Nexo Review: We Outlined The Key Benefits & Drawbacks! 🔥
9 min read
Nexo Review: What are the pros and cons of Nexo and should you signup to this exchange? We have done our homework on Nexo so that we can provide you with all the facts that you need to decide if you should be using this exchange. Our comprehensive review covers everything from it's products and services, spot trading fees, deposit methods and much more. Read our unbiased breakdown and decide for yourself!
Nexo was founded in 2017 by Antoni Trenchev and Georgi Shuleva and is a cryptocurrency exchange that offers users an innovative way to manage and earn interest on their digital assets.
With over 5 million users in over 200 countries, Nexo provides users with a secure platform to buy, sell, and earn interest on cryptocurrencies such as Bitcoin, Ethereum, Solana and many others.
One of Nexo's standout features is their interest-earning account, which allows users to earn daily interest on their crypto holdings.
With competitive interest rates and the ability to earn interest on multiple cryptocurrencies, Nexo is a great option for those who are looking to earn passive income from their digital assets.
In addition to their interest-earning account, Nexo also offers a Visa Card that allows users to spend their crypto without fees and earn 1% back in crypto. The card is accepted at over 40 million merchants worldwide and can be used to withdraw cash from ATMs.
While Nexo is available in over 200 countries, there are some restrictions on usage in certain regions such as Bulgaria, Estonia, Alaska, New York, and Vermont.
Nexo Earn products are also not available in the US. Overall, Nexo is a reliable, innovative, and user-friendly cryptocurrency exchange that is suitable for anyone looking to earn interest on their digital assets.
Nexo KYC Requirements
Nexo is a platform that requires Know Your Customer (KYC) verification for all users. The signup process on Nexo takes a bit longer than some other platforms, as all users are required to pass KYC to use its products.
To complete the KYC process on Nexo, users must provide several pieces of information, including a government ID which will be processed by Jumio.
The verification process can take up to 48 hours to complete in the slowest cases. Once the KYC verification is completed, users can access all of Nexo's features, including the ability to borrow and lend crypto, earn interest on their crypto holdings, and purchase crypto with a credit card.
Overall, Nexo is a reliable platform that prioritizes security through its KYC requirements.
Nexo Products & Services
Nexo is a platform that offers a range of cryptocurrency products and services to its users. With Nexo, you can buy and sell crypto with a credit or debit card, lend and borrow on your assets, earn interest on your holdings, and even get a crypto rewards debit card.
One of the standout features of Nexo is its Nexo Booster product, which allows users to borrow on their crypto holdings and increase leverage up to 3x. Besides earning interest on their assets, Nexo users can also buy and sell over 60 cryptocurrencies via the native spot order book.
The user experience on Nexo is excellent with an intuitive and beginner-friendly interface that is easy to navigate. The team has definitely been diligent in creating a user experience that is easy and intuitive for beginners to understand.
While Nexo does not currently offer any advanced futures products often required by more advanced traders, its range of spot trading services and ability to earn interest makes it a solid option for anyone looking to get started with cryptocurrency.
Nexo is a cryptocurrency platform that offers users the ability to purchase and trade cryptocurrencies through a variety of methods.
One of the most popular methods is through spot trading, which allows users to buy and sell cryptocurrencies at the current market price.
Additionally, Nexo also offers the option to purchase cryptocurrencies with a credit or debit card. This option is available to users in EU countries with a fee of 1.49% and to non-EU countries with a fee of 3.49%.
For those preferring to deposit fiat currency, Nexo offers bank deposit options for USD, EUR, and GBP through various methods like Wire Transfer, ACH, SWIFT, SEPA, and FSP. This makes it easy for users to transfer funds and buy crypto directly from their bank account.
Nexo charges a competitive spot maker and taker fee range of 0.04% to 0.2%, which is lower than some exchanges such as Coinbase and Gemini.
However, it is slightly higher than exchanges such as Phemex and Crypto.com. Nexo does not offer futures or margin trading, but its spot trading fees are reasonable and offer a good deal for traders. Overall, Nexo is a good option for those looking for competitive spot trading fees.
Nexo also provides users with an option to buy cryptocurrencies instantly using their credit or debit cards. This feature is available to users residing in EU countries, with a fee of 1.49%. For non-EU countries, the fee is 3.49%.
Nexo Deposit Methods
Nexo offers fiat deposit options for users who want to buy and sell cryptocurrency. With support for USD, EUR, and GBP, Nexo provides bank transfer options via SWIFT for USD, SEPA for EUR, and Faster Payments for GBP. The best part is that Nexo doesn't charge any deposit fees for any of the supported fiat currencies.
While Nexo does not offer as many fiat currencies as some of its competitors, its support for the most popular currencies makes it a viable option for many users. Plus, with no deposit fees, Nexo provides a cost-effective option for those looking to save money where possible.
How to withdraw from Nexo?
Nexo also offers a range of fiat withdrawal options for USD, EUR, and GBP. The platform allows users to withdraw their fiat funds via bank transfer, free of charge.
This is a great option for those who want to cash out their cryptocurrency earnings without incurring hefty fees. Overall, Nexo is a solid choice for anyone looking to withdraw their cryptocurrency earnings as fiat currency.
Is Nexo Safe?
Nexo is a cryptocurrency exchange platform that offers a wide range of security features to ensure the safety of its users' digital assets.
To begin with, Nexo has never been hacked and provides its users with proof of reserves. This means means that users can verify that their funds are properly stored and accounted for.
Nexo provides military-grade security featuring 256-bit encryption. This ensures that all user data is protected from unauthorized access or theft. Additionally, the platform stores users funds in near 100% offline cold storage wallets. This cold storage wallets are managed by a well known custodian, BitGo.
Nexo also provides a variety of other security measures, such as platform security, two-factor authentication (2FA), and biometric identification. These features ensure that only authorized users can access their accounts and perform transactions.
When it comes to licenses, Nexo is licensed by FINTRAC in Canada, VASP in Italy and Lithuania, and SFMSA in Switzerland, among others.
This means that the platform complies with all the necessary regulations to provide secure and reliable services to its users. For those who value the security of their digital assets, Nexo is on the surface an excellent choice.
In conclusion, Nexo is a highly reputable cryptocurrency exchange that has attracted over 5 million users from over 200 countries.
The platform offers a range of innovative products and services, including an interest-earning account, a Visa card for spending and earning crypto, and a Nexo Booster product that allows users to borrow against their crypto holdings.
Nexo also offers users an easy and secure way to buy, sell, and trade over 60 supported cryptocurrencies with competitive spot trading fees ranging from 0.04% to 0.2%.
The platform also provides a range of deposit and withdrawal options for fiat currencies, including USD, EUR, and GBP, with no deposit fees and free bank transfers for withdrawals.
Nexo is committed to the security of its users' digital assets and provides a range of advanced security features, such as military-grade encryption, offline cold storage wallets, and strict compliance with regulations.
Overall, Nexo is a reliable and user-friendly platform that offers a range of useful products and services for both novice and experienced cryptocurrency traders and investors.
With its growing user base, competitive fees, and commitment to security, Nexo is definitely a platform to consider in the ever-evolving world of cryptocurrency.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
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.