A financial system needs creditors and debtors, and as crypto becomes mainstream, lending platforms too become necessary. Nexo entered the scene in 2017 in response to this demand, launching a crypto-to-crypto and crypto-to-fiat lending platform.
Nexo’s services are offered in over 200 countries and with over 45 currencies. The company is also a partner with Credissimo, a leader in the European FiTech space. Nexo is regulated by Malta, a country known for its friendly banking regulatory terms.
Nexo’s main selling point is that users can access collateralized loans without selling their cryptocurrencies. Additionally, clients can earn up to 12% in interest on a high-yield savings account.
Nexo’s places a high priority on security. The company complies with all laws and standards set forth by the Securities and Exchange Commission (SEC) and the European Banking and Financial Service Regulators. Clients can rest assured that their cryptos are secure.
The Nexo platform simplifies and automates the process of securing a crypto loan. Loans are available for a number of crypto assets, including Bitcoin, Ethereum, Nexo, Binance coin, Litecoin, Ripple, and more.
Nexo Credit Card Audit
The Nexo credit card fits in perfectly with the services provided by the company. And has since its release seen a lot of adoption.
The crypto credit card provides access to your crypto funds without clients having first to sell and withdraw them.
The Nexo card works just like any credit card does. Users can use it to make payments and receive a 2% cashback, an incentive for customers to use the card.
Customers can depend on the funds they hold in their Nexo account secure from $500 to upwards of $2,000,000 in credit. And just like with any credit card, if the users default on their payment, they’ll see a reduction in their collateral.
And the Nexo card is backed by Master Card, which earns users all the exclusive features they offer.
Nexo Card vs. Coinbase Card vs. Crypto.com Card
Nexo Card
Pros:
- Mastercard backs the Nexo card, so it’s accepted by over 40 million merchants worldwide.
- With the Nexo app, you can manage the card. and accessed from, such as single-tap card freezing and instant notifications for all transactions.
- 2% cashback on every purchase.
- Virtual cards so that users can enjoy safe online shopping.
- There can be tax-related benefits to using your crypto holdings as collater instead of selling your crypto every time.
- No monthly, annual, or withdrawal fees (depending on your tier).
Cons:
- Borrowers can only use it on the Nexo platform.
- The Nexo card is still in the early access phase.
Crypto.com Card
Pros:
- No annual or monthly fees.
- No withdrawal fees.
- Instant access and process funds.
- A complete reimbursement each month on subscriptions such as Amazon Prime, Netflix, and Spotify and discounts on Air BnB if you hold a good enough tier.
- An 8% cashback on what you spend.
Cons:
- High staking requirements to access higher card tiers.
- Low monthly ATM limits if you’re holding a lower-tier card.
Coinbase Card
Pros:
- Quick and easy to spend your crypto.
- Accessible connection to your Coinbase crypto wallets.
- Available in UK, Europe, and the US.
- Clients have all the advantages of a Visa Card.
- Clients can earn up to 4% in cash backs.
Cons:
- Clients pay a card issuance fee of £4.95 or €4.95.
- The cryptocurrency exchange fee is 2.49% which is very high.
- No PIN code to access the Coinbase Card app, which leaves clients a lot more vulnerable.
Nexo Card Fees
The Nexo cards excel at allowing users to withdraw their funds at any time with no fees charged. The only fees that clients incur are the brokerage fee when doing transactions from a crypto exchange wallet. And clients don’t even need to worry about account maintenance, as no fees are charged for that.
Nexo Card Limits
The client’s withdrawal limits are based on the verification level you have done on the platform. These are Starter, Basic and Advanced.
Limits for Cryptocurrency withdrawals:
- Saving Wallet
- Credit Line Wallet
2. Limits for Fiat Currency withdrawals
- Savings Wallet
- Credit Line Wallet
Users Loyalty tier, you will receive between 1 and 5 monthly crypto withdrawals for free.
Users Loyalty tier, you will receive between 1 and 5 monthly crypto withdrawals for free.
And free-of-charge fiat withdrawals, crypto and fiat transfers into your Nexo Wallet, and credit line withdrawals. The company will not charge you any credit line origination, forex, and exchange fees.
KYC and signup process
Fortunately, registering with Nexo is as easy as it gets. The KYC takes only about two minutes.
All you’ll need to provide is a photo of a government ID, such as a passport or driving license. And remember, the name has to match with the one you provided on the verification form.
Rewards structure
Nexo has a Reward structure, divided into a four-tier system comprising Base, Silver, Gold, and Platinum levels. The benefits received depend on how much NEXO Tokens are in your Portfolio Balance.
The criteria for each tier are the following:
- Base: The user doesn’t have any NEXO Tokens
- Silver: At least 1% of the Portfolio Balance is in NEXO Tokens
- Gold: At least 5% of the Portfolio Balance is in NEXO Tokens
- Platinum: At least 10% of the Portfolio Balance is in NEXO Tokens
The Loyalty program tier offers benefits and gives you greater rewards the more NEXO Tokens you hold while reducing your borrowing rates for the Instant Crypto Credit LinesTM. Users will also increase the yields with the Earn on Crypto & Fiat suite and how many free crypto withdrawals are available each month.
Advantages of Using the Nexo Card
The main selling point of the Nexo Card is that it allows users to spend their crypto without having first to sell their holdings. This is toppled with an instant 2% cashback on all purchases and a wide array of flexible payment options.
And more than 45 million merchants accept payments with the Nexo card. The company also provides users the possibility to access virtual cards, so to cut expenses even more.
With the Nexo card, users also enjoy no fees on any international transactions, and yes, that includes any “hidden fees.”
Nexo Card comes with all of the features customers would expect from any reputable credit card. With their Nexo App, you can:
- Easily freeze or unfreeze your Nexo Card
- Have full control of your account security, see and change your PIN at any supported ATM
- Create virtual cards free of charge to make secure online purchases
- Monitor all transactions in detail and in real-time
The main goal of the Nexo Card is to make crypto user-friendly and accessible. All the options stand out for their simplicity.
With its card, Nexo is offering clients to spend their digital assets without having to sell them.
FAQs
Is the Nexo card the right choice for me?
It all depends on how you intend to access your crypto holding. The Nexo card allows for tax benefits when you borrow cryptocurrencies holdings instead of selling them every time. But of course, as with any credit card with loans, there is interest to pay.
If, on the other hand, you don’t mind having first to sell your digital holdings to gain the value in FIAT, a crypto debit card will do. The advantages or disadvantages of the card depending on personal preference and usage.
How to access the Nexo card?
The Nexo.io Mastercard is already available today, but it’s still in the early access phase. To access its functions, you will first have to download the Nexo app and then request the card from the platform.
What Coins Does Nexo Accept As Collateral?
On Nexo users can deposit the following crypto assets: BTC, ETH, XRP, LTC, XLM, BCH, EOS, LINK, TRX, stablecoins, PAXG, NEXO, and BNB as collateral.
Pros :
- Mastercard backs the Nexo card, so it’s accepted by over 40 million merchants worldwide.
- With the Nexo app, you can manage the card. and accessed from, such as single-tap card freezing and instant notifications for all transactions.
- 2% cashback on every purchase.
- Virtual cards so that users can enjoy safe online shopping.
- There can be tax-related benefits to using your crypto holdings as collater instead of selling your crypto every time.
- No monthly, annual, or withdrawal fees (depending on your tier).
Cons :
- Borrowers can only use it on the Nexo platform.
- The Nexo card is still in the early access phase.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
