What Is the Difference Between the Nexo Wallet and Nexo?

3 min read
DeFi Guides
What Is the Difference Between the Nexo Wallet and Nexo?

One of the key tools that can enhance your DeFi journey is the Nexo non-custodial smart wallet. This user-friendly platform enables you to easily manage and access your digital assets in a secure, non-custodial environment. Whether you are a beginner or an experienced DeFi enthusiast, Nexo's smart wallet offers a seamless experience, currently available on a desktop with a mobile app coming soon.

How does the Nexo Wallet differ from the current Nexo app I’m using?

Nexo's expertly-crafted teams have developed both platforms with the aim of increasing the public's access to blockchain technology. The Nexo app offers a user-friendly experience for individuals seeking to enter the cryptocurrency market and then use the 360-solution to borrow against, earn on, exchange for, or spend those assets. Being a custodial wallet, it assumes the responsibility of safeguarding and managing the user's cryptocurrency, providing simplicity, security, and convenience that may not be attainable through self-custody. This is particularly beneficial for individuals who need more technical knowledge or resources to secure their own assets properly.

The Nexo Wallet, on the other hand, serves as a comprehensive solution for accessing Web3 and exerting definitive control over your assets and data. As a non-custodial wallet, users are solely responsible for securing their own cryptocurrency and have complete control over their transactions. This arrangement affords a greater level of security, privacy, and autonomy, as individuals do not rely on a third party for approval or safeguarding their assets. The Nexo Wallet is, therefore, a powerful tool for managing and utilizing cryptocurrency with a high degree of independence.

What are the benefits of the Nexo Wallet?

On the Nexo Wallet, you can build your own decentralized Identity, aggregate all your wallets and send, receive and store digital assets in a non-custodial way. Here is the complete list of functionalities that would facilitate your Web3 journey:

  • Create your Web3 Identity

Creating a decentralized Identity for yourself on a blockchain network and bringing all your assets and accounts together under that it makes it easier to manage and track your assets and access more financial services and benefits.

  • Save on Transaction Fees

Batching several transactions into a larger one reduces the amount of gas fees incurred, as a single fee will be required for the entire batch instead of a fee for each individual transaction. This is especially beneficial when attempting to send a large volume of transactions in a short amount of time

  • Choose How You Pay Fees

Utilizing native tokens, stablecoins, or wETH to pay for gas fees on all supported networks affords users greater flexibility in processing their transactions.

  • Manage Your Portfolio

Connecting multiple wallets allows you to access your assets more conveniently and securely without switching between different accounts or remembering multiple login credentials.

  • Optimize Your DEX Swaps

By aggregating liquidity from multiple DEXs, you get access to a more expansive pool of assets and funds, enabling you to secure the most favorable prices for asset swaps automatically.

  • Interact with 5 Blockchain Networks

Having the ability to send, receive, and swap crypto on multiple blockchain networks provides you with more options, liquidity, and accessibility when it comes to managing your digital assets.

What makes the Nexo Wallet stand out from other non-custodial wallets?

Its underlying infrastructure propels the Nexo Wallet ahead of other non-custodial wallets. Based on smart contracts, our non-custodial wallet offers an array of asset management features built on top of what you could find in similar solutions, with transaction batching, paying gas fees with non-native tokens, and aggregating your portfolio under a single Web3 Identity at the forefront.

Can I use my already-created Nexo account for the Nexo Wallet?

As the Nexo app and Nexo Wallet are different products, it is not possible to access the Nexo Wallet using an existing account on the Nexo app. To take advantage of the Nexo Wallet's features, including managing your own Identity and stored funds, it will be necessary to sign up specifically for the Nexo Wallet.

Where do I start with the Nexo Wallet?

Once on wallet.nexo.com, you’ll be directed to create a non-custodial wallet or connect an existing one. If you choose to do the latter, all your available assets from your external wallet will be shown on the dashboard and divided by type. Next on the list would be to activate your Identity for any of the supported networks you wish to operate on.

If you decide to create a new non-custodial wallet, you have to receive and confirm your seed phrase and activate your Identities before you can transfer funds. Once done, you can personalize your wallet by changing your profile and cover pictures to either some of the pre-saved images or the NFTs you own and store on any of the connected wallets. Additionally, you can choose either a custom or an ENS profile name to complete your digital on-chain persona.

Are my assets in the Nexo Wallet protected with a password as they are on Nexo?

On Nexo, you have a username and password that allow you to enter the app and, by extension, access your funds. When creating your Nexo Wallet, you are given a seed phrase, a set of words generated randomly, used to access it. It is a form of backup to protect the wallet against loss or theft. Only you have access to this phrase, so we recommend you store it somewhere safe to prevent any mishandling or damage.

The Nexo app operates separately from the Nexo Wallet, so you can only track the funds you have on Nexo through the designated app or platform.

The world of DeFi is definitely exciting and has many peaks to conquer. Are you ready to commence your decentralized journey with the Nexo Wallet and expand your crypto horizon?

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