Ledn charges 9.25%–11.49% APR with a 2% origination fee (waived for US/Canada) using custodial (segregated). Nexo charges 0.9%–15.9% APR with $0 origination fees using custodial. See the full breakdown of rates, thresholds, and custody risk below.
Terms checked individually — Ledn: 2026-09-02; Nexo: 2026-09-29.
For the standardized $250,000, 50% LTV, 12-month scenario, Ledn is 10.99% APR and Nexo is 0.9%–15.9% APR. Ledn: 12-month loan; published APR tier for the selected size. Nexo: Published upper rate; actual rate depends on account terms. Because at least one price is variable or account-tier dependent, the comparison is an estimate rather than a rate winner.
Ledn charges a 2% origination fee (currently waived for US and Canada borrowers).
To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. Ledn pricing varies by loan size; Nexo pricing varies by wealth tier, ltv, and asset. Actual offers can differ when those inputs change.
| Loan Size | Ledn APR | Nexo APR | Ledn Total Year-1 Cost | Nexo Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 10.99% | 0.9%–15.9% | $27,475 | $43,074 | Estimate only |
Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Ledn: $0 (waived for US/Canada) — excluded from the total for the stated waiver. Variable or account-tier pricing remains an estimate and is not awarded a winner. Terms checked individually — Ledn: 2026-09-02; Nexo: 2026-09-29.
Both Ledn and Nexo use similar custody approaches: custodial (segregated) and custodial respectively. Ledn uses custodial (segregated). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Ledn also rehypothecates deposited assets, meaning your collateral may be lent to third parties. Nexo uses custodial. Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Nexo also rehypothecates deposited assets, meaning your collateral may be lent to third parties.
Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Nexo triggers margin calls at 71.4% LTV and liquidates at 83.33% LTV.
| Threshold | Ledn | Nexo |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 70% LTV | 71.4% LTV |
| Margin Call Window | Threshold-based | Threshold-based |
| Liquidation | 80% LTV | 83.33% LTV |
This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Ledn: 30.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (80% LTV). Nexo: 33.3 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83.33% LTV). Nexo provides a wider safety margin.
Choosing between Ledn and Nexo requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.25%–11.49% APR, while Nexo uses custodial with 0.9%–15.9% APR.
The standardized table shows a first-year estimate, but at least one lender still prices by a variable rate or account tier. Treat the dollar totals as scenario estimates, not a definitive cheaper-lender ranking.
Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and Nexo uses custodial. Ledn rehypothecates collateral. Nexo rehypothecates collateral.
Ledn is the better fit for borrowers who need smaller loans or instant access. Nexo is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Ledn: 2% origination waived for US/Canada. No monthly payments; accrued interest and any applicable admin fee are due at maturity or refinance. Nexo: Published rates range from 0.9% to 15.
The standardized $250,000, 50% LTV, 12-month estimate is $27,475 for Ledn and $43,074 for Nexo. Because at least one rate is variable or account-tier dependent, this is not a definitive cheaper-lender ranking.
Ledn uses custodial (segregated) and rehypothecates deposited assets. Nexo uses custodial and rehypothecates deposited assets. Both platforms present similar custody risk profiles.
Ledn's minimum loan is $500. Nexo's minimum is $50. Nexo is more accessible for smaller borrowers.
Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Nexo issues a margin call at 71.4% LTV (threshold-based, no fixed window) and liquidates at 83.33% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 30 points at Ledn and 33 points at Nexo.
It depends on your priorities. Ledn (9.25%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. Nexo (0.9%–15.9% APR, custodial, min $50) is better for borrowers who value custodial and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.
Already borrowing with Nexo? See your interest savings, terms head-to-head, and counterparty risk on your own numbers.
Open Loan Comparison CalculatorLygos offers 10% APR, $0 origination fees, and DLC-secured collateral with contract flows designed to constrain rehypothecation.