Nexo: Buy, Exchange, and Store Bitcoin & Crypto (2024)

FAQs

Is Nexo trustworthy? ›

Accredited Information Security Management Systems

ISO/IEC 27001 guarantees that Nexo's cyber security infrastructure is of the highest standard.

What is the Nexo Exchange? The Nexo Exchange is our hub, which allows you to buy and sell over 60 digital assets, using intuitive order types like Swap, Target Price Swap, Crypto Bundles, and Booster. Through the Nexo Exchange, you can also trade perpetual futures contracts.

On January 19, the US Securities and Exchange Commission (SEC) reached a settlement with Nexo on the basis of 'no admission, no denial'. Nexo agreed to compensate the SEC for USD 45 million and to stop offering its undeclared loan products to US citizens.

Cryptoasset lender, Nexo Capital Inc., was sued in London by investors who allege they were blocked from withdrawing parts of their $126 million in assets from the exchange in March 2021, when one Bitcoin was worth more than $54,000.

Nexo customers can expect the same uncompromising quality of service while retaining and enhancing appropriate legal safeguards utilizing Summit National Bank's federal-level lending and payments infrastructure.

1. Click on 'Receive' from the top-right corner of your screen on the Nexo Wallet. 2. Copy your Identity Wallet address and paste it into the platform from which you are sending the assets.

Nexo Key Features

Nexo Earn Product: Earn a yield on your crypto (up to 16%) with Nexo's easy-to-use Nexo Earn. (Not available in the US or Canada.)

Who owns Nexo? ›

Nexo is a centralized lending platform owned by Credissimo, a publicly traded fintech company based in the European Union. It allows users to capitalize on the value of their crypto assets, with a user base of over 4 million across more than 200 jurisdictions.

Nexo, founded in 2018, phased out its U.S. products and services last year and agreed to pay $45 million to settle charges from the U.S. Securities and Exchange Commission and state regulators that it failed to register its crypto asset lending product.

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.

You can withdraw a loan in digital assets from your Available Credit, which can be converted into fiat currency and sent to your bank account or receive stablecoins (USDC or USDT), which will be credited to your Savings Wallet.

Crypto lender Nexo Inc. is phasing out its products and services in the US market after facing cease-and-desist orders from multiple states over its interest-earning products.

Security is paramount for both platforms, with Coinbase providing an insurance policy to cover digital currency losses and Nexo offering a direct insured wallet service with $100 million insurance through partnerships with BitGo and other custodians.

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.