Coinbase vs Nexo

Our comprehensive Coinbase vs Nexo comparison looks at their interest rates, usability, security, reputation and fees. We break down every element of the service, so that you can make an informed decision.

Dean Fankhauser3 min read
Coinbase vs Nexo | Our comparison for the savings accounts and loans | Bitcompare

Coinbase offers a suite of products for the crypto industry, including easy-to-use wallets, debit cards and now interest-based savings account for Bitcoin.

Coinbase is legendary in the industry for helping to make crypto mainstream with simple, secure products. Now that they’ve recently created a savings account, we thought it could be interesting to compare them with a leader in the space: Nexo.

Nexo offers crypto savings accounts, loans, and soon, a debit card. They have a simple, secure savings product that definitely gives Coinbase a run for its money.

We’ve compared both products in detail, so you don’t have to.

What is Coinbase?

Coinbase is a leading cryptocurrency platform with a variety of products that operate in the blockchain industry. Coinbase recently launched USDC Rewards, which allows users to earn interest on the USDC stablecoin.

For more information about Coinbase, check out our comprehensive Coinbase Review: What You Need to Know Before Using it.

What is Nexo?

Nexo is a crypto loans and savings platform that allows you to borrow or earn interest on your crypto assets. It's developed by a fintech team that have been building similar products for the last 10 years. They offer savings accounts on a large range of crypto assets including most stablecoins.

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  • 9.4% APY on BTC, 10.1% APY on ETH, 20% APY on USDC
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Coinbase's core features

  • Earn passive interest on USDC stablecoin
  • Solid apps and website

Nexo's core features

  • 100 million USD insurance on custodial assets
  • Licensed & regulated financial institution
  • No fees. Add and withdraw at any time
  • Compounded interest paid out daily
  • No fees

What's unique about Coinbase

Coinbase were the first to introduce the industry's most user-friendly and secure wallet and exchange services. They have always excelled at making this often difficult to use and intimidating industry much more accessible to the mainstream.

What's unique about Nexo

Nexo's most unique characteristic is that it supports more than 45 fiat currencies and many cryptocurrencies. In addition to this, the team have been working together in the fintech industry for more than 10 years.

How safe is Coinbase

While Coinbase doesn't offer insured wallets, they do have one of the best reputations in the industry. They're yet to be successfully hacked and they offer institutional-grade custody for very reputable clients

How safe is Nexo

Nexo offers two-factor authentication in its app. They also offer third-party custody from Bitgo. BitGo investors include Goldman Sachs and the platform is SOC 2 Type 2 certified. BitGo Custody carries $100 million USD in insurance protection.

Compare with Coinbase and Nexo alternatives

Similar Savings Accounts and Loans

PlatformInterest Rates (APY)
Nexo
Up to 7% on BTC
Up to 17% on Stablecoins
... 34 more coins
Go to site →
Midas.Investments
Up to 9.42% on BTC
Up to 14.5% on Stablecoins
... 16 more coins
Go to site →
CoinLoan
Up to 5.2% on BTC
Up to 10.3% on Stablecoins
... 23 more coins
Go to site →
YouHodler
Up to 4.81% on BTC
Up to 11.29% on Stablecoins
... 55 more coins
Go to site →

Coinbase vs Nexo: The verdict

Unfortunately, Coinbase simply doesn’t compete with Nexo. Nexo is easier to use, they offer 100 million USD insurance on each wallet and their interest rates are significantly higher. Coinbase’s initial product in this space is a bit of a shock as it’s just not competitive. You can view a breakdown of our comparisons here.


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