Updated February 20, 2022

BlockFi vs Nexo

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Nexo and BlockFi both let you earn interest and take loans against your cryptocurrency. But which one is right for you? Read on to find out.

Owning cryptocurrency doesn't have to mean becoming a day trader. Or buying and holding forever.

With platforms like Nexo and BlockFi, you have more options. Like earning interest on your crypto assets, or using them as collateral for loans.

Since both companies offer similar services, choosing one may be difficult. In our review below, review their features in detail, along with fees, security, ease of use, and customer support.

Read on to find out whether Nexo or BlockFi is right for you.

What are Nexo and BlockFi?

Nexo is a cryptocurrency lending institution headquartered in Zug, Switzerland. It was founded in 2017 by Antoni Trenchev and Kosta Kantchev.

Their main features include:

  • High-yield crypto interest accounts, where users can earn up to 20% interest on their crypto, as well as a few fiat currencies
  • Crypto-backed loans with APRs as low as 6.9%
  • An exchange that allows for the trading of over 100 crypto and fiat pairs
  • The Nexo Card, which offers 2% cash back and is accepted all over the world

As of February 19, 2022, Nexo Earn Interest is not available in the United States. Nexo is in the process of restructuring into Earn Interest Product 2.0.

BlockFi is another company offering crypto services, with their main offices in New York. It was founded in 2017 by Zac Prince and Flori Marquez.

They have many of the same features as Nexo, including:

  • BlockFi Interest Accounts, offering interest rates as high as 7.5%
  • Crypto-backed loans with rates starting at 4.5%
  • A relatively smaller exchange with 12 cryptocurrencies and stablecoins for trade
  • An upcoming rewards card, which will offer 1.5% back in crypto for every transaction

As of February 14, 2022, BlockFi Interest Accounts are not available in the United States. BlockFi is in the process of registering a new product, BlockFi Yield.

We'll talk about all of these features, as well as their costs and benefits, in more detail below.

Pros and Cons

Both platforms have strong reputations and have taken serious steps toward protecting their members.

The right fit for you depends on which product you're most interested in (interest accounts vs crypto lending), among other factors. Review our main pros and cons below:

Nexo Pros & Cons

  • High rates on interest accounts
  • Higher rates for loyalty members
  • Wide variety of crypto and fiat currencies
  • Fiat interest accounts
  • $375 million insurance policy
  • Best rates only available to loyalty members
  • NEXO token may be difficult or expensive to buy
  • Non-transparent fees on exchange

Choose Nexo if: Your priority is earning the most interest on your crypto holdings, or if you were interested in getting the NEXO token already

BlockFi Pros & Cons

  • Phone support
  • Gemini as custodian
  • Digital asset insurance
  • No need to use native coin
  • Limited number of currencies
  • Non-transparent fees on exchange
  • Slow withdrawal times

Choose BlockFi if: You're most interested in crypto lending, or if you don't want to go through too many extra steps to get higher rates

What cryptocurrencies do they support?

Nexo currently supports 17 cryptocurrencies and stablecoins:

  • Bitcoin, Ethereum, Litecoin, XRP, EOS, XLM, BCH, USDT, USDC, TUSD, DAI, PAX, HUSD, Chainlink, TRX, PAX Gold, BNB

BlockFi currently supports 12 cryptocurrencies and stablecoins:

  • Bitcoin, Ethereum, Litecoin, Chainlink, PAX Gold, USDC, Binance USD, PAX, GUSD, BAT, DAI, UNI

Where are they available?

Nexo is available to all countries except the following:

  • Afghanistan, Bulgaria, Burma (Myanmar), Central African Republic, Cote d'Ivoire, Cuba, Democratic Republic of Congo, Eritrea, Estonia, Iran, Iraq, Lebanon, Libya, North Korea, Republic of the Congo, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Yemen, Zimbabwe

BlockFi is available all over the world, but not in countries that are sanctioned or watchlisted.

While it is available in every U.S. state, they do not currently have any trading pairs in: New Mexico, Nevada, New York, Vermont, or West Virginia. The BlockFi Interest Account (BIA) is not available in New York.


Below, review the main services that BlockFi and Nexo offer to see how they compare. One platform may perform better in some categories but not others.

Interest-Earning Accounts

For many, the main draw of crypto lending institutions like BlockFi and Nexo are their high-yield interest accounts. Take a look at them in-depth so you can find the best return on your investment.

