Pros
  • Support over 40 fiat currencies
  • Bank-grade vaults
  • $100M insurance through Lloyd Bank
  • Exchange with no fees
Cons
  • No margin trading

Nexo crypto banking service company. It is a popular financial crypto service provider for digital assets and it is serving thousands of people worldwide. When in 2016, the cryptocurrency industry got popular and gained people's interest, Nexo discovered a need for crypto banking services which didn't exist until then. In 2017, the founding team decided to build a fully automated banking institution to satisfy the needs of the cryptocurrency community for the first time in history. With their over 12 years of experience in fintech and lending automation, they made Nexo the world's first institution to offer Instant Crypto Credit Lines™ in over 45 fiat currencies around more than 200 jurisdictions.

Products offered: 

Nexo is going to offer products such as crypto loans, interest, trading, and credit cards on its platform. The company is working on these and you will be able to use these products soon. 

Earn on crypto: 

You can earn up to 8% APY on your cryptocurrency. Interest accrues daily and also paid daily. There are no minimum balances and hidden fees. 

Earn on fiat ( EUR, GBP, USD):

You can earn up to 12% APY on your fiat currency. Interest accrues daily and also paid daily. There are no minimum balances and hidden fees.

Following is the list of assets available and interest gain on crypto and fiat:

  • LTC: earn up to 8% interest annually 
  • BTC: earn up to 8% interest annually 
  • BNB: earn up to 8% interest annually 
  • PAXG: earn up to 8% interest annually 
  • TRX: earn up to 8% interest annually 
  • HUSD: earn up to 12% interest annually 
  • USDT: earn up to 12% interest annually 
  • USDC: earn up to 12% interest annually 
  • PAX: earn up to 12% interest annually 
  • ETH: earn up to 8% interest annually 
  • EOS: earn up to 8% interest annually 
  • TUSD: earn up to 12% interest annually 
  • XRP: earn up to 8% interest annually 
  • LINK: earn up to 8% interest annually 
  • DAI: earn up to 12% interest annually 
  • BCH: earn up to 8% interest annually 
  • XLM: earn up to 8% interest annually 

Nexo Loans

You can take instant fiat loans by using Nexo crypto banking services by staking your cryptos. Your credit lines will also adjust according to variation in the market prices of your collateral.

with Nexo dynamic credit lines, you can pay back the loans through your accepted cryptocurrencies holdings. You can also use fiat currency to pay back via bank wire.

Nexo Card:

This card allows you to spend the worth of your digital assets without selling them. It provides the following benefits:

  • Get instant notification about your transactions
  • Make free virtual cards 
  •  You can Monitor all your transactions 
  • Get 2% cashback on all your purchases
  • You can view your pin and change it anytime you want 

Exchange:

Nexo exchange enables immediate and no-limit conversion between over 75 fiat and cryptocurrency pairs directly through the Nexo mobile app. It gives best-price swaps through its “smart routing” system. The system “in-house innovation” connects multiple exchanges simultaneously and splits orders based on price per volume to give a fixed quote at order submission. This way no fluctuations occur in prices. 

Nexo Token

Nexo has an ERC20 company token named Nexo. This token claims to be the first dividend-paying, compliant and asset-backed token. Nexo shares its 30% profit in the form of dividends with the token holders.

The company encourages the token holders by continuously updating the incentives. Currently, token holders take benefits from the both borrowing and lending sides. On the borrowing side through lower interest rates and on the lending side by higher APYs for token holders.

Mobile app:

Nexo mobile app is available for both Android and iOS devices. The mobile app boosts your crypto banking even more so you can use the convenience, efficiency, and security while on the go and gives an excellent experience. 

The mobile version feels the same as the desktop version in features with the same uncompromised and seamless user interface.

Nexo tutorial

How does Nexo work?

Nexo works by allowing you to take out a fiat loan or money by staking various supported cryptocurrencies from your Nexo wallet to work as collateral. The accepted collateral list includes Ethereum, Litecoin, Ripple, bitcoin, bitcoin cash, EOS, Stellar and more. The team is working continuously to make available other assets on their platform. Once you deposit your collateral, you can get access to the value of your crypto in over 40 fiat currencies. 

Nexo earn interest guide

How to earn interest on your idle cash and crypto.

Account opening:

The account opening process is very easy at Nexo. You need to follow the following steps to open an account :

  1. Go to the website of Nexo and click on “create account”
  2. Fill in your email address and put a strong password, and click on the “click to verify” button.
  3. A verification window will open where you will have to slide the slider to complete the puzzle for verification purposes. 
  4. Click on the “sign up” button, a verification email will be sent to you for registering your account 
  5. Go to your Gmail account to check the email from Nexo 
  6. Open the email and click on the “Verify Email”. 
  7. Your account will be verified through the email and next click on the “continue to your Nexo account” to redirect you to the Nexo platform.
  8. Now you will be able to login your Nexo account 
  9. Enable 2FA from the “security” tab before using your account.

The Nexo team has also hinted that tokens will give additional incentives to both members of affiliate programs and Nexo card users. 

Nexo security:

Nexo has an unmatched level of security features. 

  • 2FA authentication:Email verification, SMS verification, authenticator App support
  • Biometric authentication: By using face recognition and fingerprint
  • Login alerts and withdrawal confirmation:You can keep full control of your account
  • 24/7 support:Positive rated customer support that is available through email or chat

Nexo alternatives

Platforms Features Start
Earning
bybit
  • Flexible Staking
  • DeFi Mining
  • Up to 400% APY
okx
  • Support over dozens cryptocurrencies
  • Multi-Staking
  • Up to 200% APY
  • Crypto lending
kucoin
  • Support over dozens cryptocurrencies
  • Multi-Staking
  •  High interest
  • Crypto lending
Binance
  • Support over 100 cryptocurrencies
  • Compounding interest
  •  High annual interest
  • Flexible Savings
  • Staking
Nexo
  • Support over 29 cryptocurrencies
  • Compounding interest
  •  Up to 18% annual interest
crypto com
  • Support over 35 cryptocurrencies
  • Compounding interest
  •  Up to 16% annual interest
swissborg
  • Support over 30 cryptocurrencies
  •  Up to 30% annual interest
  • Support 16 fiat currencies

Conclusion:

Nexo allows its customers to open Instant Crypto Credit Line in a variety of stablecoin or fiat currency by placing their crypto assets in a Nexo account. They can access cash anywhere instantly via blockchain withdrawal or bank transfer. Till now Nexo has enabled over 1 million users to store their digital assets and has processed over $1.5 billion.

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