• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Nexo vs. BlockFi

Nexo vs. BlockFi

Moneywise.com / Moneywise.com


Updated: January 08, 2024

Partners on this page provide us earnings.

If you want to earn interest with your crypto or take out crypto-backed loans, Nexo and BlockFi are two popular companies you've probably heard of.

However, supported cryptos, interest rates, and fees are significantly different between both platforms. And available loyalty programs and crypto reward card perks also vary.

Our Nexo vs. BlockFi breakdown is covering all of the major differences and pros and cons for both companies. If you need a helping hand in picking the right crypto lending platform, this guide covers everything you need to know to make the right choice.

On November 10, 2022, BlockFi announced that it had to suspend withdrawals from its platform due to the FTX liquidity crisis. As of November 28, 2022, BlockFi officially declared bankruptcy. In October, 2023, BlockFi emerged from bankruptcy and announced it will wind down operations and begin returning crypto assets to customers.

The short version

  • Both companies are relaunching earn products for U.S. customers
  • Nexo has higher interest rates and more available assets than BlockFi
  • BlockFi has a better crypto rewards card
  • Nexo has lower fees than BlockFi, but BlockFi is slightly more beginner-friendly

Nexo vs. BlockFi: overview

What is Nexo?

Nexo is a cryptocurrency lending platform that began in 2018. It has over 4 million members and operates in 200+ markets, making it one of the most globally-available crypto interest products.

If you want to earn daily interest on dozens of cryptos, Nexo is for you. It also has a unique rewards program and native NEXO token that help you unlock more rewards and higher interest rates.

What is BlockFi?

BlockFi is another popular crypto lending platform that began in 2017. Like Nexo, BlockFi pays you interest for depositing different cryptos and stablecoins, and interest accrues daily and pays out monthly.

The company also has its own crypto wallet, a simple trading interface, and BlockFi Rewards credit card that lets you earn crypto rewards for your spending.

Nexo vs. BlockFi: features

Both BlockFi and Nexo are excellent ways to generate passive income with your crypto. However, differences in crypto availability, interest rates, and other rewards might make one company superior depending on your needs.

Supported cryptocurrencies

Cryptocurrency support is one area where Nexo dominates BlockFi. Currently, Nexo supports 40+ assets, including cryptos and stablecoins like:

In comparison, BlockFi only supports 15 assets at the time of writing. This includes main cryptos like BTC and ETH plus popular altcoins like Chainlink and Dogecoin. But there are notable assets missing, like Cardano and Solana, that you get with Nexo.

✅ Winner: Nexo is the clear winner for cryptocurrency support.

Interest rates

⚠️ Note: Both BlockFi and Nexo have temporarily suspended interest accounts for U.S. customers due to regulatory concerns. But both companies plan on relaunching a compliant lending product in the future.

Crypto interest accounts are one of the main attractions of Nexo and BlockFi. But each platform has different rates and payout structures.

As mentioned, Nexo pays out interest daily whereas BlockFi lets interest accrue daily but pays out monthly. Nexo also supports more assets, so it's more flexible.

Here's how Nexo compares to BlockFi interest rates for the assets both platforms support:

Asset Nexo interest rate BlockFI interest rate
Bitcoin 6% 3% - 0.10%
Chainlink 6% 3% - 0.10%
Dogecoin 1% 2%
Ethereum 6% 3% - 0.25%
Litecoin 6% 3.75% - 0.10%
Uniswap Not available 3.25% - 0.10%
USDC 10% 7% - 4%

BlockFi's interest rate structure is also more confusing than Nexo and pays you different interest rates depending on how much crypto you deposit. For example, you earn 3% APY on your first 1.5 ETH. But the rate drops to 1.5% until you reach 5 ETH, and then it drops further to 0.25% on your remaining ETH balance.

Overall, Nexo generally pays higher rates and is simpler. Plus, you can boost your APY by up to 4% on certain coins if you get paid with NEXO tokens instead of in-kind rewards.

