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Everything you wanted to know about Nexo is covered in our Nexo Review.

Nexo is an internet-based cryptocurrency lending platform that offers instant loans by using cryptocurrencies as collateral. They are a company based in the United Kingdom, and they offer loans to people from all over the world.

Nexo’s mission is to “bring crypto mainstream.” How does Nexo work? Should you take out a crypto loan or lend your own crypto on Next? We will answer these questions and more below in our comprehensive Nexo review!

Nexo review

45 stars

Crypto is a wild and volatile market. It’s not easy to keep up with the fast-paced changes that happen every day.

We all know that investing in crypto can be risky, but what if you could earn interest on your investment? What if you could get your money back even when the price of crypto was going down?

Nexo has created a loan product for people who want to invest in cryptocurrency without having to sell their holdings. This allows them to profit from both rising and falling prices! You don’t have to worry about selling at a bad time or missing out on profits because they’re protected by our smart contracts.


  • Facilitates peculiar financial services to long-term investors
  • Significant interests for holding cryptos daily
  • Facilitates compound interest to your account while trading cryptos
  • Quick and Smooth registration process. It takes only a few minutes
  • Works with BitGo, along with crypto assets insured up to 100 million dollars


  • Supports a limited number of cryptocurrencies
  • It is basically a Centralized platform and relies on a large number of clientele and 3rd party loan providers.

When you invest in cryptocurrencies, you have several options for safeguarding your pegged tokens. A large number of crypto investors tend to keep their assets either on a trading exchange or a cold wallet for safekeeping.

Although this is widely considered the norm, this does not bring you benefits like building your assets, earning free crypto, or making you eligible to get fiat loans without selling your funds. 

Today, I am going to present a review on the Nexo platform, which aims to become the leading crypto-lender, decentralized finance, and every crypto-enthusiasts go-to platform for profiting interest in cryptocurrencies. 

What Is Nexo?

Nexo Review 2022: An Internet-Based Cryptocurrency Lending Platform 1nexo review

Nexo is fundamentally an internet-based cryptocurrency loan provider that awards financial benefits to its clientele for storing digital assets such as Bitcoin, Ethereum within the platform’s backed wallet.

The platform broke into the crypto arena in 2018 by widely famous investor and TechCrunch founder Michael Arrington along with Antoni Trenchev, who runs the forum as a Managing Partner.

The lending service is an alternative crypto investment and storage method that has gained widespread popularity for individual crypto-enthusiasts and companies to leverage additional financial benefits.

Per Nexo claims, while writing this review, the platform’s clientele amasses over 1 million loyal followers across 200 countries and treats over 15 Billion dollars through it.

nexo stats

The platform’s goal is to provide an alternative banking service that allows users to lend crypto and borrow fiat. Users can earn interest on their cryptocurrencies without relying solely on credit scores or traditional bank loans.

To get started with Nexo, a user must first deposit supported currencies into their wallet before deciding how to lend it out. In other words, it is up to the user how he utilizes the peer-to-peer market.

Why Choose Nexo?

Nexo allows you to borrow and send money, all without charging any interest or requiring an application process such as with traditional bank loans.

Here are a few of our favorite features offered by the Nexo lending platform.

Easy Signup Process

To get started with Nexo, creating your account will only take a couple of minutes for most users. All you need to do is answer few simple questions regarding yourself, confirm it, and start enjoying its comprehensive desktop or mobile platform.

Comprehensive platform

The Nexo platform layouts are designed in such an easy way that any user, especially beginners, who lack experience in cryptocurrency tradings, will find it easy to navigate through it without any difficulty.

This exceptionally easy-to-navigate platform facilitates you to keep track of your available holdings and credits and reimburse your borrowed assets with only a few clicks.

Moreover, Nexo also provides its users with 2-factor authentication to keep them safe from any security breach in order to provide ultimate safety for their investments.

Automated Interest Calculation and Payments

Once your account is set up and funded, you can sit back and relax as the platform will automatically deposit your calculated earnings(Interests) daily to your account. Nexo will then also notify you about the deposit along with the details of the funds you have earned. 

