Nexo Wallet comprehensive Review for 2020

Not sure whether Nexo is the right place for you and your money? Read our Nexo wallet review for a breakdown of its features and how it stacks up against similar platforms.

Nobody wants to trust a platform with their money unless it’s the very best on the market — but does Nexo have a claim to that title? Let’s find out.

Nexo: what you need to know

Nexo is a major cryptocurrency loan platform that helps crypto owners grow their wealth through digital assets. It was created back in 2017 by Credissimo, an established fintech firm, to expand into the crypto frontier. Since then, the platform has grown to offer a range of different services.

  • Loans: Where you can borrow against the value of your crypto by using it as collateral.
  • High-yield savings accounts: Where you can earn interest on your crypto assets.
  • A Nexo card: You use your crypto as collateral for credit and spend the value through your card.
  • Nexo Token: Holding Nexo tokens allow you to own a stake in Nexo that pays dividends at regular intervals.
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Our Nexo wallet review will help you decide if you should use the platform (source: nexo.io)

Nexo offers a lot of value to its customers at a low cost, but it still makes a healthy profit through a couple of priced-in features.

Nexo charges interest for its loans and makes a profit from the deal. Interest rates for borrowing start at 5.9% and the interest you can get from investing is only up to 5% at the most. Nexo clearly takes a sizable cut out of the difference.

Nexo also has the right to claim any extra collateral from loans if a borrower doesn’t make repayments. Since they require a 200% LTV ratio, that means there’s still a lot of collateral left over for them after they repay investors.

Advantages of Nexo

It’s not hard to see why Nexo has been so successful — it offers some attractive features and rates.

Let’s start with a loan review of Nexo’s crypto credit lines. They let you take out a secured loan with no credit check by using your crypto assets as collateral. If you fail to make a repayment, Nexo will seize your assets; if your crypto goes up in value, your credit line will grow.

Currently, Nexo offers you these loans at an impressive 5.9% APR. This is considerably less than traditional lenders and even most other crypto borrowing platforms.

Finally, Nexo charges no origination fees, liquidation fees, or foreign exchange commission. You won’t receive any nasty surprises on your bill.

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Nexo has some great features (source: pixabay.com)

Disadvantages of Nexo

Nexo only lets you invest in stablecoins — not USD or other currencies. This is not a problem for many crypto users who prefer to invest with crypto. However, new investors may want to take advantage of the anonymity of DeFi while investing in a more stable currency like USD.

Nexo also heavily pushes its own Nexo token against other cryptocurrencies, giving token holders better loan rates. Although this isn’t a huge issue, it can be frustrating needing to transfer to a specific coin to get the favorable terms they advertise.

Finally, although Nexo has an app, you can’t use it to buy or exchange crypto.

Is Nexo.io safe?

Many firms in the crypto space are new startups without much regulation, but Nexo is very different from its competition in this respect.

Since it was born from Credissimo, a well-regulated EU company that dates back to 2007 and is audited by Deloitte, you can rest assured that Nexo.io is legit. They also claim $100 million in assets insurance, keeping you safe from hacks or theft.

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Keep your money safe from the storm (source: pixabay.com)

Is Nexo a good investment for me?

Nexo boasts investment products offering up to 10% APY (although the 10% rate only applies to crypto, not stablecoins).

If you hold Nexo tokens, Nexo shares 30% of its profits with token holders as dividends, so this is an excellent way to earn passive income throughout the year. Although cryptocurrencies are highly speculative by nature and you should always diversify, Nexo has a good track record — it gave out more than $6 million in dividends in August.

Despite its many benefits, Nexo is not a platform for everyone. The number of crypto products it offers is limited compared to its competitors and its interest rates on stablecoins are on the low end for the industry. You may want to consider other platforms offering similar services.

Try MyConstant, a Nexo alternative for fiat investors and altcoin holders

If you want to invest with fiat like USD or hold one of the many cryptos Nexo does not offer loans against, you may want to try MyConstant. We provide crypto-backed loans and investment products against a wider range of currencies. And, you don’t need to already have crypto to get started

We charge low fees for origination and a similar interest rate on loans (6%).

All our loans have up to 200% of their value backed by collateral; this means that as an investor, you can feel safe knowing your assets are protected.

We’re flexible for borrowers too. You can pool the value of your crypto portfolio (with over 40 different cryptos) for a single loan. And you can lower your interest rate by repaying your money earlier, something Nexo doesn’t offer to anyone other than Nexo token holders.

We also offer the chance to earn a bonus from inviting friends. Using our referral program, you can earn $10 for each friend (from the US) and 10% of their interest from Flex.

Sound good? Create your free account today.

Peer-to-peer lending built on peer-to-peer technology. Refer & Earn $10 myconstant.com/referral | Website myconstant.com

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