Bitcoin Loan Comparison

Nexo vs. Firefish

Nexo charges 10.9%–17.9% APR with $0 origination fees using custodial. Firefish charges ≈7%–13% (P2P) APR with a 1.5% origination fee using non-custodial escrow (3-of-3 pre-signed transactions). See the full breakdown of rates, thresholds, and custody risk below.

Rates verified 2026-06-09

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

Firefish advertises a lower headline rate at ≈7%–13% (P2P) compared to Nexo's 10.9%–17.9%. 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, Firefish saves $15,000 in total first-year cost (interest plus origination fees). From a custody perspective, Firefish presents lower counterparty risk with its non-custodial escrow (3-of-3 pre-signed transactions) model.

Nexo vs. Firefish: Feature-by-Feature Comparison

Nexo

Firefish

Interest Rate (APR)

10.9%–17.9%

≈7%–13% (P2P)Firefish

Origination Fee

$0Nexo

1.5%

Max Starting LTV

50%

Margin Call Threshold

71.4% LTV

73% LTVFirefish

Liquidation Threshold

83.33% LTV

95% LTVFirefish

Margin Call Window

Threshold-based

Custody Model

Custodial

Non-custodial escrow (3-of-3 pre-signed transactions)Firefish

Rehypothecation

Yes

NoFirefish

Interest Payment

Capitalized

At maturity

Minimum Loan

$50Nexo

$1,000

APR by Loan Size: Nexo vs. Firefish

Nexo's rates depend on loyalty tier (token holdings), not loan size. The table below shows the rate most borrowers actually pay at each tier. Total year-1 cost includes both annualized interest and any origination fees charged upfront.

Loan Size	Nexo APR	Firefish APR	Nexo Total Year-1 Cost	Firefish Total Year-1 Cost	Savings
$100,000	13.9%	10.9%	$13,900	$12,400	$1,500 with Firefish
$250,000	13.9%	10.9%	$34,750	$31,000	$3,750 with Firefish
$500,000	13.9%	10.9%	$69,500	$62,000	$7,500 with Firefish
$1M	13.9%	10.9%	$139,000	$124,000	$15,000 with Firefish
$5M	13.9%	10.9%	$695,000	$620,000	$75,000 with Firefish

Total year-1 cost includes annualized interest plus origination fees. Firefish: 1.5% origination fee. Firefish rates are set by the lending marketplace; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.

Custody and Collateral Security

Nexo and Firefish take fundamentally different approaches to collateral custody. 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. Firefish uses Non-custodial escrow (3-of-3 pre-signed transactions). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Firefish nor any third party can access or move your collateral.

Nexo: High (Custodial)

•Custodial
•Rehypothecation: Yes
•Interest capitalized (compounding)
•Standard tiers: Base 17.

Firefish: Low (Non-Custodial)

•Non-custodial escrow (3-of-3 pre-signed transactions)
•Rehypothecation: No
•At-maturity interest payments
•European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%').

Margin Call and Liquidation: Nexo vs. Firefish

Nexo triggers margin calls at 71.4% LTV and liquidates at 83.33% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV.

Threshold	Nexo	Firefish
Max Starting LTV	50%	50%
Margin Call	71.4% LTV	73% LTV
Margin Call Window	Threshold-based	Threshold-based
Liquidation	83.33% LTV	95% LTV

Safety Buffer Comparison

Nexo: 33.3 percentage point buffer between starting LTV (50%) and liquidation (83.33%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.

Which is better: Nexo or Firefish?

Choosing between Nexo and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Nexo uses custodial with 10.9%–17.9% APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.

On a $250,000 loan, Firefish costs $31,000 in the first year versus $34,750 at Nexo, a difference of $3,750.

The custody difference is material. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Nexo uses custodial and rehypothecates deposited assets, meaning your collateral may be lent to third parties while your loan is active. In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Nexo borrowers may face creditor claims.

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

Key details to be aware of: Nexo: Standard tiers: Base 17.9% / Silver 15. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.

Frequently Asked Questions

Is Nexo or Firefish cheaper for a $500,000 Bitcoin-backed loan?

Firefish is cheaper. On a $500,000 loan held for 12 months, Nexo costs $69,500 (13.9% APR) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $7,500 difference in the first year.

How does Nexo's custody model compare to Firefish?

Nexo uses custodial and rehypothecates deposited assets. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Firefish presents lower custody risk because your collateral requires coordination among multiple key holders.

What is the minimum loan amount at Nexo vs Firefish?

Nexo's minimum loan is $50. Firefish's minimum is $1,000. Nexo is more accessible for smaller borrowers.

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

Nexo issues a margin call at 71.4% LTV (threshold-based, no fixed window) and liquidates at 83.33% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Nexo provides a 33-point buffer before liquidation, while Firefish provides a 45-point buffer.

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

It depends on your priorities. Nexo (10.9%–17.9% APR, custodial, min $50) is better for borrowers who value custodial and need smaller loan access. Firefish (≈7%–13% (P2P) APR, non-custodial escrow (3-of-3 pre-signed transactions), min $1,000) is better for borrowers who value non-custodial escrow (3-of-3 pre-signed transactions) 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

See loan scenarios

$100K Loan $500K Loan $1M Loan Borrow Against 10 BTC

Looking for a non-custodial alternative?

Lygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.

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