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Nexo, a centralised cryptocurrency exchange established in Bulgaria in 2018, now operates from Switzerland in approximately 200 regions. Its offerings include spot and futures trading, peer-to-peer lending, cold wallet storage, and fiat on-ramps for purchasing crypto tokens. Nexo is registered with respected financial bodies like the ASIC. Additionally, it provides unique services, such as a credit card.
Pros
A well-regarded crypto exchange, established in 2018, has initiated steps towards regulatory compliance.
Nexo Pro is an intuitive platform tailored for traders, offering robust charting tools that enhance strategic trading.
The trading platform features essential tools such as asset-specific newsfeeds and social media analysis.
Traders can utilise perpetual futures to take long or short positions on crypto assets, thereby enhancing strategic opportunities.
Nexo's platform facilitates cryptocurrency lending and borrowing through its staking and credit features, offering traders some of the most competitive yields in the market.
Traders receive bonuses and incentives, such as complimentary trading funds given to lenders and cashback through the exchange's native Nexo token.
Cons
While Nexo is registered with certain reputable regulators, trading with it carries more risk compared to established crypto brokers such as AvaTrade and Vantage.
High deposit and withdrawal fees for cards and e-wallets may deter many traders from using these convenient payment methods.
Limited educational resources diminish its attraction for newcomers, who may discover more valuable materials with leading platforms such as eToro.
Elevated maker/taker fees result in traders incurring higher costs for trading derivatives compared to competing exchanges such as Binance.
The selection of tokens is broad relative to many crypto brokers, yet it remains limited when compared to similar crypto exchanges such as Kraken.
Awards
Best Cryptocurrency Wallet – FinTech Breakthrough Awards, 2023
Best Use of Crypto and/or Blockchain in Financial Services – PAY360 Awards, 2022
Nexo provides trading services for approximately 70 tokens, including Bitcoin. Users can buy, sell, and exchange digital assets directly on the platform, with access to over 500 trading pairs. Additionally, these assets can serve as collateral for fiat loans or generate passive income through the ‘smart staking’ option and interest from peer-to-peer loans.