What is the main difference between ether.fi Cash and the Nexo Card?

Both let you borrow against your crypto to spend instead of selling it. The difference is custody and reach: ether.fi Cash is self-custodial (your funds sit in a Safe vault only you control) and works in the US and most of the EU, while the Nexo Card is custodial (Nexo holds your collateral) and is available only in the EEA, UK and Switzerland — not the US.

Do both ether.fi and Nexo have liquidation risk?

Yes, when you borrow. ether.fi's Borrow Mode and Nexo's Credit Mode are both overcollateralized loans against your crypto, so a price drop that pushes your loan-to-value past the threshold can trigger a forced sale of your collateral (ether.fi liquidates at a 75% threshold on weETH; Nexo at ~83% LTV). ether.fi also has a no-borrow Direct Pay mode, and Nexo a Debit Mode, that avoid this.

Which has better cashback, ether.fi or Nexo?

ether.fi pays up to 3% in wETH with nothing to hold, capped at $1,000/month. Nexo pays 0.5%–2% — but the 2% needs Platinum (NEXO worth 10%+ of your portfolio) AND taking rewards in the volatile NEXO token; the Bitcoin option caps at 0.5%, and you earn nothing at all unless your portfolio is worth at least $5,000. ether.fi's rewards are simpler and need no token holding.

Can I order a physical Nexo Card?

Not a new one right now. Nexo paused new physical-card orders in January 2025, and as of mid-2026 it's still paused with no resumption date — new users can only get the virtual card. ether.fi ships a physical card to 75+ countries. If you want plastic in hand today, that's a point for ether.fi.

Card comparison

ether.fi Cash vs Nexo Card: borrow against your crypto

By Matt Published 15 June 2026 Numbers verified 12 June 2026

On this page

ether.fi Cash and the Nexo Card do the same thing: let you spend against your crypto without selling it. ether.fi Cash is a self-custodial Visa credit card built on a Safe vault; the Nexo Card is a custodial dual-mode Mastercard built on Nexo’s crypto credit line. The differences are about who holds the collateral, where you can use the card, and how the rewards work.

Quick version: if you want to keep your own keys and you’re in the US or most of the EU, ether.fi is the fit. If you’re in Europe, already bank with Nexo, and you want a custodial card you can flip between credit and debit, Nexo is the natural pick — provided you can live with the virtual-only card and the NEXO-token-gated rewards.

One disclosure before the table: ether.fi is this site’s only referral partner — the deal is on the disclosure page, and it gets no say in this verdict. Nexo has no deal here; both were measured the same way.

ether.fi Cash vs Nexo Card — side by side Verified 12 June 2026

ether.fi Cash

Visa

Nexo Card

Mastercard

Card type ether.fi Cash: Credit card (Visa) Nexo Card: Credit card (Mastercard)

Custody ether.fi Cash: Self-custodial — you hold the keys Nexo Card: Custodial — the issuer holds the funds

Rewards ether.fi Cash: Up to 3% in wETH, stepping down to 1% then 0.5% as monthly USD spend rises (EUR's lowest band pays 0.1%; band sizes vary by tier) Nexo Card: Credit Mode only, by loyalty tier: Base 0.5% NEXO / 0.1% BTC; Silver 0.7% / 0.2%; Gold 1% / 0.3%; Platinum 2% / 0.5%. The 'up to 2%' headline needs Platinum AND the NEXO-token payout; the BTC payout caps at 0.5%.

Rewards cap ether.fi Cash: $1,000/month per the legal cashback terms (last updated 2026-02-05) - absent from marketing, and it truncates Pinnacle's advertised 3%-to-$50,000 band at roughly $33.3k of spend Nexo Card: Monthly cashback cap per tier (consistent across sources): Base $50, Platinum $200. Silver and Gold caps conflict on Nexo's own page (Silver ~$100; Gold cited as both $50 and $150) - see unverified. Minimum payout $0.01.

