Kraken vs Nexo

Both cards serve the EEA and UK on Mastercard with identical base fee structures: 0% FX, 0% conversion, $0 annual fee. This makes the comparison unusually clean - fees almost never factor into the decision.

Kraken has operated since 2011 with no security breach in over 14 years. Its card program launched in 2024, entering Europe after Binance's December 2023 exit. Kraken has one published country ban (Philippines). Nexo launched its dual-mode card program earlier and has no published country bans in its EEA/UK service area.

Both support Apple Pay and Google Pay. Neither card serves markets outside Europe - this is a purely European comparison.

The single fee difference: ATM withdrawals. Kraken charges 0% (Kraken-side, ATM operator fees may apply). Nexo charges 2%. A $500 ATM withdrawal costs $0 on Kraken versus $10 on Nexo. For cash-dependent users withdrawing $500/month, Kraken saves $120/year on ATM fees alone.

With both cards at 0% fees on everything except ATM, the comparison reduces to pure cashback rate plus ecosystem features.

Nexo at 2% NEXO earns exactly double Kraken's 1% on every dollar spent. At $3,000/month, Nexo returns $720/year versus Kraken's $360 - a $360 annual gap. This is the simplest comparison on SpendNode: no hidden fees, no conversion costs, just a straight 2x cashback multiplier.

Kraken's 3.6% APY on idle balances changes the calculus. With a $10,000 idle stablecoin balance, Kraken generates $360/year in passive yield. Combined with $360 in cashback, Kraken's total ($720/year) matches Nexo's $720 in cashback. With a $20,000 balance, Kraken's yield ($720) pushes the total to $1,080 - surpassing Nexo's cashback by $360.

The breakeven idle balance is approximately $10,000. Below that, Nexo's 2% cashback delivers more total value. Above that, Kraken's yield closes and eventually exceeds the gap.

Choosing BTC rewards on Nexo (0.5% instead of 2% NEXO) drops returns to $180/year on $3,000/month spending - half of Kraken's cashback alone. The NEXO token reward is essential for Nexo to win this comparison on pure returns. Users who prefer BTC-denominated rewards are better off on Kraken.

This is where the comparison diverges most dramatically.

Kraken is a debit card. Every transaction converts crypto to fiat at mid-market rates with zero spread markup. But that conversion is a taxable disposal. Spending appreciated crypto triggers capital gains tax on the appreciation.

Nexo's credit mode borrows against holdings with no sale, no disposal, and no capital gains event. In January 2026, Nexo launched Zero-Interest Credit (ZiC) for Gold and Platinum loyalty tier members, allowing 0% APR borrowing against BTC or ETH. This eliminates the interest cost that previously offset some of Nexo's tax advantage.

Tax impact example for a European holder with $60,000 in BTC (50% unrealized gains) spending $3,000/month:

The tax saving ($4,500/year) dwarfs the cashback difference ($360/year) by 12.5x. For holders of significantly appreciated crypto, Nexo's credit mode is not just a better card - it is a fundamentally different financial tool. Kraken's transparent pricing and yield cannot compensate for the tax drag on appreciated assets.

For holders of stablecoins or recently purchased crypto with minimal appreciation, the tax difference is negligible, and the comparison reverts to pure cashback and yield.

Nexo's dual-mode toggle lets users choose credit (borrow) or debit (sell) per transaction. During bull markets, credit mode preserves upside on appreciating assets. During flat or bear markets, debit mode avoids collateral risk while still earning cashback.

Kraken supports over 400 cryptocurrencies for direct card spending - the broadest asset support of any card on SpendNode. A user holding DOT, AVAX, ATOM, MATIC, SOL, or hundreds of other tokens can spend directly without converting first.

Nexo lists 5 primary assets (NEXO, BTC, ETH, USDT, USDC) for direct card spending, though the platform supports 50+ assets as collateral for credit-mode spending. The distinction matters: in debit mode, you spend from a limited set; in credit mode, your entire portfolio serves as collateral regardless of token type.

