Nexo and Celsius are popular cryptocurrency lenders that allow users to earn interest on their crypto, as well as obtain crypto-backed loans. Both have their similarities but how do they differ? In this Nexo vs. Celsius review, we provide a summary of each platform, compare their products and services, outline their pros and cons, and assess their security.
|Review||Read our full Nexo review||Read our full Celsius review|
|Promotion||None available at this time||None available at this time|
|Fiat Currency||USD, GBP, AUD, EUR & 36 others||USD (or 18 currencies via third-party)|
|Deposit Method||Bank transfers, wire transfers, debit card||Credit and debit card, ACH and SEPA|
|Live Chat Support||Yes||No|
|Lending & Borrowing||Yes||Yes|
|Loan Interest Rates||0% - 13.9%||1.0%, 6.95%, 8.95%|
|Savings Account Interest||Up to 32% APY%||Up to 17% APY%|
|Debit/Crypto Spending Card||Yes||No|
Nexo is a crypto lending company that offers crypto-backed loans and crypto lending products, allowing users to earn interest on their crypto, and borrow against crypto holdings. It is also a cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrency. Nexo is available globally and is undoubtedly one of the best places to earn high-interest rates on crypto savings or take out a crypto-backed line of credit.
- Earn up to 17% interest on crypto savings accounts
- Interest is paid out daily and compounds
- Offers crypto-backed loans with low-interest rates
- Access to 40 digital assets and 300+ trading pairs
Celsius is a lending and interest-bearing platform, allowing users to borrow against crypto deposits, as well as earn interest on crypto deposits. Users can also buy crypto on the platform through an integrated third-party partner. Celsius supports 40 cryptos to borrow against, 50 to earn interest on, and 13 that can be purchased via a third-party provider. Celsius is available in most countries around the globe, including all 50 U.S. states.
- High-interest payments on deposited crypto
- Customer service available via phone
- No deposit or withdrawal fees
- No origination fees on loans
Nexo and Celsius are global platforms that are available to investors in over 100 countries including the United States of America (USA), Europe, the United Kingdom (UK), Australia, Singapore, Africa, New Zealand, and Canada. The only restricted countries are those on United nations (UN) or US sanctions lists.
In terms of supported fiat currencies, Nexo offers a wider range of 40 currencies that can be used on the platform, including USD, GBP, AUD, and EUR. Celsius has partnered with third-parties to provide a fiat gateway where users have the option of purchasing crypto 19 different fiat currencies including USD. Both support crypto deposits as well and borrowing of crypto stablecoins.
Both Nexo and Celsius offer crypto savings accounts that pay attractive interest rates on deposited crypto. To fund an interest-earning account, users can either transfer crypto to each platform or buy crypto directly using a supported fiat currency.
Nexo supports 40 cryptocurrencies such as BTC, ETH, ATOM, LUNA, and XRP that can be deposited to earn interest, which is more than the 32 currently offered by Celsius. Nexo interest rates depend on the cryptocurrency deposited and vary from 6% Annual Percentage Yields (APY) to 15% APY. Higher interest rates are typically associated with stablecoins such as USDT, USDC, and DAI returning 10% APY. Users can earn additional interest (up to 4% APY) by accepting interest payments in the NEXO native token.
Celsius interest accounts offer slightly lower rates to Nexo, but with some stablecoins offering up to 17% interest. Celsius increases the rates by 2% APY when users elect to receive interest payments in the native Celsius (CEL) token. Celsius supports 32 cryptocurrencies for interest accounts currently.
|Cryptocurrency||Nexo Interest Rate (APY)||Celsius Interest Rate (APY)|
|Bitcoin||6%||5.00% (on first 1 BTC) then 1.5%|
|Ethereum||6%||5.35% (on first 30 ETH) then 3.52%|
Note: Nexo no longer offers crypto interest accounts to U.S. residents. Users with existing deposits in Nexo before February 19, 2022 can still earn interest on existing balances, but cannot add to them. Celsius paused interest accounts for U.S. investors as well but has re-opened them to accredited investors only ($200k income or $1 million net worth, excluding home).
