In this Nexo review, we look at why it’s more than just a crypto exchange. It comes packed with unique features and allows you to earn, borrow, trade, and spend in a single platform.
As good as that may sound, we’re here to give an honest opinion on these features to help you determine whether you should use Nexo.
We’ll cover features like its dual investment program, fixed and flexible savings options, and of course, its crypto exchange, among others. We’ll also find out if it’s beginner-friendly or catered towards experienced traders. Let’s get started.
Nexo Exchange Pros And Cons
Before we get into the review, here’s what we liked about Nexo and what we think could be improved.
What We Liked
- All-in-one platform that allows for crypto management, earning, borrowing, and spending
- Earning opportunities with up to 16% APR
- Available in 150 jurisdictions around the world
- Helpful customer support available 24/7
- Comprehensive resources to help you get started
- Nexo debit/credit card that lets you spend crypto like fiat
What We Didn’t Like
- Nexo trading fees (0.2%) are more expensive than competitors like Binance (0.1%)
- Certain features are restricted in some major regions, like interest-bearing savings accounts in the US
- Many benefits require you to hold $NEXO tokens
Nexo is a great solution for those seeking an all-in-one wealth management platform that allows you to earn on your savings and quickly borrow funds to increase liquidity. Moreover, its intuitive interface makes it a great place for beginners and those who appreciate fast and professional customer support.
What Is The Nexo Crypto Platform?
Nexo is a centralized financial (CeFi) platform with a strong focus on digital assets and wealth creation. It was co-founded in London in 2018 by Antoni Trenchev and Kosta Kantchev. The former is a prominent figure in the crypto industry, while the latter is known for his optimistic views on digital assets.
Nexo’s dedication to security and regulatory compliance earned it the trust of over 7M customers across more than 150 jurisdictions. Currently, Nexo manages over $11B in digital assets and has processed over $371B in transactions since inception.
The unique aspect of Nexo is that it functions as a digital asset bank rather than just a trading platform. This means it offers features that many established crypto exchanges do not.
For example, Nexo offers high-interest savings (up to 16% APR on stablecoins), instant loans from 2.9% APR, and a Nexo card for spending crypto without first having to convert it to fiat. These features make it a truly unique player in the crypto space.
Nexo was built on four main pillars: Earn, Borrow, Trade, and Spend. You can access the platform via mobile app (iOS or Android) or through the web. That said, some features, like interest earnings, are unavailable in the US.
Its native token, $NEXO, powers a tiered loyalty program that unlocks higher yields and cashback.
Where Is The Nexo App Available?
Nexo is a globally recognized centralized finance platform (CeFi); however, it’s subject to local regulations. Overall, Nexo is available in 30+ EEA countries, including Austria, Belgium, France, Germany, and Greece. Those in the UK have access to the full suite of tools, but with strict oversight from the FCA.
Countries and regions where Nexo is partially available include the US, Australia, Asia, Latin America, and Africa.
Australia allows trading and wallet access, but has disallowed access to the Nexo card and earning interest due to ASIC regulations. The story is similar in places like Hong Kong, Mexico, and South Africa.
For US residents, features like earning interest and the Nexo card are currently unavailable but will launch in late 2025 following regulatory settlements.
Now, countries where Nexo is completely unavailable include North Korea, Iran, Syria, and Cuba, among others. This is due to AML/CTF compliance and OFAC sanctions.
If you’re wondering about your region, take a look at Nexo’s Help Center.
Is Nexo Exchange Safe?
Nexo follows strong security practices and regulations, which makes it a generally safe platform. It also has a clean track record with no major hacks since its founding in 2018.
However, it carries the same risks as other centralized platforms.
These risks include centralization vulnerabilities, such as custodial failures, limited control (since you do not hold your private keys to your digital assets), and mismanagement of funds, which can lead to company failure. A case that exemplifies this is the collapse of Celsius and BlockFi in 2022.
With that being said, let’s look at what makes Nexo a safe platform.
Strong Security Measures
Nexo implements institutional-grade AES 256-bit SSL encryption to protect user data. It also offers two-factor authentication (2FA) via SMS, email, or authenticator apps, as well as biometrics (fingerprint and facial scan).
Additionally, it has real-time activity alerts and address whitelisting, which helps to prevent incorrect transfers. Nexo also follows the Cryptocurrency Security Standard (CCSS), which requires implementing multi-signature schemes, comprehensive and frequent auditing, and advanced cryptography.
International Certifications
Nexo is audited quarterly against ISO 27001, 27017, and 27018 standards for data protection, cloud services, and international privacy. Additionally, the SOC 2 Type 2 certification undergoes an annual audit, which ensures that its security infrastructure is world-class.