BlockFi Interest Account
BlockFi users can earn up to 7.5% on their crypto assets, with no fees or minimum deposit. They offer 9 cryptocurrencies and stablecoins to earn from, and interest is paid every month.

As of February 14, 2022, BlockFi Interest Accounts are not available in the United States. BlockFi is in the process of registering a new product, BlockFi Yield.

Some currencies, like Bitcoin and Ethereum, decrease in earning potential as you deposit more.

In general, they offer the best rates for stablecoins, which are cryptocurrencies whose value is tied directly to that of a fiat currency like the USD.

You can view detailed, up-to-date interest rates on their site.

Nexo Account
Nexo's high yield interest accounts are a little more complicated than BlockFi's, but it's possible to earn as much as 20% APR on your assets, paid daily.

As of February 19, 2022, Nexo Earn Interest is not available in the United States. Nexo is in the process of restructuring into Earn Interest Product 2.0.

The highest rates are only available to members of Nexo's loyalty program which is covered in detail below. Rates range from 4%-8% on cryptocurrencies like Bitcoin, Ethereum, and Ripple, and from 10%-12% on stablecoins such as USDT, USDC, and DAI, and cash deposits of USD, GBP, and EUR.

Besides the coins you hold, several other factors determine your interest:

  • Fixed Term or Flex: Fixed-term deposits receive 1% bonus to crypto and fiat rates. Terms are one month for crypto, three for fiat currencies. Fixed terms aren't currently available for stablecoins.

  • Payout Method: There's a 2% bonus for those who take their earnings in the NEXO token, rather than in the same currency they invested originally.

  • Loyalty Tier: Your tier level is based on what percentage of your holdings is made up of the NEXO token:
    • Base: Up to 1% NEXO tokens in portfolio
      • 0.0% bonus on crypto
      • 0.0% bonus on stablecoins
      • 0.0% bonus on cash

    • Silver: 1 - 5% NEXO tokens in portfolio
      • 0.25% bonus
      • 0.25% bonus on stablecoins
      • 0.25% bonus on cash

    • Gold: 5 - 10% NEXO tokens in portfolio
      • 0.50% bonus
      • 1% bonus on stablecoins
      • 1% bonus on cash

    • Platinum: Over 10% NEXO tokens in portfolio
      • 1% bonus
      • 2% bonus on stablecoins
      • 2% bonus on cash

The Takeaway
Overall, Nexo's high-yield saving accounts outperform BlockFi's with a few exceptions.

Investors with small amounts of Bitcoin or Ethereum will find a better base rate on BlockFi, and may also get slightly higher returns for stablecoins like USDC, GUSD, PAX, and TUSD.

However, for those able to take advantage of all Nexo's bonuses—i.e., fixed terms, earning in NEXO, and holding NEXO assets—rates of 8%-12% are possible. Plus, Nexo has a wider range of options than BlockFi, and supports fiat currencies.

Buying NEXO token may be expensive, but even without it, their interest rates are competitive.

Is lending my crypto safe?
Cryptocurrencies are not insured by the FDIC or SIPC. BlockFi attempts to mitigate risk by only offering over-collateralized loans to trusted institutional borrowers. Meanwhile, Nexo custodial assets are insured for up to $375 million.

Crypto Lending

There are several benefits to crypto-backed loans, like avoiding costly tax penalties and not having to miss out on sudden increases in the value of your holdings. Nexo and BlockFi both offer this service.

You'll want to take these factors into account when choosing your lender:

  1. LTV (loan-to-value) Ratio (the percentage of your collateral that you can borrow)
  2. Interest Rates (APR)
  3. Available Currencies
  4. Repayment Term
  5. Availability
  6. Fees

BlockFi Loans
BlockFi's crypto-backed lending program is available in 45 U.S. states. You can borrow USD, GUSD, and USDC for as much as 50% of the value of your crypto collateral. They charge tiered interest rates based on the currency and LTV ratio, ranging from 20% - 50%.

  • 50% LTV - 9.75%
  • 35% LTV - 7.9%
  • 20% LTV - 4.5% (available only for BTC-backed loans valued up to $20k USD)

There is a 2% origination fee for new loans.

