Nexo is an all-in-one crypto platform that is not only a centralized exchange but also provides a wide variety of crypto lending and earning services. Nexo users can earn interest on more than 60 types of digital assets, as well as take out loans using their crypto as collateral. The Nexo platform serves more than 5 million users across 200 jurisdictions. Nexo was founded in 2018 by Antoni Trenchev, Kosta Kantchev, Georgi Shulev, and Kalin Metodiev. According to online information, Nexo has offices or a presence in Switzerland, Bulgaria, and the United Kingdom.
When comparing Nexo and ZenGo, the big difference is that Nexo is a centralized exchange platform with a custodial approach to digital asset management, while ZenGo is an ultra-secure non-custodial crypto wallet. While both Nexo and ZenGo claim to prioritize user security, ZenGo’s non-custodial approach lets users hold their private keys, while Nexo, primarily a lending platform, maintains custody of user funds. In other words, ZenGo is a much safer solution for storing your digital assets, as well as giving you greater control over your investments. In addition, as a secure Web3-ready wallet, ZenGo offers the ability to interact with a wide range of Dapps online, adding depth to your cryptocurrency journey.
Nexo has an interesting approach to withdrawal fees. It offers between 1 and 5 free withdrawals to an external wallet, depending on what tier of Loyalty has been achieved on your account – higher Loyalty users get more free withdrawals. After the free limit expires, you’ll have to pay fees on a per-coin basis. As for the actual numbers, Nexo states that users will be able to see the fee amount associated with the processing of their transaction before they submit their withdrawal request.
Based on the info published on the Nexo website, users can withdraw up to $500,000 daily from their Nexo Savings Wallet or $2 million if they are doing a bank transfer. It is also important to note that they state all users must verify their identity before transferring funds to or from their Nexo account. In addition, they mention that If users want to increase withdrawal limits, they can contact Nexo’s customer support team. You can learn more about limits here.
Withdrawal times can vary depending on what kind of currency you’re transferring. All withdrawals are usually processed within an hour, but you may have to wait a day or even several days for funds to be moved in some cases. For the sake of avoiding delays, make sure you are in compliance with Nexo’s loyalty program and security standards before you request a withdrawal.
Withdrawal times from MetaMask are typically fast, but they are still influenced by the type of blockchain, network congestion, and gas fees. Since MetaMask supports different options for gas fees, higher fees can lead to faster transaction times. In any case, even with the basic gas fee, transactions should go smoothly, but delays may occur for various reasons.
Withdrawal issues usually occur when a wrong wallet address is entered or when Nexo’s security measures halt a transaction for some reason. Always double-check all details before initiating a withdrawal on Nexo or any other platform. If you enter the wrong info, your assets could disappear for good. There is also the possibility that you are not fully compliant with Nexo’s loyalty program. In addition, you won’t be able to withdraw any funds that are being used to secure an outstanding loan, that are held for a fixed term, that are limited assets, or that are below the minimum withdrawal amount.
It seems that Nexo does support withdrawals to fiat by using what they call FiatX. Nexo supports withdrawals in Euros, British Pounds, or US dollars (GBP and EUR are not available in many countries). The withdrawal process for fiat currencies is the same as the standard crypto withdrawal, but you can only use specific networks for each currency (SEPA for Euros, FPS for pounds, and ACH for dollars).As an easy alternative, if you wish to cash out from your Nexo account, you can always simply transfer your crypto to ZenGo, and then cash out to fiat whenever you wish, knowing that your funds are completely protected by ZenGo’s high standards of security.