The interest rates that Nexo offers are generally higher than Celsius. Whilst the difference in interest earned might not be significant for smaller amounts of deposited crypto, the higher APYs on Nexo will suit high-net investors. Nexo also supports 8 more digital assets that Celsius and therefore provides investors with a few more interest-earning options.
Both Nexo and Celsius offer crypto-backed loans, where users deposit their cryptocurrency as collateral, and borrow against the balance. These loans are “over-collateralized,” meaning that users can only borrow a percentage of the total balance, while the deposited collateral secures the loan.
Nexo does not offer a traditional fixed crypto loan, but instead offers a “credit line” that equals a certain percentage of a user’s holdings. This allows users to have credit available, but only needing to pay interest on borrowed funds that are withdrawn from the Nexo platform. Nexo supports 40 cryptocurrencies as collateral, and loans can be withdrawn as stablecoins or one of 43 different fiat currencies.
Nexo uses loyalty levels that determine loan interest rates, with users holding a large portion of NEXO tokens and a lower loan-to-value (LTV) getting access to the best rates. Here are the rates available by tier:
- Base (No NEXO tokens): 13.9%.
- Silver (1% of portfolio in NEXO tokens): 12.9%.
- Gold (5% of portfolio in NEXO tokens): 8.9% (1.9% if LTV is below or equal to 20%)
- Platinum (10% of portfolio in NEXO tokens): 6.9% (0% if LTV is below or equal to 20%)
There are no origination fees on Nexo loans, and loan terms on the credit line are based on a one-year time frame.
Celsius offers a more traditional approach to crypto loans, with fixed-rate loan terms and rates. Users can deposit over 40 different cryptocurrencies to be used as collateral and borrow up to 50% LTV. Users can borrow either fiat currency, or one of several stablecoins such as USDC, USDT, PAX, or GUSD.
Interest rates vary by LTV level, with loans below 25% LTV getting access to the best rates. Here are the rates available by loan-to-value:
|Celsius Loan to Value||Interest Rate|
There are no origination fees on Celsius loans, and loan term lengths are available up to 5 years. Loans can either be paid back in the native currency borrowed (such as USD) or paid back in the Celsius native token (CEL), which offers a loan interest rate discount.
|Collateral assets||BTC, ETH, LTC, PAXG & 36 others||BTC, ETH, USDT & 47 others|
|Loan currency||USDT, USDC & 43 fiat currencies||USD, TUSD, GUSD, USDC, PAX, MCDAI, USDT|
|Loan-to-value ratio||Varies by crypto collateral (Up to 90% LTV)||20%, 33%, 50%|
|Minimum amount||$50 (stablecoins), $500 (fiat)||$100 (stablecoins), $1,000 (fiat)|
|Interest rate||0% - 13.9% (varies by loyalty level and LTV)||1.0%, 6.95%, 8.95%|
Overall, the Nexo offered crypto loans come with a lot more flexibility. Whilst Celsius offers reasonable rates and up to 5-year loan terms, Nexo offers the ability to achieve a 0% interest rate. Nexo also offers smaller loan minimums, making the loans slightly more accessible than Celsius loans.
Nexo and Celsius offer visually intuitive user interfaces on both their web and mobile apps, making it easy to borrow against crypto holdings, deposit crypto into interest accounts, as well as buy crypto. Overall, Nexo offers more flexibility for crypto loans and has a built-in crypto exchange, while Celsius offers a slightly larger crypto selection for loans and a simpler mobile app interface.
To apply for a crypto-backed loan on Nexo, users will first need to sign up for a Nexo account and deposit crypto as collateral into the Credit Line Wallet. Next, select how much collateral to use for the crypto loan, complete the loan terms, and deposit crypto funds. Once the funds are deposited, users can withdraw up to the total available credit line, based on the deposited crypto value. There are over 40 fiat currencies to choose from for withdrawing from the credit line, as well as several stablecoins.
To deposit crypto into the Nexo platform to earn interest, users can select which crypto they want to deposit from their digital wallet to the Nexo Savings Wallet. To buy or trade crypto on the Nexo platform, users can deposit fiat currency (or 40 supported) and purchase crypto directly, or deposit cryptocurrency and use the exchange to select which trading pair they wish to trade.
