Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
Table of Contents
    Add a header to begin generating the table of contents

    Nexo Review Singapore 2022: Fees, Features and more

    Crypto review singapore Nexo

    Nexo Review Singapore: Our Opinion

    Nexo is popular in the cryptocurrency space. It offers competitive interest rates for stablecoins and other cryptocurrencies. However, these rates are subject to the amount of Nexo Tokens you hold. The platform also allows you to take NFT-backed loans but this again requires an NFT worth $500,000 as collateral to be approved. In general, Nexo offers excellent features and options but the average user may find them unattainable due to the needed requirements.

    An Overview of Nexo

    Nexo was founded in 2017 by Antoni Trenchev, Kosta Kantchev, Georgi Shulev, and Kalin Metodiev. The company is headquartered in London, England, and operates in the lending, blockchain, cryptocurrency, and financial services industries. 

    Pros

    Cons

    Unique Features of Nexo​

    NFT-backed Loans 

    Nexo Review Singapore

    Nexo enables you to borrow up to 20% of the value of your CryptoPunks or BAYC NFTs. But to apply, the value of your NFT must exceed $500,000. Currently, Nexo is accepting only blue-chip NFT collections. The platform also promises that there will be no liquidations before maturity. So if the value of your NFT fluctuates during the loan, it won’t be liquidated. Nexo also didn’t run credit checks before getting approved. 

    Nexo Card

    Nexo Review Singapore card

    Nexo has a credit card that enables users to spend their crypto assets without selling them. The card is linked to Nexo’s instant Crypto Credit Line wallet. This means that all purchases made with it are automatically deducted from the user’s available credit line but the user’s portfolio remains intact. The result is that the card users get fiat that they can spend. All they need to do is to provide crypto as security (collateral) for repayment. 

    Nexo card owners can earn free crypto assets when they make a purchase or ATM withdrawal.

    The card is accepted by more than 90 million merchants worldwide. Cardholders can make up to 10 free atm withdrawals every month, with a maximum withdrawal limit of €10,000. There are also no FX fees for foreign transactions up to €20,000 per month. 

    Users can get the card free of charge. To get it, do the following:

    • Open the Nexo wallet app
    • Scroll to the “Card” tab
    • Tap the “Activate Card” button. When you do this, your virtual card will be issued within seconds. 
    • Add to Google Pay or Apple pay. 
    • Select “Add to Wallet” 
    • Follow the displayed onscreen instructions. Once this is completed, you can start spending with your card via Google pay and Apple pay. 

    The Nexo virtual card can be used the same way a physical card can be used. All you need to do is to connect it to Apple Pay or Google Pay. Nexo virtual card holders can also make contactless ATM withdrawals. Once your Nexo virtual card is activated, you will be able to order the physical card. 

    Once you get your card, you will be eligible to earn crypto rewards on every purchase and ATM withdrawal. The rewards are paid in Bitcoin or Nexo Tokens. Users who hold more Nexo tokens in their account, receive more crypto rewards when using the Nexo Card.

    Platinum tier members earn 2% in NEXO Tokens or 0.5% in BTC. Gold members earn 1% or 0.3% in NEXO Tokens and BTC respectively. Silver tier members earn 0.7% in NEXO Tokens or 0.2% in BTC. Base tier members earn 0.1% in BTC or 0.5% in NEXO Tokens.

    Nexo Instant Crypto Credit Lines 

    Crypto Nexo Singapore review

    Nexo instant crypto credit lines enable users to borrow more than 40 fiat currencies and stablecoins. Users can borrow cash or stablecoins from $50 to $2,000,000 against their crypto at 0% APR. The Nexo platform also doesn’t check the credit scores of its users. Funds are approved within seconds and the funds appear in the user’s interest account within 24 hours. 

    There is no fixed payment schedule for the loans. Users can choose to fully or partially pay off their balance at their convenience. Customers also have the option of repaying their credit line with either crypto assets or fiat or a combination of both. 

    Users have access to tools on the platform that enables them to monitor their credit line health and ensure the value of their collateral is preserved. If the collateral begins to depreciate as a result of a market downturn, the Nexo blockchain oracle will notify the user via email or SMS. The user will be prompted to add extra collateral or partially repay his crypto credit. 

    If the user does not take any action after being notified of the depreciation of the collateral, the Nexo blockchain oracle will automatically initiate the collateral transfer. Cryptocurrency assets will be automatically transferred from the user’s Savings Wallet to their Credit Wallet. The aim of this is to keep the user’s credit line health in check. If the user does not have enough assets in his savings wallet, a portion of his collateral will be used to automatically initiate credit repayments. 

    Eligibility for Nexo’s Instant Crypto Credit Lines is determined by the user’s Loan-to-Value (LTV) ratio. The LTV ratio is used to determine the amount of crypto collateral a user needs to take out a crypto credit. The LTV is calculated as the ratio between the crypto credit amount in USD and the value of the collateral provided by the user in USD. This is expressed as a percentage. 

