for the ability to earn high interest rates on stablecoins, Bitcoin, and other cryptocurrency.