Asset Protection and Custody
Nexo secured partnerships with BitGo, Ledger Vault, Bakkt, and Fireblocks to ensure your funds are safe. These partnerships provide up to $775M in custodial insurance, covering threats like hacks and theft. That said, the insurance doesn’t cover insolvency or per-user losses.
Assets are stored in cold and warm multi-signature wallets across more than one custodian, which eliminates a single point of failure. There have been no hacks since Nexo’s inception in 2018, which has been verified by external audits.
Know Your Customer Requirements (KYC)
KYC verification is mandatory if you want to use Nexo. This process, typically done upon account creation, requires you to provide your personal information, including name, address, phone number, a government-issued ID, and a selfie to prove your identity.
Nexo has partnered with Sumsub and Jumio, two industry-leading KYC companies, to provide seamless, secure identity verification while also remaining compliant with global regulations like MiCA and FCA.
Key Features of the Nexo Crypto Platform
Nexo blends crypto earning, borrowing, trading, and spending features, establishing itself as more than just a crypto exchange. Let’s take a deeper look at what Nexo has to offer.
Flexible and Fixed Term Savings
You can earn high interest on your crypto by depositing it into the Nexo Wallet. You’ll need to opt in for interest earning through the Nexo app and maintain a balance of at least $5K worth of digital assets.
Interest of up to 14% annually begins to build immediately after you make a deposit. That said, interest rates vary per asset. For example, $BTC deposits can yield up to 6% interest, while $ETH and $BNB will earn up to 7% annually. Less popular assets like $DAI and $DOt earn up to 12% and 14% respectively.
If you opt for flexible savings, your funds remain available at any time for investing, trading, or spending. On the other hand, fixed-term savings require you to lock your funds up for 1, 3, or 12 months. Fixed-term savings also allow you to earn extra yield, up to 16%, on top of Nexo’s flexible savings.
Dual Investment
Dual Investment is a derivatives product that gives you the opportunity to earn yields of up to 15% APR. All you need to do is deposit some crypto and set yourself a target strike price and a settlement date.
To achieve a potentially high return, you’ll need to be willing to convert your deposited funds to another cryptocurrency if its price matches your strike target price on the settlement date.
You can choose between two strategies that best fit your market expectations. ‘Buy low’ allows you to buy a cryptocurrency with $USDT or $USDC, while the ‘sell high’ strategy allows you to sell your existing crypto like $BTC and $ETC for $USDT or $USDC.
For both strategies, you set a settlement date and a target price and wait for your strategy to be executed. The nice thing is that while you wait, you’ll be earning yields of up to 15% on your deposited crypto.
Keep in mind that your funds cannot be withdrawn before the settlement date, and the yield will be paid out in the output currency.
Crypto Exchange
Nexo exchange allows you to trade over 100 digital assets and 1.5K asset pairs, including major tokens like $BTC, $SOL, and $ETH. It also supports less popular assets like $RUNE, $KSM, and $LUNA2, among others.
That said, cashback offers are exclusive to customers who are on Silver, Gold, and Platinum loyalty tiers, and you are only eligible if between 1% and 10% of your portfolio is made up of $NEXO tokens.
Crypto-Backed Credit Line
A flagship offering from Nexo is its Credit Line. It provides you with instant crypto-backed loans, giving you access to more liquidity without having to sell your digital assets. With Nexo’s Credit Line, your crypto acts as collateral, allowing you to borrow fiat like USD, EUR, and GBP or stablecoins like $USDT and $USDC.
The process is also automated, which means there are no credit checks or a lengthy approval process. You’ll be able to access your funds within 24 hours after depositing collateral.
Terms are flexible, allowing you to repay the credit at your own pace. However, if the LTV exceeds safe thresholds (83%), Nexo may automatically sell collateral to cover the loan.
You’ll get a notification before this happens, allowing you to either add more funds to your collateral or simply pay the loan back.
There’s also a unique Collateral Swaps function that allows you to swap collateral for a different asset. This helps optimize the LTV and avoid liquidation without having to shut the credit line down.
Nexo Card
The Nexo Card is a Visa-powered debit/credit card that allows you to spend crypto at over 100M merchants around the world without having to sell your assets first.
What’s nice is that you can switch between debit and credit mode with a simple tap and prioritize which assets to spend through an easy drag-and-drop feature. You can also add your Nexo card to Google Pay or Apple Pay for easy checkouts, and there are no monthly, annual, or inactivity fees.