    Nexo supports 39 collateral options and allows borrowing in over 40 fiat currencies and stablecoins. Below are some of the assets available to borrow on Nexo and the LTV in percentage:

    • Bitcoin (50%LTV)
    • Ethereum (50% LTV)
    • Nexo Token (15% LTV)
    • Tether (90% LTV)
    • USDC (90% LTV)
    • Polkadot (30% LTV) 

    To get Nexo’s instant crypto credit, do the following:

    • Open the Nexo app. 
    • Click on the “Top Up” button. 
    • Copy the top-up Address. 
    • Transfer the assets you wish to use as collateral. 
    • Once the top-up is complete you will immediately be able to borrow. 

    As already stated, Nexos does not conduct any credit checks. There is however a limit for each user. This is dependent on the value of assets provided as collateral. 

    Cryptocurrencies Available on Nexo

    Nexo crypto list singapore

    This crypto exchange supports 40+ cryptocurrencies. This includes major coins like Bitcoin and Ethereum, as well as, stablecoins such as Tether or USDC. 

    Some of the cryptocurrencies available on the Nexo exchange include Nexo Token, Dai, Axie Infinity, Polkadot, Polygon, Thor Chain, Cosmos, Ape Coin, Avalanche, Fantom, Axie Infinity, USDC, Kusama, XRP, Solana, Cardano, BNB, 1 INCH, Pax Dollar, etc. 

    The crypto exchange enables users to swap between any two supported cryptocurrencies easily. The platform has over 300 market pairs that can easily be swapped. Depending on their loyalty tier, users can earn up to 0.5% in crypto rewards when they exchange crypto on the platform. 

    Fees

    Cryptocurrency transfers between Nexo accounts are free of charge, unlimited, and instant. External transfers depend on your loyalty tier. Depending on your tier you can have anywhere from 1 to 5 free of charge crypto withdrawals monthly to an external wallet. Also, internal transfers do not affect the feeless crypto withdrawals. 

    Once you reach your free withdrawal limit you’ll be charged withdrawal fees by the network. This isn’t a fixed fee and is dependent on the current state of the specific blockchain. You’ll also get to see the overall amount needed for processing the transaction before completing your withdrawal. 

    On the first day of every month, the free crypto withdrawal counter resets allowing you to make a new set of free withdrawals. 

    In addition, under Nexo’s zero fees policy, users can make unlimited feeless Fiatx withdrawals and FiatX transfers into the Nexo wallet app and credit line withdrawals. Also, Nexo does not charge users any forex, exchange, or credit line origination fees. 

    But if you intend to buy cryptocurrency with your card and reside in Singapore (a non-EU nation) you’ll be charged 3.49%. If you reside in an EU nation you’ll be charged 1.49%. 

    When buying crypto with your card, you would be able to see the final processing fee that you’ll be charged. So there are no hidden fees. 

    The Nexo card does not have any annual, inactivity, or monthly fees. But based on your loyalty tier you can have up to 10 free withdrawals. After using up your free withdrawals Nexo will charge you £1.99 per withdrawal till your free withdrawal limit resets. 

    For foreign transactions, you can have to up to £20,000 in free transactions till you hit your limit. Once you hit it, Nexo will charge you a 0.5% fee on foreign transactions till the monthly limit resets. 

    Payment Methods

    Nexo Review Singapore

    Nexo allows you to buy 39 cryptocurrencies using a debit or credit card. But they only accept Visa and Mastercard cards. Nexo supports all fiat currencies to purchase crypto with your card. However, if the currency is different from EUR, USD, and GBP, (SGD for example) it will be converted to one of those 3 currencies. This means your bank will charge you a conversion fee. That said, Nexo allows you to choose the settlement currency best for you. 

    Nexo does not support withdrawals to cards

    • To buy crypto with your card you need to verify your identity. 
    • Next, choose ‘credit card’ as your payment option.
    • Input your card details.
    • Finalize the purchase.

    Nexo also supports crypto deposits as a payment method.

    • To do so, verify your identity
    • Next, scroll to the bottom of your screen to find all supported cryptocurrencies. 
    • Click or tap the “Top Up” button beside the coin you intend to deposit. 
    • If the assets support multiple transfer networks choose the option you want to use for the deposit. 
    • Copy your deposit address and send. 

    You can also send digital assets from your MetaMask wallet. 

    Nexo Security

    Though Nexo offers a custodial wallet, Nexo is not the custodian of its client’s assets. Nexo uses the services of partners such as BitGo, Foreblocks, Bakkt, and Ledger Vault. This means that users’ assets are held in both hot and cold storage by different partners across different geographical locations. This guarantees the security of their users’ assets. 

    Nexo also has insurance of $775 million through its partnership with BitGo, Fireblocks, Bakkt, and Ledger. 

    Users’ data is stored on secure networks that are only accessible by authorized personnel. All sensitive information is encrypted via Secure Socket Layer (SSL) technology. 

    The platform also offers security measures such as Two-factor Authentication, SMS Verifications, and email verifications for log-ins and withdrawals. You can also enhance your account security by enabling biometric identification using either fingerprint or face recognition. 

    Staking Rewards

    Nexo rewards singapore

    Nexo offers staking rewards for holding 33 supported cryptocurrencies in the Nexo wallet. This includes Bitcoin, Nexo Token, Ethereum, Stablecoins, etc. Users can earn up to 16% APY, The program includes compound interest rates, daily fees, and zero fees.

