nexo Review 2024

Our veredict

Nexo is a comprehensive crypto exchange platform that offers an array of services including trading, borrowing, and earning interest on crypto holdings. The platform is particularly praised for its user-friendly interface and extensive features, such as the Nexo Card which allows users to spend their crypto assets as collateral for fiat loans. Nexo’s unique loyalty program offers various benefits based on the percentage of NEXO tokens held in a user’s portfolio, enhancing the user experience with lower borrowing rates, higher interest on deposits, and additional free withdrawals.

However, there are some drawbacks to consider. Nexo is not available to users in the US and UK, limiting its accessibility. Additionally, while the platform offers a competitive array of services, its selection of cryptocurrencies is more limited compared to some major competitors like Coinbase and Kraken. Issues with the Pro Exchange interface have also been reported, affecting the overall usability for advanced traders.

Pros

High-Interest Rates on Deposits: Nexo offers competitive interest rates on various cryptocurrencies and fiat deposits, with rates up to 16% for certain assets.
Nexo Card Benefits: The Nexo Card allows users to spend their crypto directly and earn 2% cashback on all purchases, accepted by over 40 million merchants globally.
Comprehensive Security Measures: Nexo employs robust security protocols, including cold storage for assets, two-factor authentication, and a $125 million insurance policy to protect user funds.

Cons

Threenvest Score

Fees

0.20% per transaction

U.S Legal

Yes

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At Threenvest, we are unwaveringly committed to providing you with unbiased ratings and information. Our editorial team operates independently, free from any advertising influence. We use meticulous, data-driven methodologies to evaluate financial products and companies, ensuring that all assessments are conducted on a level playing field.

To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

Why choose nexo?

Choosing Nexo as your cryptocurrency exchange offers several compelling advantages. First, Nexo’s user-friendly platform is ideal for both beginners and experienced traders. The interface is intuitive, making it easy to navigate and use the wide array of features available, such as instant swaps and trading pairs.

Secondly, Nexo’s robust security measures ensure that your assets are well-protected. With partnerships with top-tier custodians like BitGo and comprehensive insurance coverage, users can feel confident about the safety of their funds. This commitment to security is crucial in the crypto space, where security breaches are a common concern.

Another significant benefit is the Nexo Card, which allows you to spend your crypto assets as collateral for fiat loans. This card offers flexibility, allowing you to earn up to 2% cashback on purchases and making it easier to access the value of your crypto holdings without needing to sell them.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on crypto exchanges, I highly recommend Nexo for its comprehensive services and user-friendly interface. Whether you’re new to crypto or an experienced trader, Nexo offers a seamless experience with robust security measures, competitive interest rates, and unique features like the Nexo Card and a rewarding loyalty program. With these advantages, Nexo stands out as a versatile and reliable platform for managing and growing your crypto assets.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.