Nexo on collateral & liquidation
7.4/ 35% of the score
Loan-to-value bands are published per asset, but liquidations are executed by the company rather than by a public contract.
Best Crypto Lending Platforms · Rank 08 of 8
Nexo review
Custodial borrowing with a consumer interface
Last verified August 16, 20264 scored axes
Score7.0
Self-reported only
The short answer
Nexo scores 7.0 out of 10 and ranks #8 of 8 in the best crypto lending platforms table, strongest on collateral & liquidation (7.4) and weakest on counterparty clarity (6.4).
A long-running custodial lender that survived 2022 without halting withdrawals, which distinguishes it from most of its peers. You cannot see who is borrowing your assets, and that structural opacity caps how highly it can score here.
Key facts on record
- Founded
- 2018
- Model
- Custodial lending
- Disclosure
- Reserve attestations, no loan-book detail
What the record shows
4 axes, weighted as published in the table’s methodology. Each score below is read from the fact printed under it.
Nexo on security record
7.0/ 25% of the score
Operating since 2018 and continued honouring withdrawals through the 2022 credit crisis; runs a real-time reserve attestation with a named accounting firm, though not a full audit of the loan book. In January 2026 California's financial regulator penalised it $500,000 for unlicensed lending to state residents between 2018 and 2022.
Nexo on rate transparency
7.0/ 20% of the score
Rates are set at the company's discretion and vary with how much of the platform token a customer holds; the tier tables are published.
Nexo on counterparty clarity
6.4/ 20% of the score
The borrower side of the loan book is not disclosed, and depositors are unsecured creditors of the company.
Quick answers
- What is Nexo best for?
- Custodial borrowing with a consumer interface. A long-running custodial lender that survived 2022 without halting withdrawals, which distinguishes it from most of its peers.
- Where does Nexo rank among best crypto lending platforms?
- #8 of 8, scoring 7.0 out of 10 — self-reported only on our band scale.
- What is the weakest part of Nexo?
- Counterparty clarity at 6.4. The borrower side of the loan book is not disclosed, and depositors are unsecured creditors of the company.
Strengths and weaknesses
In its favour
- Continued honouring withdrawals through the 2022 credit crisis
- Real-time attestation programme on reserves
- Straightforward consumer product with card integration
Against it
- Borrower identity and loan book composition are not disclosed
- Rates depend on holding the platform's own token
It kept paying when others did not
Through the 2022 credit crisis, when several custodial lenders froze redemptions and never reopened, Nexo continued honouring withdrawals. That is the most meaningful thing on its record, and it should be weighted accordingly: promises are cheap in this category and behaviour under stress is not.
Credit mode changes the tax question
Borrowing against collateral rather than selling it means a purchase is not a disposal, which in many jurisdictions changes the tax treatment entirely. The cost is the published interest rate plus any FX markup. This is general information rather than tax advice, and it is the main reason people use the product.
What you cannot see
The borrower side of the loan book is not disclosed, so depositors cannot assess who is using their assets. Real-time reserve attestation with a named accounting firm covers assets, not the quality of the credit behind them, and it is not a full audit.
And the regulatory line
In January 2026 California's financial regulator penalised the company $500,000 for unlicensed lending to state residents between 2018 and 2022. Rates also vary with how much of the platform token you hold, with tier tables published.
How to use it sensibly
As a borrowing facility rather than a savings account. Borrowing against collateral you control the loan-to-value on is a defined exposure; depositing for yield makes you an unsecured creditor of a company whose loan book you cannot inspect.
Frequently asked questions
Is Nexo safe?+
It continued honouring withdrawals through the 2022 credit crisis and runs a real-time reserve attestation with a named accounting firm. The unresolved gap is that the borrower side of the loan book is undisclosed, so depositors are unsecured creditors without a view of the credit.
What is Nexo credit mode?+
Borrowing against your crypto instead of selling it, so the purchase is a loan rather than a disposal — which in many jurisdictions changes the tax treatment. You pay the published interest rate.
Has Nexo been fined?+
Yes. In January 2026 California's financial regulator imposed a $500,000 penalty for unlicensed lending to state residents between 2018 and 2022.
How Nexo compares
8 services in best crypto lending platforms
- 01MorphoIsolated markets with curator-defined risk9.1
- 02CompoundConservative, single-borrow-asset markets9.0
- 03AaveThe default on-chain money market8.8
- 04SparkBorrowing against blue-chip collateral at predictable rates8.8
- 05EulerPermissionless markets with modular risk parameters8.4
- 06Maple FinanceInstitutional credit with named pool delegates7.8
- 07LednBitcoin-backed loans with open-book reporting7.6
- 08Nexoyou are hereCustodial borrowing with a consumer interface7.0