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Nexo Pro Review [2022] | Spot, Futures, and Margin Trading Platform

Omar
A.
Updated: 20 Sep, 2022
13 mins read

In this review, you will learn about Nexo Pro, a highly regulated advanced cryptocurrency trading platform offering access to spot, futures, and margin trading features. Specifically, the review delves into what the pro platform offers its users, how to get started, its relationship with the Nexo exchange, and some of its pros and cons. You can get a more detailed review of the consumer-facing Nexo exchange here.

About Nexo Pro

Since 2018, Nexo has been providing innovative solutions within the cryptocurrency community, starting with a brokerage service, hosted crypto wallet, a cryptocurrency exchange, and DeFi features that include crypto lending and savings. The exchange feature involves three basic functionalities: buying, selling, and swapping amongst the supported coins and tokens.

Nexo Pro is a new platform built on top of the existing Nexo infrastructure introducing sophisticated institutional-grade trading tools to retail investors. The platform was launched in September 2022, and it features some of the following functionalities:

  • Spot and futures markets – investors are able to speculate on both spot cryptocurrency prices and futures contracts using 5x and 2x margin, respectively;
  • Easy integration with the existing Nexo products and services, including lending, savings, and spending through the Nexo Card;
  • Short and long margin trading – investors can speculate on the market going either direction using leverage;
  • Diverse trading orders – on the Nexo Pro platform, users are able to place market, limit, stop, take profit, and TWAP (time-weighted average price) orders;
  • API integration – trading on Nexo Pro using software bots or automated trading through the API (application programming interface) functionality is possible.

Why do users choose Nexo Pro?

Nexo has built a reputation for being reliable, accessible globally, and highly regulated in multiple jurisdictions. With the addition of the Nexo Pro platform, the exchange maintains its core service of reliability, security, and ease of access. The Pro platform is currently available to all of Nexo’s current 5+ million users.

Here are a few reasons why the exchange has attracted millions of users so far and why the launch of the Pro platform could see several others join:

  • Regulations – Nexo is one of the most highly regulated cryptocurrency brokerage and trading platforms. It is based in the United States, but it serves clients in more than 200 other jurisdictions;
  • Wide selection of services – on Nexo, users are able to buy, sell, spend, swap, and trade cryptocurrencies on top of lending for a fee. Additionally, Nexo offers a robust cryptocurrency wallet for storing these digital assets;
  • Seamless user experience – beginners and experts alike will find it easy to interact with both Nexo and Nexo Pro exchanges, aided by the simplicity of moving funds from either interface to the other;
  • Supports more than 40 cryptocurrencies – the Pro platform supports all the 40+ digital assets already supported on the Nexo exchange enabling its users to access most of the leading digital tokens in the marketplace;
  • Top-tier security measures – Nexo Pro users are sufficiently protected from cyber-attacks against their accounts through backend safety measures and providing them with much-needed safety tools such as 2-factor authentication, among others. Additionally, customer funds are insured to the tune of $775 million by leading institutions, including BitGo, Bakkt, and Ledger Vault.

Features of Nexo Pro

Nexo Pro is an extension of the already popular Nexo exchange, which offers the following features:

  • Cryptocurrency brokerage – users can buy and sell more than forty different digital assets;
  • Crypto exchange – the more than forty digital assets are grouped into over 300 market pairs ensuring that Nexo users can swap between countless cryptocurrencies;
  • Interest earning opportunities – this product enables crypto Hodlers to earn from their assets while they hold on to their digital assets;
  • Cryptocurrency borrowing – Nexo users are able to borrow funds based on their saved collateral from as little as $50 up to $2 million instantly with no credit checks;
  • Spend cryptocurrency – it is now possible for Nexo users to spend funds within their accounts or access credit on the fly through the newly launched Nexo Card, which debuted in April 2022. Credit funds are collateralized using available funds within a user’s account.

Nexo Pro users will not only be able to enjoy the above features but will also have access to the following extra tools and products ideal for a professional trader:

Advanced trading tools

Professional traders will appreciate the tools made available through the Pro platform, including:

  • Multiple order types, which are market, limit, stop, and take profit orders across all supported market pairs;
  • Nexo Pro also features the less understood TWAP trading tool. It stands for time-weighted average price, and large investors typically use it to stagger their order fulfillment over a specified time period. This tool is now available to retail investors;
  • Long and short-margin trading enables users to potentially profit from bi-directional market price movements and inflate trade outcomes using the leverage of up to 5 times the capital allocated for each trade;
  • Automated trading is also available with robust REST (Representational State Transfer) & WebSocket APIs, enabling pro traders to execute remote orders using trading automation software (bots).

