Nexo.io Review: Safe and Legit?

Swiss-based Nexo.io presents a lot of interesting features, which include lending, borrowing, leveraged trades, liquid ETH staking, and much more. However, the availability of some of the features depends on the user’s location. The crypto exchange is easy to use, packed with features, and mimics an online bank in several ways.

What Is Nexo.io?

Nexo.io is a reputed crypto exchange that provides cryptocurrency trading services along with a host of other features. It features borrowing, a crypto rewards card, and other useful functions that make it stand out from most of its competitors. Launched in 2018, the exchange has withstood both bull and bear markets. It has continued to introduce innovative features, which has helped it build a worldwide base of over 5 million users from more than 200 nations.

Also read: Americans May Not Love Crypto But These Top Brands Are Totally into It

User Interface

The user interface of Nexo.io is designed with transparency in mind. It has a simple and intuitive design that lets users access all the features with just a few clicks. They can easily see their portfolio balance, credit line, exchange rates, interest earnings, and other metrics directly from the dashboard.

Key Features

While Nexo.io is dwarfed by the likes of Binance and other cryptocurrency giants, it is still packed with unique features that one will seldom find elsewhere.

• Cryptocurrency loans: Users can borrow against cryptocurrencies and get paid in cash or stablecoins. The interest rates can range from 0% up to 13.9%.
• Nexo Earn Product: This feature lets users earn a yield on their cryptocurrencies of up to 16%.
• Nexo Staking: Users can earn a staking yield using nETH, which is a liquid staking token provided by Nexo.
• Cryptocurrency exchange: Users can trade with over 500 crypto trading pairs.
• Nexo Wallet: The Nexo wallet allows users to access DeFi yields and popular decentralised applications on five networks.
• Nexo Booster: Users can trade with up to three times the leverage and higher LTV ratios.

Sign-Up and Registration

The account opening process at Nexo.io is very simple to follow. Users can immediately start earning interest once the email verification is done. The Nexo.io platform provides three levels of KYC verification: Basic, starter, and advanced. The first two verification levels allow users to earn interest on their crypto, with withdrawals capped at a lower amount. The advanced verification level lets users withdraw higher amounts and provides interest on fiat currencies as well.

The verification level selected will also dictate the amount of money one can withdraw. For example, users can withdraw up to $20,000 from their savings account daily and access a credit line of up to $2,000,000 per day if they choose the basic and starter verification levels. The advanced verification level allows users access to a maximum of $2,000,000 from their credit line and a maximum withdrawal of $5,00,000.

Fees and Expenses

While Nexo tries to ensure that its platform is fee-free, users may encounter some expenses in certain cases. For instance, additional charges are applied when a user exceeds the free withdrawal limit from their loyalty tier. Some of the most important fees charged by Nexo.io are mentioned below.

• Trading fees: Nexo.io does not charge any additional trading fees.
• Trading fees for Nexo Pro: Nexo.io charges a 0.40% taker and 0.30% maker fee for a 30-day trading volume of up to $10K.
• Network fees for withdrawals: Nexo.io does not charge network fees on up to 5 withdrawals per month, depending on the user’s loyalty level. It also provides free withdrawals of EOS, Arbitrum, Binance Smart Chain (BEP-20), and Polygon.

Security Features

Nexo.io takes its security very seriously and implements several features to protect user funds and personal client information. For instance, it provides 2FA authentication, which adds an extra layer of security to client accounts. It also stores the majority of user funds in offline, secure cold wallets, reducing the risk of unauthorised access and hacking attempts.

Nexo.io also provides insurance coverage for cryptocurrencies stored on the platform, ensuring that they are protected from potential losses caused by data breaches or hacks. Finally, Nexo.io implements HTTPS encryption, which helps protect user data during transmission.

Customer Service

Nexo.io provides a customer service team that is available on a 24/7 basis. They can be reached by filling out a form, through email, or through live chat. To fill out a form, clients have to provide information such as their name, email, and subject of the query to the customer service team, after which they will receive a confirmation email and a ticket number for their request.

Users can also send an email directly to the customer service team with their problem or query and wait for the team to resolve it. Finally, users can also use the live chat feature to chat with a customer service representative in real time.

Final Verdict

After examining all the aspects of the Nexo.io platform, it’s clear that it is one of the most reliable platforms for earning interest on crypto holdings and getting access to crypto-powered loans. Combined with a powerful user interface and robust security, it is one of the best options for newcomers as well as experienced crypto traders.

Frequently Asked Questions

When Was Nexo.io Founded?

Nexo.io was founded in 2017 by Antoni Trenchev, Kosta Kantchev, and Kalin Metodiev. Together, these four professionals played a key role in establishing the platform as a reputable cryptocurrency lending entity.

What Are Instant Crypto-Backed Loans?

Crypto-backed loans are flexible, automatic, and cost-efficient options for obtaining liquidity secured by the value of the user’s crypto holdings. It does not involve any hidden fees, no credit checks, and no capital gain taxes.

Where Is Nexo.io Regulated?

Nexo.io is registered with FinCEN in the US and as a virtual currency exchange operator with the Financial Crime Investigation Service (FCIS) of Lithuania. It also offers insurance coverage of up to $375 million for its custodial assets.