Nexo Card

Nexo is one of the most well-known cryptocurrency platforms, operating since 2018 and specializing in lending, exchanging, storing digital assets and generating passive income. The company is registered in Switzerland, holds licenses in several jurisdictions and serves millions of users worldwide.

As part of its ecosystem, Nexo offers users an innovative financial tool — the Nexo Card. This is a debit card that allows payments in cryptocurrency without actually selling the assets.

Features

Nexo Card is a debit and credit card by the Mastercard payment system, which allows users to:

• Instantly convert cryptocurrency into fiat currencies. The card supports over 60 cryptocurrencies, including BTC, ETH, LTC and USDT, allowing payments for goods and services worldwide.
• Earn up to 2% cashback in cryptocurrency. For each transaction, users can receive cashback in the form of crypto.
• Switch between debit and credit modes. Users can choose between spending their own funds or using a credit line backed by their digital assets.
• Withdraw cash from ATMs. The card allows up to five free cash withdrawals per month, after which a fee of €1.99 per transaction applies.

Nexo Card provides a convenient and flexible way to use cryptocurrencies in everyday life, combining the benefits of traditional banking cards with digital assets.

You can now start your journey with Nexo by purchasing your first cryptocurrency with your card. What we call “Nexo 360 degrees” means that any of your needs can be met by Nexo’s offering, whether it’s exchange, earning, storage, payment, transfers between accounts, loans, spending, you name it — we’ve got it all. And I have always believed that this is the path to widespread adoption — when we provide the same tools that people are familiar with, such as Mastercard.

Antoni Trenchev

Co-founder, Managing Partner at Nexo

It’s the world’s first card that can be used as both debit and credit simultaneously. And you can switch between both functions by pressing just one button in the Nexo mobile app — said Silvi Angelov, PM at Nexo.

How to apply for and get a Nexo Card

To get a virtual or physical crypto card, your Nexo account balance must be at least $50 or $5.000 respectively. But that’s not all:

• You must be a citizen or resident of one of the countries in the European Economic Area (EEA) or the United Kingdom.
• You must have a personal (individual), not a corporate, account on Nexo.
• You need to complete the verification process. An ID issued in the EEA or the UK is required.

Nexo Card exists in two forms — virtual and physical. In the first case, register and complete verification, top up your account with $50 or more, then:

1. Open the Nexo app and log into your account.
2. Go to the “Card” tab and scroll down the page.
3. Click “Activate Nexo Card”.
4. Confirm your phone number (required for online purchases).
5. Choose a currency — EUR or GBP (can be changed later in settings).
6. Accept the terms and conditions by checking the boxes.
7. Click “Confirm” and “Order Card”.

After that, your card is ready to use. For purchases, add it to Apple or Google Pay.

To order a physical card, top up your balance with at least $5.000, then:

1. Go to the “Card” tab in the Nexo app.
2. Scroll and click “Order Nexo Card”.
3. Click “Edit details” to specify the delivery address. Correct any errors here. The currency will match the virtual card.
4. Complete the process. Delivery usually takes less than 4 weeks.
5. Receive the card at your address or the nearest post office.

To start using the physical card, you must activate it in the app:

1. Log into your account on the platform and go to the “Card” tab.
2. Find the physical version and click “Activate Card”.
3. Enter the PAN (16 digits on the back of the card), then click “Confirm”.

The Nexo Card supports contactless payments, but to activate this feature, your first transaction must be made using the chip and PIN. You can set the PIN in the app.

Fees and limits

• No service, monthly, annual or inactivity fees.
• Conversion fees — 0.2% or 2%, depending on the currency. On weekends +0.5%.
• Free monthly ATM withdrawals up to $200 (Nexo Base – level 1) and up to $2000 (Nexo Platinum – level 4). Above the limit — 2% fee, but not less than €1.99.
• Purchase limit — €10.000 per transaction or per day, €60.000 per month.
• Card issuance — minimum $50 account balance for virtual, $5.000 for physical.

Drawbacks

Like any financial product, Nexo Card has certain inconveniences and limitations worth knowing:

• Using crypto as collateral: To use the card, you must provide crypto as collateral. This means you’re essentially taking a loan backed by your digital assets, which can be risky in case of significant market volatility.
• Credit interest rates: Although Nexo offers interest rates starting at 0%, this rate applies only if the loan amount doesn’t exceed 20% of the collateral value. If you exceed this limit, the rate may increase, leading to additional costs.
• Limited currency support: The card is available in only three currencies — EUR, USD and GBP. This may be inconvenient for users from other countries who want to use their local currency.
• Dependence on crypto stability: Since the card uses your crypto assets as collateral, significant value fluctuations may affect your credit limit and loan conditions.

Before applying for a Nexo Card, it is recommended to carefully assess these factors and determine whether they align with your financial needs and risk profile.

Video reviews of the Nexo Card