Perpetual Crypto Futures Trading

Cryptocurrency futures are contracts between two traders betting on the future price of a digital asset. The investors do not have to buy or sell the asset at the moment of getting into the contract, thus allowing them to participate in speculation without custody.

Nexo Pro now offers users the chance to buy and sell futures contracts that are settled in USD Tether (USDT) stablecoin. Of particular note is the nature of these contracts, which are perpetual meaning that they do not expire. They can be bought and sold at any time.

Not to forget that Nexo Pro traders can access futures trading using a margin of up to 2x leverage or double their starting capital meaning that they can double their gains if they win or their losses if their bets are incorrect.

Liquidity Aggregation

Nexo Pro sources its liquidity from over 3,000 order books, including those maintained by leading cryptocurrency exchanges such as Binance, Coinbase, FTX, and Kraken, among several others.

Additionally, the exchange has access to numerous market makers and third-party liquidity providers, ensuring users can fill their orders with little to no price slippage.

Ideally, liquidity aggregation works by scouting for the best price to fill a customer’s order. This is a common feature offered on institutional-focused platforms that often need to source liquidity to fill large orders within minimal price slippage.

Retail investors on the Nexo Pro platform can now enjoy similar services.

Nexo Pro Trading Fees

Trading fees on the Nexo Pro platform are charged based on a maker/taker model. Orders that provide liquidity (makers) are charged a lower rate than those that take away liquidity (takers).

In essence, providing liquidity entails posting a trade that does not get filled immediately but instead goes on to the order book. Contrary to that, taking liquidity means placing an order that matches another order that already exists within the order book and is filled immediately.

A trader typically uses the ‘Limit’ order types to create liquidity. Taking liquidity will entail using the rest of the order types, including stops, take profits, market execution, and TWAP.

The fee schedule differs between the spot and futures products as outlined in the two tables below:

Nexo Pro trading fee schedule

Pricing tiers depend on a trailing 30-day period whereby the more users trade, the higher a tier they will belong to and, consequently, the lower their trading fees. It is worth noting that the 30-day volume calculation is exclusive of Stable Pairs such as trading between USD Tether (USDT) and USD Coin (USDC).

Note: Currently, Nexo Pro is offering its users and early signups to the Pro platform a 50% discount on all trades until the end of November 2022.

How to create a Nexo Pro account (step-by-step guide)

If you already have a Nexo exchange account, you will not be required to create another one for the Nexo Pro platform because you can use your current login information to access both platforms.

However, an account will be necessary for new users, and here’s how to start.

Step 1 – Create a Nexo account.

Visit the Nexo Pro website and click on the [Sign Up] button on the right side of the main navigation, as shown below.

As noted earlier, if you already have a Nexo account, skip this step and head straight to Login to your account using your email and password.

On the Sign Up page, provide an email address and a unique password based on the provisions of the website. Next, click on the check mark box to agree with the Nexo exchange terms and conditions.

Again, if you already have a Nexo account, you can use the alternative [Login] link at the bottom of the pop-up dialog.

Nexo will send a confirmation link to your email address.

Check your email account, and click the link to proceed with the signup process. You will be redirected to your Nexo account, where you will be greeted with the congratulatory message shown here.

Click the [Continue to your Nexo Account] button.

Step 2 – Provide ID Verification details.

At this point, you have successfully created your Nexo account. However, you still need to provide KYC (know your customer) information to unlock several restrictions that your account will have.

For instance, you will not be able to access the Pro platform before completing at least the second level of identity verification which entails providing your name, country of residence, work profile, and current address. Once you provide this information, you will be able to proceed to the Pro platform.

Note: There is also the last stage ID verification stage, whereby you are required to provide proof of address and copies of your ID documents. You can, however, still access Nexo Pro without completing the last stage of KYC verification.

Step 3 – Visit Nexo Pro.

Now that you have completed your Nexo account setup, it is time to start using Nexo Pro. To access it, hover over the [Exchange] link button on the top navigation bar within your account, then choose [Nexo Pro] from the drop-down menu.

Before you begin using the Nexo Pro platform, you will be prompted to agree to the usage terms. Click on the [Accept] button to continue.

