Author:
Kris Lucas
Date:
17/09/2023
Topic:
Review
Experiences:
If it's crypto-related, Kris has already covered it
Topic:
Review
Experiences:
If it's crypto-related, Kris has already covered it
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Welcome to our Nexo.io review. We’ve found that this is an excellent crypto lending platform and we think that you’re going to love it. Keep reading to find out more!
Nexo.io is a kind of crypto bank. You can make crypto deposits here and earn interest on it, or you could even get a crypto-backed loan. Plus there’s even a Nexo.io card that’s backed by your digital assets. But is Nexo.io legit? Take a look at our Nexo.review to find out the truth about this brand!
Nexo.io: Pros & Cons
- Trusted crypto lender
- Crypto loan service
- 40+ cryptos featured
- Unique Nexo Card
- Crypto volatility risks
Table of Content
Nexo.io operates a smartly designed and user-friendly crypto investment site. It has an attractive, bright and clear layout and everything feels professional. There’s a wealth of information here and everything is split up into separate sections for things like buying, earning, borrowing and so on. This makes navigation incredibly simple and you shouldn’t have to spend too long looking for that Nexo Card.
Creating your account is simple and is something that can be done in a matter of minutes after you’ve completed the relevant KYC checks. We should also note that Nexo.io features two-tier authentication to ensure that it is only you who gets access to your account.
Alongside the nicely designed website, there is also an excellent Nexo.io mobile app. This is available for all modern iOS and Android devices and it gives you an easy way to manage your digital assets. You’ll get to see the total interest you’ve earned and also find it easy to see what the interest rates are for any of the available loans. All in all, a professional and intuitive crypto investment platform.
How to invest – Simple advice in this Nexo.io review
It’s easy to get started at Nexo.io. All you have to do to create an account is to fill in a few basic personal details, verify your account and then you can start managing your assets on the app or web browser.
Remember that Nexo.io is much more than a crypto exchange. You can first buy cryptocurrencies at a brokerage and then send your tokens to your Nexo.io account. Once your digital assets are in your Nexo.io account, you’ll simply start earning interest like you would with a regular bank account. The interest rates vary according to what crypto you are investing but Nexo.io offers competitive rates of anywhere up to 17% for everything from Bitcoin, Ethereum and Litecoin all the way through to Cardano, Tether and Ripple.
Next it’s just a matter of sitting on your digital assets and watching your wealth grow. What’s best is that Nexo.io even features a cool crypto interest rate calculator that helps you forecast what your investment could be worth in three years’ time. Just remember that cryptocurrencies are very volatile and their value can plummet overnight.
The great news is that you can make deposits at Nexo.io with dozens of cryptocurrencies. Here’s the shortlist of cryptos that you could earn interest on when you deposit them into your Nexo.io account: Bitcoin, BitcoinCash, BNB, Axie Infinity, Avalanche, ApeCoin, Cardano, Chainlink, Cosmos, DAI, Dogecoin, EOS, Ethereum and so on.
Just so you know, there is no minimum amount that you have to deposit at Nexo.io before you start earning interest on your digital assets. You also have the option of making a bank or wire transfer that can be used to make investments on the Nexo exchange.
Withdrawals are also fast and easy at Nexo.io. The minimum withdrawal amount varies according to the crypto and it’s likely to be lower for Bitcoin compared to Tron. Just bear in mind that you’ll only get a certain number of free withdrawals each month.
While Nexo.io has a very user-friendly interface, it’s also nice to find that this is a crypto resource that cares about its customers and you should be able to get help 24/7. You can simply get in touch with one of the brand’s customer service team by hitting the live chat icon in the bottom right of the homepage.
Beyond this, you also have the option of sending the Nexo.io customer care team an email or there is also an online messaging form. Sadly, we didn’t see any kind of telephone support at Nexo.io and we felt that the FAQ section could have done with a few more commonly asked questions. Despite this, it looks like the brand is active on its Facebook and Twitter social media channels.
We also appreciated the fact that Nexo.io had put together a few YouTube tutorials that did a pretty good job of explaining how the site works. In addition to this, you’ll find a handy news service and there’s even a blog. All of which should give you a good idea of what Nexo.io is all about.
We were more than happy to ask questions like, ‘Is Crypto-com legit?’ so we should probably do the same thing for Nexo.io. So we were pleased to see that Nexo.io is a licensed and regulated digital assets institution, and that its assets are all audited by Armanino.
Beyond this, we saw that the Nexo.io site features a Certified Information Security Management System so that your personal details will stay in safe hands. In terms of your digital assets, your account will be kept secure with 256-bit encryption and they are backed with $375 million in insurance. Backing all of this is the fact that the crypto credit lines are overcollateralized up to 500%, which means that your funds are adequately backed regardless of what happens to the market.
