Nexo Review 2022: Top Crypto Banking6 min read

It is not the same as owning physical cash when it comes to cryptocurrencies. However, some exchanges allow you to deposit cryptocurrencies and receive interest in the form of a savings account. Various services allow you to borrow money if you put your cryptocurrency as collateral. It is another cryptocurrency platform that offers interest on deposits and lets you borrow digital assets and a wide range of features and services.

What is Nexo?


Nexo is an online cryptocurrency lending service that provides financial benefits for storing cryptocurrencies on platforms such as Bitcoin and Ethereum in a secure Nexo wallet. The cash lending platform is backed by well-known TechCrunch investor and founder Michael Arrington and is led by co-founder and managing partner Acntoni Trenchev.

Since its launch in 2017, Nexo has processed over $1.5 billion from over 2 million users in 200 jurisdictions and accepts over 40 fiat currencies. The loan service has gained wide popularity as an alternative method of investing in cryptocurrencies and a storage option for individuals and businesses. It is a growing part of the emerging decentralized financial sector that is rapidly gaining ground.

Products and Services

Nexo Product and Services

Interest on Cryptocurrency

Users can earn interest on cryptocurrencies and digital assets by creating an interest account. Nexo offers a unique daily payment concept where members get paid daily and can earn up to 16% annual interest. You can withdraw your earnings at any time.

Credit on Cryptocurrency

Stable currencies and cash can be borrowed through Nexo’s crypto lines of credit, allowing users to use their digital assets as collateral. The platform provides auto-approval, so there is no need to perform a credit check. Depending on the type of business the borrower owns, the interest rate varies from 13.9% APR.

Nexo Card

Nexo Card

Nexo offers a single Nexo card and is accepted at all MasterCard outlets, currently at over 40 million merchants worldwide. Users can explore all the features and transactions associated with a Nexo card using the Nexo Wallet app. Plus, they’ll receive 2% instant cashback on all purchases, set up virtual cards for online transactions, and track transactions in real-time. The card does not charge annual fees or exchange fees.

Nexo Wallet

The platform wallet app is available for Android and iOS. The Nexo wallet lets its users access crypto credit instantly and from anywhere. Additionally, the user’s wallet can host all supported digital assets. There is also an exchange and transfer service included in the Nexo Wallet.

Nexo Token

Nexo token is Nexo’s native cryptocurrency and offers a high-yield dividend that distributes 30% of its users’ net profit. According to the team, the token is the first dividend-paying asset token and has already paid dividend holders over $9 million over the past three years.

Nexo Exchange

The exchange users can trade up to 100 different cryptocurrencies and fiat currency pairs on the platform. The platform uses a unique “smart routing system” that connects to more than five teams at once to get the lowest price, then splits orders based on price volume. During trading, Nexo does not charge trading fees directly to the buyer or seller; instead, the charges spread.

Commissions and Withdrawals

Compared to a traditional savings account, Nexo does not charge any fees for maintaining or withdrawing from the account, and the user is free to withdraw at any time. A brokerage fee is all that is required for a user to transfer from an exchange wallet to the Nexo account. Additionally, these costs can vary significantly depending on the broker you choose to work with.

The minimum amount of cryptocurrency an investor can withdraw varies depending on the type of cash or cryptocurrency they currently have in their wallet. The minimum allowable withdrawal amount for bitcoin is 0.001BTC, for example. In particular, there is no minimum deposit limit.

How to open an account?

Those wishing to use the wide range of Nexo services should visit the web, create an account and complete the KYC and AML procedures. It only takes a few minutes to complete the identity verification process, which is fully automated. You must provide personal information, such as your full name, address, and government-issued identification, such as your passport or driver’s license. You will need to deposit cryptocurrency and other digital assets into your account to get started.

Security and Protection of Funds


The platform has been certified by CISQ, the world’s largest management system certification provider, and RINA. In addition, the activities are audited by Armanino, a leading audit firm. You’ll never lose control of your account with Nexo Two-Factor Authentication (2FA), biometric identification, withdrawal confirmations, login alerts, and 24/7 support.

Nexo uses Ledger Vault to store cryptocurrencies. It uses bank-level cold storage and multi-signature escrow to store provided private keys. Arch and Marsh are available to cover up to $150 million in Ledger Vault assets. According to the team, Nexo’s insurance portfolio has grown to $375 million. Additionally, Nexo plans to bring in a group of insurers to insure $1 billion or more in the near future.

Pros and Cons

This is a world-class platform that allows people to borrow their cryptocurrencies for cash loans or use them as collateral for high-interest rates. The Nexo platform’s benefits include earning interest in fiat currency, interest paid daily to enable compounding, and a beginner-friendly platform. There are some disadvantages, such as the limited number of crypto assets and maintaining a balance on Nexo tokens for additional benefits.


  • Earn interest on your portfolio by trading assets
  • High-interest rates that do not correspond to the traditional banking system
  • Daily payment of Interest, allowing cryptocurrency earnings to grow over time
  • It allows investors to earn more cryptocurrency through an interest-bearing savings account
  • Unlock money without having to sell your assets (for example, without triggering a taxable event)


  • There are only a number of crypto-currencies you can use as collateral
  • You must buy Nexo tokens to get higher interest rates
  • You must maintain a specific Nexo token allocation in order to retain benefits

Is Nexo reliable?

Nexo Cryptocurrency Savings and Loan Account appears to be a reputable, legitimate and trusted company, licensed, regulated in 200 countries, and insured for up to $100 million against theft by a qualified custodian, BitGo. Although investing money in an online provider involves certain risks, the insurance policy gives its investors the peace of mind that they will get their funds back in the event of a security breach or a hacker attack. 


Regardless of market circumstances, Nexo has remained stable. Additionally, it has assets under management totaling over $12 billion and over 4 million registered members. While many other lending platforms have been around for a while, Nexo has quickly become one of the most popular in the world. By using Nexo, owners can increase the value of their property without giving up control of their assets. It’s no secret that great APIs and cashback cryptocurrencies are among the top reasons users like the Nexo platform.