Nexo vs Crypto.com | Best Exchange To Trade On & Earn With?
Jack Moreau
Apr 2024
8 min read
Fact checked
Nexo vs Crypto.com: In this comprehensive comparison, we examine factors such as KYC requirements, availability by country, product range, trading fees, deposit methods, and many other crucial elements. Keep reading to find out if Nexo or Crypto.com is the most suitable exchange for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Nexo was founded in 2017 by Antoni Trenchev and Georgi Shulev, is headquartered in Zug, Switzerland, and has over 500 employees. Nexo is available in over 200 countries, with some exceptions such as Bulgaria, Estonia, Alaska, New York, Vermont.
Nexo exchange
Nexo is mostly known for its interest-earning accounts which allow users to earn interest on their cryptocurrency holdings. The platform supports a wide range of cryptocurrencies including Bitcoin, Ethereum, Litecoin, and many others.
Nexo's interest rates are competitive and are paid out daily. With over 5 million users worldwide, Nexo has gained popularity for its user-friendly interface and attractive features.
The Nexo app has been downloaded over 1 million times and has an average rating of 4.1 based on 30,000 reviews.
Nexo app
On the other hand, Crypto.com was founded in 2016 by Kris Marszalek and Bobby Bao and is based in Singapore and has over 4,000 employees.
Crypto.com offers a comprehensive platform that includes spot and margin trading, staking, lending, wallet services, and more. The exchange is known for its user-friendly interface, competitive trading fees, and attractive promotions.
Crypto.com offers support for over 250 cryptocurrencies including popular ones like Bitcoin and Ethereum.
With an impressive user base of 80 million users worldwide, Crypto.com has established itself as a major player in the cryptocurrency exchange industry.
The Crypto.com app has been downloaded over 10 million times and has an excellent rating of 4.6 based on 400,000 reviews.
Both Nexo and Crypto.com offer a different but nonetheless compelling product offering to a slightly different target group.
Crypto.com app
While Nexo mainly focuses on interest-earning accounts, Crypto.com provides a comprehensive platform with various trading and financial services.
Nexo vs Crypto.com KYC Requirements
When it comes to signing up for cryptocurrency exchanges, Nexo and Crypto.com each have their own unique processes and Know Your Customer (KYC) requirements. Let's take a closer look at what you can expect when signing up for these platforms.
Starting with Nexo, the signup process on this platform does take a bit longer compared to some other exchanges.
To create an account on Nexo, all users are required to go through the KYC process. This means providing personal details including your full name, email, residential address, and undergoing identity verification.
Nexo KYC requirements
One notable aspect of the Nexo KYC process is the requirement to upload a government ID, which is processed by Jumio. Although the verification process typically takes a few minutes to complete for the user, it can take Nexo as little as 15 minutes to verify the user.
Crypto.com offers a quicker signup process. Creating an account on Crypto.com is relatively fast, as users only need to provide an email and a password to get started. However, KYC is required for all trading and other services on Crypto.com.
Crypto.com email signup
This means that users must provide their full legal name and a picture of a government-issued ID during the KYC verification process. Once the necessary information and documents have been submitted, the verification process typically takes only a few minutes to a few hours for Crypto.com.
After passing KYC, users can enjoy the full range of trading and services available on Crypto.com.
Nexo vs Crypto.com Crypto Products
Nexo and Crypto.com both offer a wide range of products and services to their users. However, they differ in terms of their offerings and user experience.
Nexo is a popular exchange that offers spot trading, the ability to buy and sell cryptocurrencies, and the option to purchase crypto with a card. Additionally, Nexo provides lending and borrowing services, allowing users to earn interest on their digital assets or borrow against their holdings.
Nexo dashboard
Nexo also offers the Nexo Card, which allows users to spend their crypto and earn rewards in the form of additional digital assets. Another notable feature of Nexo is its web 3 wallet, which provides a secure and convenient way for users to store their cryptocurrencies.
Nexo spot trading
Overall, Nexo provides a great user experience with a beginner-friendly interface that is easy to navigate.
Nexo supported cryptocurrencies
On the other hand, Crypto.com has grown into one of the largest and most popular exchanges in the world by focusing heavily on marketing in the United States in Europe.
The exchange appeals to this wide audience that it has acquired by offering a wide set of products and services. Like most exchanges, spot trading is a key product at Crypto.com where users are able to buy and sell over 290 of the most well known cryptocurrencies.
Crypto.com Spot Trading
Crypto.com also offers margin trading where users can long or short a wide variety of cryptocurrencies like BTC and ETH with up to 5X in leverage.
Crypto.com Margin Trading
For more advanced traders that are interested in trading derivatives, Crypto.com has expanded its offering to now include over 100 perpetuals and quarterly futures with up to 20X leverage.
And for those that prefer trading with bots, Crypto.com currently offers automated trading via three bots in grid, DCA and TWAP.
Crypto.com Bots Trading
The trading volumes on Crypto.com are not great however as they currently rank in the top 30 with 24-Hour spot and derivatives volumes of $1 billion respectively.
