FAQs
Nexo is a good fit for both beginners and intermediate crypto investors and offers a wide range of services ranging from lending and borrowing to staking (ETH only). Many of these features are restricted in the US, and as a result, Nexo offers more value to users in Europe and other parts of the world.
Is Nexo allowed in the US? ›
Further, the order states that Nexo announced in December that it was ceasing the EIP in certain states and phasing out all of its products and services in the United States, including permanently ceasing to offer the EIP to all U.S. investors.
Is Nexo safe to store crypto? ›
Security: Any crypto asset in the Nexo exchange wallet is kept secure in cold storage and protected by over-collateralization and Two-Factor Authentication (2FA). As the standalone Nexo Wallet is non-custodial, Nexo has no control over its security.
Is Nexo Exchange in trouble? ›
On January 19, the US Securities and Exchange Commission (SEC) reached a settlement with Nexo on the basis of 'no admission, no denial'. Nexo agreed to compensate the SEC for USD 45 million and to stop offering its undeclared loan products to US citizens.
How long does Nexo payout take? ›
A daily snapshot of your balances (both earnable and non-earnable) is taken at 23:59:59 UTC. Only after this snapshot verifies your balance as earnable does the interest payout occur the following day between 05:00 and 09:00 UTC.
Is Nexo closing down? ›
The company has applied to close Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd as part of a restructuring, according to co-founder Antoni Trenchev. He told Bloomberg that Nexo is rethinking the way it services clients, but that it is not considering a full exit of the UK market.
What are the risks of Nexo? ›
Security Threats: Users must be cautious of common security threats such as email and account takeover, phishing, malware, and identity theft to keep their NEXO accounts safe.
What bank does Nexo use? ›
Nexo is Summit National Bank's preferred digital asset partner for the push toward innovation. Founded as Hulett National Bank in 1984, the leadership of Mode Eleven and Summit National Bank bring a strong record of compliance with US regulatory requirements as the bank expands into new lines of business.
Can I transfer money from Nexo to a bank account? ›
So, how to withdraw money from Nexo to your bank account? You can withdraw your assets from the platform at any time via the following transfer methods: EURx -> SEPA. GBPx -> FPS and SWIFT*
Why can't I withdraw from Nexo? ›
Please note that all of the Outstanding Loan generated through Margin Trading has to be repaid before any assets can be withdrawn from Nexo Pro to the Nexo platform. Meanwhile, the assets that are In Orders can only be withdrawn after the respective order is either completed or cancelled.
If you exceed the free monthly ATM withdrawal limit for your Loyalty Tier, a 2% fee, with a minimum charge of €1.99 or £1.99, will be applied to each subsequent ATM withdrawal.
Is the Nexo card available in the USA? ›
For the time being, the Nexo Card is only available to citizens and residents of the European Economic Area (EEA).
What's going on with Nexo? ›
As of recent reports, Nexo Capital Inc has reached an agreement with the US SEC for several accusations it made on them. Nexo will pay $45 M as well as stop its interest program. Bulgarian prosecutors claim politics do not drive the inquiry against the crypto trading firm Nexo.