The world of Decentralized Finance (DeFi) is growing day by day. Many projects are capitalizing on this untapped market. They basically bring digital banking and their services to the world, with no discrimination in any way. Banks usually let people deposit money, withdraw, invest and borrow. On the other hand, those same services are being offered today in the form of a decentralized infrastructure. NEXO has been known to be an option in the world of Decentralized lending. But is NEXO the best out there? Or can we find better alternatives that are cheaper and better?
Nexo Lending – Quick Background
Nexo is a financial institution that offers a crypto platform for lending and borrowing. They basically offer the following services:
- Earning interest
- Instant borrowing
- Nexo cards for spending
- Android & iOS apps
Very cool. But what about the cons of NEXO?
- They don’t hold private keys to assets
- They have a limited number of cryptocurrencies
- No communication to customers prior to product changes
- Customers complaints about their laggy platform
So what about diversifying? Should you place ALL your cryptos with only one provider that didn’t yet disclose their country of origin like…ahem, NEXO? Maybe there are cheaper alternatives out there? Of course there are!
Don’t put all your cryptos with one broker.CryptoTicker famous quote, 2021
What are other NEXO Alternatives?
When crypto exchanges become successful, they often look for opportunities to diversify and extend their revenue streams. Here’s our Top 5 list of very good alternatives to NEXO (as a borrowing/lending platform):
1- Binance: this exchange managed to rise to fame thanks to their successful market penetration in different countries. Not only do they offer borrowing and lending, but they are a fully fledged exchange, P2P platform, crypto education resources, and charge low fees.
2- Aave: a direct competitor to NEXO, as they both feature their “instant borrowing” feature. Aave is a successful decentralized lending platform, featuring an excellent variety of lending pools.
3- CoinLoan: a great platform to borrow, lend, swap and grow your digital assets. They offer high security protocols to look after your money. It’s also super safe thanks to their multi-signature wallets and distributed key storage.
4- Torque: this lender doesn’t have a wide range of cryptocurrencies, but promises its user to never hide fees: everything is upfront. They also don’t use identity checks, which protects their users’ anonymity.
5- NUO: a very secure platform that links borrowers to lenders. NUO is another DeFi project that runs on top of the Ethereum protocol. They have high returns, great security (Ethereum…’nough said), and is fully collateralized, so risks are lower.
Although changing platforms might seem difficult, one should always try to lookout for the best. Platform-shopping is a must in order to ensure you’re getting the best deals. The lending space is constantly changing, and keeping an eye on this side of the industry is always a plus.
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