Swissborg vs Nexo: In this comparison, we dive into various aspects of both platforms to help you in determining the superior exchange. Our evaluation covers factors such as KYC procedures, country accessibility, product range, trading fees, withdrawal fees and much more. Continue reading to uncover which platform aligns perfectly with your trading and investment requirements!
Swissborg and Nexo are two popular cryptocurrency exchanges with their own unique features and offerings.
Swissborg is a Swiss-based exchange and wealth management platform founded in 2017 by Anthony Lesoismer and Cyrus Fazel. Swissborg aims to provide a user-friendly crypto experience for beginners with its modern and easy-to-use mobile app.
One of the key features of Swissborg is its limited range of 50 cryptocurrencies available for trading, including well-known ones such as Bitcoin, Ethereum, Swissborg Token, USDC, USDT, BNB, XRP, AVAX, and others.
The exchange is available in over 50 countries across Africa, Europe, Asia, North America, and South America with a user base of 700,000. However, it is restricted in countries such as the US and Turkey.
The exchange has over 200 employees and is headquartered in Lausanne, Switzerland. It has garnered over 500,000 downloads on Android and IOS, with a solid rating of 4.3 stars based on user reviews.
On the other hand, we have Nexo, a platform founded in 2017 by Antoni Trenchev and Georgi Shulev. Nexo is headquartered in Zug, Switzerland, with offices in Bulgaria and the UK. It has over 500 employees and is available in over 200 countries.
Nexo differentiates itself by offering an interest-earning account, allowing users to earn interest on their cryptocurrency holdings.
The platform supports a range of over 60 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. Nexo's interest rates are competitive and are paid out daily.
Nexo has gained an impressive userbase of over 5 million users worldwide. Its mobile app has been downloaded over 1 million times and has an average rating of 4.1 stars based on user reviews.
However, Nexo is restricted in countries such as Bulgaria, Estonia, Alaska, New York, Vermont, and its Nexo Earn products are not available in the US.
Swissborg vs Nexo KYC Requirements
When it comes to signing up for an account on Swissborg, the process is incredibly easy and straightforward. All you need to do is download the app on either Android or IOS and follow a few simple steps.
First, you'll need to verify your phone number, ensuring that you have a valid mobile number on hand. Once that's done, you'll be prompted to create a 4-digit passcode for added security.
And finally, to complete the signup process, you'll need to pass the Know Your Customer (KYC) requirements by providing your personal details, email address, residential address, and a valid form of identification.
It's important to note that KYC is mandatory for all users on Swissborg, so you won't be able to access any of the app's services without being verified.
On the other hand, signing up for Nexo requires a bit more time as all users are required to pass KYC in order to use the platform's products. To complete the KYC process, you'll need to upload your government ID along with other necessary documents, which will be processed by Jumio.
To provide all the KYC on NEXO takes a few minutes and then the company may take up to 2-3 business days to process the information and grant trading access.
For users who are looking to trade without going through a KYC process, you have to look to alternative exchanges as both Swissborg and Nexo require KYC from all of their users.
Swissborg vs Nexo Crypto Products
Swissborg and Nexo are both cryptocurrency platforms that offer a range of products and services to their users. However, there are some key differences between the two exchanges.
Swissborg offers a more limited selection of products compared to Nexo. On Swissborg, users can buy and sell 50 different cryptocurrencies, and they also have the opportunity to earn interest on a selection of those digital assets.
Swissborg's interest-earning feature allows users to earn interest on 16 digital assets, including popular currencies like SOL, MATIC, BUSD, APE, ETH, DOT, and AVAX.
Additionally, Swissborg is in the process of launching its own multi-asset launchpad, which will provide users with access to early-stage investment opportunities.
The mobile app is beginner-friendly and offers basic products and services in an easy-to-understand manner.
Nexo, on the other hand, offers a wider range of services compared to Swissborg. Users on Nexo can engage in spot trading, purchase crypto with a card, lend and borrow on their assets, and utilize the Nexo Web 3 Wallet.
The interface is beginner-friendly, easy to use, and offers a seamless trading experience. However, it's important to note that Nexo does not offer any futures or margin products that are often required by more experienced traders.
In short, Swissborg provides a more limited selection of products and services compared to Nexo with neither exchange being able to match the breath of services offered by exchange like OKX, Kucoin and Binance.
Let's take a closer look at the trading fees offered by Swissborg and Nexo. Both exchanges provide different fee structures based on the account status or trading volumes of their users.
