Looking to borrow Bitcoins or willing to give some away? Cryptocurrency financing platforms may be of interest in either instance. They make it possible to borrow Bitcoin without using traditional financial institutions or interacting with other Bitcoin users.
However, cybercriminals do not pass up an easy opportunity to steal money, and as a result, a great deal of fraud occurs in the financial sector and with cryptocurrencies. Check out these two best crypto exchanges in this Coinbase and Nexo review.
We have similar reviews on Haru invest review and Midas investments.
What is Nexo?
You may borrow, lend, or even trade money with Nexo, a relatively new blockchain-based lending platform. Compared to other businesses, this one is fresh to the scene. Nexo, founded in 2018 and headquartered in London, provides low-tax crypto credit lines, high-yield earnings, the ability to transfer and receive funds, and a trading platform. This is protected by a highly secure Nexo wallet and a custodial account insurance policy.
Nexo accepts over 40 fiat currencies and 17 digital currencies worldwide. You can borrow fiat currency and use your cryptocurrency as collateral for a loan. Use your cryptocurrency or fiat currency holdings as collateral for a loan.
Nexo eliminates the need for a credit check, which most traditional banks require. A user can get a loan from the business by simply putting up some cryptocurrency as collateral.
What is Coinbase?
Currently, roughly 40 different cryptocurrencies may be purchased with Euros on Coinbase. To name just a few, we have Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Zcash (ZEC), Dash, Augur (REP), Aave, Decentraland (Mana), Kyper Network (KNC), Stellar Lumens (XLM), Chainlink (LINK), Orchid (OXT), Cosmos (ATOM), and 0x (ZRX).
Coinbase is the place for anyone interested in putting some of their money into Bitcoin, Ethereum, or Litecoin. However, registration with this trading platform is open to anyone, not only those looking to buy fiat currency with the cryptocurrency they earn.
There is nothing wrong with using Coinbase if you intend to trade with limits and stop at a later time. Because Coinbase integrates with Coinbase Pro, a sophisticated English-language exchange for professionals that provides many additional purchasing and selling choices and intriguing charting capabilities, the 2-factor authentication, once set up, can be used across both Coinbase and Coinbase Pro, which is a huge plus. Simply signing up for Coinbase will get you access to Coinbase Pro, a partner exchange.
Features
Features of Nexo
- Get a quick cash loan now
With Nexo, you may get a loan in minutes for any amount between $10 and $2 million, secured by your cryptocurrency holdings. Nexo makes it easy for cryptocurrency holders to borrow fiat and stablecoins because there are no hidden costs, flexible repayment terms, and no credit checks.
- Get a return of up to 12% per year in interest
Nexo is a cryptocurrency and fiat money savings account that pays competitive interest rates. With insurance coverage backing their money, customers can rest easy while earning up to 12% interest. There is no time limit on depositing money into or withdrawing from the savings wallet (not blocked).
- Nexo card transactions are encrypted during transit
To make spending cryptocurrency more like using a debit card, Nexo has introduced its bank card. In addition to being accepted at over 40 million locations worldwide, the Nexo card offers up to 2% cash back when used at approved businesses. Thanks to the Nexo card, your clients may now use their digital currency holdings without ever having to sell them.
Like other major cryptocurrency trading platforms, Nexo features an in-house ‘Exchange’ that facilitates instantaneous trading between 75+ digital assets and fiat currency pairs for its existing users. Like a broker, the exchange can connect to more than five markets at once to get the most favorable pricing.
Features of Coinbase
- Large Variety of Cryptocurrencies
There aren’t many other cryptocurrency exchanges for American investors that provide as much variety as Coinbase. The platform supports trading in over 150 different cryptocurrencies, from Bitcoin (BTC) and other large coins to smaller and younger digital tokens.
- Easy and Complex Exchanges
You may use your Coinbase account to access basic and complex trading tools. An intuitive interface makes employing the “simple trade” option simple. Charts, a live order book, and limit orders are just a few of the perks of trading at the advanced level.
The hefty costs associated with even the most basic of trades are the only real drawback to this type of trading. Because of this, we advise all traders to use the more complex “advanced trade” option when making transactions. When purchasing cryptocurrency, it is essential to minimize transaction fees.
