Nexo Review for 2023

One of the newest trends among crypto investors is the cryptocurrency interest account or savings account. As soon as they purchase crypto assets, these individuals place them in their savings account, similar to traditional banking, and sit back as their funds multiply thanks to interest.

While we know that this seems too tempting not to try for yourself, bear in mind that in order to avoid potential losses and have the option to change your mind and move your funds back and forth, you need a crypto interest platform that offers these features and protects your funds by lending them to reliable borrowers.

One such platform that our team was quite impressed by is Nexo.io, a pioneering crypto exchange and interest platform with both Earn and Borrow programs.

Nexo Exchange Australia at A Glance

• Website: www.nexo.io
• Country: London
• Mobile App: Available
• Deposit methods: Cryptocurrency Credit/Debit card, Bank Transfer
• Fiat Currencies: USD, EUR, GBP, and more
• Cryptocurrency: BTC, ETH, XRP, USDT, USDC, DAI, BCH, LTC and more than 30 others

List of Features

• Registered and licensed with the highest security
• Fast and easy borrowing
• 30+ cryptocurrencies
• Nexo Australia crypto card
• Instantly buy and sell cryptocurrency
• Platform that is suitable for beginners
• NEXO token benefits
• Nexo custodial wallet
• Swap between more than 300 market pairs
• Nexo sign up bonus of free $25 Bitcoin if you sign up via this link
• Ledger Vault’s solution is implemented which increases Nexo’s insurance.
• up to 16% APY for digital assets
• Mobile app
• Loyalty tier
• Trade with aggregated liquidity on Nexo Pro
• A massive community, blog and media center

Pros

• Get up to 16% in APY from certain assets
• Nexo offers crypto-backed loans where your digital assets act as collateral
• Swap between more than 300 market pairs
• Instant buying and selling of cryptocurrency assets
• Benefits can be claimed through holding NEXO tokens
• Allows investors to earn more crypto through an interest savings account
• Interest is paid daily
• High Nexo Bitcoin interest rate
• Unlock cash without having to sell assets via the unlock fixed term Nexo feature
• Earn compound interest while trading assets

Cons

• Verification process that is strict
• There is no live chat support

What Is Nexo.io Australia?

If you’re new to the world of crypto lending, Nexo  Australia exchange might be the best crypto starting point for you. Antoni Trenchev, Georgi Shulev, and Kosta Kantchev are the Nexo co-founders employees of Credissimo, a veteran company from Europe that primarily focuses on lending funds.

For years, Credissimo has been providing state-of-the-art fintech solutions such as installment loans and instantaneous short-term loans. It became popular with crypto traders as it was the first platform to offer Bitcoin loan repayments and an automated lending chatbot. Once it recognized the potential of the crypto market, Credissimo decided to branch out and create a separate platform targeting that same market.

In 2018, the co-founding trio launched Nexo, the first fintech platform in the world to offer instant loans backed by cryptocurrency and crypto interest accounts. Their trust in the digital asset industry and their vision for automated crypto products have been the driving force behind their progress since day one.

According to the official website, Nexo already serves 1 million customers in over 200 jurisdictions around the world and manages more than $4 billion in assets.

Bitcoin and Other Supported Cryptocurrencies

On Nexo, you can instantly buy the following crypto assets, DeFi tokens, and stablecoins: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), DAI, Tether (USDT), USDC, EOS, Bitcoin Cash (BCH), Stellar (XLM), Cardano (ADA), DogeCoin (DOGE), Paxos Gold (PAXG), Chainlink (LINK), Tron (TRX), Polkadot (DOT), and of course its native token, NEXO Token.

All of them can be purchased with USD, EUR, or GBP via bank transfers, with more payment options coming soon. Once bought, your funds take between 1 and 3 days to arrive at your Nexo wallet.

Moreover, the company has a separate trading platform called platform.Nexo Exchange where you can trade over 100 cryptocurrencies for both crypto and fiat.

How to Earn Interest on Nexo – When Is Interest Paid?

Nexo crypto Australia’s interest account makes it possible to earn passive income on your cryptocurrency or fiat holdings with a daily payout. Apart from the supported cryptocurrencies mentioned above, you can also deposit XRP, BNB, and fiat coins: USDx, EURx, and GBPx.