Like most exchanges today, Crypto.com also offers financial products such as earn and staking products. Here users can earn interest on over 20 digital assets such as BTC, ETH, ADA, DOT, SOL, ATOM and USDT.
Crypto.com Earn
However, the rates that they offer are not competitive with other exchanges on the market. The same thing is true in regards to the staking rewards they offer where users are better off staking their assets directly on the chain to earn higher rewards.
Crypto.com Staking Rewards
For those more interested in NFTs and digital collectibles, Crypto.com offers 100s of collections such as bored apes, pudgy penguins and much more on blockchains such as Ethereum, Polygon, Solana and Cronos Chain.
Crypto.com NFTs
Crypto.com has also developed its own non-custodial wallet where users can store, trade and earn on their cryptocurrencies in a non-custodial manner.
Crypto.com Web 3 Wallet
Their defi wallet is available as a desktop wallet, a browser extension as well as via the website.
For wealthy individuals and institutional clients, Crypto.com has developed a separate OTC section where they can place orders of minimum $50,000 and maximum $5,000,000 with competitive rates.
One of the most important factors to consider when choosing an exchange is the trading fees they charge. Let's take a closer look at the fees offered by each of these exchanges.
When it comes to trading fees, Nexo charges a spot maker fee ranging from 0.04% to 0.2%, depending on the specific transaction. On the other hand, Crypto.com offers a spot maker fee of 0.075%.
Crypto.com spot trading fees
Nexo does offer any fee reduction options based on trade volumes or by holding specific tokens. Crypto.com, on the other hand, provides fee reduction options for its users. If monthly trade volumes exceed $250,000 or if users hold at least 1000 CRO tokens, they can enjoy lower trading fees.
This incentivizes traders to increase their activity on the platform or hold a certain amount of CRO tokens to benefit from reduced fees. So while Nexo offers a decent range of spot trading fees, Crypto.com is the much more competitive option.
Nexo and Crypto.com are two popular cryptocurrency exchanges that offer different options for fiat deposits.
Nexo supports fiat deposits for USD, EUR, and GBP. Users can deposit funds using bank transfers via SWIFT for USD, SEPA for EUR, and Faster Payments for GBP. The best part is that Nexo does not charge any deposit fees for any of these fiat currencies.
Nexo fiat deposit methods
This makes it a convenient and cost-effective option for users looking to deposit fiat currencies. Nexo however charges a minimum fee of 5 EUR and a maximum fee of 4.5% for Visa or Mastercard deposits.
On the other hand, Crypto.com only supports USD for fiat deposits, and the only deposit method available is wire transfer. The good news is that there is no deposit fee for wire transfers or USD bank transfers. This makes it a simple and cheap option for users who want to deposit USD on the exchange.
Nexo allows users to withdraw fiat currencies such as USD, EUR, and GBP. The process is straightforward, and there are no fees involved when withdrawing these fiat currencies.
This can be a significant advantage for Nexo users who want to withdraw their cryptocurrency holdings into traditional currencies without incurring any additional expenses.
Crypto.com allows only for USD withdrawals . Users can withdraw their funds by using a bank transfer. The great news is that there are no fees for USD bank withdrawals.
Crypto.com fiat withdrawal
When it comes to cryptocurrency withdrawals, Nexo and Crypto.com have varying fees in place. For Nexo to withdraw Bitcoin (BTC), users are charged a fee of 0.0001 BTC, while Ethereum (ETH) withdrawals come with a fee of 0.04 ETH.
Solana (SOL) withdrawals, on the other hand, carry a fee of 0.03 SOL, and for USDT withdrawals, users are charged a fee of 10 USDT.
Crypto.com withdrawals of Bitcoin (BTC) require a fee of 0.0001 BTC. Ethereum (ETH) withdrawals come with a fee of 0.04 ETH, while Solana (SOL) withdrawals carry a fee of 0.03 SOL. For USDT withdrawals, users are charged a fee of 10 USDT.
In conclusion, while Nexo offers some of the most competitive interest-earning accounts in crypto packaged in a user-friendly interface, Crypto.com offers the more comprehensive platform with various trading and financial services.
In terms of user base, Crypto.com has a significant advantage with 80 million users worldwide, compared to Nexo's 5 million users.
When it comes to signup processes and KYC requirements, both Nexo and Crypto.com require all of their users to complete and pass KYC in order to use their services.
As for their respective product offerings, Nexo offers fewer products mainly limited to earning yield, spot trading and the Nexo Card.
Crypto.com offers a wider range of products than Nexo and includes spot trading, futures, and additional features like its crypto-backed Visa card and NFTs.
In terms of trading fees, Nexo charges a higher spot trading fee than Crypto.com with a maker and taker fee ranging from 0.04% to 0.2%.
Crypto.com on the other hand charges a much more competitive spot maker and taker fee of 0.075%. Crypto.com also offers fee reduction options for high-volume traders and token holders.
When it comes to fiat deposits, Nexo supports USD, EUR, and GBP via bank transfers with no deposit fees. Crypto.com only supports USD deposits via wire transfer, also with no deposit fees.
Overall, the clear winner is Crypto.com as it offers more cryptocurrencies, product and lower fees than Nexo does.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