Coinbase Earn is a fantastic feature of this exchange that allows you to get free cryptocurrency by learning about it. This is not a great way to make money, but it is a quick and entertaining way to learn more about various cryptocurrency types, and each module takes less than a minute to finish.
Coinbase provides a wealth of helpful learning materials, such as an introduction to cryptocurrency, tutorials, and market analysis. Looking for a comprehensive Bitcoin primer that won’t break your brain? Here’s a handy guide to help you understand the tax consequences of investing in cryptocurrencies. You can count on Coinbase to assist with these issues and more.
Any customer with a Coinbase account can apply for a Coinbase Card. You can use this prepaid Visa debit card linked to your Coinbase account to buy and sell Bitcoin. Furthermore, the Coinbase Card allows you to select the cryptocurrency you would like to receive as a reward from a rotating list. Up to 4% cash back is possible in this manner.
Currencies
Nexo currency
Nexo supports a wide variety of cryptocurrency exchange pairs. Nexo currently supports the buying and selling of 38 different cryptocurrencies. Bitcoin, Ethereum, Solana, Avalanche, and even relatively new cryptocurrencies like Apecoin are all included.
Some thirty of the coins have an “earn” feature. Coin holders are eligible to receive interest payments. Furthermore, you can earn interest on USD, GBP, and EUR on the platform.
Coinbase currency
With more than 150 different cryptocurrencies to choose from, Coinbase boasts one of the largest cryptocurrency offerings. Most top cryptocurrencies can be found on Coinbase, including Bitcoin, Ethereum, and Cardano (ADA). Furthermore, it features various tokens and cryptocurrencies, from large-scale initiatives to humorous coins like Dogecoin (DOGE) and Shiba Inu (SHIB) and everything in between.
There are no notable omissions from Coinbase’s offerings, although it does not include everything. Furthermore, this market is proactive in adding new cryptocurrencies for traders to consider.
Security
Nexo security
Nexo has several advantages over both competing services and more conventional investment options. The company’s foundation is the skilled staff, who have been employed in the field long enough to have extensive knowledge. Deloitte, a global leader in auditing, financial, and tax advisory services, conducts the review.
The Nexo team has worked in the FinTech industry for over ten years. Famous outsiders help grow the team and raise the bar for output. Polymath and TechCrunch are two of the most popular.
The Nexo service may be automated, yet it maintains a very high level of security. 256-bit encryption is one of the better ways that satisfies military standards. BitGo, an asset manager whose investors include Goldman Sachs, also provides deposit insurance.
Nexo collaborates closely with Onfido to ensure they fully comply with all applicable regulations in delivering financial services. This guarantees that safeguards against financial crimes like money laundering are in place. onfido’s customers include Bittrex and Coinbase.
Moreover, Nexo stores all values in offline vaults. This makes them much safer than “hot wallets,” which store cryptocurrency directly on the Internet. Moreover, multi-signature wallets are used for storage, further increasing security and making theft very difficult. Users should also enable two-factor authentication for their accounts to ensure they only have access to their data. Nexo assumes no responsibility for lost or stolen currency due to an inaccurate address.
Coinbase security
Coinbase employs two-factor authentication, which means that in addition to a password, users must also meet a second access requirement, typically through their mobile device. This makes it extremely difficult for unauthorized individuals to access a user’s account.
Financial data submitted on the site is encrypted with AES-256 technology. Coinbase stores copies of 98% of all digital assets offline because online data is always more susceptible to hackers. Daily traded crypto assets are insured against loss while online.
Fees
Nexo fee
There are no extra charges or fees, and interest is paid straight out of the credit limit. You are not required to make any minimum payment; you can repay your loan whenever you like. Further, you owe no taxes.
Transfers to and from Nexo are likewise free of charge. However, there may be transfer costs imposed by the network or the bank.
Coinbase fee
Trading fees are not disclosed in advance by Coinbase. Instead, it states that all fees will be determined at the time of purchase. On the other hand, the fees charged by the exchange are always the same.
Coinbase charges a variable fee of under 1.5% on simple trades. For minor transactions, a fixed cost is applied.
Ease of Use
Nexo Ease of Use
Nexo’s usability is on par with what one would anticipate from a crypto lending platform, with instantaneous transactions, almost no wait time, and a straightforward design that makes finding whatever you’re looking for a breeze.