You can get either a virtual or physical card and activate it directly from Nexo’s mobile app. That said, there is a temporary pause on all physical card orders, and there’s been no announcement on when orders will be resumed. The Nexo card is only available in EEA, the UK, Switzerland, and Andorra, with a US rollout expected in Q4 of 2025.
Nexo Platform Fees – Are They Competitive?
Let’s take a deeper look at the different costs you can expect when using Nexo.
| Fee Type | Fee Details | Vs Competition |
| Swaps (spot trading) | 0.2%-0.5% spread per swap. Platinum users get up to 0.5% cashback in $NEXO. | Lower than Coinbase (0.5%-1%) Higher than Binance (0.1%) Cashback offsets costs |
| Futures trading | 0.075% maker fees 0.1% taker fees 0.06% funding rate every 1, 2, 4, or 8 hours of perpetual contracts (contract dependent) |
Higher than Binance (0.02%) Similar to Coinbase Advanced (0.06%-0.1%) |
| Credit Line fees | 2.9%-18.9% APR based on LTV and loyalty tier. | Lower than most bank loans (7%-36%) Similar to Ledn (9.9%-12.4%) |
| Nexo Card | No monthly/annual/inactivity fees. Free ATM withdrawals up to tier limits (€2K/month for Platinum tier), then 2% over the tier limit. |
Matches Crypto.com/Wires’s 2% ATM fees |
| Deposits | Fiat fee of 25 EUR/GBP/USD for transfers below 100 units. Free for fiat amounts larger than 100 units. No charge on crypto deposits. |
Same as Binance, Coinbase, and OKX for crypto deposits. Binance and OKX don’t charge fees for fiat deposits. Coinbase charges $10 for wire transfers. |
| Withdrawals | Crypto withdrawals are free. Fiat withdrawals are between 1% & 2% for non-EEA users. Fiat fees are lower for EEA traders. |
Dynamic fees for crypto withdrawals. Fiat fees vary depending on the currency. |
It’s important to note that gas fees are paid to the network and vary depending on congestion. A good tip is to withdraw your funds at off-peak times to reduce the gas fees as much as possible.
Nexo Bonuses and Promotions
Nexo frequently runs different promotions and bonus campaigns in an effort to attract new users to the platform and reward loyalty. These include:
Referral Program
With Nexo’s referral program, you can earn a share of $5K in $BTC for getting a friend to sign up, split evenly between the two of you (so you each get $2.5K). All you need to do is send your unique referral link to your friend, who will then use that link to create an account with Nexo. Your friend must then add at least $5K worth of assets within 30 days, and maintain or grow their portfolio over the next 30 days.
Loyalty Program
If you have a minimum of $5K worth of assets in your portfolio, you’re eligible for Nexo’s loyalty program. The program has four tiers, each with better benefits than the previous. That said, to climb the tiers, you’ll need to have a certain percentage of $NEXO in your portfolio.
The benefits that come with the loyalty program include higher interest rates on savings, lower interest rates on Nexo’s Credit Line, and higher cashback on crypto purchases. Those on the Platinum tier can enjoy one free withdrawal per month for either crypto or fiat.
Asset-Specific Campaigns
These campaigns are often time-limited and asset-specific. For example, the current campaign rewards users if they transfer, buy, or swap other assets for at least 1K $XRP during the campaign period(August 11 – November 3), while earning interest of up to 12% annually. Eligible holders will receive a 5% bonus on the $XRP they added during the campaign (not the total holdings).
Nexo Crypto Platform – Is it Easy to Use?
Based on our experience with Nexo, supplemented by over 16K user reviews on Trustpilot, it’s among the best crypto platforms around.
It’s easy enough to use thanks to its straightforward design. The interface isn’t overly cluttered but offers plenty of earning, borrowing, trading, and spending features.
The only caveat is that the app tends to crash during high traffic; however, Nexo is aware of this and has been releasing updates to resolve the issue.
New users can refer to Nexo’s ‘Getting Started’ guide, which covers exactly how to use the platform, from making your first deposit to joining the loyalty program. There are also tips on futures trading, the Dual Investment feature, and a credit line for more experienced users.
We found Nexo’s customer support responsive and knowledgeable. They’re always willing to lend a hand, regardless of your timezone, and resolve most issues in a matter of hours. More complex issues might take longer.
Nexo vs the Competition – Is It Better?
