Withdrawing your money from Nexo comes with a fee, but how much will you pay? Let’s investigate.
Nexo withdrawal fees for starters
For starters, Nexo charges a flat fee of 2% for all withdrawals. This is higher than what most other companies charge, which is typically 1%.
In addition to the flat fee, Nexo also charges a variable fee based on the method of withdrawal. For example, if you withdraw via bank transfer, you’ll be charged an additional 0.5%. So, if you’re withdrawing $1,000, you’ll be paying a total of $20 in fees ($2 for the flat fee, plus $10 for the variable fee).
Nexo withdrawal fees: “Fast Withdrawal”
If you’re looking to withdraw your money as soon as possible, Nexo also offers a ‘Fast Withdrawal’ option which comes with an additional fee of 5%. So, if you were to withdraw $1,000 via the Fast Withdrawal option, you’d be paying a total of $35 in fees.
Nexo loyalty tier fees
Finally, it’s worth mentioning that Nexo has a loyalty program which gives users the opportunity to pay lower fees. There are three tiers in total (Bronze, Silver, and Gold), and each one comes with its own set of benefits.
For example, if you’re a Bronze member, you’ll be charged a flat fee of 2.5% for all withdrawals. However, if you’re a Gold member, you’ll only be charged a flat fee of 1%.
To become a Nexo loyalty member, you must first meet certain criteria. For example, you must have made a minimum deposit of $1,000 and held it for at least 30 days. You can find more information about the Nexo loyalty program here.
Nexo withdrawal fees: Conclusion
To summarise, Nexo’s withdrawal fees are higher than average, and if you’re looking to withdraw your money quickly, you’ll be paying an additional fee. If you’re withdrawing a large amount of money, these fees can add up quickly.
If you’re looking to avoid high withdrawal fees, you may want to consider another company.
Shakita Glasser is a 23-year-old entrepreneur who founded an open-source crypto platform at the age of 18. She has always been interested in computer programming and cryptography, which led her to develop her own cryptocurrency protocol. Shakita is also a big believer in giving back to the community and supports various charitable organizations.