APX Lending vs Nexo
A no-fee qualified-custodian loan against a high-rate line that re-lends your collateral.
Rates as of August 9, 2026 · Verified daily
APX Lending$100k loan, 50% LTV · Max LTV 60%
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The bottom line
APX holds collateral with BitGo Trust, never rehypothecates, charges no origination or admin fee, and starts around 9.99%. Nexo is an open revolving credit line, convenient to draw and repay, but it prices near 18.9% and re-lends your pledged bitcoin. Choose APX for the far lower cost and untouched, independently held collateral; choose Nexo only if a revolving line is the priority.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
APX Lending vs Nexo, side by side
| APX Lending |  Nexo | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 10.99% | 15.9% |
| Starting APR | 9.99% | 15.9% |
| Origination fee | None | None |
| Max LTV | 60% | 50% |
| Custody model | Qualified custodian (BitGo Trust) | Lender-held |
| Rehypothecation | No | Yes |
| Funding speed | Same day to 1 day | Same day |
| Minimum loan | $25,000 | $50 |
| Maximum loan | No stated maximum | $2,000,000 |
| Loan terms | 3 to 60 months, extendable | Not published |
| Operating since | Not published | 2018 |
| Availability | All 50 states | 48 states (excludes 2) |
Rates and fees
On a $100,000 loan at 50% LTV, APX Lending is the cheaper borrow: an all-in effective APR of about 10.99% versus 15.9% at Nexo, a gap of roughly 4.91 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
APX Lending holds collateral via qualified custodian (BitGo Trust), while Nexo uses lender-held. Nexo rehypothecates pledged Bitcoin (re-lends it); APX Lending does not, which means less exposure if the lender runs into trouble.
Leverage, limits, and speed
APX Lending allows the higher maximum LTV (60% vs 50%), so you can borrow more per Bitcoin, at the cost of a thinner buffer before a margin call if the price falls. Minimums differ: $25,000 at APX Lending versus $50 at Nexo. Funding runs same day to 1 day at APX Lending and same day at Nexo.
Track record and availability
On availability, APX Lending covers all 50 states, while Nexo excludes 2.
Strengths and trade-offs
APX Lending
- No origination or management fees
- No credit check
- BTC and ETH accepted as collateral
- Segregated cold-storage custody with BitGo Trust
- US minimum loan 25,000 dollars
- US state-by-state availability not publicly itemized
- Maximum loan size not publicly posted
- Margin-call and liquidation LTV thresholds not publicly itemized
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- One of the largest crypto lending platforms globally; Nexo reports 7M+ clients across 200+ jurisdictions since 2018
- Rates from 1.9% to 15.9% APR depending on NEXO token holdings and LTV
- 50% LTV on BTC, $50 to $2M, up to $200M for Nexo Private clients, no origination or monthly fees
- Partial liquidation model: rather than closing your full position if collateral value drops, Nexo repays part of the credit line from a portion of the collateral, keeping the rest of your position intact
- The 1.9% floor rate applies at qualifying NEXO token tiers and LTV; borrowers without NEXO holdings should expect a rate closer to 15.9%
- Not available to residents of New York or Washington. Nexo confirmed on 2026-08-03 that those two states are restricted and the credit line is otherwise available
- Borrowing against crypto is generally treated differently than selling it for tax purposes, but tax treatment depends on your individual situation and jurisdiction. This is not tax advice, so confirm with a tax professional before relying on it
About each lender
APX Lending
Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.
Nexo
Nexo offers crypto-backed credit lines, letting you borrow against Bitcoin and over 100 other digital assets without selling, which generally avoids realizing a capital gain. It relaunched in the US in February 2026 in partnership with Bakkt as a regulated entity. Rates run from 1.9% to 15.9% APR and depend on your Wealth Club tier: the higher your NEXO token share and the lower your loan-to-value, the closer you get to the 1.9% floor. A borrower holding no NEXO tokens sits at the 15.9% end.
Frequently asked
Is APX Lending or Nexo cheaper?
On a $100,000 loan at 50% LTV, APX Lending is cheaper, with an all-in effective APR of about 10.99% versus 15.9%.
Which has lower custody risk, APX Lending or Nexo?
APX Lending uses qualified custodian and Nexo uses lender-held. Check the rehypothecation row above, as re-lending of collateral adds counterparty risk.
Can I borrow more with APX Lending or Nexo?
APX Lending allows the higher maximum LTV (60% versus 50%), so you can borrow more per Bitcoin pledged. The trade-off is a thinner buffer before a margin call if Bitcoin's price drops.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified August 9, 2026. How we verify rates · Full disclosures.