    To earn staking rewards, all you need to do is to create an account and buy or transfer crypto to it. Once this is done you will begin to earn daily interests in your digital assets from the next day after your transfer. 

    The interest rate paid on staked digital assets is dependent on the ratio of Nexo tokens against the balance of other assets in the user’s portfolio. For Platinum tier users, at least 10 percent of the portfolio balance must be Nexo Tokens. Gold users require at least 5%. Silver users require at least 1% while Base tier users do not need any Nexo tokens. 

    Customers can choose to earn in kind or to earn in NEXO. Earning in-kind means the user will receive interest payments in the currency the user is earning. While earning in NEXO means the interest will be paid in NEXO Tokens. Users who choose to earn in NEXO will also get up to 2% additional interest on all their holdings. 

    Here is a list of some of the assets that can be staked on Nexo and their annual interest rates. USDT (12%), Dai (12%), USDC (12%), GBPx (12%), BTC (7%), Eth (8%) etc. 

    Opening a Nexo Account

    To open a Nexo account visit https://nexo.io/

    Nexo review open account singapore

    Next, click the “Get Started” button

    You still be redirected to this page: https://platform.nexo.io/register

    Nexo review sign up

    Once there, enter your email address and pick a password. Next, click ‘Create Account’

    After this, Nexo will require you to verify your email address by clicking the link they send to it upon signing up. To do so, open the email you used to register and click verify email. 

    You should get automatically logged in. But before you can start trading your Nexo account, the platform recommends that you enable two-factor authentication via the ‘Security‘ tab. 

    Customer Service

    Nexo review customer service

    Nexo has a help center with content that answers frequently asked questions from customers. Asides from the help center, Nexo has 24/7 online customer support. Customers can also contact the Nexo support team via their email info@nexo.io.

    Customer Satisfaction

    nexo singapore review

    Nexo has a high score on the user review platform TrustPilot. The platform is currently sitting at a 4.5 over 5-star rating. Over 80% of users voted the crypto loan solution as excellent and just under 1% voted it as poor. Also, most users gave Nexo a 5-star rating concerning customer service. 

    That said, there are a couple of complaints and most of them have to do with users not understanding their fee structures. For example, some users complain that though Nexo promises 0% APY they still got charged fees. This implies that Nexo offers a confusing fee structure for some. 

    Does Platform offer Education? 

    No, Nexo does not offer a dedicated education center. 

    Is Nexo Right for you?

    Nexo is best for people searching for instant crypto and NFT-backed loans. 

    Final Thoughts

    Nexo is a popular digital assets platform that enables you to borrow and earn interest on lent assets. The platform includes summer unique features like NFT-backed loans and a Nexo card for crypto-funded purchases in the real world. Concerning its ease of use, Nexo users have complained about confusing fee structures.

    If you want to know more about on Nexo Competitors and other crypto platforms, you can check out our list of the Best Crypto Platforms Singapore. You can also read about our Crypto com Review Singapore as an alternative to Nexo.

    FAQ

    Most frequent questions and answers

    Nexo is better as it offers more cryptocurrency options, allows you to buy crypto using your debit card, offers a Nexo crypto credit card, and enables you to get NFT-backed loans. 

    Nexo like all other cryptocurrencies is volatile and poses significant risks. The investment potential depends on the current market condition. 

    The Token is predicted to reach a maximum price of $3.54 in 2022. 

    You can make money on Nexo by earning interest on your cryptocurrency. The platform offers up to 16% in interest rates. All you need to do is buy or transfer Crypto to your Nexo interest account to begin earning yield. 

    Yes, you can withdraw EUR, USD, and GBP fiat currencies from your Nexo account to your bank account. To initiate the process, click your withdraw button next to the fiat currency you wish to withdraw. 

    Nexo’s top competitors are crypto.com, Celsius Network, and faucetcrypto.com

    Yes, Nexo pays interest in crypto. Once you transfer funds to your interest account you can start earning yield.

    Yes, you can sell crypto on Nexo. 

    Nexo allows you to swap between any 2 supported cryptocurrencies. 

    No, Nexo has never been hacked. 

    There are over 4 million Nexo users. 

    No, Nexo is not a bank. Nexo is a cryptocurrency platform that offers bank services like NFT and crypto-backed loans and the opportunity to earn interests. 

    Nexo is a custodial lending platform and thus controls your private keys. 

    Nexo supports GBP, EUR, and USD. 

    Launch the Nexo app and visit the ‘Card’ tab. Swipe left then tap on the ‘Order Nexo Card’ tab. Follow the next instructions and wait for 2 weeks to receive your card. 

    The Nexo Token is used for discounts and numerous benefits for Nexo users. 

    Yes, Nexo features military-grade storage and crypto insurance. The platform has also never been hacked. 

      We always try to provide the most accurate information available, and make sure our team follow through.
      If you want to know more about our Crypto Exchanges Review Methodology follow the link below

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

      To view our privacy policy read here.

      You may also be interested in:
      Scroll to Top