“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.”, this is a quote by author and risk analyst Nassim Taleb, and this shows how cryptocurrency starting from Bitcoin has come a long way.
And this is only a start. New businesses and coins are launching at a greater speed than ever before, So it is important to know what and where one is investing. Both Crypto.com and Nexo are platforms used for cryptocurrency-related tasks.
Crypto.Com vs Nexo
The difference between Crypto.com and Nexo is that Nexo is a better option for getting loans compared to Crypto.com. Nexo is a fully automated platform used for loans. The loan on cryptocurrency on the platform of Nexo is done in easier steps than in the process of Cryto.com. On Nexo, there is no need to go through several steps like selecting different loans or loan times. But Crypto.com has more services to provide in comparison to Nexo.
Crypto.com is a platform dedicated to cryptocurrency financial services like an exchange, borrow, lend, the opening of interest account, etc., of digital assets. It was founded in Hong Kong by multiple founders. The platform offers more facilities for the cryptocurrency than its competitors.
Nexo is a professional financial service platform where one can earn, borrow, exchange, and even earn within the company itself by getting Nexo tokens from the platform. Their aim is to harness the potential behind blockchain technology.
Comparison Table Between Crypto.Com and Nexo
|Parameters of Comparison||Crypto.com||Nexo|
|Year of discovery||2016||2017|
|Discovered by||Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo||Antoni Trenchev, Georgi Shulev, and Kosta Kantchev.|
|Minimum loan amount||100$||500$|
|Native token’s name||CRO and MCO||Nexo token|
|Fee rates||Crypto.com has higher fee rates than Nexo.||Nexo is cheaper in terms of getting fee from customers.|
|Interest Rates||Crypto.com has lower interest rates to offer the users.||Nexo has better interest rates than in comparison to the rates of Crupto.com|
What is Crypto.com?
Crypto.com is a digital assets trading platform where investors and traders can buy or sell cryptocurrencies. The company claims that it has more than 100 forms of cryptocurrency and various stablecoins on its platform to buy and sell from, making it an efficient and popular choice for people who want to diversify their investments.
Crypto Credit is a facility available by the company that allows users to get instant loans as well. The interest rate is approx to 8% for most of the transactions. The company has its own Crypto.com Visa card that can give back as high as 8% back to the users. In most cases, the calculation and payouts are completed in a span of an hour.
It claims to be the fastest platform to process transactions, and not only that, but it is the most secure. They have a whole section given to the Defi platform, which is very popular in the blockchain. They have three features of Defi exchange, Defi swap, and Defi Wallet. They have their own native tokens called CRO and MCO.
What is Nexo?
Nexo is a platform where people can get crypto-backed loans. It currently has 18 cryptocurrencies available on its platform to borrow. The interest payments can be done on a daily basis, making it easier for people who do extensive knowledge in their field and want to get the knack of the crypto world.
Nexo has its own token called the NEXO Token. It is the world’s first dividend-paying, asset-backed token. One is eligible for Nexo’s loyalty program that is divided into three tiers: Silver, Gold, and Platinum. People can earn dividends from their Nexo token, no matter the amount, as long as the person meets their requirements that are first, the Nexo tokens being in the Nexo account and the filling “Advanced Verification” form.
It has a 6% to 7% fee rate for crypto-backed loans, making it a better choice for users since the rate is higher comparatively on similar platforms. And the interest rate is up to 12% annually. The company has its own Nexo cards that let a person spend their cryptocurrency without selling them.
Main Differences Between Crypto.Com and Nexo
- Crypto.com has a higher overall fee compared to the fee amount that is taken by Nexo for the purpose of lending funds.
- By using Debit cards by Crypto.com, people can have the benefit of many fee-free international withdrawals that they can use internationally. Nexo, in comparison, does not have any free international withdrawals.
- Crypto.com has the feature of sign-in promotions on the interference of its platform. On the other hand, Nexo doesn’t have this feature or any other type of sign-in activities that one can complete if they sign into the platform.
- Even though both of the platforms for cryptocurrency are easy for beginners, Nexo is easier to understand than Crypto.com, the reason being that Crypto.com has a wider range of activities on its platform in comparison to facilities provided by Nexo.
- There is no need for withdrawal fees by Nexo. This is a very big advantage as one can change their digital amount into fiat, send it into their bank account and pay no amount for withdrawing. In comparison, the withdrawal fees on Crypto.com vary from the type of transaction and the amount of the cryptocurrency.
Both the companies have pools of insurance. If a time comes and the funds of the investors are lost or stolen, they can pay back the people who have invested from these insurance pools, Thus, making them trustworthy businesses.
Crypto.com and Nexo are both popular cryptocurrency platforms where one can analyze and see for themselves how the cryptocurrency market works. Both of these platforms are beginner-friendly, making them a better choice than their competitors for people who are new to the cryptocurrency field.