Nexo or Crypto.com – which is better for UK traders 2024? Compare Nexo and Crypto.com in this detailed breakdown of their platforms, features and fees.
Nexo is a centralized crypto exchange founded in 2018 in Bulgaria and today operates across some 200 jurisdictions from its base in Switzerland. It provides services including spot trading, futures trading, peer-to-peer loans, cold wallet storage and fiat-on ramps to buy crypto tokens. The crypto firm is registered with some respected financial authorities, such as the ASIC, and offers some fairly unique additional services including a credit card.
Crypto.com is one of the biggest names in cryptocurrency trading, developed with the aim to expedite the world's transition to DeFi technologies. The crypto exchange offers token lending, pre-paid cards, NFTs and more. The firm was established in Germany in 2016 and its quality is proven by its 10 million active users.
Pros
Reputable crypto exchange that has been in business since 2018 and has taken some steps toward regulation
Nexo Pro is a user-friendly proprietary platform that suits trading strategies with great charting features
Value-add tools integrated into the trading platform including social media analysis and newsfeeds by asset
Traders can access perpetual futures to open long or short positions on crypto assets, increasing strategic opportunities
Nexo’s crypto staking and credit features support crypto lending and borrowing, and the yields lenders receive are among the best going
Traders benefit from bonuses and incentives including free trading funds paid to lenders and cashback in the form of the exchange’s native Nexo token
Strong security measures with no historical reports of hacking incidents
Low fees vs other established exchange platforms, including Coinbase
Live status updates impacting access to app and exchange services
Various ways to earn crypto coins or interest
Visa card with cashback rewards
Cons
Although Nexo has registered with some reputable watchdogs, it is riskier to trade with than established crypto brokers like AvaTrade and Vantage
High deposit and withdrawal fees for cards and e-wallets will price many traders out of the most convenient payment methods
Very few educational resources are available, reducing its appeal to beginners who can find more helpful resources at category leaders like eToro
High maker/taker fees mean traders will pay more to trade derivatives than they would at rival exchanges like Binance
The range of tokens is extensive compared to most crypto brokers but still much smaller than similar crypto exchanges like Kraken
Customer service is below-average with delayed help times when answering questions
Not all features or coins are available to all locations due to local regulations
Lack of educational resources, blog-style research or YouTube tutorial content
The advanced trading platform is less suitable for beginners
Awards
Best Cryptocurrency Wallet – FinTech Breakthrough Awards, 2023
Best Use of Crypto and/or Blockchain in Financial Services – PAY360 Awards, 2022
Nexo offers trading on an impressive suite of around 70 tokens, including Bitcoin. Digital assets can be bought, sold and swapped directly on the exchange or traded in over 500 pairs. Digital assets can also be used as collateral for fiat loans or used to generate passive income with the ‘smart staking’ tool or from interest earned via peer-to-peer loans.
Crypto.com provides access to more than 100 cryptocurrencies, including Bitcoin. All products can be purchased with leverage of up to 1:3 and trading fees follow an effective tiered commission structure.