Nexo Top Up

The only thing you need to do is deposit your funds from your third-party wallet (e.g. a crypto exchange account) or purchase them directly on Nexo. Take note that there’s no Nexo maximum deposit. Next, select the currency and the top-up amount you would lend to the platform. The assets will be automatically transferred from your regular Nexo account to your newly-created Savings Wallet Account.

Before you begin, you can try Nexo’s calculator to see the compounding interest you would earn based on the deposited amount.

Nexo Crypto Rates: How Does Nexo Pay Interest?

With Nexo, you earn a 6% annual interest rate (APY) on cryptocurrency deposits and 10% APY on stablecoins and fiat currencies.

When you create your interest account, Nexo asks you to choose whether you want to Earn in Kind (get paid in the underlying currency you’ve deposited) or Earn in NEXO (get paid in NEXO tokens). If you choose the second option, you’ll be eligible for higher interest rates (+2%). Plus, the platform has the policy to award NEXO token holders 30% of their profits as dividends and 5 free withdrawals.

Fees and Limits

Nexo doesn’t impose a Nexo minimum exchange limit or maximum limit on your interest account. You can add or withdraw funds to and from your account whenever you want, unlike some other platforms where you’re asked to lend your funds for a fixed period of time.

The platform itself incurs no transfer fees, but your bank might charge you a small sum for the transfers.

Spot Trading Fees

Instant Crypto Credit Lines: How Do Nexo Loans Work?

Sometimes, a crypto investor who suddenly happens to be short on cash but has already invested a lot of money in cryptocurrency decides to sell their assets as a last resort. However, knowing the volatile nature of cryptocurrency, they might miss out on an unexpected price rally right after selling them.

Luckily, Nexo has thought up an alternative. The Nexo Crypto Credit line loan gives you the opportunity to deposit your crypto assets as collateral instead of selling them and borrow fiat cash or stablecoins in return. The amount you can borrow ranges from only $50 all the way to $2 million.

Another upside of the crypto loan as opposed to giving your crypto assets away is that as long as they’re safely stored as collateral, you don’t need to pay capital gains tax on them. The rates range between 6.9% and 13.9% (rounded up at 30 days), but there’s no fixed payment schedule, so it’s easy to repay the sum at your own pace.

Nexo Card Australia

You can order the Nexo Card from the Nexo wallet app on your device and use it to spend your crypto assets on in-store purchases at over 40 million locations around the world that accept MasterCards. Every time you buy something, you earn up to 2% cashback, transferred to your account in NEXO or BTC. There are no hidden fees on transactions and maintenance. 

For the Nexo card countries that are eligible include EU and the UK, etc.

How Safe Is Nexo? Is Nexo Crypto Scam?

Nexo is compliant with financial regulators and works hard to obtain licenses for conducting money transfers and providing money services from local authorities. Therefore, Nexo has been registered with FinCEN and has licenses from several US states. In Australia, Nexo has been authorized by ASIC as a foreign company.

Moreover, Nexo has partnered with BitGo, an institutional platform that specializes in multi-signature encryption software, and the hardware wallet company Ledger to ensure your assets are safely stored in their Nexo cold storage or bank-grade Class III vaults to be more precise. This dual partnership grants a $375 million insurance policy on Nexo’s user funds and is very similar to how its component BlockFi relies on the trustworthy crypto exchange, Gemini.

Although the company encourages its clients to verify their identity and perform a KYC check, the Basic verification tier allows them to use most of Nexo’s crypto-related services and withdraw up to $20,000 per day only with a verified email address. However, Nexo fiat deposits are limited to fully verified users.

The exchange recommends two-factor authentication to lower the chances of hacking attacks. If the Nexo two-factor authentication not working, make sure to contact their customer suppor team. Or if the entire Nexo exchange not working on your end, you might have some problems with your internet connects.

It’s also worth mentioning that Nexo passes real-time reserves audit conducted by Armanino.

And lastly, if you really want to know how reliable and safe Nexo is, check Nexo Glassdoor reviews.

Customer Support

The Nexo support team is available through their social media platforms like Facebook and Twitter, but they’re most responsive on their Telegram channel. They also have a blog where they post about the latest trends and solutions in the industry as well as their own products and updates. Nexo also has a help centre and a support ticket system for urgent queries.

Sign Up with Nexo

Frequently Asked Questions