ether.fi Cash vs Nexo
Both let you spend without selling your crypto. ether.fi Cash is non-custodial and pays 3% in wETH; Nexo is custodial, has Credit/Debit modes, and rewards loyalty tiers.
Quick verdict
Same end goal — spend crypto without realising a taxable gain — taken on by two very different products. ether.fi Cash keeps your assets in your own wallet and pays a flat 3% cashback in wETH. Nexo holds your collateral in a centralised account, lets you toggle between borrowing-against-collateral (Credit) and pure spending (Debit), and pays cashback up to 2% in NEXO or 0.5% in BTC depending on how much NEXO you hold.
Side-by-side
| ether.fi Cash | Nexo | |
|---|---|---|
| FX Fees | 0% on USD & EUR · 1% on other currencies | EEA/UK 0.2%–0.7% · RoW 2%–2.5% (≈0% at Gold+) |
| Payback | 3% cashback for all cards, paid in wETH | Up to 2% NEXO or 0.5% BTC (Credit mode) |
| Annual Fee | Free | Free — no monthly/annual/inactivity fees |
| Physical Card | Metal card + virtual | Virtual + physical (physical needs ≥$5k & Gold tier) |
| Custody | Non-custodial | Custodial |
| Supported Currencies | Settles in USD & EUR · funded from ETH & stablecoins | 40+ cryptos accepted as collateral |
| Region | Global (most regions) | EEA, UK + select European countries |
Verdict by dimension
Custody
ether.fi wins on principle (non-custodial). Nexo is custodial — you trust their security, but the convenience trade-off is real.
FX Fees
ether.fi at 0%/1% beats Nexo's tiered structure for most users, except for European holders at Nexo's Gold+ tier where Nexo effectively goes to 0%.
Cashback
ether.fi's flat 3% beats Nexo's base 0.5%, but Nexo's Platinum tier (2% NEXO or 0.5% BTC) is competitive if you already hold NEXO.
Annual Fee
Tie — both genuinely free.
Spend-without-selling
Both deliver this. ether.fi via DeFi borrowing in your wallet; Nexo via Credit Mode against centralised collateral.
Region
ether.fi serves more regions globally. Nexo is EEA/UK + select European.
Choose ether.fi Cash if…
self-custody matters to you, you spend mostly USD/EUR, you want the highest flat cashback rate and you're happy holding wETH.
Choose Nexo if…
you want zero annual fees with tiered benefits that reward loyalty, you live in Europe, you have meaningful crypto collateral (≥$5k for the physical card) and you'd rather not manage your own keys.