Nexo Review: Is It Safe? Here’s What We Found

Many crypto investors will store their digital assets on a fiat-to-crypto exchangetrading exchange, or a hardware wallet for safekeeping. While this is considered the norm, this strategy doesn't build your crypto wealth over time, earn free crypto or let you obtain fiat currency instantly to pay bills without selling your investment.

In this Nexo review, we will assess the digital currency platform that aims to be a leader in crypto lending, decentralized finance and one best platforms to earn interest on crypto.  

Key  Features:

  • Obtain an instant cash loan without selling crypto
  • Earn up to 10% p.a on stablecoins and fiat currencies
  • Earn up to 6% p.a on crypto coins
  • Platform is insured against theft with custodian BitGo
  • Quick and easy loan review process
  • Interest amount is paid out daily



Ease of use

User interface



This post contains affiliate links with our partners who may compensate us. However, this does not influence our review process or rating system. Read our disclaimer for further information.

What Is Nexo? 

Nexo is an online cryptocurrency loan service that offers financial benefits for storing crypto assets on the platform such as Bitcoin and Ethereum within a Nexo secure wallet. The cash-based lending platform is backed by well-known investor and TechCrunch founder Michael Arrington and led by Acntoni Trenchev, Co-Founder & Managing Partner.

nexo website

Since it's launch in 2017, Nexo has processed more than 1.5 Billion dollars from over 1 million users across 200 jurisdictions and supports over 40 fiat currencies. The lending service has gained widespread popularity as an alternative crypto investment method and storage option for individuals and companies to leverage additional financial benefits for borrowers and lenders.

NEXO Compared

NEXO is an ease to use and popular way to earn free Bitcoin through their interest accounts and lending platform. Here are a few alternate lending and interest platforms like Nexo where you can earn interest on crypto.


Interest Rate







Up to 3.14% p.a


Get 10% off trading fees



Up to 8.6% p.a


None available at this time

Up to 12% p.a


None available at this time

Is Nexo Trustworthy?

Cryptocurrency lending and savings account Nexo appears to be a reputable, legitimate and trustworthy company that is licensed, regulated in 200 countries and insured up to $100 Million against theft that is provided by qualified custodian, BitGo.

While placing money with an online provider requires does involve certain risks, Nexo's insurance policy offers its investors a peace of mind their funds can be returned in the event of a security breach or hack.

nexo stats

Is Nexo Insured?

Nexo has partnered with Ledger to provide a vault solution to store crypto assets which is insured up to $150 million through a custom insurance policy between Arch and Marsh. The company plans to increase the insurance policy to over $1 Billion dollars in 2021 as a result of its exponential growth and commitment to providing a high-standard of safety. 

In addition, Nexo's cold storage wallets are provided by custodian BitGo, which carries $100 Million insurance protection through a network of underwriters through an insurance company called Lloyd's. This policy protects customers digital assets and keys that are held within BitGo's wallet. The insurance policy covers hack or theft of private keys, insider theft or loss of keys.

Products & Features

Obtain Instant Cash Loan

Nexo offers the ability to take out an instant cash loan by lending crypto assets from as little as $10 and to maximum of $2 million. Borrowing cash or stablecoins with Nexo has zero hidden fees, with flexible repayments and no credit checks making it very assessible to many crypto holders. 

Earn Up to 12% Annual Interest

Nexo offers a high-interest savings account for cryptocurrencies and fiat money such as the EUR, GBP and USD. Customer funds are backed by an insurance policy to offer complete peace of mind while earning up to 12% interest. Funds can be added to the saving wallet or withdrawn at any time (not locked in).

nexo earn on crypto

Spend Crypto With Nexo Card

Nexo has launched its own bank card to spend crypto assets like a traditional debit card. The Nexo card is accepted by 40+ million merchants worldwide that even has 2% cashback on purchases with supported vendors. The new crypto debit card will allows its customers to spend digital currencies without having to sell them.

Nexo Exchange

Similar to popular cryptocurrency trading platforms, Nexo has its own 'Exchange' that allows existing users to instantly swap between 75+ digital assets and fiat pairs. The exchange works like a broker to simultaneously connect to 5+ exchanges to find the best prices.

nexo exchange

Creating An Account

To start earning passive interest on cryptocurrencies using Nexo, users will need to create an account and complete a Know Your Customer (KYC) and Anti-Money Laundering (AML) process. The ID verification process is fully automated and can be completed in a few minutes. The information that will need to be submitted is basic name, address and a Government-backed form of ID such as a Passport or Drivers licence.

