Ledn charges 9.99%–11.49% APR with a 2% origination fee using custodial (segregated). Nexo charges 6.9%–18.9% APR with $0 origination fees using custodial. See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Ledn offers a lower headline rate at 9.99%–11.49% compared to Nexo's 6.9%–18.9%. However, Nexo's lowest rates require loyalty tier qualifications, and most borrowers pay significantly more than the headline rate. On a $1M loan held for 12 months, Ledn saves $19,100 in total first-year cost (interest plus origination fees).
Ledn offers tiered rates that decrease with larger loan amounts, while Nexo structures rates by loyalty. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | Nexo APR | Ledn Total Year-1 Cost | Nexo Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 11.49% | 13.9% | $13,490 | $13,900 | $410 with Ledn |
| $250,000 | 10.99% | 13.9% | $32,475 | $34,750 | $2,275 with Ledn |
| $500,000 | 10.49% | 13.9% | $62,450 | $69,500 | $7,050 with Ledn |
| $1M | 9.99% | 13.9% | $119,900 | $139,000 | $19,100 with Ledn |
| $5M | 9.99% | 13.9% | $599,500 | $695,000 | $95,500 with Ledn |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Both Ledn and Nexo use similar custody approaches: custodial (segregated) and custodial respectively. Ledn uses Custodial (segregated). Your Bitcoin is held by Ledn and could be at risk in the event of a hack, insolvency, or regulatory action. Nexo uses Custodial. Your Bitcoin is held by Nexo 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 |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Nexo: 33.3 percentage point buffer between starting LTV (50%) and liquidation (83.33%). 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 9.99%–11.49% APR, while Nexo uses custodial with 6.9%–18.9% APR.
On a $250,000 loan, Ledn costs $32,475 in the first year versus $34,750 at Nexo, a difference of $2,275.
Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and Nexo uses custodial. 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 US/Canada. Monthly interest payments required. Nexo: Base tier 18.9% is the rate most users actually get.
Ledn is cheaper. On a $500,000 loan held for 12 months, Ledn costs $62,450 (10.49% APR + 2% origination fee) while Nexo costs $69,500 (13.9% APR). That is a $7,050 difference in the first year.
Ledn uses custodial (segregated). 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. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while Nexo provides a 33-point buffer.
It depends on your priorities. Ledn (9.99%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. Nexo (6.9%–18.9% 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 Compare LendersLygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.