Bitcoin Loan Comparison

Nexo vs. Figure

Nexo charges 0.9%–15.9% APR with $0 origination fees using custodial. Figure charges 9.99%–12.62% APR with a 1% origination fee using MPC custody (segregated). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Nexo: 2026-09-29; Figure: 2026-07-14.

How do Nexo and Figure compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, Nexo is 0.9%–15.9% APR and Figure is 9.99% APR. 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.

Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest — a fee that raises the effective cost above the headline rate from the day you borrow.

Nexo vs. Figure: Feature-by-Feature Comparison

Nexo

Figure

Interest Rate (APR)

0.9%–15.9%

9.99%

Pricing Basis

Wealth Tier, LTV, and asset

Starting LTV

Fees / Charges

$0Nexo

1% origination fee

Max Starting LTV

50%

75%Figure

Margin Call Threshold

71.4% LTVNexo

70% LTV

Liquidation Threshold

83.33% LTV

85% LTVFigure

Margin Call Window

Threshold-based

24 hoursFigure

Custody Model

Custodial

MPC custody (segregated)

Rehypothecation

Yes

NoFigure

Interest Payment

Capitalized

Monthly

Minimum Loan

$50Nexo

$5,000

Cost on a $250,000 Loan: Nexo vs. Figure

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. Nexo pricing varies by wealth tier, ltv, and asset; Figure pricing varies by LTV. Actual offers can differ when those inputs change.

Loan Size	Nexo APR	Figure APR	Nexo Total Year-1 Cost	Figure Total Year-1 Cost	Savings
$250,000	0.9%–15.9%	9.99%	$43,074	$27,725	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. Figure: 1% origination fee. Variable or account-tier pricing remains an estimate and is not awarded a winner. Terms checked individually — Nexo: 2026-09-29; Figure: 2026-07-14.

Custody and Collateral Security

Both Nexo and Figure use similar custody approaches: custodial and MPC custody (segregated) respectively. 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. Figure uses MPC custody (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.

Nexo: High (Custodial)

•Custodial
•Rehypothecation: Yes
•Interest capitalized (compounding)
•Published rates range from 0.

Figure: High (Custodial)

•MPC custody (segregated)
•Rehypothecation: No
•Monthly interest payments
•Figure Markets.

Margin Call and Liquidation: Nexo vs. Figure

Nexo triggers margin calls at 71.4% LTV and liquidates at 83.33% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure gives borrowers 24 hours to respond to a margin call. Nexo uses threshold-based triggers without a fixed response window.

Threshold	Nexo	Figure
Max Starting LTV	50%	75%
Margin Call	71.4% LTV	70% LTV
Margin Call Window	Threshold-based	24 hours
Liquidation	83.33% LTV	85% LTV

Safety Buffer at Each Lender's Maximum Starting LTV

This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Nexo: 33.3 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83.33% LTV). Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). Nexo provides a wider safety margin.

Which is better: Nexo or Figure?

Choosing between Nexo and Figure requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Nexo uses custodial with 0.9%–15.9% APR, while Figure uses MPC custody (segregated) with 9.99%–12.62% 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. Nexo operates via custodial, and Figure uses MPC custody (segregated). Nexo rehypothecates collateral.

Nexo is the better fit for borrowers who need smaller loans or instant access. Figure is the better fit for borrowers who need smaller loans or more flexible access.

Key details to be aware of: Nexo: Published rates range from 0.9% to 15. Figure: Figure Markets. APR 9.

Frequently Asked Questions

Is Nexo or Figure cheaper for a $250,000 Bitcoin-backed loan?

The standardized $250,000, 50% LTV, 12-month estimate is $43,074 for Nexo and $27,725 for Figure. Because at least one rate is variable or account-tier dependent, this is not a definitive cheaper-lender ranking.

How does Nexo's custody model compare to Figure?

Nexo uses custodial and rehypothecates deposited assets. Figure uses MPC custody (segregated). Both platforms present similar custody risk profiles.

What is the minimum loan amount at Nexo vs Figure?

Nexo's minimum loan is $50. Figure's minimum is $5,000. Nexo is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Nexo or Figure?

Nexo issues a margin call at 71.4% LTV (threshold-based, no fixed window) and liquidates at 83.33% LTV. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 33 points at Nexo and 35 points at Figure.

Should I use Nexo or Figure for a Bitcoin-backed loan?

It depends on your priorities. Nexo (0.9%–15.9% APR, custodial, min $50) is better for borrowers who value custodial and need smaller loan access. Figure (9.99%–12.62% APR, MPC custody (segregated), min $5,000) is better for borrowers who value MPC custody (segregated) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.

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Understand the key terms

Rehypothecation Discreet Log Contracts Custodial vs. Non-Custodial LTV Ratio Margin Call Counterparty Risk

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