Winner: Nexo pays more than BlockFi on average and has more selection.

Crypto-backed loans

Crypto-backed loans have numerous advantages over traditional personal loans. Most notably, you get instant approval and don't need a credit check since you leverage your crypto as collateral against the loan.

Nexo interest rates start as low as 0% and never exceed 13.9%, and there isn't a fixed payment schedule. Your interest rate depends on the loan-to-value (LTV) ratio. And Nexo also has a loyalty program that rewards you with loan interest rate discounts for holding more Nexo tokens, the platform's native token,

LTV ratios vary by asset, but you can get a very low-low interest loan by putting up more collateral. Nexo also supports 40+ collateral options.

Since BlockFi doesn't have a loyalty program, loan interest rates solely depend on the LTV ratio. Here's BlockFi's current loan rates:

LTV Interest rate Origination fee
50% 9.75% 2%
35% 7.9% 2%
20% 4.5% 2%

One massive difference is that Nexo doesn't charge loan origination fees whereas BlockFi does.

However, BlockFi has very low rates whereas Nexo's lowest rates are only available to loyalty members who hold NEXO tokens.

Granted, Nexo has way more collateral options. And its rates can be lower if you invest a portion of your portfolio in NEXO tokens.

✅ Winner: BlockFi is better for beginners but Nexo doesn't charge origination fees and has better rates for loyalty members.

Loyalty programs

Currently, BlockFi doesn't have a loyalty program or native token that grants bonuses for holders. In contrast, Nexo has a loyalty program with different reward tiers.

With Nexo, you earn perks depending on what percentage of your portfolio is NEXO tokens:

Category Base Silver Gold Platinum
Nexo Tokens In Portfolio 0% - 1% 1% - 5% 5% - 10% 10% or more
Maximum Interest Rate 13% 14.5% 16% 17%
Borrowing Rate 13.9% 12.9% From 1.9% From 0%
Trading Cash Back 0.00% 0.10% 0.25% 0.50%
Rewards Card Cash Back (BTC) 0.1% 0.2% 0.3% 0.5%
Free Monthly Withdrawals 1 2 3 5

Currently, NEXO costs around $2.10 per token. The main perk of holding NEXO is that you get higher interest rates. However, holding 5% or more of your portfolio as NEXO grants some serious loan discounts.

Note that NEXO tokens aren't currently available for U.S. customers.

Winner: Nexo is the clear winner since BlockFi doesn't have a loyalty program.

Crypto rewards card

If you want to earn crypto rewards for everyday shopping, both Nexo and BlockFi have a card for you.

The main perks of the Nexo card include:

  • Getting up to 2% back in NEXO tokens or up to 0.5% back in BTC on spending
  • No foreign transaction fees for up to 20,000 Euros per month
  • Up to 10 free ATM withdrawals per month

In contrast, BlockFi has a much more robust rewards card. It pays you an unlimited 1.5% back in crypto and has a 3.5% introductory bonus (up to $100 worth of BTC.) You can also choose the crypto that rewards are paid out in.

Note: BlockFi offers a credit card whereas Nexo's card is a debit card with a line of credit that's linked to your Nexo portfolio.

✅ Winner: BlockFi has a superior crypto rewards card.

Sign-up bonuses

These days, plenty of cryptocurrency exchanges and lending platforms have free crypto sign-up bonuses to attract new customers.

Here's how Nexo compares to BlockFi for earning free crypto:

  • Nexo: Get $100 in free Bitcoin for topping up your account with at least $1,000.
  • BlockFi: Get up to $250 in free Bitcoin depending on funding requirements.

BlockFi has a higher earning potential, but the funding requirements aren't realistic for most investors:

Tier Balance maintained BTC bonus
1 $100 - $1,499 $15 BTC
2 $1,500 - $19,999 $20 BTC
3 $20,000 - $39,999 $40 BTC
4 $40,000 - $74,999 $75 BTC
5 $75,000 - $99,999 $100 BTC
6 $100,000+ $250 BTC

✅ Winner: Nexo has a better sign-up bonus than BlockFi since it's easier to meet the terms.