It is also worth mentioning that, when we compare it to other interest-based platforms, Nexo distinguishes itself as it circulates its users’ earnings daily to their accounts rather than at the end of the month.

Instant Cash Loan

Through Nexo, users can apply and receive a cash loan against their crypto-assets instantly. You can get a loan that ranges from $10 to $2 million with various repayment options without providing any credit checks. Moreover, the platform does not charge you anything when you borrow cash or stablecoins. 

Earn Up to 12% Annual Interest

The Nexo lending platform also provides its community with high-interest savings accounts for both digital currencies and fiats, such as GBP, EUR, and USD.

The platform offers an insurance policy for such accounts through which they can earn up to 12% interest without worrying about their fund’s security. It’s also worth noting that users can deposit or withdraw their funds from their wallets whenever they want; they are not as per se “locked in.” 

Spend Crypto With Nexo Debit Card

The platform also facilitates its userbase with its proprietary bank card, similar to any other traditional debit card. In this way, users can spend their cryptos on purchases.

When writing this piece, the Nexo debit card is acceptable to more than 40 million merchants globally. The users can also earn 2% cashback when they use this on the platform’s backed vendors. 

Instant Crypto and Fiat Exchange

Like many other famous trading platforms, the Nexo platform also features its own cryptocurrency exchange to its community. The exchange acts as a broker and integrates with more than 5 exchanges to present its users with the best prices.

Through this exchange, users can instantly swap their assets from any of the 100+ crypto-assets and fiat pairs options available.

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How to create an account on Nexo

As mentioned above, creating your new account is easy, and the whole process takes a few minutes. You just need to carry out KYC (Know Your Customer) and YML (Anti-Money Laundering) processes while creating your account.

Besides this, you will need to provide your basic information like your name, address, and Government-approved ids like your Drive license or Passport. 

The Nexo Token

The crypto lending platform, Nexo, also features its native token dubbed as “NEXO.” As per the company, NEXO coins are the world’s first Dividend-Sharing Asset-Backed tokens.

In other words, every token holder is eligible to earn some profit for as long as he/she holds. The company’s policy is to share 30% of the token’s net profit with all its holders. Since its launch, the company has transferred over $9 million to NEXO tokens holders, claimed by the platform. 

Other than this, the NEXO token holders can also reap the following benefits from the platform:

  • Earn up to 2% APY against their deposits, which means they can earn up to 12% against stable coins and 8% against other cryptocurrencies. 
  • They can borrow 5.9% for Nexo’s crypto credit lines.

How To Get Cash Loan From Nexo

Nexo is primarily considered one of the more secure and accessible platforms to get a fiat loan for everyday spending. Users just need to deposit their digital assets as collateral, and then they are eligible to get the loan in a quick manner. This type of cryptocurrency-backed loan is significantly more flexible than the traditional loan as it does not require those lengthy user authentications or credit checks. 

Once they received the loan, users can spend the funds on anything using the platform’s debit card or withdraw to their bank accounts. As of writing this Nexo review, users are obligated to pay 5.9% interest by year-end on what they spent from the loan.

Besides this, crypto investors can also leverage their digital assets for instant loans through the Nexo platform without giving up their crypto investments. In other words, users can preserve the upside potential of their crypto assets, while getting a loan to cover their costs. 

By carrying out the following simple steps, users will be able to get the loan in fiat by Nexo:

  • Visit the official website of Nexo and set up your account. 
  • After that, you are to deposit your digital assets into your account.
  • For getting a loan, you must first perform the verification process (Know-Your-Customer). 
  • Once done with the KYC process, you then need to click on “Withdraw Loan” showing on the dashboard.  
  • Choose the withdrawal method of your preference.
  • Fill in your bank account details.
  • Once completed all of the above steps, you can withdraw your cash instantly.

Nexo Review 2022: An Internet-Based Cryptocurrency Lending Platform 3

Are your funds safe at Nexo?

To ensure the safety of their assets, Nexo has partnered with Ledger, a company that is dedicated to security and infrastructure solutions for crypto-mania.

