Nexo vs. BlockFi - Which Platform is Better? 
Nexo and BlockFi are both trustworthy Crypto Lending & Loan platforms in our opinion, but which one is the better choice overall for you? We hope to give you the information you need to decide for yourself which is better for you — while elaborating a bit about our experiences using both platforms.
We used to prefer BlockFi over Nexo, however more recently BlockFi has lowered it’s interest rates and stopped being as competitive as other crypto lending platforms, so while we still believe BlockFi has WAY better customer service and are overall more trustworthy than Nexo there’s a trade-off in picking them — namely lower interest rates on large balances.
With that being said we’d say it’s a good idea to use multiple platforms to diversify your risk in any one of them having any variety of issues — another good crypto-lending platform to check out would be Celsius. You can read our comparison of Celsius vs BlockFi here and Celsius compared to Nexo by clicking here.
Below you’ll find a quick jump-to section if you want to just get to a specific are right-away, but essentially we’ll start by going into which one is best for earning interest on your crypto followed by which one has lower fees both in general as well as for crypto-backed loans.
After that we’ll briefly go over the current sign-up bonus offers Nexo and BlockFi currently have, how trustworthy both platforms are (and how they’re regulated), before finally ending with a summary of it all and some FAQ’s.
Table of Contents
Which Offers the Better Yields on Deposits - Nexo or BlockFi?
Nexo offers slightly higher yields on deposited crypto — however this comes with a MAJOR caveat — Nexo only offers higher yields on medium-term fixed deposits, otherwise their rates are generally about the same as BlockFi and slightly lower than Celsius Network (another crypto-lending platform).
As a result while technically you can earn a lot more per year on deposits with Nexo in practice you’ll earn about the same as you would with BlockFi or other crypto lending platforms. This is because in practice you’ll likely not want to lock up your crypto in term-deposits, earn in nexo, or hold large amounts of nexo tokens in your portfolio, not to mention the extra liquidity given by flexible deposits will allow you to sell during bubble-times, as well as take advantage of the promotions other crypto-lending platforms announce from time to time, especially Celsius, which usually has the best promotions for transferring funds to them.
To sum it up — With Nexo you earn slightly more than BlockFi (1-2%) when you lock your crypto up on the platform for 1 month+ and hold NEXO tokens in your Nexo Wallet or earn in Nexo tokens, otherwise you’ll make about the same as you would with BlockFi.
Which has less fees - Nexo or BlockFi?
Nexo wins this category by a slim margin — Both Nexo and BlockFi offer nearly identical Crypto-Backed Loan rates, with BlockFi being a bit lower if you take their lowest collateral level (20%) but otherwise both platforms charge about 7% per year on crypto-backed loans. With that being said Nexo does NOT have loan origination fees like BlockFi does (2%), and they offer a small amount of interest fees back when you pay off the loan, making them the better option for loans.
In terms of withdrawals and other fees there’s none for Nexo whatsoever, and BlockFi has none other than the network transaction fee when withdrawing funds — ultimately network withdrawal fees are generally <$10 so the extra charge BlockFi has here doesn’t make a big difference.
Which Has The Best Signup Bonus Offers - Nexo or BlockFi?
BlockFi easily wins this category as Nexo doesn’t offer any sign-up bonus currently — Meanwhile BlockFi always has a promotion running that generally offer between $20 and $250~ in bonuses for new-users — you can read more about them on this page of our site.
If Nexo begins to release their own you bet we’ll mention it — but as of now they’ve yet to release any sign-up promotions or refer-a-friend programs. With that being said if you do plan to sign up for Nexo you can support our website by signing up through this link as it’ll give us a few bucks depending on how much you deposit.
Which is more Trustworthy - Nexo or BlockFi?
We’d say BlockFi Wins this category slightly — We used to say this category was a draw, as they both have great teams, CEO’s and leadership, partnerships, and investments from massive hedge-funds or venture capital groups that definitely know what they’re doing. They also both have insurance through companies such as BitGo in the event that something goes wrong.
But after some recent experiences with Nexo, and an increasing number of complaints against them, we can’t recommend them customer-service wise. On paper they’re great and safe, and on paper they have a good team — however in practice in the last year they’ve failed horribly with their product quality and customer service from what I’ve seen and heard from people, as well as experienced.
With that being said Nexo does seem to be improving their customer service, as we’ve heard and experienced much better with them than we used to, so those dark times of Nexo’s customer service being bad may be behind them. Only time will tell — and the cryptocurrency community of course.
What Advantages does BlockFi have over Nexo?
BlockFi’s main advantage compared to Nexo is honestly just their sign-up bonus and trustworthiness — while they have lower loan rates in some cases ultimately it’s not significant enough to really matter in our view. Their rates are lower for interest, but they’re more regulated and trustworthy (safer) than Nexo in our view.
If you think BlockFi is a better choice for you, or you just want to snag some tasty free crypto, then make sure to sign up through their promotional page, which generally offers up to $250 in bitcoin rewards depending on how much crypto you deposit after opening an account with them. You can also check out our page on the other sign-up bonuses BlockFi may have currently, but they rarely offer more than just that standard one linked above.
What Advantages does Nexo have over BlockFi?
Nexo’s main advantage is that their rates on deposited crypto are higher than BlockFi’s when using their fixed-term deposit and holding Nexo tokens, but the marginal benefit of the rate increase isn’t really beneficial unless you will be depositing hundreds of thousands of dollars worth of crypto and are fine with not having liquidity or access to your crypto for potentially months at a time.
Otherwise simply taking BlockFi’s sign up bonus and buying crypto with it would net-net you about the same amount of cryptocurrency in both accounts over the first year or two using the platforms.
Beyond this they’re very similar platforms, and while we personally prefer BlockFi we wouldn’t say if you’re with Nexo you should nessecarily switch to BlockFi — both are fine crypto-lending platforms with fair rates. You may want to consider Celsius as a third option — they are quite good and either our first or second favorite crypto-lending and crypto-backed loan platform currently.
Nexo vs BlockFi FAQ's:
Below we’ll cover some of the FAQ’s we’ve encountered, been asked, or have asked ourselves related to Nexo and BlockFi. If you have any other questions feel free to use our contact page to ask us them and we’ll get back to you as quickly as we can.
Can you buy Crypto on Nexo or BlockFi?
Yes, you can buy crypto directly through both Nexo and BlockFi — however we’ve personally had and have heard of many other bad experiencing buying through Nexo, namely lots of people seem to have issues with their wire transfers being accepted by Nexo (nexo doesn’t allow ACH transfers to buy crypto) and other issues with Nexo’s support in regards to buying crypto through them, ultimately resulting in them missing buying the dip because of weeks of having their funds held up because they tried to buy through Nexo.
As for BlockFi, they offer it as well and we haven’t heard anyone having major issues using it; some complaints, but largely just issues regarding the fees they charge, which while not bad compared to coinbase it’s not good compared to other cryptocurrency exchanges.
Which Crypto Credit Card is Better — Nexo or BlockFi’s?
Both Nexo’s and BlockFi’s Crypto Card offerings are very similar, however personally we prefer BlockFi’s Card as they are more transparent about the card and offer very good cash-back (paid in bitcoin) on purchases, just as good as any credit-card on the market today.
Nexo’s card is a Mastercard while BlockFi’s is a Visa card — this might be the deciding factor for you between these cards as Visa’s are accepted far more widely than Mastercards, especially in the UK and other popular international destinations.