The best Nexo Alternatives in 2020

Crypto lending is a fast-growing field. You no longer have just a couple of platforms to choose from. While Nexo is an easy place to start for many, you may want to look at some Nexo alternatives today for better rates and crypto coverage. Whether you want to invest or borrow, here are some other great sites like Nexo.

Nexo might not be the right choice for you
Nexo might not be the right choice for you

Thanks to its safety, track record, and favorable interest rates, Nexo is one of the leading platforms in the crypto loan industry. However, there are a few reasons you might want to look into Nexto alternatives.

  1. Nexo heavily favors its own Nexo token for prime rates for both investors and borrowers.
  2. Nexo only lets you earn interest on stablecoins (not USD) and won’t let you buy or exchange crypto in-app.
  3. Nexo only allows loans against a handful of major cryptos.

Luckily, if you want more options, Nexo isn’t the only crypto platform offering lending and borrowing products. Here are our favorites.

Similar sites to Nexo for lending

MyConstant is a similar site to Nexo

Interest rate: Up to 9%

Cryptos you can use as collateral: BTC, ETH, BNB, and 70+ more

Constant is one of the top alternatives to Nexo today, offering crypto-backed loans against 70+ different cryptos. Investors get rates against these loans as high as 7%. They also let you lend BTC, ETH, and BNB for 9% APY with their crypto-lend feature.

Unlike Nexo, you can also earn interest on the USD, and easily exchange between USD and stablecoins like USDT entirely within the platform.


  • Low fees.
  • Loans against a wide range of altcoins.
  • Easy exchanges between USD and stablecoins.
  • A wide range of features for earning interest.
  • Decent interest rates with reasonable security.


  • A new platform that’s only been around for two years.
  • Borrower rates average 6% compared to Nexo’s 5.9%.

Interest rate: Up to 11%

Cryptos you can use: 12 including USDT and DAI

Nuo is another reputable site like Nexo. In terms of safety, Nuo operates as a decentralized protocol using smart contracts. That means it operates more or less autonomously with minimal third-party oversight. You can lend 12 different stablecoins.

However, in practice, only two of the cryptocurrencies offer interest rates greater than 1% for lenders: USDT (11.8%) and DAI (9.2%).


  • The returns are higher than other similar platforms.
  • There are good security protocols.
  • It’s fully-collateralized, so risks are lower.


  • Many of the coins don’t offer good rates.
  • Rates fluctuate based on supply and demand.

Interest rate: Up to 9%

Cryptos you can use: 19 including DAI and KNC

Formerly known as ETHLend, Aave is another decentralized platform letting you earn interest on 19 different stablecoins. Although many coins offer interest rates close to 0%, the best deals offer around 9%. Aave displays all interest rates live on its site.

As in other decentralized lending platforms, crypto locked in smart contracts on Aave guarantees your loan safety by liquidating collateral to cover you if a borrower defaults.


  • Sophisticated matching process.
  • Transparent rates.


  • You must connect a wallet from an external platform instead of creating a new wallet just for Aave.
  • 0.3% trading fee.

Interest rate: 2.7%

Cryptos you can use: ETH and DAI

Depending on your priorities, you might love or hate Dharma. On one hand, the interest rates aren’t the best on the market (2.7%) and you can only use the platform through the smartphone app.

On the other hand, some people find an app more user-friendly. And it’s quite secure. Dharma claims to be the most “non-custodial” option on the market thanks to its use of smart contracts to run the platform. You can also trade 2000+ tokens on there, which is a wider variety than most platforms offer.


  • Although you can only lend and borrow ETH and DAI, you can trade 2000+ tokens.
  • It’s a very secure platform.


  • The interest rate is lower than most other options.
  • You can only use Dharma through a phone app, not online.

Best sites like Nexo for borrowing

Want to use your digital assets to get a better loan deal? Consider these Nexo alternatives for borrowers.

Interest rate: From 4.5%

Cryptos you can use: BTC, BCH, ETH, LTC, XMR, CLT, and ONT.

One of the lower rates on this list, CoinLoan lets you borrow against crypto from just 4.5%.

It’s also a very safe place to borrow thanks to multi-signature wallets and distributed key storage, both of which deter hackers and thieves.

However, CoinLoan charges a borrowing fee worth 1% of the loan value and a liquidation fee of 7% if you run into liquidation issues (by missing payments or failing to add more crypto if its value drops).


  • There’s a lower interest rate than most other options.
  • High-security protocols to look after your money.


  • There’s a borrowing fee to pay.
  • You may need to pay a liquidation fee.

Interest rate: From 5.95%

Cryptos you can use: 12 including BTC, ETH, LTC, DOGE, DASH

SALT is an established lending platform with some useful features. You can borrow against 12 cryptocurrencies while receiving protection through crime and cyber liability insurance.

Rates start at a reasonable 5.95%, with no origination or prepayment fees. Just beware of keeping your collateral topped up — there’s a liquidation fee of 5% if your loan-to-value reaches 90.91%.

Note: Salt was fined by the SEC in 2020 for its unregistered 2017 ICO.


  • There are no hidden fees.
  • The platform has good security protocols.


  • You might be subject to liquidation fees.
  • There’s a minimum loan value of $5,000.

Interest rate: Up to 20%

Cryptos you can use: 13 cryptocurrencies and two tokens.

YouHodler is a lender that offers a variety of options — as well as various coins, you can get a loan backed in three different currencies (EUR, USD, CHF, and GBP).

This flexibility is a clear advantage since you can take out a loan best suited to your individual needs. You’ll also have access to pooled crime insurance to protect your assets, meaning various companies have come together.

However, interest rates on YouHodler are higher than elsewhere; you could be charged up to 20% depending on the cryptocurrency you use.


  • It’s a flexible platform with choices over loan types.
  • There’s crime insurance to protect your money.


  • The interest rates are very high.
  • You have to pay service fees.

Interest rate: From 0.5% to 100%

Cryptos you can use: Ten coins

Last but not least, Torque is another lender with a wide range of options — you can back your loan on ten different cryptocurrencies. Each type has a different fixed interest rate, ranging from 0.5% to 100% APR, and there are no hidden fees.

Torque doesn’t use identity checks, giving you better security. It also strives to give you the best experience possible, only carrying out partial liquidations when the value of cryptocurrencies fluctuates, taking only the minimum amount needed to protect the investor.


  • There are no hidden fees.
  • It doesn’t use identity checks, which protects your anonymity.


  • There are only ten cryptocurrencies.
  • The interest rate structure is confusing since there’s so much variation.

MyConstant: the best all-round site like Nexo

Although all the platforms listed above have their merits, they don’t quite compare to MyConstant’s offerings.

We let you borrow against 70+ cryptocurrencies, more than almost every provider on this list. As for investors, you can earn on USD (not just cryptocurrencies) and buy USDT at a 1:1 exchange rate with USD. Plus, we’ll keep your assets safe with our 200% collateral requirements.

Sound good? Sign up today. It’s free.

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