Nexo Credit Line
Nexo's crypto credit line lets users borrow over 40 fiat currencies against 18 cryptocurrencies and stablecoins including:

  • Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, BNB, EOS, Chainlink, Stellar, NEXO Token, Tron, PAXG Tether, USDC, PAX, TrueUSD, DAI, and HUSD.

There are no prepayment, origination, or installment fees; you only pay interest on the period you borrowed.

Interest rates start at 6.9% APR for platinum level members. Their interest rates depend on loyalty level:

  • Base - 13.9%
  • Silver - 12.9%
  • Gold - 8.9%
  • Platinum - 6.9%

Available LTV ratios vary from 25% - 90% and change frequently based on the price of the asset. Nexo explains how they calculate LTV here, and they also provide a full list of current LTV rates.

Until your loan is paid off, make sure to keep track of the value of your collateral, as the changing LTV may affect your payment requirements.

The Takeaway
If you can afford the 2% origination fee, BlockFi will offer better rates than Nexo for users without significant holdings of NEXO token, especially for investors taking relatively small loans against Bitcoin.

Nexo does offer a dramatically wider range of fiat currencies to borrow, and twice the number of cryptocurrencies to borrow against, so those outside the U.S. may benefit.

Cryptocurrency Exchange

The ability to buy and sell cryptocurrency is, of course, vital to any crypto platform. In this case, cost and variety are the two main things to consider.

BlockFi offers 8 cryptocurrencies and stablecoins to trade via their Trading platform.

While they claim to operate a zero-fee exchange, they do charge a spread on every trade, which appears to range from 0.70 - 1.5%.

On their Exchange, Nexo offers 15 cryptocurrencies and stablecoins to trade, in addition to NEXO tokens.

They are also unfortunately obscure about their trading fees, but have been reported to charge spreads as high as 2%.

The Takeaway
In this case, Nexo beats BlockFi in terms of variety, but BlockFi proves slightly less expensive. If you're going to be trading a lot, it's worth considering a separate dedicated exchange, where you may save on fees and find an even greater number of buying options.

You may have heard of popular exchanges like Coinbase, but there are many more to explore. Review our top Coinbase alternatives to start trading.


Both BlockFi and Nexo offer their own cards. Review the differences below to choose the right fit for you.

BlockFi Credit Card
BlockFi has partnered with Visa to provide the Rewards Credit Card.

It offers 1.5% back in crypto for every transaction. That Bitcoin will be automatically transferred to a BlockFi Interest Account every month to accrue interest.

Nexo Card
Nexo partnered with Mastercard to create the Nexo Card, which will function as an extension of their crypto credit line.

It's accepted at over 40 million merchants worldwide. Just like their credit line, it lets you spend against the value of your assets on the platform.

You'll also get 2% cash back on all transactions, which you'll be able to swap between NEXO and BTC in real-time.

You'll receive instant notifications about any transactions, and the card is protected by 256-bit encryption and 24/7 fraud monitoring systems. You'll also be able to freeze and unfreeze it at any time through your Nexo account.

You can sign up for the waitlist here.

The Takeaway
Both cards have their advantages. Nexo boasts no fees on their Nexo Card, and you can elect to receive rewards in Bitcoin, similar to BlockFi's Bitcoin credit card. If Bitcoin rewards are the big draw for you, go with BlockFi.

Their APY (1.5%) may be smaller than Nexo's (2%), but there are ways to max out your APY beyond Nexo's offering. Cardholders with stablecoin assets like PAX, GUSD, or USDC in one of the BlockFi accounts can earn an extra 2% APY.

Plus, you can get up to $750 in bonus Bitcoin rewards and $30 for every friend referral.

What Fees Do They Charge?

While fees may not be their main source of income, both platforms do charge some fees you should know about.

BlockFi charges Withdrawal Fees, which vary by currency:[1]

  • Bitcoin - 0.00075 BTC
  • Ethereum - 0.02 ETH
  • Litecoin - 0.0025 LTC

BlockFi's crypto-backed loans have an Origination Fee of 2%.

BlockFi charges a Spread on crypto trades, which appears to range from 0.7% - 1.5%.

Nexo charges a Spread estimated at around 2%.

Nexo charges gas fees on crypto withdrawals to facilitate network processing for your transactions and add them to the blockchain. The price of these fees changes over time.