At this point, you may want to deposit some funds to your Nexo Pro account. To do that, you only need to transfer them from your Nexo Exchange Wallet to Pro. It is not yet possible to deposit or withdraw funds directly to your Pro account.

From your dashboard page, click on the [Deposit] button and proceed to transfer your funds.

Withdrawing funds from Nexo Pro is also similar. Visit the dashboard page and click on the [Withdraw] button to transfer funds back to your Nexo Exchange Wallet.

Is Nexo Pro Safe?

Nexo employs robust and class-leading safety and security measures to safeguard its customers’ assets and personal information. The company names its approach to security as a ‘Fundamentals-First’ model with five key mechanisms, which are:

  • Overcollateralization – Nexo maintains a strict credit policy in which every loan must have sufficient collateral before funds are released to the borrower;
  • Real-Time Auditing – Nexo Pro has partnered with Armanino LLP to provide real-time attestations on the exchange’s custodial holdings with the aim of maintaining high standards of transparency;
  • Risk Management – with sensitive products such as margin and futures trading, Nexo maintains high-risk management standards to protect not only its users but also its business;
  • Insurance – through its custody partners BitGo, Ledger Vault, Bakkt, and others, Nexo’s customer assets are now insured to the tune of over $775 million;
  • Global Licensing – currently, Nexo exchange holds more than 40 licenses from various jurisdictions enabling it to offer its services to customers in more than 200 countries globally.

Nexo Pro Customer Support

Nexo Pro customers can easily find information on the various products offered by the platform on the exchange’s help pages and across the vast community of staff, users, and other partners. Here is a list of some of the channels to use to either contact the support team or get extra information on your questions and concerns.

Pros and Cons of Nexo Pro

Pros

  • Intuitive and easy-to-use Nexo Pro interface;
  • Easy integration with existing Nexo exchange services;
  • Despite being a new platform, Nexo Pro enjoys a stellar reputation from its well-established Nexo Exchange sibling;
  • Trading fees are among the lowest in the industry and could be lower with the planned integration of the NEXO token within the Pro ecosystem;
  • The platform is available globally in at least 200 countries and growing;
  • Nexo Pro, and by extension, the Nexo exchange platforms, are highly compliant with various regulations. The company currently holds more than 40 licenses;
  • Existing Nexo customers do not have to create a new account to access Nexo Pro;
  • Both Nexo exchange and Pro platforms are safe to use as the company maintains strict safety and security guidelines to protect their infrastructure and customer assets;
  • Real-time customer holdings audit.

Cons

  • Currently supports trading for about 40 cryptocurrencies which could be limiting for some users;
  • No direct deposit and withdrawals, which gives it an extra step to jump when sending funds over to the trading platform.
  • The platform offers low leverage compared to other rivals in the market.

Final thoughts

Nexo Pro makes a great addition to the Nexo Exchange family, introducing features beyond the basic swap functionality. Now users are able to trade using more advanced tools such as pending and market orders, time-weighted average prices, using automated trading strategies.

Additionally, Nexo Pro introduces futures trading, enabling users to speculate on the future price of several digital assets without buying or selling them.

Nexo Pro is a solid addition to the Nexo Exchange ecosystem, ensuring that the company now caters to the highly lucrative professional investors group.

Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as investment advice. Cryptocurrency assets experience high market volatility and therefore buying, selling, and trading them exposes you to significant financial risks.

Frequently Asked Questions about Nexo Pro

Can I trade on Nexo Pro?

Yes, anyone can trade on the Nexo Pro platform, where they can access at least 40 different cryptocurrencies and over 400 trading pairs. Nexo Pro is available to users in more than 200 jurisdictions globally.

Is Nexo Pro safe?

Nexo maintains high security and safety standards for its infrastructure and customer assets ensuring, which may explain why the company has not reported any security breaches in the four years since its inception.

What does Nexo Pro offer?

Nexo Pro is an advanced trading platform enabling retail traders to access tools that are usually only a preserve of institutional investors, such as aggregated liquidity from multiple order books, TWAP order type, and margin trading for spot and futures products.

What is the difference between Nexo and Nexo Pro?

Nexo exchange is the older crypto investment platform offering users services, including crypto brokerage, exchange, borrowing, spending, and savings, while Pro is focused on offering professional investors trading tools that help them achieve their goals more easily.

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Omar A.
Author

Omar is a Computer Science graduate with a passion for information technology, investing, smart contracts, and cryptocurrencies. At Finbold, he covers blockchain-related content, including in-depth reviews, guides, and articles.

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