To apply for a crypto-backed loan on Celsius, users will first need to sign up for a Celsius account and download the Celsius mobile app (required). On the mobile app, users can select what asset to use as collateral, complete the loan terms, and deposit crypto funds. Loan funds are available in USD or crypto, and are deposited upon instant approval to a bank account (if borrowing USD), or to a crypto wallet (if borrowing crypto).
To deposit crypto into the Celsius platform to earn interest, select the “Transfer” tab on the app, choose which crypto to deposit, transfer it to the platform, and it begins earning interest right away. Interest is paid out daily. To buy crypto on the platform, Celsius has integrated third-party partners to allow users to purchase cryptocurrency within the app. Users can purchase 13 available cryptocurrencies with a credit card, debit card or bank account, but it comes with high fees.
The user interfaces and mobile apps of both Nexo and Celsius are beginner-friendly, clean, and visually intuitive. Navigating across their products and services as well as understanding and managing your crypto assets is an easy process that most investors will find appealing.
Nexo currency supports 40 digital assets on its platform for lending, borrowing against, or trading. This includes the major cryptocurrencies such as BTC, popular altcoins including ETH, LTC, MATIC, and LUNA, as well as stablecoins such as USDT and DAI.
|Number of Supported Crypto||Nexo||Celsius|
|As Loan Collateral||40||40|
|To Earn Interest||40||50|
Celsius supports a wider range of cryptocurrencies that can be deposited into an interest-earning account which is 10 more than Nexo list of 40 assets. However, compared to Nexo, the selection of crypto that can be purchased on Celsius is limited to 13.
As shown in the table below, another point of difference between Nexo and Celsius is the altcoins and stablecoins that are unique to each platform. Whilst both platforms allow users to deposit major cryptocurrencies such as BTC and ETH into an interest-earning account, Nexo supports more coins that have high market capitalizations such as BNB, DAI, DOGE, XRP, and ATOM at the time of writing.
|Crypto Unique To Nexo Interest-Earning Accounts||Crypto Unique To Celsius Interest-Earning Accounts|
|GBPx (10% APY)||SNX (14.05% APY)|
|AXS (32% APY)||CEL – native token (5.10% APY)|
|NEAR (8% APY)||1INCH (5.02% APY)|
|PAXG (6% APY)||XTZ (4.25% APY)|
|TUSD (10% APY)||SUSHI (4.13% APY)|
|KSM (10% APY)||WBTC (3.05% APY)|
|BNB (6% APY)||UNI (2.5% APY)|
|XRP (6% APY)||BSV (2.02% APY)|
|TRX (6% APY)||DASH (1.75% APY)|
|DOGE (1% APY)||COMP (1.75% APY)|
|UST (15% APY)||BAT (1.00% APY)|
|USDx (10% APY)||UMA (1.00% APY)|
|ATOM (9% APY)||ZEC (0.50% APY)|
|DAI (10% APY)||OMG (0.50% APY)|
|EURx (10% APY)||ZRX (0.50% APY)|
|APE (7% APY)||KNC (0.50% APY)|
|FTM (8% APY)||MANA (0.25% APY)|
Overall, Nexo has a wider selection of digital assets than Celsius that can be used for lending, borrowing and exchange products. In terms of the variety of cryptocurrencies that can be deposited to earn interest, Nexo supports the more popular choices amongst investors. Moreover, the coins that are unique to Celsius provide very low-interest returns,
Currently, only Nexo offers a crypto card, while Celsius has a waitlist open for the launch of their card. The Nexo Card is directly linked to the Nexo credit account and functions similarly to a crypto loan. The amount of spending power available is dependent on the collateral deposited on the Nexo platform and the credit line terms selected. When a user spends on the card, they are borrowing more from their Nexo credit line. Repayment is made directly to the Nexo credit line, and not to the card itself.
There are no hidden fees on the Nexo Card and no minimum monthly repayments. Nexo offers a level of flexibility in their crypto rewards where users can either choose to receive up to 0.5% in BTC or up to 2% in NEXO tokens. Apple and Google Pay are integrated into the card and users can also use a virtual card for added account security.
The details of the Celsius card are not available just yet, but it looks similar to the Nexo Card, offering a debit card that pays with a user’s crypto balance and earns crypto rewards with each purchase.