The Nexo Token

The NEXO Token is the native token of the cash lending platform which shares 30% of all net profits with its loyal customers in the form of dividends. According to the website, Nexo coins are the World’s First Dividend-Paying Asset-Backed Token and has paid out over $9 million to Nexo holders in the last 3 years. The token provides the following benefits to user's on the platform:

  • Earn 12% APR for stablecoins, EUR, GBP and USD deposits
  • Borrow 5.9% APR for Nexo’s Instant Crypto Credit Lines
  • Receive 30% of Nexo token net profit in dividends

Instant Cash Loans Backed With Crypto

Nexo offers a safe and easy to use platform to obtain a cash loan fast for every day spending by depositing cryptocurrencies to use as collateral. The crypto-backed loan provides flexibility over a traditional loan as there is no lengthy loan process or credit checks required. Users can spend the money instantly if they use the Nexo card or withdraw to a bank account. The current Nexo loan interest percentage is from 5.9% per year on what is spent. 

how nexo works

Crypto owners can leverage their crypto portfolio to obtain fiat cash instantly without having to sell the investment or give up ownership. It is an alternative way to preserve the upside potential of Bitcoin and other assets, while withdrawing cash to cover costs. Investors can also avoid triggering a capital gains taxable event. 

For example, using the Nexo loan calculator, a Bitcoin investors can take out a cash loan of $10,000 by depositing 0.296 Bitcoin to their account to use as collateral. There are zero monthly, annual fees or hidden fees and no minimum monthly repayments.

nexo loan calculator

To take out a cash loan in fiat, users need to complete a Basic and Advance verification. Once the deposit has been confirmed by the blockchain, the user can withdraw a cash loan.

How To Take Out A Loan With Nexo

To get a cash loan with Nexo, follow these steps:

  1. Visit the Nexo website and create an account 
  2. Deposit crypto to the platform 
  3. Complete the verification process (KYC) 
  4. Navigate to “Withdraw Loan” on the dashboard  
  5. Select the preferred withdrawal method
  6. Enter in your bank account/Tether address
  7. Complete the loan and withdraw cash instantly

Nexo Crypto Loan Step-By-Step Guide

To obtain a loan in your local currency using your crypto portfolio as collateral, follow these steps:

Step 1: Assess How Much You Can Borrow

The first step is to determine how much you can borrow. Just like any other traditional finance loan, you need to understand how much you can borrow based on the size of the deposit amount or collateral.

Nexo makes it easy for beginners using a simple widget as shown below. This allows you to: 

  • Select the cryptocurrency asset to use as collateral (e.g. Bitcoin, Ethereum)
  • Enter in the amount of crypto you can store on the platform as collateral 
  • View the amount of fiat currency that can be withdrawn as a cash loan
nexo loan

Step 2: Deposit Crypto Funds As Loan Collateral

Once you are happy with the loan details and displayed interest rates, the next step is to deposit funds into the platform. On the dashboard, you will see a list of supported crypto coinsthat are accepted by Nexo. 

The process to deposit funds works in the same way as a cryptocurrency trading exchange. Make sure to enable two-factor authentication before depositing funds. To get started, follow these simple steps: 

  1. Click on the crypto asset
  2. Take note of the unique deposit address
  3. Send crypto to the provided address. 
nexo deposit funds

Step 3: Withdraw Fiat Currency Loan

Once the blockchain completes the transaction, the funds will show in your Nexo account. You will see the amount of 'credit line' appear on your dashboard against the crypto asset used as collateral. For example, if you deposited Bitcoin, then the line of credit amount will be shown against Bitcoin.

There is no obligation to withdraw funds immediately. It can remain in your Nexo account just like on a crypto exchange. When you decide to cash out, click on the 'withdraw' button. Here, you can select from 40 different fiat currencies. Make sure to enter your bank details correctly before completing the cash loan withdrawal process.

Step 4: Make Loan Repayments

The final step in the loan process is to make repayments. This is no different from any other traditional finance agreement such as a mortgage or a car loan. The good thing with Nexo is that you can choose to make repayments in another fiat currency or even a cryptocurrency.

As long as the amount equates to the minimum repayment amount that was confirmed during Step 1. Each time you make a repayment, it will be displayed in your Nexo dashboard so you can keep track.

