Nexo Card review

The mode that changes the tax position

In credit mode a purchase draws against your collateral rather than selling it, so the transaction is a loan rather than a disposal — which in many jurisdictions removes a taxable event from every coffee and every grocery run. The cost is the published interest rate plus any FX markup, and for a holder with a long horizon that is frequently cheaper than realising gains. This is general information rather than tax advice.

Two modes, two different products

Debit mode spends a balance with a conversion spread applied; credit mode borrows. They behave differently, cost differently and have different tax consequences, and the app lets you switch between them without much ceremony.

Issuer record

Issued through named EU partners under an e-money licence. Card service continued through the 2022 credit crisis when several competitors stopped, though products have been withdrawn from some markets since, and the parent company was penalised $500,000 by California's regulator in January 2026 over unlicensed lending between 2018 and 2022.

The catch

Headline reward rates require holding a proportion of the platform token, with tier tables published. Treat that as a market position taken to buy a discount, and price it accordingly.

How to use it well

Keep the loan-to-value low enough that a market drop cannot force a liquidation while you are mid-holiday, and check the tier table before assuming a reward rate applies to you.