Bitcoin Loan Comparison

Nexo vs. Unchained

Nexo charges 0.9%–15.9% APR with $0 origination fees using custodial. Unchained charges 14.18% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Nexo: 2026-09-29; Unchained: 2026-05-14.

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

For the standardized $250,000, 50% LTV, 12-month scenario, Nexo is 0.9%–15.9% APR and Unchained is 14.18% APR. Nexo: Published upper rate; actual rate depends on account terms. Unchained: 12-month loan with 2% origination included in APR. Because at least one price is variable or account-tier dependent, the comparison is an estimate rather than a rate winner.

Unchained's published APR already includes 2% origination fee.

From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.

Nexo vs. Unchained: Feature-by-Feature Comparison

Nexo

Unchained

Interest Rate (APR)

0.9%–15.9%

14.18%

Pricing Basis

Wealth Tier, LTV, and asset

12-month commercial loan

Fees / Charges

$0Nexo

2% origination fee

Max Starting LTV

50%

Margin Call Threshold

71.4% LTVNexo

67% LTV

Liquidation Threshold

83.33% LTVNexo

83% LTV

Margin Call Window

Threshold-based

24 hoursUnchained

Custody Model

Custodial

Collaborative multisig (2-of-3)Unchained

Rehypothecation

Yes

NoUnchained

Interest Payment

Capitalized

Monthly

Minimum Loan

$50Nexo

$150,000

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

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; Unchained pricing varies by 12-month commercial loan. Actual offers can differ when those inputs change.

Loan Size	Nexo APR	Unchained APR	Nexo Total Year-1 Cost	Unchained Total Year-1 Cost	Savings
$250,000	0.9%–15.9%	14.18%	$43,074	$35,450	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. Unchained: 2% origination fee — already included in APR. Variable or account-tier pricing remains an estimate and is not awarded a winner. Terms checked individually — Nexo: 2026-09-29; Unchained: 2026-05-14.

Custody and Collateral Security

Nexo and Unchained take fundamentally different approaches to collateral custody. 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. Unchained uses collaborative multisig (2-of-3). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.

Nexo: High (Custodial)

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

Unchained: Medium (Multisig)

•Collaborative multisig (2-of-3)
•Rehypothecation: No
•Monthly interest payments
•Commercial/institutional only since Jan 2024.

Margin Call and Liquidation: Nexo vs. Unchained

Nexo triggers margin calls at 71.4% LTV and liquidates at 83.33% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Unchained gives borrowers 24 hours to respond to a margin call. Nexo uses threshold-based triggers without a fixed response window.

Threshold	Nexo	Unchained
Max Starting LTV	50%	50%
Margin Call	71.4% LTV	67% LTV
Margin Call Window	Threshold-based	24 hours
Liquidation	83.33% LTV	83% 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). Unchained: 33.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83% LTV). Nexo provides a wider safety margin.

Which is better: Nexo or Unchained?

Choosing between Nexo and Unchained requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Nexo uses custodial with 0.9%–15.9% APR, while Unchained uses collaborative multisig (2-of-3) with 14.18% 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.

The custody difference is material. Unchained uses collaborative multisig (2-of-3), 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. That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.

Nexo is the better fit for borrowers who need smaller loans or instant access. Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control.

Key details to be aware of: Nexo: Published rates range from 0.9% to 15. Unchained: Commercial/institutional only since Jan 2024. Published pricing is 12% interest, 2% origination, and 14.

Frequently Asked Questions

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

The standardized $250,000, 50% LTV, 12-month estimate is $43,074 for Nexo and $35,450 for Unchained. 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 Unchained?

Nexo uses custodial and rehypothecates deposited assets. Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.

What is the minimum loan amount at Nexo vs Unchained?

Nexo's minimum loan is $50. Unchained's minimum is $150,000. Nexo is more accessible for smaller borrowers.

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

Nexo issues a margin call at 71.4% LTV (threshold-based, no fixed window) and liquidates at 83.33% LTV. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 33 points at Nexo and 33 points at Unchained.

Should I use Nexo or Unchained 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. Unchained (14.18% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and prefer this platform's lending structure. 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

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