Savings Accounts

Nexo offers high-interest accounts where users can earn passive income up to 10% p.a on stablecoins and fiat, and up to 6% on cryptocurrency. The interest earned in a Nexo savings accounts is significantly higher than a traditional bank account interest rate as shown below. The Nexo interest amount is paid out daily which allows the account to compound and grow rapidly, similar to dividends on a stock.

nexo earn

Nexo recently announced a 100% increase in cryptocurrency savings account interest rates for BTC, ETH, XRP, BCH, LTC, EOS, LINK, XLM, TRX, and PAXG. The rate has been increased to 6% APY, which previously ranged between 4% and 5% on cryptocurrency assets.

Nexo's new Earn on Crypto product allows clients to opt to receive a pay-out in the platform’s native NEXO token, regardless of the asset amount held in a Nexo wallet. The incentive brings a competitive yield with an extra 2% interest on all digital assets. Earning the NEXO token further increases the interest rate to 8% APY for cryptocurrencies and 12% APY for fiat currencies and stablecoins. 

nexo comparison

A big point of difference in the graphic above besides the higher annual interest rates is there are no fees on the interest account. Your crypto funds can be accessed at any time allowing you to withdraw funds to a personnel hardware wallet or sell back to fiat using a reputable exchange. To be eligible for interest gains, users need to provide liquidity to the platform by depositing and storing their fiat and crypto assets with Nexo.  

To be eligible for the interest rate, users need to provide liquidity to the platform by depositing and storing their fiat and crypto assets with Nexo.  

Frequently Asked Questions

Is Nexo Safe?

Nexo uses military-grade security and with 256-bit encryption and 100% offline cold storage wallets provided by world-class custodian BitGo, which has achieved Cryptocurrency Security Standard Level 3 as well as SOC 2 compliant. The 'bank-like' storage solution ensure the highest standard of security and safety of customer funds. The security measures include a multi-signature process to eliminate a single point of failure and improve resilience against the loss or compromise of the crypto private keys.

Is Nexo Regulated?

Nexo is a licensed and regulated digital currency provider that complies with local regulations across 200+ jurisdictions in the world. Nexo's team ensures that all relevant legal and compliance terms are met prior to accepting customers from each country.

Which Coins Are Supported By Nexo?

The following crypto assets can be deposited to the Nexo platform which can be used as collateral to obtain an instant cash loan - BTC, ETH, XRP, LTC, XLM, BCH, EOS, PAXG, NEXO and BNB.

What Coins Does Nexo Accept As Collateral?

Users can apply for a Nexo crypto-backed instant cash loan by depositing crypto assets such BTC, ETH, XRP, LTC, XLM, BCH, EOS, stablecoins, PAXG, NEXO and BNB as collateral.

Does Nexo Have A Crypto Loan Card?

Nexo crypto loan cards can be obtain and managed using the Nexo Mobile App. The card allows users to spend funds on the card that can be linked directly to the users cash loan account. 

Can I Buy Bitcoin On Nexo?

Nexo has introduced an exchange for its users to buy Bitcoin using fiat currency or trade to another crypto. Nexo Exchange supports 75+ crypto assets and fiat pairs that can be bought, traded and sold between each other.

Our Final Verdict

To conclude our Nexo review, we believe the platform will be well suited to long term investors that are looking to build wealth by leveraging their crypto. In return, the platforms offers a safe and insured way to earn high-interest returns or access quick cash through a loan. 

Overall, the Nexo website is easy to use and offers features and rates that are not possible with traditional banking methods. We anticipate Nexo to lead the DeFi space and become a leader for lending and borrowing of digital currencies in the future.


  • Offers quality financial services to long term crypto investors
  • Allows investors to earn more crypto through an interest savings account
  • High-interest rates that are unmatched compared to the traditional banking sector
  • Interest is paid daily, allowing crypto profits to compound over time  
  • Unlock cash without having to sell your assets (e.g. not trigger a taxable event)
  • Earn compound interest in your portfolio while trading assets


  • A limited number of cryptocurrencies

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If there are other cryptocurrency platforms, services or exchanges that you would like us to review, please let us know and contact us with your request.

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Ease of use








Customer support



  • Beginner friendly and easy to deposit
  • Earn up to 8% per year on crypto
  • Obtain instant cash loans in fiat
  • Funds are insured up to $100M
  • Supports 10+ cryptocurrencies


  • Do not hold private keys to assets
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Kevin Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.