For users with diverse altcoin portfolios who want to spend directly (debit mode), Kraken is the only viable option. Nexo requires converting non-supported tokens before spending in debit mode, creating friction and additional taxable events. In credit mode, Nexo users can borrow against broader collateral - but the borrowing model adds complexity compared to Kraken's straightforward "spend any token" approach.

Kraken converts at mid-market exchange rates with zero spread markup - the most transparent pricing model available. Nexo charges 0% conversion for Gold/Platinum tiers but does not publish the same mid-market rate guarantee.

Spending limits:

• Kraken: $50,000/month (fixed)
• Nexo: $20,000/month (standard), potentially higher based on collateral in credit mode

Kraken's 2.5x higher standard spending limit matters for users with monthly expenses above $20,000. For most retail users spending $1,000-5,000/month, both limits are adequate.

ATM access:

• Kraken: 0% fee (Kraken-side), $1,000/day limit
• Nexo: 2% fee, $1,000/day limit

Same daily limit, but Kraken saves $10 per $500 withdrawal. For monthly $500 cash users, Kraken saves $120/year - one-third of the cashback difference.

Choosing Nexo for the 2% rate but selecting BTC rewards instead of NEXO. BTC rewards pay 0.5% - half of Kraken's 1%. A user spending $3,000/month with BTC rewards earns $180/year on Nexo versus $360/year on Kraken. The "Nexo has higher cashback" claim only holds when choosing NEXO token rewards. At 0.5% BTC, Kraken outperforms by $180/year in pure cashback plus $360+ in idle yield on a $10,000 balance. How to avoid it: If you prefer non-NEXO-token rewards, Kraken is the better card. Nexo's advantage depends entirely on accepting NEXO token exposure at 2%. Evaluate whether you are comfortable holding NEXO tokens (which carry their own price volatility) before committing to the higher rate.

Using Kraken to spend significantly appreciated BTC/ETH without calculating the tax cost. A user with $60,000 in BTC at 50% unrealized gains who spends $3,000/month through Kraken creates $4,500/year in capital gains tax liability. Kraken's $360 in cashback and $360-720 in yield cannot offset this tax drag. Nexo's credit mode eliminates the disposal entirely. How to avoid it: Calculate the unrealized gain percentage on your primary spending assets. If your BTC/ETH has appreciated significantly and you are in a jurisdiction with capital gains tax, Nexo's credit mode saves more in avoided taxes than Kraken pays in cashback and yield combined. If your holdings are mostly stablecoins or recently purchased crypto with minimal appreciation, the tax difference is negligible and Kraken's broader features win.

For holders of appreciated BTC/ETH: Nexo with 2% NEXO cashback and Zero-Interest Credit mode. The tax savings from avoiding disposals can exceed $4,000+/year - dwarfing any cashback or yield difference. The Gold/Platinum tier requirement (based on NEXO holdings as a portfolio percentage) is the cost of entry.

For diversified altcoin holders: Kraken with 400+ spendable assets, 0% ATM, 3.6% APY, and transparent mid-market pricing. No token commitment, no tier management, no complexity.

For stablecoin-primary spenders with idle balances: Kraken's 3.6% APY on a $10,000+ balance matches or exceeds Nexo's 2% cashback advantage. Combined total returns favor Kraken above the $10,000 idle balance threshold.

For cash-dependent users: Kraken's 0% ATM saves $120/year on monthly $500 withdrawals versus Nexo's 2%.

Outlook: Nexo's Zero-Interest Credit (launched January 2026) is the most significant innovation in European crypto cards, transforming a spending card into a tax-planning tool. If Nexo expands ZiC eligibility beyond Gold/Platinum tiers or adds more supported collateral assets, it would widen the gap further. Kraken's card is relatively new (2024) and may introduce higher cashback tiers or credit features as the program matures. The key variable is whether Kraken develops its own borrowing or credit product to compete with Nexo's dual-mode advantage. Watch for both developments through 2026.