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Coinbase vs Nexo | Our comparison for the savings accounts and loans | Bitcompare

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.


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

Coinbase are 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 offer 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.

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 who have been building similar products for the last 10 years. They offer savings accounts on a large range of crypto assets including most stablecoins.

Promoted

Risk-free and high-yield tool to store your coins

  • Earn up to 12% APR on EURS, USDT, ETH, XRP, and 20+ more coins
  • Weekly compound interest payouts
  • Universal conversion between all crypto, fiat, and stablecoins

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 their 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.

Pros and cons of Coinbase

Pros

  • Most trusted brand in crypto
  • Top-tier team and investors
  • One of the pioneers of the industry
  • Never successfully hacked
  • Interoperable suite of crypto products
  • It offers a great user interface for beginners
  • It offers access to over 30 cryptocurrencies

Cons

  • Can be more expensive than other options
  • The site crashes at times of high volatility
  • There is a lack of timely support
  • Transactions can be delayed for up to 3 days
  • Most local payment methods are not supported

Pros and cons of Nexo

Pros

  • $375 million insurance and custodied with Ledger Vault
  • Easy to use app and website.
  • Support for business accounts.
  • 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's crypto brokerage service offers 75+ crypto & fiat pairs. It also offers zero price fluctuations when user places an order.

Cons

  • Nexo mandates holding NEXO tokens to receive the best loan and savings rates.
  • The $375 million insurance is cumulative for all clients, and it only applies to assets that are kept in cold Ledger Vault 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.

Compare with Coinbase and Nexo alternatives

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Coinbase vs Nexo: The verdict

Unfortunately Coinbase simply don’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.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
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