Bybit vs Nexo

Both cards serve the EEA, creating genuine head-to-head competition in European markets. Bybit additionally covers the UK, LATAM, APAC, and Australia. Nexo additionally covers the UK but not LATAM, APAC, or Australia.

In the EEA and UK, users have a real choice. In LATAM, APAC, and Australia, Bybit is the only option between these two.

Bybit is banned in France, Malaysia, Philippines, Thailand, Japan, and Singapore (6 countries). Nexo has no published banned countries in the EEA/UK. As of January 2026, EEA Bybit users must migrate to Bybit EU accounts for MiCA compliance.

Bybit charges 0.5% FX plus 0.9% conversion (1.4% total on cross-currency spending, 0.9% on same-currency). Nexo charges 0% on everything: no FX fee, no conversion fee for Gold/Platinum members.

Nexo at 2% NEXO outperforms Bybit Standard at every spending level on cross-currency transactions. At $3,000/month, the annual gap is $504 ($720 Nexo vs $216 Bybit). Even on same-currency spending where Bybit's FX fee disappears, Nexo still earns $720/year versus Bybit's $396 - an 82% advantage from the 0.9% conversion fee that Bybit charges and Nexo does not.

Bybit only overtakes Nexo at Supreme VIP. At 10% headline (8.6% net), Bybit's $3,096/year crushes Nexo's $720. But Supreme VIP requires institutional-level trading volume and asset balances. For the overwhelming majority of retail users on the Standard tier, Nexo's clean 2% delivers 3.3x more net income on cross-currency spending.

The reward token choice matters. Nexo's 0.5% BTC option provides more stable rewards but earns less than Bybit Standard even on cross-currency ($180/year vs $216/year). If you choose BTC rewards on Nexo, Bybit Standard actually outearns it. The 2% NEXO rate is where Nexo dominates, but it carries NEXO token price risk.

This is where the comparison moves beyond cashback math.

SpendNode's winner by category on tax efficiency: Nexo wins by default. Every Bybit transaction sells your crypto, creating a taxable disposal. If you hold BTC with 100% unrealized gains and spend $3,000/month, you realize $1,500/month in capital gains. At a 20% tax rate, that is $300/month in tax liability ($3,600/year) while earning $18-33/month in cashback.

Nexo in credit mode borrows against your crypto. No sale, no disposal, no taxable event. The tax savings at the same spending level: $3,600/year at 20% on 100% appreciation. This dwarfs Bybit's Standard cashback ($216-396/year) by 9-17x.

Nexo's Zero-Interest Credit (ZiC, launched January 2026) eliminates interest costs for Gold and Platinum members borrowing against BTC and ETH. Without ZiC, standard credit APR ranges from 6.9% to 13.9%. At 6.9% APR on a cumulative $18,000 credit balance (from 6 months of $3,000/month spending), the annual interest is approximately $1,242 - still less than the $3,600 in avoided taxes for holders with appreciated crypto.

For stablecoin holders with no appreciation, the tax difference disappears. Spending USDT through Bybit or Nexo debit mode creates minimal capital gains either way. In this scenario, the comparison reverts to pure cashback: Nexo 2% vs Bybit 0.6-1.1% net.

In a bull market where crypto appreciates 50%+ annually, Nexo's borrow-and-spend model is clearly superior. You keep your appreciating assets while spending borrowed value. If BTC moves from $80,000 to $120,000 while you spend $3,000/month through Nexo, you preserve $40,000 in upside per BTC that selling through Bybit would have partially forfeited.

In a bear market, the equation can flip. Nexo's credit line accrues interest (unless on ZiC), and declining collateral may trigger margin requirements or partial liquidation. Bybit's sell-at-POS model means you have already converted to fiat - the cashback is locked in regardless of subsequent price direction. Selling at the top through Bybit is actually the optimal move in hindsight during a bear cycle.

In a flat market, neither model has a structural advantage on price direction. The comparison reverts to fees and cashback: Nexo's 0% fees versus Bybit's 1.4%, making Nexo the better choice at matching tiers.

Bybit offers 8% APR on idle USDT through Bybit Earn. A user holding $20,000 in USDT earns approximately $1,600/year in passive yield without spending a dollar. Nexo offers interest on deposits too (rates vary by asset and loyalty tier), but Bybit's 8% USDT rate is among the highest in the exchange card space.

Combined ecosystem calculation at $3,000/month spending with $20,000 USDT reserve:

• Bybit: $216/year cashback (Standard, cross-currency) + $1,600/year idle yield = $1,816/year total
• Nexo: $720/year cashback + tax savings (variable, potentially $3,600+) = $720-$4,320/year total

For stablecoin holders without capital gains exposure, Bybit's $1,816 total exceeds Nexo's $720 by $1,096. For crypto holders with significant appreciated positions, Nexo's tax savings can push its total above Bybit's. The deciding variable is your portfolio composition.

Choosing Bybit for the 10% Supreme headline without checking your actual VIP tier. Supreme VIP requires institutional-level trading volume and large asset balances. The vast majority of retail users qualify for Standard at 2%, which nets just 0.6% on cross-currency spending after 1.4% in fees. At $3,000/month, that is $216/year - less than one-third of Nexo's $720/year at 2% net with zero fees. How to avoid it: Check your actual Bybit VIP tier in the app. If you are at Standard, Nexo outperforms by 3.3x on cross-currency spending. Bybit only overtakes Nexo at the 4% tier (2.6% net), which most retail users will never reach.

Using Nexo's credit mode without understanding the collateral requirements. Nexo's credit-line spending depends on maintaining adequate loan-to-value (LTV) ratios. If your collateral drops in value (BTC price decline), Nexo may require additional collateral or trigger partial liquidation. A user spending $3,000/month who accumulates $18,000 in credit-line balance against $50,000 in BTC collateral sits at 36% LTV. If BTC drops 40%, the collateral becomes $30,000 and LTV jumps to 60%, potentially triggering a margin call. How to avoid it: Keep your credit utilization below 30-40% of your collateral value to build a buffer against price drops. If you cannot maintain conservative LTV ratios, use Nexo's debit mode (which sells crypto like Bybit but without the FX fee) for transactions above your comfortable credit limit.

For EEA holders of appreciated crypto: Nexo with Zero-Interest Credit saves more in avoided taxes than Bybit pays in cashback at any tier below Supreme. The clean 2% net with zero fees outperforms Bybit Standard by 3.3x.

For active Bybit traders at VIP 4%+ tiers: Bybit with 2.6%+ net cashback plus 8% idle yield on USDT and higher spending limits ($250K/month Supreme) outperforms Nexo's fixed 2% on total ecosystem returns.

For stablecoin holders with $15K+ reserves: Bybit's 8% idle yield combined with Standard cashback produces higher total returns than Nexo's cashback alone, since stablecoin spending has minimal tax implications on either card.

For UK/LATAM/APAC/AUS users: Bybit is the only option between these two in those regions.

Outlook: Nexo's ZiC program is expected to expand to additional collateral assets beyond BTC and ETH in 2026, making the 0% APR credit model accessible to holders of more diverse portfolios. Bybit faces regulatory headwinds with 6-country bans and mandatory EEA migration underway. The competitive dynamic favors Nexo for tax-conscious European users and Bybit for high-volume traders in broader global markets. Watch for Nexo's asset expansion announcements and Bybit's post-MiCA migration stability in the EEA.