Editorial Review

Nexo Interest Account: Low Stablecoin Rates Backed By Bitgo

Nexo only offers interest bearing savings accounts for stablecoins and fiat, but their partnership with BitGo may make this investment more attractive.

February 24, 2020

Our Take

3.8
Editor's rating

Nexo Company Review

Withdrawal Policies

There are no withdrawal fees and assets stored with Nexo are not locked up, meaning you may withdraw your funds at any time.

KYC Policies

Nexo is compliant with many KYC requirements. You will need to submit your name, address, email, phone number and a valid photo ID. Nexo also requires a 2FA every time you visit their site to confirm it's really you logging in. You will need to utilize an app such as Google Authenticator or Authy to access your account.

UX

Nexo offers a user-friendly experience tailored to the beginner making their first moves in the crypto space. This is to be expected from a crypto company offering returns on fiat currencies. Because Nexo has carved out its space as the bridge between currency worlds, every step from account set up to withdrawal of funds is streamlined and simple.

Nexo has a mobile app which allows you to manage your interest accounts on-the-go.

Why You Might Want To Choose Another Service

Key Business Details Unclear

Nexo was founded after members of Credissimo, a Bulgarian payday loan/FinTech company, branched out to form their own company. While Nexo's literature suggests there is a clear connection between Credissimo and their company, there is little to support this in terms of legal documentation. Nexo is apparently registered in Switzerland but the address given is not Nexo headquarters. There is no information on Nexo's site regarding Nexo's legal identity. Investors should be weary of entering into a legal agreement with an unidentified entity in an unknown jurisdiction.