Although the platform is user-friendly and efficient, it lacks the openness of a traditional exchange in that you need an account and a balance to calculate the spread costs of a particular transaction.
Coinbase Ease of Use
Coinbase’s primary website and mobile app make buying, selling, and exchanging cryptocurrencies, e.g., Bitcoin exchange, simple and rapid. The main Coinbase website and mobile app make the process simple and speedy when it comes to buying, selling, and exchanging bitcoins.
Coinbase now accepts over 100 different currencies for trading, and that figure continues to rise constantly. Use Coinbase Earn to earn interest on qualified balances or acquire a token amount of a new currency. Coinbase Pro is an alternative trading platform to Coinbase that offers more tools and services at lower costs.
Mobile App
Nexo Mobile App
Nexo may be accessed from any device running iOS or Android and any online browser. Both systems are spotless, user-friendly, and simple to navigate. In this case, “easy” means “very easy.” Nexo’s user interface is the most intuitive of any mobile or web-based banking program I’ve tried.
The platform’s uncomplicated design and user-friendly menus are welcome changes. It’s easy to get lost in the maze of options presented by the seemingly endless number of crypto platforms that aim to do it all.
Coinbase Mobile App
The Coinbase mobile app is as simple as the web platform for crypto trading, which includes buying, selling, and managing cryptocurrency. The app has received rave reviews in both the Apple App Store and the Google Play Store, making it a top choice for anyone interested in trading cryptocurrencies.
Access
Nexo Accessibility
Nexo facilitates crypto lending through a blockchain-based lendingblock, allowing for quick and easy user access to loans secured by cryptocurrencies.
Customers start the borrowing process by moving their cryptocurrency to a Nexo wallet, as described in the Nexo whitepaper. When the wallet has been funded, the Nexo Oracle will determine the individual’s credit limit based on the current value of their contributions.
Customers can now access their funds via Nexo’s free credit card or a bank transfer. You and I, as investors, benefit from this because we can gain access to liquidity without incurring any further costs. Nexo does not do credit checks because the loans are secured by the value of the customer’s Nexo Wallet assets.
Coinbase Accessibility
At first, the users may have to strain their eyes to read the content. The text is tiny, and the gray background looks washed out. Users with visual impairments will have a poor experience with this font choice.
However, it does include visual aids, such as chart graphs, cryptocurrency symbols, and clickable icons, in addition to the text, to aid users in locating the data they seek.
The layout of Coinbase’s UI is standard. No more trying to imagine what various page elements would look like. They are consistently laid out throughout all pages. Coinbase will let users know what happened and how to correct it when a user makes a mistake.
Wallets
Nexo wallet
If you’re looking for a wallet that only you can access, a “non-custodial wallet,” you won’t find it on Nexo. Nexo’s cryptocurrency assets are housed in multiple wallets provided by their partner BitGo. Since access is likely to be lost and deposits are at risk if Nexo goes bankrupt, it is prudent to plan accordingly.
Coinbase wallet
As a secure place to put your newly acquired cryptocurrency, Coinbase provides the Coinbase Wallet. All iOS and Android users can download the wallet as a free app on their mobile devices.
You can use any payment method you like, even a different wallet. In this regard, “cold wallets” like the Ledger and the Trezor come highly recommended.
Nexo Pros & Cons
Nexo Pro
- Provides dependable banking options for crypto holders looking to build wealth over the long haul.
- Interest rates are sky-high relative to the norm in the banking industry.
- Daily interest payments compound cryptocurrency gains over time.
- Get money without having to give up possessions (e.g., not triggering a taxable event)
- Invest your money and get compound interest simultaneously by exchanging assets.
Nexo cons
- Only a small number of digital currencies will ever exist.
Coinbase Pros & Cons
Coinbase Pros
- Varieties of cryptocurrencies
- Easy and complex trading
- Make some free cryptocurrency
- Educational material
- Best-in-class mobile application
- Promotional Cryptocurrency Reward Programs
- Credit or debit card for Coinbase
Coinbase Cons
- Convoluted pricing structure
- Transaction costs that are too high
- Chances of staking or developing interest are severely restricted.
Conclusion
There are millions of happy customers for both systems since they offer such fantastic services. No business can achieve the same success as these two without providing exceptional service and outstanding products. You won’t go wrong with any of these options if you entrust them with your money or take advantage of their borrowing options.