Nexo vs. BlockFi: fees and account limits

Nexo and BlockFi don't charge account maintenance fees or deposit fees. However, Nexo has several advantages over BlockFi when it comes to other types of fees.

Most notably, Nexo provides free monthly crypto withdrawals, and you get extra withdrawals through the loyalty program. If you exceed your free withdrawal limit, you pay network fees that vary depending on the crypto and blockchain network congestion.

In contrast, BlockFi provides free withdrawals for some cryptos but not others:

BlockFi also charges loan origination fees unlike Nexo. Overall, Nexo is the clear winner in terms of account fees. It also has a $500,000 daily crypto withdrawal limit, so most users won't run into issues with withdrawing funds.

✅ Winner: Nexo has lower fees than BlockFi.

Nexo vs. BlockFi: customer support

Nexo has 24/7 customer support that you can contact by submitting a help request through its help center. BlockFi also has a help center, and phone support is available Monday through Friday from 9:30am to 8pm ET.

✅ Winner: BlockFi has more customer support options.

Nexo vs. BlockFi: security

Platform security is an important factor to consider when picking any crypto lending or investing platform. This alternative asset class is still in its early days. This means you generally don't get the same level of security or insurance as you do with depositing money in a bank.

That said, both Nexo and BlockFi take several steps to keep customers and assets safe.

For Nexo, security begins with a $375 million digital asset insurance policy provided by several partners, including BitGo and Ledger Vault. It also has numerous account security features like wallet whitelisting and two-factor authentication.

In comparison, BlockFi largely relies on its custodian Gemini for security. Gemini is a U.S.-regulated exchange and holds most assets offline in cold storage, so its less vulnerable to hacks. BlockFi also reduces risks by not lending out all of its assets and holding some crypto and cash in reserves. You also get similar account security features like two-factor authentication and wallet whitelisting with BlockFi as you do with Nexo.

✅ Winner: Both Nexo and BlockFi have numerous security policies and practices in place and are similar.

Pros and cons of Nexo



  • Supports more cryptocurrencies than BlockFi

  • Has some of the highest interest rates

  • Robust loyalty program to earn more rewards and get better borrowing rates

  • No loan origination fees

  • Easy to avoid withdrawal fees



  • NEXO tokens aren't available in the U.S.

  • A lackluster crypto rewards card compared to BlockFi

Pros and cons of BlockFi



  • One of the best crypto rewards card

  • Borrowing is slightly easier to understand than Nexo and rates are low

  • Phone customer support is available



  • No loyalty program

  • Far less crypto support than Nexo

  • No loyalty program

The bottom line

Crypto lending and staking platforms are an excellent way to put your crypto to work. And in a crowded market, Nexo and BlockFi are two of the best options.

Nexo is better for crypto support, and it usually pays higher interest rates. The loans and loyalty program are a bit tough to understand for beginners, but overall, it has higher earning opportunities than BlockFi.

In comparison, BlockFi keeps things much simpler. And even though it supports fewer assets than Nexo, it has a great crypto rewards card and easy-to-use borrowing platform.

At the end of the day, you can deposit crypto with both companies and chase the highest interest rates and sign-up bonuses. Just be cautious of potential withdrawal fees and keep an eye out for announcements from both companies regarding the relaunch of their earning products for U.S. customers.

On Feb. 14, 2022, the SEC announced that BlockFi Lending LLC had agreed to pay $100 million in penalties for violating both the Investment Company Act of 1940 and the Securities Act of 1933. In October, 2023, BlockFi emerged from bankruptcy and announced it will wind down operations and begin returning crypto assets to customers.

Tom Blake Staff Writer

Tom Blake is a staff writer who specializes in cryptocurrency, investing, and passive income.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.