Nexo vs OKX

Both cards serve EEA users on Mastercard, creating genuine competition. OKX additionally serves APAC users (excluding 7 banned countries: India, Malaysia, Philippines, Thailand, Singapore, Japan, Canada). Nexo additionally serves the UK. In the EEA, users have a direct choice between these fundamentally different spending models.

Both charge 0% FX fees and $0 annual fees. Both support Apple Pay. OKX also supports Google Pay. The fee structure diverges on conversion: OKX charges 0.9% on every crypto-to-fiat conversion, while Nexo charges 0% for Gold/Platinum tier users.

For UK users: Nexo is the only option between these two. For APAC users (excluding banned countries): OKX is the only option.

OKX's 0.9% conversion fee on every transaction reduces all headline rates. Nexo's 0% fee structure means the headline rate is the take-home rate.

SpendNode's 2026 comparison reflects a 20x gap at OKX base tier: Nexo earns $720/year versus $36/year on $3,000/month spending. The 0.9% conversion fee reduces OKX's approximately 1% base to just 0.1% net, making it nearly worthless for new OKX users without OKB holdings.

At OKX mid-tier (3%), the net return of 2.1% ($756/year) marginally exceeds Nexo's 2% ($720/year) - a $36/year difference that requires meaningful OKB commitment to achieve. The breakeven OKB tier against Nexo's 2% is approximately 2.9% (2.9% - 0.9% = 2% net).

At OKX's maximum 5% tier (4.1% net, $1,476/year), the gap becomes significant: double Nexo's cashback. But this tier requires substantial OKB holdings and consistent 30-day trading volume that most retail users will not achieve.

Choosing BTC rewards on Nexo (0.5%) drops returns to $180/year - below OKX at every tier including base. Nexo's advantage depends entirely on accepting the 2% NEXO token reward.

Every OKX transaction is a direct crypto-to-fiat sale, creating a taxable disposal and potential capital gains liability. This is the standard model for exchange debit cards.

Nexo's credit mode borrows against holdings with no sale, no disposal, and no capital gains event. Zero-Interest Credit (ZiC), launched January 2026, eliminates interest costs for Gold and Platinum tier members borrowing against BTC or ETH. Standard credit rates range from 6.9% to 13.9% APR for non-ZiC users.

Tax impact for a European holder with $80,000 in BTC (60% unrealized gains) spending $3,000/month:

Even at OKX's maximum 5% tier, the tax cost ($5,400/year) exceeds the cashback ($1,476/year) by 3.7x. Net result: OKX at its highest tier loses $3,924/year after tax, while Nexo earns $720/year with zero tax liability on the spending itself. The tax savings ($5,400/year) dwarf the cashback difference ($756/year) by 7x.

For stablecoin spenders (USDT/USDC) or users with minimal unrealized gains, the tax difference is negligible. In that scenario, OKX's higher cashback ceiling at upper tiers is the clear advantage.

Nexo's dual-mode toggle allows switching between credit (borrow) and debit (sell) per transaction. Users can choose credit mode for appreciated assets and debit mode for stablecoins, optimizing tax treatment on each purchase individually.

OKX: 6 assets (OKB, USDT, USDC, BTC, ETH, SOL). $30,000/month spending limit. 1% ATM fee, $500/day ATM limit.

Nexo: 5 listed primary assets for debit mode (NEXO, BTC, ETH, USDT, USDC), with 50+ assets accepted as collateral for credit mode. $20,000/month standard spending limit (potentially higher based on collateral value in credit mode). 2% ATM fee, $1,000/day ATM limit.

For debit-mode spending, asset coverage is comparable (5-6 tokens each). The difference emerges in credit mode: Nexo accepts a broader range of tokens as collateral, allowing users to borrow against DOT, AVAX, LINK, and other mid-cap tokens that OKX cannot directly spend.

Spending limits favor OKX at the standard level ($30K vs $20K/month). But Nexo's collateral-based model scales with portfolio size - a $100,000 portfolio can generate $50,000-80,000 in credit capacity, exceeding OKX's fixed limit. For high-net-worth holders, Nexo's effective limit is higher.

ATM costs slightly favor OKX (1% vs Nexo's 2%), but Nexo offers a higher daily ATM limit ($1,000 vs $500). A $500 ATM withdrawal costs $5 on OKX versus $10 on Nexo.

Comparing OKX's 5% headline to Nexo's 2% without checking your actual OKB tier or subtracting the conversion fee. New OKX users without OKB holdings start near the base tier at approximately 1% cashback. After the 0.9% conversion fee, the net is 0.1% - earning $36/year on $3,000/month spending versus Nexo's $720/year. That is a 20x gap in Nexo's favor. The "5% vs 2%" comparison only applies to users already at OKX's top tier. At base tier, Nexo earns 20x more. How to avoid it: Check your OKB-based tier in the OKX app. You need at least a 2.9% cashback rate on OKX for the net (after 0.9% conversion) to match Nexo's clean 2%. Below that threshold, Nexo delivers more per transaction with zero token commitment.

Using OKX to spend significantly appreciated crypto without calculating the tax cost. A user with $80,000 in BTC at 60% unrealized gains spending $3,000/month through OKX creates $5,400/year in capital gains tax. Even at OKX's maximum 5% tier ($1,476 cashback), the net result is a $3,924/year loss after tax. Nexo's credit mode eliminates the disposal entirely, turning the same $3,000/month spending into a $720/year net gain. How to avoid it: If your primary spending assets have appreciated significantly and you are in a taxable jurisdiction, calculate the capital gains impact before choosing a debit card. For appreciated BTC/ETH holdings, Nexo's credit mode saves orders of magnitude more than any cashback rate can compensate.

For holders of appreciated BTC/ETH: Nexo with 2% NEXO cashback and Zero-Interest Credit. The tax savings from avoiding disposals exceed OKX's cashback advantage at every tier, often by thousands per year.

For active OKX traders at 3%+ tiers: OKX at 2.1-4.1% net cashback, with $30K/month spending and straightforward debit model. Worth the OKB commitment for traders who already maintain large OKB positions and primarily spend stablecoins (minimizing tax impact).

For casual users without OKB: Nexo at 2% net beats OKX base at 0.1% net by 20x. No contest.

For UK users: Nexo is the only option between these two.

For APAC users (excluding banned countries): OKX is the only option between these two.

Outlook: Nexo's Zero-Interest Credit is the most significant differentiator in this comparison, and expansion of ZiC to more assets or lower loyalty tiers would further strengthen Nexo's position. OKX could eliminate or reduce its 0.9% conversion fee, which would dramatically improve base-tier competitiveness (turning 0.1% net into 1% net). Both cards face minimal regulatory risk in the EEA under MiCA. The key variable for 2026 is whether OKX responds to the zero-fee trend set by Kraken and Nexo by reducing its conversion fee.