Cryptocurrency prices broke records recently, with bitcoin skyrocketing to $41,000.
However, that number won't stay high forever. Crypto investment is a high-volatility market, but one that pays off. So if you're ahead of the game, you'll be looking to invest soon when those numbers start to dwindle.
But how do you do it?
There are a lot of investment resources and platforms out there, but today we're going to compare two of the biggest brands in the business: Crypto.com and Nexo.
Long-term investors and newbies alike should keep reading as we dissect these two platforms to determine which is superior.
Crypto Companies—a History
There are no two crypto platforms alike. Wallets, trade, lending, and cards are all significant variables to consider, as is when and how they began.
What features they offer and why they offer them will be determined by understanding the company's objective when entering the business. So, before we can determine which investment platform is superior, we must first understand who they are and what their objectives are.
Crypto.com was founded in 2016 with the purpose of increasing cryptocurrency usage and promoting their own crypto token. It was established to help regular people get knowledge and opportunities in this field.
A few highlights include:
- Native CRO token
- Used by millions
- Crypto debit card
Crypto.com has received international notoriety as an ideal place to start investing in crypto, as it supports dozens of fiat currencies as well as over 80 cryptocurrencies.
The platform also promotes the study of these many currencies and their functions in the broader system.
Nexo is a well-established fintech firm with a leading portfolio of financial digital assets. Nexo's purpose is to provide more opportunities for customers to increase their cryptocurrency fortune.
Previously, the only way to profit from cryptocurrency was to sell it once it had increased in value, but Nexo allows buyers to borrow against their cryptocurrency rather than selling it.
Some notable highlights are:
- Native crypto NEXO Token
- Crypto credit card
- Crypto-backed Loans
Nexo is constantly on the lookout for solutions to the industry's most pressing issues. Providing answers to problems such as a lack of utility features and liquidity assets.
Nexo's ambitions, unlike those of the aforementioned platform, are to take crypto investing to the next level for those who have already invested.
Crypto.com: The Good, the Bad, the Ugly
Now that we have an idea of the company, let's dissect the pros and cons. Here are the highlights and low points of Crypto.com that stood out to us:
- Great features
- Fiat balances FDIC ensured
- Cutting-edge technology
- Loads of incentives
- Scalable crypto card
Crypto.com is unique in that it offers all types of crypto services. It offers Crypto.com Earn, Pay, Credit, and Exchange, which is much more resources than Nexo.
It makes use of its native CRO coin as a utility tool across its entire system. CRO was established to allow crypto to be used as a transactional payment method.
Crypto.com also has amazing sign-up bonuses and incentives for investors who want to put their money into their coin. When you invest in CRO on the market, for example, you can get a 20% return as well as higher rates.
You may earn 5% cashback in CRO tokens and get rebates from Spotify, Netflix, and other companies when you use their MCO Visa debit card.
Their card can also be scaled. This means you won't need to invest a large sum of money to be eligible for the crypto card. For those who want to test the waters before committing, there's even a free visa card option.
Those that invest and commit to the card, of course, benefit more.
- High fees
- Not all features are international
- CRO stakes required for perks
- Transfer limits
- Lack of transparency
Let's get the first big con out of the way, and that's fees.
There's a fee for trading, transactions, withdrawals, and cancellations. With trades, fee rates range from 0.04% to .10% for takers and makers. To buy and sell crypto, there's a 2.5% charge, and for crypto-backed loans, charges range from 10%-12%.
There is also a $5 transaction and withdrawal cost, which varies depending on the card level.
After all of that, there's a handy $50 cancellation fee if you decide to close your account. All businesses have fees, but Crypto.com's are bordering on obnoxious.
Crypto.com performs a good job at providing user incentives. The benefits, however, are only available if you have thousands invested in CRO.
To get the best Crypto.com Earn rates, you must invest at least $10,000 and sign up for a three-month fixed-term lockup. If you stake less than that, you'll get the same rates as if you didn't stake at all.
This has an impact on the MCO card's benefits as well.
Due to its failure to publish on the platform's growth, performance, and other noteworthy operations, Crypto.com demonstrates a lack of transparency.
Overall, Crypto.com offers a lot of cool features, but it gives the idea that they're only interested in increasing your worth if you're prepared to put thousands of dollars into theirs.
