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How to Withdraw Crypto from Nexo

Regardless of your level of expertise, a beginner or a professional investor, there comes a time when you want to withdraw your crypto holdings from the Nexo platform and deposit them into a safer wallet. In this how-to withdraw money from Nexo guide, we’ll explain how to properly withdraw your crypto investments from Nexo and transfer them securely to ZenGo.
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How to Withdraw Crypto from MetaMask to Zengo

Step-by-step guide

Before beginning the withdrawal process from Nexo, ensure that your ZenGo app is fully operational. ZenGo, a cutting-edge Web3-ready non-custodial wallet, uses advanced MPC technology to provide superior security for your crypto assets. ZenGo outperforms both hardware wallets and centralized cryptocurrency exchanges with its unique security features, such as guaranteed account recovery, no private key vulnerability, and a built-in Web3 firewall. It’s the safest wallet to use, providing maximum protection and full control over your investments.

Once you’ve properly set up your Zengo crypto wallet app, you’re ready to transfer funds to it. To withdraw crypto from Phemex and send it to ZenGo, follow these steps:

Step 1

First, head on over to the Nexo website and login.

Step 2

Click on “Account” and scroll down to your list of assets.

Step 3

Find the crypto you wish to withdraw and tap on “Transfer,” followed by the “Withdraw” button.

Step 4

A new window will pop up, letting you choose which network to use, as well as entering your withdrawal address. You can easily view your ZenGo address by clicking on “Actions” in the ZenGo app, then clicking on “Receive,” and then selecting the cryptocurrency you would like to receive.

Step 5

For certain transactions, a memo tag, or destination tag, may be required. This is optional in some cases but necessary in others.

Step 6

Enter the amount you’d like to take out from Nexo and verify all the details before clicking the blue “Withdraw” button. Make sure you have enough tokens left to cover the gas fees.

Step 7

You’ll need to enter a 2FA code and email verification to finish off the withdrawal request.

How to check that the crypto arrived in your Zengo app?

If you wish to check whether or not your funds have arrived, open the Zengo app and check the main balance screen. For more details, click on the “History” tab to see your recent transactions.

Keep Your Crypto Safe and Secure With Zengo

Zengo is a Web3-ready non-custodial crypto and NFT wallet that delivers industry-leading security, functionality, and user experience. Zengo is the ultimate platform for buying, storing, managing, and swapping cryptocurrencies while maintaining maximum safety and security.

Next-Gen Digital Asset Security

Zengo provides industry-leading digital asset security. It uses biometric facial recognition and MPC technology to ensure that you alone can access and recover your digital assets. On top of that, it features Web3 firewall protection, which adds an extra layer of security when you interact with external Dapps.

100% Self-Custody & Fiat Onramp Services​

Unlike other platforms that dictate how and when you access your digital assets, Zengo offers complete self-custody. You maintain total and exclusive control over your crypto funds and NFTs. In addition, Zengo’s seamless fiat onramp options enable you to diversify your portfolio effortlessly.

24/7 Real Human Customer Support​

If you have any issues while using Zengo or need a helping hand with something, we have a team of support agents ready to help. You won’t have to worry about interacting with bots when you contact us. Our team of friendly customer support representatives is available 24/7, ready to assist with any inquiries or issues you may face.

Smartphone displaying a confirmation message that a recovery kit has been created, with email verification, 3D FaceLock, and recovery file upload all completed. A button labeled "Done" is available.

How to Withdraw Crypto From Zengo’s Wallet​​

Zengo makes it easy to withdraw funds to another wallet or cash out in fiat. To withdraw to another wallet, simply open the app, select “Actions,” and tap the “Send” button. Next, decide whichever cryptocurrency you want to withdraw and specify the amount. Finally, enter the receiving address and check everything is correct before you confirm the withdrawal.