The vault solution provider has pledged $150 million as an insurance policy backed by Arch and Marsh and plans to increase this number to $1Billion by 2021. 

Not just that, the lending platform also employs military-grade security protocols and offline cold wallets presented by top-notch custodian BitGo that attains the Level 3 of Crypto Security Standard and is also SOC 2 compliant.

The security measures employed by BitGo contain a multi-signature process to avoid a single point of failure and simultaneously enhance its resilience in case of theft attempts of the private keys. This bank-like storage solution provider ensures the highest level of customer funds’ security and safety. 

Is Nexo Insured?

Nexo has partnered with Ledger to offer a vault solution for their users’ crypto assets which is insured against theft and risk of loss up to $150 million. This insurance is through Arch Insurance Company, a global reinsurer.

Nexo’s insurance policy will increase to USD$1 billion by 2021, as a result of the company’s exponential growth and commitment to safety.

As an extra layer of insurance, Nexo’s cold wallets are secured by BitGo, a “custodian” that offers $100 million in insurance coverage through Lloyd’s.

Nexo’s cold wallets are secured by BitGo, a “custodian” that offers $100 million in insurance coverage through Lloyd’s.

Nexo Wallet

Suppose you are someone who does not just want to hodl onto your crypto assets, and looking for a wallet that provides not only instant loans but also facilitates significant interest to the hodlers.

In that case, the Nexo wallet is just the right option for you. The Nexo-backed wallet application is available for both versions, Android and iOS.

The Nexo Wallet facilitates its community with all the essential services, like storing cryptocurrencies, transferring to other wallets, benefitting from the platform’s incentive programs, and all the functionality of an excellent exchange. 

To sum it up, by depositing their digital assets into Nexo Wallet, users are eligible to benefit from the platform’s two primary depositing services. The first one is, they can instantly get loans by putting their assets as collateral. And the other one is they get daily-based high-yield interests.

Nexo Mobile App

With just a few taps on your phone, Nexo’s mobile app starts working for you. You can manage your card and credit line as well as control how much crypto is in your account to make transactions.

Nexo, the internet-based cryptocurrency lending platform allows for management of your investments and earned interest on a mobile app. It also has fraud protection measures that even work in case you lose access to your phone or card.

Nexo Compared

Nexo Review 2022: An Internet-Based Cryptocurrency Lending Platform 4


Fees: Vary depending on currency


Nexo Review 2022: An Internet-Based Cryptocurrency Lending Platform 5

nexo crypto loans


Fees: 5.9% interest


Nexo Review 2022: An Internet-Based Cryptocurrency Lending Platform 6

Nexo Review 2022: An Internet-Based Cryptocurrency Lending Platform 7


Fees: Starts at 1.25%


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Conclusion: Is Nexo Scam or Legit?

Nexo is a pioneer in the cryptocurrency lending marketplace, having been established in 2018. Along with that, if we compare it with its competitors, such as BlockFi,, and Celsius, the platform’s interest rates are notably competitive.

As mentioned earlier, one of the things that does not help Nexo’s credibility is its ineffective customer service. So far, several times, Reddit threads and tweets came up asking it be more transparent about the company’s involvement with the customer’s concerns.

One other thing that can be troublesome for investors who believe in utter transparency is that Nexo has never published its internal audited financial reports backing it’s tall claims.

But to be absolutely fair with Nexo, many other cryptocurrency companies also lack in this regard. According to the Dun & Bradstreet allegations, the Nexo crypto lending platform earns about $417,555 revenue per year, which is significantly lower than what the company speculates.

When we look at the platform’s security infrastructure, which is ISO/IEC 27001:2013 approved, it indicates that the platform has been successfully audited by CISQ and RINA, which are prominent management system certification providers.

The Nexo platform, though it has its quirks in reporting and customer support, is generally a legitimate project

Waqas Sattar
Waqas is a professional journalist and crypto writer. A graduate of computer science, Waqas is highly interested in the intersection of global governance & the decentralized world.
By: Patrick Moore
By: Patrick Moore