Side by side
| Ledn | Nexo | |
|---|---|---|
| Headline APR | 9.25–11.5% | From ~1.9%* (≈18.9% Base tier) |
| Lowest rate requires | Nothing — published rate | Holding NEXO tokens (loyalty tier) |
| Max LTV | 50% | 50% |
| Liquidation LTV | ~80% | ~83% |
| Term | 12 months | Open / flexible |
| Fees | ~2% admin | No origination |
| Collateral | Native BTC (Bitcoin-focused) | BTC + many other assets |
| Custody model | Custodied, stated no-rehypothecation; bi-annual proof-of-reserves | Custodial platform (broad) |
| Minimum loan | $1,000 | $50 |
| Our risk tier | Lower | Medium |
*Nexo's headline "from 1.9%" is its top Platinum loyalty tier and requires holding 10%+ of your portfolio in NEXO tokens; borrowers with no NEXO holdings pay the Base tier, around 18.9%. Figures reflect each lender's published terms as of the date above — always confirm at the source, since rates and terms change. See full data and source links in the comparison table.
Rates: read the fine print
This is where the two diverge most. Nexo markets eye-catching rates "from 1.9%," but that figure is its Platinum loyalty tier — you only get it by holding 10%+ of your portfolio value in the exchange's own NEXO token, which is itself a volatile asset and a form of lock-in. Borrowers with no NEXO holdings land on the Base tier, roughly 18.9%. Ledn doesn't play that game: its published Bitcoin-loan rate of about 9.25–11.5% applies without buying any token. So if you already hold a substantial NEXO position, Nexo can genuinely be the cheaper option; if you don't, Ledn is meaningfully cheaper and its pricing is more honest about what you'll actually pay.
Safety & custody
Both are centralized lenders, so in both cases you're trusting the company to hold and return your Bitcoin — the lesson of 2022's lender failures. The difference is focus and transparency. Ledn is Bitcoin-and-stablecoin focused, publishes bi-annual proof-of-reserves attestations, and states a no-rehypothecation approach for its standard product (though it has used institutional funding partners — confirm current terms). Nexo is a much broader platform spanning many assets and products; that breadth adds surface area. We rate Ledn lower-risk and Nexo medium-risk on our methodology — not a safety guarantee, but a relative read. Whichever you pick, borrowing at a conservative LTV is your best protection; see what happens at liquidation.
Who each is best for
Choose Ledn if…
- You want a Bitcoin-first lender with transparent, no-token pricing
- Custody transparency and proof-of-reserves matter to you
- You prefer a defined 12-month term and accept a ~2% admin fee
Choose Nexo if…
- You already hold NEXO tokens and can access the low loyalty rate
- You want an open/flexible term, a tiny $50 minimum, or to borrow against assets beyond BTC
- You value platform flexibility over Bitcoin-only focus
FAQ
Is Ledn or Nexo cheaper?
Usually Ledn. Nexo's lowest rates require holding 10%+ of your portfolio in NEXO tokens; its Base tier (~18.9%) is well above Ledn's published 9.25–11.5%. Without substantial NEXO holdings, Ledn is meaningfully cheaper and more transparent.
Which is safer?
We rate Ledn lower-risk and Nexo medium-risk — mainly due to Ledn's Bitcoin focus, proof-of-reserves, and stated no-rehypothecation versus Nexo's broader custodial platform. Not a guarantee; confirm terms yourself.
What max LTV do they allow?
Both about 50% maximum LTV on Bitcoin, with liquidation around 80% (Ledn) and 83% (Nexo). Borrow below the max for a safety buffer.
Do they hold my actual Bitcoin?
Both take native BTC as collateral (not wrapped tokens), so there's no conversion. The question is each one's custody and rehypothecation policy — see our risk methodology.
See how Ledn and Nexo compare to everyone else
Rate, LTV, liquidation level, custody and fees for every lender we track — independently verified, with a source link on every row.
Open the comparison →