Zengo also lets you withdraw crypto in the form of fiat currency, including USD, GBP, and EUR. Just navigate to the “Actions” menu, click “Sell,” choose the crypto you wish to withdraw and the fiat currency you want to receive, then enter the amount before confirming. Your funds will then be transferred to the bank account connected to your Zengo wallet.

Frequently asked questions

Below are answers to frequently asked questions related to cryptocurrency withdrawals from Nexo.

Nexo is an all-in-one crypto platform that is not only a centralized exchange but also provides a wide variety of crypto lending and earning services. Nexo users can earn interest on more than 60 types of digital assets, as well as take out loans using their crypto as collateral. The Nexo platform serves more than 5 million users across 200 jurisdictions. Nexo was founded in 2018 by Antoni Trenchev, Kosta Kantchev, Georgi Shulev, and Kalin Metodiev. According to online information, Nexo has offices or a presence in Switzerland, Bulgaria, and the United Kingdom.

When comparing Nexo and ZenGo, the big difference is that Nexo is a centralized exchange platform with a custodial approach to digital asset management, while ZenGo is an ultra-secure non-custodial crypto wallet. While both Nexo and ZenGo claim to prioritize user security, ZenGo’s non-custodial approach lets users hold their private keys, while Nexo, primarily a lending platform, maintains custody of user funds. In other words, ZenGo is a much safer solution for storing your digital assets, as well as giving you greater control over your investments. In addition, as a secure Web3-ready wallet, ZenGo offers the ability to interact with a wide range of Dapps online, adding depth to your cryptocurrency journey.

Nexo has an interesting approach to withdrawal fees. It offers between 1 and 5 free withdrawals to an external wallet, depending on what tier of Loyalty has been achieved on your account – higher Loyalty users get more free withdrawals. After the free limit expires, you’ll have to pay fees on a per-coin basis. As for the actual numbers, Nexo states that users will be able to see the fee amount associated with the processing of their transaction before they submit their withdrawal request.
Based on the info published on the Nexo website, users can withdraw up to $500,000 daily from their Nexo Savings Wallet or $2 million if they are doing a bank transfer. It is also important to note that they state all users must verify their identity before transferring funds to or from their Nexo account. In addition, they mention that If users want to increase withdrawal limits, they can contact Nexo’s customer support team. You can learn more about limits here.
Withdrawal times can vary depending on what kind of currency you’re transferring. All withdrawals are usually processed within an hour, but you may have to wait a day or even several days for funds to be moved in some cases. For the sake of avoiding delays, make sure you are in compliance with Nexo’s loyalty program and security standards before you request a withdrawal.
Withdrawal times from MetaMask are typically fast, but they are still influenced by the type of blockchain, network congestion, and gas fees. Since MetaMask supports different options for gas fees, higher fees can lead to faster transaction times. In any case, even with the basic gas fee, transactions should go smoothly, but delays may occur for various reasons.
Withdrawal issues usually occur when a wrong wallet address is entered or when Nexo’s security measures halt a transaction for some reason. Always double-check all details before initiating a withdrawal on Nexo or any other platform. If you enter the wrong info, your assets could disappear for good. There is also the possibility that you are not fully compliant with Nexo’s loyalty program. In addition, you won’t be able to withdraw any funds that are being used to secure an outstanding loan, that are held for a fixed term, that are limited assets, or that are below the minimum withdrawal amount.
It seems that Nexo does support withdrawals to fiat by using what they call FiatX. Nexo supports withdrawals in Euros, British Pounds, or US dollars (GBP and EUR are not available in many countries). The withdrawal process for fiat currencies is the same as the standard crypto withdrawal, but you can only use specific networks for each currency (SEPA for Euros, FPS for pounds, and ACH for dollars). As an easy alternative, if you wish to cash out from your Nexo account, you can always simply transfer your crypto to ZenGo, and then cash out to fiat whenever you wish, knowing that your funds are completely protected by ZenGo’s high standards of security.
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