First, let's talk about Swissborg. They have two types of trading fees: exchange fees and thematic fees. Exchange fees range from 1% to 0.25%, depending on the account status. For example, users with a Standard account (lowest level) will pay higher fees compared to those with a Genesis account (highest level).
On the other hand, thematic fees range from 2% for standard accounts to 1% for Genesis accounts. It's worth noting that Swissborg offers competitive fee rates for its users, making it an attractive option for traders.
Nexo charges spot maker and taker fees, which range from 0.04% to 0.2%. This means that depending on which cryptocurrencies are bought on Nexo and with which trading pair, users will be charged different fees within this range.
While Nexo's fees are not the lowest in the industry, they still provide a reasonable fee structure and obviously quite a bit lower fees than Swissborg.
Swissborg and Nexo both offer fiat deposit options for their users. However, there are some differences in the deposit methods and fees offered by each exchange.
Swissborg supports multiple fiat currencies for deposits including EUR, GBP, CAD, and CHF. For GBP deposits, users can choose between Faster Payments (FSP) and Swift transfers. If you prefer to deposit EUR, SEPA transfers are available.
On the other hand, if you wish to deposit CAD or CHF, you can do so via Swift transfers. Swissborg also allows users to deposit funds with Visa or Mastercard with a minimum fee of 5 EUR for card deposits.The fee for card deposits ranges between 1.5% to 4.5%, depending on the amount.
Nexo supports three fiat currencies for deposits: USD, EUR, and GBP. Users can deposit funds via bank transfers using SWIFT (USD), SEPA (EUR), or Faster Payments (GBP).
The good news is that Nexo does not charge any deposit fees for any fiat currencies, which is definitely a bonus for users looking to avoid additional costs.
In terms of the deposit methods offered, Swissborg has more options available than Nexo with the inclusion of Faster Payments (FSP) and Swift transfers for GBP deposits, as well as the option to deposit CAD or CHF via Swift transfers.
Swissborg offers users the ability to withdraw both fiat currencies and cryptocurrencies.
When it comes to fiat withdrawals, Swissborg charges a 0.1% execution fee with a minimum limit of 1 EUR and a maximum limit of 100 EUR. This means that the fee increases with the withdrawal amount which is crazy and worth avoiding this exchange all together for!
Swissborg supports multiple fiat currencies for withdrawals including USD, EUR, CHF and GBP.
On the other hand, Nexo also allows users to withdraw fiat currencies such as USD, EUR, and GBP. The best part is that Nexo offers zero fees for withdrawing these fiat currencies via bank transfer.
When it comes to cryptocurrency withdrawals, Nexo Bitcoin withdrawals range from 0.00008 BTC for withdrawals under $10 to 0.0004 BTC for withdrawals over $20. For Ethereum, the fees range from 0.002 ETH to 0.0005 ETH. The fees for USDT and USDC withdrawals are dynamic and can range from $1 to $10, depending on network activity.
Overall, both Swissborg and Nexo provide users with the flexibility to withdraw both fiat currencies and cryptocurrencies.
While Swissborg charges a terrible percentage-based execution fee for crypto withdrawals, Nexo stands out with its zero-fee policy for USD, EUR, and GBP bank transfers.
In conclusion, both Swissborg and Nexo are reputable cryptocurrency exchanges with their own unique features and offerings.
Swissborg focuses on providing a beginner-friendly experience with its modern mobile app, while Nexo differentiates itself by offering an interest-earning account.
When it comes to cryptocurrency selection, Nexo offers support for over 60 cryptocurrencies, providing users with a diverse range of options. Swissborg, on the other hand, focuses on a smaller selection of 50 cryptocurrencies.
In terms of fees, Swissborg has a much more expensive tiered fee structure based on account status and trading volumes, while Nexo charges spot trading fees ranging from 0.04% to 0.2%.
For fiat deposits, Swissborg supports EUR, GBP, CAD, and CHF, while Nexo supports only USD, EUR, and GBP. Swissborg offers more deposit options, including card deposits with fees ranging from 1.5% to 4.5%, while Nexo does not charge any deposit fees.
When it comes to withdrawal options, both exchanges allow users to withdraw fiat currencies and cryptocurrencies. Swissborg charges a 0.1% execution fee for fiat withdrawals, while Nexo offers zero fees for fiat withdrawals via bank transfer.
In our opinion, Nexo is clearly the better exchange across the board compared to Swissborg as it provides more products and cryptocurrencies and lower fees overall.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.