Nexo is a great crypto platform, but it isn’t your only option. Below is a table comparing the best crypto platforms around.
| Platform | Top Choice For | Asset Support | Markets | Standout Features |
| Nexo | All-in-one wealth management | 100+ crypto assets and 1.5K pairs | Spot and Futures | Crypto-backed loans Nexo card Up to 16% APR on savings |
| Margex | Leverage trading without KYC | 46 crypto pairs | Perpetual futures and derivatives | Up to 100x leverage No KYC Multi-collateral system |
| Binance | High-volume trading and liquidity | 500+ cryptocurrencies and 1.5K+ trading pairs | Spot, futures, options, and P2P | Up to 125x leverage No KYC for basic use Large welcome bonus up to $600 |
| MEXC | Low-fee trading and new listings | 3K+ cryptocurrencies | Spot, Futures, and token launchpad | 0% spot maker fees Up to 500x leverage Early access to new tokens |
| OKX | Advanced derivatives and DeFi integration | 350+ cryptocurrencies and 500+ trading pairs | Spot, futures, options, and DeFi | Up to 100x leverage Copy trading Web3 Wallet integration |
As you can see, each platform has something unique to offer, and the best choice for you really depends on your trading goals.
Binance and OKX stand out thanks to their advanced trading options and high liquidity. Margex appeals to the more privacy-focused crypto traders, as it doesn’t require KYC. Finally, if you prefer keeping your trading fees as low as possible while getting access to up to 500x leverage, perhaps you should look into MEXC.
That said, Nexo is more than just a crypto exchange. Beyond standard crypto trading features, it offers banking tools you’d need to build your wealth.
Nexo App Real User Reviews and Experience
On Trustpilot, Nexo has received a 4.5-star rating with over 16.3K reviews, with 85% of them being 5-star reviews. Many users praise its ease of use, but one thing that stands out is its earning features.
Nexo’s customer support team is fast and helpful, which is important for crypto beginners.
However, no platform is perfect. For example, some customers aren’t too happy with Nexo’s fees.
Overall, Nexo is pretty straightforward to use with a wealth of resources to help you along the way.
Its KYC process takes less than 10 minutes, and the Nexo Card makes spending crypto easier than ever before. All this, plus a whole lot more, is the reason why we think Nexo is one of the best crypto exchanges around.
How To Get Started With the Nexo App in 4 Easy Steps
You can use Nexo through your browser or its mobile app. The process is very similar either way. In this guide, we’ll provide instructions for using the mobile app.
Step 1 – Download the Mobile App
Visit the official Nexo website. On the sign-up page, you’ll see the option to scan a QR code. Scan the code with your mobile to begin downloading the app.
Alternatively, you can click the signup button if you’d prefer to use Nexo on the web.
Step 2 – Create an Account
The next step is to launch the app on your mobile device and tap ‘Sign up’ at the bottom-right corner of your screen.
You can choose to sign up with your email address or through third-party accounts like Google or Apple.
Step 3 – Enter the Verification Code
A verification code will be sent to the email address you used in the previous step. Enter the six-digit code in the respective field in the app.
Step 4 – Set up Security
Create or generate a strong password and enable biometric authentication. While the password is mandatory, the biometrics are optional but highly recommended.
The next step to go through is the KYC verification, which takes around ten minutes to complete. Once that is done, you’ll be ready to use Nexo to build your crypto wealth. You can visit Nexo’s help center to learn how to verify your identity.
Nexo Crypto App Review: Our Honest Verdict
Nexo occupies a unique position in the crypto space. Its banking-style approach allows you to increase your liquidity for trades and earn competitive interest rates on your crypto savings.
Its loyalty program also offers some great benefits, including discounts on fees and crypto cashback on transactions. The only caveat is the requirement to hold $NEXO tokens.
Overall, Nexo is a very well-rounded crypto wealth platform. It’s user-friendly, available in over 150 countries, and offers a broad asset selection.
That said, a privacy-focused trader might find Nexo’s KYC requirement a turn-off. If you don’t mind using a centralized platform, Nexo is a great place to grow your crypto portfolio.
FAQs
1. Is Nexo safe and legit?
Nexo has a 4.5/5 rating on Trustpilot, a SOC certification, and complies with local regulations in more than 150 jurisdictions. All of this indicates that Nexo is a trustworthy platform that is safe to use.
2. Can US citizens use Nexo?
US citizens have limited access to Nexo – they can trade and use the Nexo Wallet. However, advanced services will only launch in the US towards the end of 2025, with some exceptions in New York, Alaska, and Vermont.
3. Does Nexo pay real money?
Yes, Nexo pays up to 16% APR on savings accounts and up to 2% cashback on Nexo card spending. These are credited in either crypto or fiat.
4. Does Nexo charge fees?
Yes, Nexo charges 0.2%-0.5% spreads, 0.75% maker and 0.1% taker fees for futures, and a small fee for fiat deposits of less than 100 units.