The Good, the Bad, the Ugly: Nexo Edition
Next, it's time to see see how Nexo compares. Even though the companies had different visions in mind, the points of comparison are the same. Here's what stood out to us:
- Credit crypto card
- Competitive interest rates
- Zero fees
- Crypto loans
Nexo's purpose was to assist investors in increasing their wealth, hence crypto loans are one of their most valuable assets.
Rather than selling their crypto, investors can use it as collateral for loans to grow their wealth. Allowing consumers to keep their crypto for extended lengths of time while still being able to use it has a number of advantages.
Especially when it comes to taxes and regulations.
Nexo has a Mastercard credit card rather than a pre-paid card like the MCO Visa card. Users have a credit card attached to their crypto account as a result of their instant credit line function.
Nexo's credit and lending capabilities are important since they allow consumers to have more functionality with their crypto than they did with the prior company.
If crypto cards are a big deciding factor in what platform you choose, it's worth taking a more in-depth look at the different specifications.
Their fees are also significantly less than Crypto.com's. Nexo has no withdrawal fees, and on average has cheaper fees than Crypto.com. There are no origination fees, prepayment fees, or transaction fees.
Nexo's rates on crypto-backed loans are also 5% less than that of the competitor.
- Cannot purchase in-app
- No exchange
- Focus on NEXO tokens for perks
The inability to purchase coins in-app was the main drawback for us. This is a significant limitation in terms of functionality, as most systems provide all of these things and more.
There is also no option to swap. Other sites allow investors to convert their digital currency into different sorts of fiat currency. With Nexo, however, you're stuck with whatever you invest in.
Cryptocurrency's privacy is one of its most appealing features. People can buy and trade without the participation of the government because to its decentralized structure.
Unfortunately, Nexo's credit lines and loans require a lot of personal information.
This also centralizes the platform and the coin itself. At any point, it is subject to government rules and company policies.
When it comes to rewards, Nexo is similar to Crypto.com. Nexo offers perks, but only if you put a large amount of money into their token and use it.
This takes money away from any possible bitcoin investment, or other cryptos you have in mind.
Overall, Nexo is unbeatable when it comes to growing wealth and providing usability, but lacks in features and updates.
Yield is a complicated component of cryptocurrency investing. Try using a crypto calculator to get a better idea of what to expect.
However, for the sake of comparison, we've put together a quick comparison of these platforms.
In terms of yield, both companies have comparable outcomes. Both are great for crypto loans because they are within +/-.5% of each other.
If you plan on playing large stakes, Crypto.com is a better option because it boosts deposits by 2%, giving you the best rates in the business.
|Coin||Platform||5 Star Rating||Interest Rate (APY)||Visit|
|USDC||Nexo||5||10%||Go to site|
|BTC||Nexo||5||6%||Go to site|
|USDC||BlockFi||4||8.6%||Go to site|
|BTC||BlockFi||4||5%||Go to site|
|USDC||Celsius||4.5||8.88%||Go to site|
|BTC||Celsius||4.5||6.2%||Go to site|
|USDC||Hodlnaut||3.5||10.5%||Go to site|
|BTC||Hodlnaut||3.5||6.2%||Go to site|
|USDC||CoinLoan||3.5||12.3%||Go to site|
|BTC||CoinLoan||3.5||7.2%||Go to site|
|GUSD||Gemini||1.5||7.4%||Go to site|
|BTC||Gemini||1.5||2.05%||Go to site|
|USDC||Crypto.com||4.5||12%||Go to site|
|BTC||Crypto.com||4.5||6.5%||Go to site|
|USDC||Ledn||2||9.5%||Go to site|
|BTC||Ledn||2||6.1%||Go to site|
Crypto.com vs Nexo...so Which Is Better?
After weighing the pros and cons of Crypto.com vs. Nexo, the question that remains is which one is best for you. These businesses provide drastic differences that, depending on the individual, can be fantastic or terrible.
Beginners will enjoy Crypto.com. The platform has a lot of features, smart trading, and great tools to help individuals get involved and start using it.
Nexo is ideal for serious investors who want to add value to their crypto and want to keep a significant amount of money in their accounts. A fantastic platform for those who want to learn more about the profession and challenge their limits.
We hope you found this post useful. As always, our goal at Bitcompare is to educate fellow crypto enthusiasts. Please do not hesitate to contact us if you have any questions. Explore our site and check out our blog for additional comparisons!