Program status ether.fi Cash: Live Nexo Card: Live

The shared idea: spend against your crypto

Both cards borrow against your holdings so a purchase doesn’t force a sale. ether.fi’s Borrow Mode lends against your staked ETH at 4% APY with no billing cycle; Nexo’s Credit Mode draws on a crypto credit line at a tiered rate (advertised as low as ~2.9% for Platinum, higher at the base tier). Both carry liquidation risk — a price drop that lifts your loan-to-value past the threshold can sell your collateral (ether.fi at a 75% threshold on weETH; Nexo at ~83% LTV). Both also offer a no-borrow alternative if you’d rather just spend what you already hold: ether.fi’s Direct Pay, Nexo’s Debit Mode. The borrow route has a tax angle worth knowing too: how borrowing to spend is taxed covers why a loan against your crypto generally isn’t a sale, but a forced liquidation is.

Custody: your vault, or Nexo’s books

ether.fi keeps your collateral in a Safe smart account only you can authorize. Nexo holds your collateral on its own books. It’s a custodial platform, not a bank, and balances aren’t deposit-insured. That’s the core trade. ether.fi gives you control, and the responsibility that comes with it. Nexo gives you a hands-off, managed experience, plus counterparty risk: it’s a custodial platform with a regulatory history, including a 2023 $45M SEC settlement and a 2026 California penalty.

Rewards: simple wETH vs a NEXO-gated ladder

ether.fi pays up to 3% cashback in wETH automatically, with no token to hold and a $1,000/month cap. Nexo’s rewards are heavily gated: you earn nothing unless your portfolio is worth at least $5,000, the headline 2% needs Platinum (NEXO worth 10%+ of your whole portfolio) and you must take rewards in the volatile NEXO token; the Bitcoin option caps at 0.5%, and monthly caps run roughly $50–$200. Nexo’s rewards exist to make you buy and hold NEXO (the full cashback breakdown is in the ether.fi review).

Availability, network, and the physical-card pause

ether.fi works in the US (except 20 states) and most of the EU, ships plastic to 75+ countries, and runs on Visa. Nexo is EEA, UK and Switzerland only (not the US), runs on Mastercard, and new physical-card orders have been paused since January 2025, so new users can only get the virtual card (more on this in the Nexo Card review). If you need a US-eligible card or a physical one today, that’s two points for ether.fi.

Who should pick ether.fi Cash

You want to keep custody of your collateral.
You’re in the US (Nexo isn’t an option) or want a physical card now.
You hold staked ETH and want simple wETH rewards with no token to hold.

Who should pick the Nexo Card

You’re in Europe, the UK, or Switzerland and want a custodial, managed experience.
You want one card that toggles between credit and debit.
You already hold NEXO (or will) and bank with Nexo, so the loyalty tiers pay off.
You can live with a virtual-only card and rewards that float with NEXO’s price.

Questions people actually ask

What is the main difference between ether.fi Cash and the Nexo Card?: Both let you borrow against your crypto to spend instead of selling it. The difference is custody and reach: ether.fi Cash is self-custodial (your funds sit in a Safe vault only you control) and works in the US and most of the EU, while the Nexo Card is custodial (Nexo holds your collateral) and is available only in the EEA, UK and Switzerland — not the US.
Do both ether.fi and Nexo have liquidation risk?: Yes, when you borrow. ether.fi's Borrow Mode and Nexo's Credit Mode are both overcollateralized loans against your crypto, so a price drop that pushes your loan-to-value past the threshold can trigger a forced sale of your collateral (ether.fi liquidates at a 75% threshold on weETH; Nexo at ~83% LTV). ether.fi also has a no-borrow Direct Pay mode, and Nexo a Debit Mode, that avoid this.
Which has better cashback, ether.fi or Nexo?: ether.fi pays up to 3% in wETH with nothing to hold, capped at $1,000/month. Nexo pays 0.5%–2% — but the 2% needs Platinum (NEXO worth 10%+ of your portfolio) AND taking rewards in the volatile NEXO token; the Bitcoin option caps at 0.5%, and you earn nothing at all unless your portfolio is worth at least $5,000. ether.fi's rewards are simpler and need no token holding.
Can I order a physical Nexo Card?: Not a new one right now. Nexo paused new physical-card orders in January 2025, and as of mid-2026 it's still paused with no resumption date — new users can only get the virtual card. ether.fi ships a physical card to 75+ countries. If you want plastic in hand today, that's a point for ether.fi.