Free withdrawals depend on loyalty tier:[2]

  • Basic -1 per month
  • Silver - 2 per month
  • Gold - 3 per month
  • Platinum - 5 per month

Fiat withdrawals are unlimited, as are crypto and fiat deposits into the Nexo Wallet, and credit line withdrawals are free of charge.

For crypto-backed loans, there are no prepayment, origination, or installment fees. You can pay your loan off over an extended period or in a lump sum with no penalties.

The Takeaway
When it comes to fees, it would be ideal if both platforms chose to disclose their spread, since they claim to offer zero-fee trading.

Withdrawal will be cheaper on Nexo if you can limit them to a few per month. And Nexo also allows users to avoid extra fees or penalties on their crypto-backed loans.


When you're trusting a company with your crypto investments, security is key. Let's see what measures each company takes to ensure the safety of your assets.


  • Insurance: In partnership with companies like BitGo and Ledger Vault, Nexo has obtained $375 million in insurance on digital assets.

  • Bank-Grade Storage: Assets are stored in Class III vaults.

  • Two-Factor Authentication: Required when you start the platform to prevent unwanted access to your account.

  • Biometric Login: You're required to set up a 4-digit pin when you sign up, which you enter on login. It can be bypassed with facial recognition.

  • KYC and AML: With partner Jumio, Nexo complies with strict know-your-customer and anti-money laundering standards.

  • Collateral: Users' funds are lent to institutional borrowers on an over-collateralized basis; the value of the collateral always exceeds that of the loan.

  • Withdrawal Confirmations & Login Alerts: No transaction or login happens without your knowledge.


  • Two-Factor Authentication: Generated by an authenticator app to prevent outsiders from accessing your account.

  • Address Allowlisting: Lets you choose which wallets you want to allow your cryptocurrencies to be transferred to.

  • PII Verification: Ensures it's you using your account.

  • Cold Storage: Most user assets are kept offline in cold storage.

  • Gemini as Custodian: Gemini is one of the most security-minded cryptocurrency exchanges today. Gemini is SOC 2 Type 1 security compliant.

  • Insurance:
    • Cash funds deposited with Gemini are FDIC insured for up to $250,000 per customer.
    • Digital assets are insured against theft, as long as it is not determined to be the user's fault.

The Takeaway
In terms of security, Nexo and BlockFi have relatively similar levels of protection in place. The biggest sources of risk are likely going to come from other people.

With that in mind, avoid clicking links in emails or SMS (social media messages), even if they appear to come from the platform itself, because those can be faked.

Be wary of anyone offering investment advice or trading opportunities, and always make sure you're using the right URL. Never provide your personal information to anyone.

Has BlockFi or Nexo been hacked?
In May 2019, BlockFi fell victim to a "SIM Swap Attack" targeting an employee's phone. In approximately 90 minutes, the hacker acquired customer names, email addresses, dates of birth, addresses, and activity history, but no assets. To date, Nexo has never been hacked.

Ease of Use

Both BlockFi and Nexo have relatively simple, straightforward apps and websites, without many of the potentially confusing bells and whistles that traders may associate with an exchange.

That simplicity comes at the cost of more advanced market-tracking functionality but for the purposes of funding accounts, taking loans, and making trades, deposits, and withdrawals, even inexperienced users should have no trouble with either platform.

Customer Support

You can contact customer support by submitting a request on their site or through their app. They also offer an online Help Center to help answer common questions.

You can also send an email to info@nexo.io or use their Live Chat, located on the bottom right side of the help page (the little blue bubble that says "Help").

BlockFi offers phone support to current customers from 9:30AM - 5:00PM EST, Monday through Friday

BlockFi phone support: (646) 779 - 9688

You can also contact them through their website contact page or the "Help" section (similar to Nexo's).

They also offer a Live chat function with an AI bot that will attempt to answer your questions before transferring you to human support.

Bottom Line

With a wider range of currencies, both crypto and fiat available to invest and trade, higher interest rates on their crypto interest accounts, Nexo will probably be the better choice for crypto investors looking to earn more from their assets.

BlockFi does offer lower interest rates for their crypto-backed loans (minus the 2% origination fee) than Nexo does for base members.

However, for investors able and willing to hold a percentage of NEXO token, the Nexo platform provides a better service all around.

And while there may still be some trepidation involved in trusting your cryptocurrency to a third-party institution, Nexo's hefty insurance policy should give investors comfort that their coins are well-protected.



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Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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