Reputation and customer feedback – Nothing to complain about in our Nexo.io review
Go to just about any crypto forum and you’ll see lots of questions like, ‘Is Celsius-Network legit?’ After all, there are lots of scam sites out there and people will want to know that their digital assets will be kept in safe hands.
So the good news is that Nexo.io appears to be a legitimate site and there is plenty of information online about how the site operates and who is actually running it. Despite this, we were concerned about a few reports of bad customer support, but this is a common issue across many crypto-related sites.
The most common impression that we got from customer reviews was that Nexo.io was easy to use and that many people had successfully used it to make a successful investment.
Nexo Crypto Exchange
So the main part of Nexo’s service is where you get to earn interest on the cryptocurrencies that you deposit there. Just remember that the interest rates for Nexo.io’s staking service will vary according to what kind of asset you’re storing. So you might need to use some kind of crypto lending interest calculator to work out how much you’re getting back from storing anything from Bitcoin to a stablecoin or even a regular fiat currency.
On the whole, you should be able to get at least 6% interest for altcoins, 10% for stablecoins and up to 12% if you elect to use the Nexo coin for withdrawing your interest rather than the coin used for depositing. We should note that there’s also the option to get interest of 12% for deposits made in some fiat currencies. The good news is that you can make deposits and withdrawals of your digital assets whenever you want and the interest rates will be calculated each day.
Other trading – Discussing the Nexo card in our Nexo.io review
There’s much more to Nexo.io than just a site that gives you interest on your digital assets. As well as this, Nexo.io offers crypto-back loans. Here you’ll be depositing cryptocurrencies as a kind of collateral and then you just have to agree to the loan conditions and interest rate. The loan amounts can vary from just a handful of dollars to $2 million and the loan can be paid via a bank transfer, credit card or cryptocurrency. Just remember that the lowest loan rates tend to be from around 6.9% APR.
We should also note that there is a Nexo card which basically lets you access your credit account in a similar way that you’d use a regular credit card. You can order this card direct from the Nexo.io site or app and it comes with all of the standard security features like transaction monitoring. Don’t forget that the Nexo card also comes with a handy 2% cashback on all purchases made via the card.
Jurisdictions and limits – International service featured in this Nexo.io review
Nexo.io claims to be the world’s biggest crypto lender and it currently serves over 3.5 million customers. While Nexo.io is actually based in Switzerland, it has a truly international scope and is available in 200 jurisdictions around the world.
It’s easier to count where Nexo.io isn’t available rather than where it is. The usual candidates will crop up here with the Nexo.io service being unavailable in places like North Korea, Syria and Iran. However, it’s also interesting to note that you can’t use Nexo.io if you are a resident of the US states of New York and Vermont.
Nexo.io works by keeping custody of your digital assets while you use its services. This means that there’s always the prospect of there being limits on how much you can withdraw here. The good news is that Nexo.io’s limits are on par with other crypto lending services and you should be able to make between one and five free crypto withdrawals each month.
Fees – Minimal fees at Nexo
The great news is that Nexo.io keeps its fees and charges to a bare minimum. There is nothing in the way of an account maintenance fee and it’s also free to withdraw your crypto assets.
The most common fee that you’ll be seeing is the brokerage fees that will apply when you move your assets from an exchange’s wallet to your Nexo.io account. This amount will vary depending on which crypto exchange you use, and you’ll also have to factor in the transaction fees for any time you manage your digital assets on the blockchain.
Product summary – Highlights from our Nexo.io review
We were impressed with what we found at Nexo.io. It offers you an excellent way of managing your crypto assets and the rates of interest are clearly exceptional. When you factor in the extra features like the crypto loan service and the Nexo card, it’s clear that this is a brand which offers a forward-thinking approach to cryptocurrency banking.
Our only concerns here are that Nexo.io’s list of accepted jurisdictions doesn’t cover some significant US states. But on the whole, Nexo.io offers you a great example of what you should be looking for in a crypto lending platform. Sign up and see for yourself why millions of investors use Nexo.io.
Nexo.io offers you a great example of a forward-thinking brand which lets you get more out of your cryptocurrency investments. The ease with which you can earn interest on your crypto assets is remarkable and we were also impressed with the quality of the crypto loan service. Plus we’re sure that there will be many people out there who’ll be picking up a Nexo card.
It’s hard to think of too many negatives when it comes to Nexo.io. After all, it’s clearly a legit crypto investment site and it’ll take all the necessary steps to ensure that your digital assets are kept safe. While some of the negative customer reviews may be disconcerting, they are a fairly common feature of any website with a crypto focus. All of which means that you should probably sign up to Nexo.io and see what you can make from your crypto assets!
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