Celsius have not yet released their version of a crypto credit card and the only option is the Nexo Card.
The fees on crypto lending platforms can vary quite a bit, with some charging very high fees. Both Nexo and Celsius offer different services and charge various fees for these features. Here’s a breakdown to compare the fees on each platform:
|Product||Nexo Fees||Celsius Fees|
|Crypto Loans||0% - 13.9% (varies by loyalty level and LTV)||1.0% - 8.95% APR|
|Buy Crypto||~ 2% spread fee||0.1% - 0.5% bank account, 2.99% - 3.5% for debit/credit cards|
|Exchange Crypto||~ 2% spread fee||No additional fees (unknown spread)|
|Withdrawal Fees||Varies by currency and loyalty level||None|
Nexo charges a spread on its crypto exchange, which is the difference between the bid and ask price of a cryptocurrency. While the fee is estimated above, the average was around 2% per trade. Withdrawal fees also vary by crypto with Nexo, with Nexo claiming the only fees assessed are blockchain network fees. Nexo does, however, offer 1 free crypto withdrawal per month for base accounts, 2 for silver accounts, 3 for gold accounts, and 5 for platinum accounts. Celsius claims to not charge any withdrawal fees at all.
Overall, Celsius seems to charge lower fees for most features, with the exception of the 0.0% crypto loan offering from Nexo.
Nexo and Celsius both provide thorough information through their respective help center which includes comprehensive user guides, Frequently Asked Questions (FAQs), and general help information. Both platforms also offer a live chatbot to assist in finding information, which can be helpful, but only Nexo offers live chat support.
Both companies also offer email support through a ticketing system that allows customers to submit requests for assistance. Probably the most helpful customer service option is live phone support, which both platforms offer during business hours.
Both platforms provide common customer service avenues, however, Nexo has a slight advantage over Celsius given that it offers a live chat service.
Nexo and Celsius are secure platforms that protect user funds and personal data using industry-standard security measures and protocols. Both provide Two-Factor Authentication (2FA), withdrawal protections, whitelisting, log-in alerts, and SSL encryption techniques to safeguard the integrity of data. Both also offer crime insurance for deposited cryptocurrencies.
In terms of their differences, Nexo utilizes cold storage to keep most user assets offline, but Celsius instead employs a third-party custodian service called Fireblocks to secure user assets. Nexo follows the SOC 2 compliance framework for data protection, and provides AES-256 bit and SSL encryption across its platform. Celsius is ISO 27001 certified and has 24/7 cyber security monitoring.
Overall, both Nexo and Celsius implement robust safety measures to protect stored digital assets against external and internal security risks. Additionally, both platforms carry insurance policies against theft.
Based on our detailed reviews and comparison criteria, Nexo is the superior crypto interest-earning and lending platform for its features, products/services, ease of use, trading fees, security and customer support.
|Savings & interest accounts||Nexo|
|Ease of use||Draw|
Nexo is one of the oldest crypto lending platforms and offers crypto loans with interest rates as low as 0.0%. It also offers attractive interest rates on deposited crypto, and a crypto debit card that allows users to spend their credit line funds. The downside of Nexo is the high spread fees on their exchange, as well as the inability to offer its interest-earning accounts to US residents.
Celsius offers access to more crypto options for interest accounts and loans, and rates to Nexo. Celsius also offers live phone support and discounts on loan rates by holding its native token, CEL. The downsides of Celsius include no live chat support, and no crypto credit card offering (yet).
In short, Nexo and Celsius Network are both good options for those looking for crypto-backed loans with low rates, as well as high-interest rates on crypto savings accounts. However, Nexo is the superior product for consumers based on criteria such as supported assets, interest rates and its debit card offering.
For more information to help make a decision on whether Nexo is suitable, check out our Nexo vs BlockFi article which compares the interest rates, supported coins and ease of use.
Jacob Wade has been a nationally-recognized personal finance expert for the past decade. As a cryptocurrency enthusiast and investor since 2020, Jacob enjoys researching and writing about the latest in crypto and blockchain technology. Jacob's work has been featured in several publications like CBS News, MSN Money, Forbes, Nasdaq, Yahoo! Finance, Go Banking Rates, The Balance, Investopedia and AOL Finance.