Nexo Card review 2021

Supported Coins: 75
Paypal allowed: No
True Creditcard: No
Integrated Exchange: Yes
Included Wallet: Yes
US Customers: Yes
Supports DeFi:
Supports API: No
Table of Contents

The card is a Mastercard, meaning that you can use the card at any point of payment that accepts Mastercard. This is of course a great advantage, seeing that Mastercard (and VISA) are the most accepted cards in the world. On the Nexo website, they state that the card is accepted by more than 40 million merchants worldwide.

Nexo Card
Nexo Card

Pros & Contras :

  • $100 million insurance from BitGo.
  • Easy to use app and website.
  • Support for business accounts.
  • Military-grade security including cold storage in Class III vaults through the SOC 2 Type 2 certified crypto custodian BitGo.
  • Nexo’s information security management systems are ISO/IEC 27001:2013 compliant after extensive audits, inspections, and checks by CISQ, a member of IQNet and the world’s largest provider of management system certification.
  • Full flexibility — no lock-in periods, withdraw at any time.
  • No withdrawal, transaction, or platform fees.
  • Earn 30% extra interest when earning with Nexo tokens.
  • High levels of asset liquidity.
  • Free Nexo card for daily transactions.
  • Over 4 billion processed and 1+ million clients.
  • No hidden fees.
  • No credit score checks.
  • Guaranteed approval.
     
     
  • Nexo mandates holding NEXO tokens to receive the best loan and savings rates.
  • The $100 million insurance is cumulative for all clients, and it only applies to assets that are kept in cold BitGo wallets.
  • Even though Nexo does not mention re-hypothecation anywhere, it seems like it's applicable.
  • In some cases, lender interest rates are higher than borrower rates.

Details and information about the Nexo Card

The card has support for a number of different cryptocurrencies. Also, it supports the EUR fiat currency. The card in other continents support other fiat currencies as well.

The Nexo Card also offer something very interesting: a cashback feature. What is a cashback feature? Well, it's actually quite simple, every time you use the card, a percentage of what you pay with the card gets transferred back to you. Either in the form of NEXO Tokens, or as Bitcoin. You can choose yourself in which crypto you want your cashback to be paid out. a certain form you have selected. And the percentage is 2.00%!

Nexo are very keen on informing how seriously they take their security. The Nexo company states that they are equipped with "military-grade 256-bit encryption". But not only that, they also proudly that they have "24/7/365 fraud monitoring mechanisms", all in order to ensure the safety of its users' funds.

 

Nexo Card review and fees

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