loans
SALT Lending Bitcoin Loan Review 2026: Rates, LTV, and What to WatchSALT Lending review 2026: rates from 12.99% APR, LTV up to 70%, loans from $5K to $25M. U.S.-licensed Bitcoin-backed lender with no origination fees.
Nexo is the largest crypto lending platform in Europe, with over $13 billion in assets under management and more than 7 million users. While Ledn dominates the North American market and Unchained serves US self-custody enthusiasts, Nexo is the default choice for European Bitcoin holders who want liquidity without selling.
This review covers Nexo's 2026 loan rates, LTV structure, the NEXO token tier system, and how it compares to Ledn.
What Is Nexo?
Nexo was founded in 2017 by Antoni Trenchev and Kalin Metodiev in Sofia, Bulgaria. The company has grown into a full-service crypto financial platform offering loans, exchange, and yield products. It operates under regulation from multiple European jurisdictions.
Nexo has navigated significant regulatory scrutiny — the US SEC investigated its yield product (Earn) and the company exited several US states. As of 2026, Nexo's loan product is available to most European users and select other jurisdictions, but US access remains restricted.
Nexo Loan Rates and Terms (2026)
| Feature | Details |
|---|---|
| Minimum loan | $50 |
| Maximum LTV | 50% |
| Base interest rate | 13.9% APR |
| NEXO Platinum rate | 5.9% APR |
| Loan currency | USDC, USDT, EUR, GBP, USD |
| Collateral | Bitcoin, 65+ other assets |
| Liquidation LTV | 83.33% |
| Repayment | Flexible (no fixed term) |
| Origination fee | None |
The NEXO token tier system is critical to understanding Nexo's pricing. Users who hold NEXO tokens as a percentage of their portfolio unlock progressively better rates:
| Tier | NEXO Token % of Portfolio | Bitcoin Loan Rate |
|---|---|---|
| Base | 0% | 13.9% APR |
| Silver | 1-5% | 11.9% APR |
| Gold | 5-10% | 8.9% APR |
| Platinum | 10%+ | 5.9% APR |
At Platinum tier (holding 10%+ in NEXO tokens), the 5.9% rate is among the lowest available for Bitcoin-backed loans. However, this requires taking meaningful exposure to a Nexo-issued token — which introduces concentration risk and platform risk beyond what you face with plain BTC collateral.
For most users who don't want NEXO token exposure, the effective rate is 8.9-13.9% APR — competitive with the market but not exceptional.
Nexo's Flexible Loan Structure
Nexo's most user-friendly feature is its no fixed term structure. Unlike Ledn and most other lenders who require 12-month terms, Nexo functions like a revolving line of credit:
- Borrow when you need funds, repay when you want
- No maturity dates or balloon payments
- Interest accrues daily on outstanding balance
- Partial repayments reduce your interest immediately
- No prepayment penalties
This flexibility is excellent for users who need short-term liquidity rather than a planned 12-month borrowing period. You can borrow $10,000 for 3 weeks and pay only 3 weeks of interest.
What Nexo Does With Your Collateral
This is where Nexo's transparency differs from Ledn. Nexo does not publish equivalent Open Book reports. Their collateral handling:
- Bitcoin collateral is held with BitGo Trust (regulated US qualified custodian) and Bakkt Custody
- Nexo publishes proof-of-reserves using Chainlink's PoR oracle
- The company has undergone third-party audits, but not to the same open standard as Ledn's quarterly reports
For Nexo's yield product (Earn), your Bitcoin is lent out to institutional borrowers — creating counterparty risk beyond the loan itself. If you only use the loan product and keep collateral in a dedicated collateral wallet, your exposure is more contained.
Nexo's Regulatory History
Nexo's regulatory track record is important context:
US regulatory issues (2022-2023): Nexo's Earn product was found to violate securities laws in multiple US states. The company paid $22.5 million in settlements and exited US operations for Earn. The loan product was separately affected in some states.
Bulgaria investigation (2023): Bulgarian authorities raided Nexo offices as part of a money laundering investigation. The investigation was eventually resolved without major charges, and Nexo relocated its primary operations.
Current status (2026): Nexo has restructured operations and operates from UAE and other jurisdictions. European users generally have full access. US users face significant restrictions.
This history is not disqualifying for all users, but it's due diligence that serious borrowers should understand.
Nexo Card: Spend Without Selling
Nexo offers a Nexo Card (Mastercard) that lets you spend against your Bitcoin collateral instead of taking a cash loan. When you make a purchase:
- The transaction is charged to your credit line
- Your Bitcoin collateral backs the spending
- Interest accrues only on amounts spent
- No fixed repayment schedule
This is conceptually elegant — you never sell Bitcoin, never trigger capital gains, and can spend freely up to your credit limit. At Gold or Platinum tier, the interest rate on card spending can be competitive with traditional credit cards.
Nexo vs Ledn for European Users
| Feature | Nexo | Ledn |
|---|---|---|
| Max LTV | 50% | 50% |
| Base rate | 13.9% | 7.9% |
| Best rate | 5.9% (Platinum tier) | 7.9% |
| Flexible term | Yes (no fixed term) | No (12-month) |
| Proof of reserves | Chainlink PoR | Open Book (quarterly) |
| Custodian | BitGo + Bakkt | Copper |
| EU access | Yes | Yes |
| US access | Restricted | Limited (no Earn) |
| Regulatory history | Mixed | Clean |
| NEXO token dependency | Yes (for best rates) | No |
For European users at Base tier: Ledn's 7.9% beats Nexo's 13.9% significantly. Ledn is the better choice unless you want Nexo's flexible term structure or plan to hold NEXO tokens.
For European users at Platinum tier: Nexo's 5.9% is cheaper than Ledn. But you're now holding 10%+ of your portfolio in NEXO token — a meaningful risk tradeoff.
For short-term borrowing: Nexo's flexible term wins. If you need $20,000 for 6 weeks, the no-fixed-term structure is more efficient than a 12-month Ledn loan.
Who Should Use Nexo?
Good fit: European Bitcoin holders who want flexible (no fixed term) loans and are willing to hold some NEXO tokens for better rates. Users who want a credit card backed by Bitcoin collateral. People who value Nexo's multi-currency loan disbursement options.
Not a good fit: US-based users (access restricted). Users who prioritize maximum transparency (Ledn's Open Book is superior). Bitcoin maximalists who want to avoid altcoin token exposure for rate benefits.
Bottom Line
Nexo is Europe's largest and most feature-rich Bitcoin lending platform. The flexible loan structure and Nexo Card are genuinely useful. But the base rate (13.9%) is uncompetitive unless you hold NEXO tokens, and the regulatory history warrants awareness.
For most European hodlers comparing Nexo and Ledn: Ledn is the better default choice at Base tier. Nexo makes sense if you specifically want the flexible term structure or will meaningfully hold NEXO tokens for the Platinum rate.