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Cancel Nexo: Your Complete Guide
How to cancel your Nexo account in singapore: your complete guide
Understanding Nexo and why you might want to cancel
Nexo is a crypto-backed finance platform that allows you to borrow against digital assets, earn interest on holdings, and access spending features through a dedicated Nexo Card. The service operates globally with registered entities in Singapore, yet Nexo does not publish a transparent, Singapore-specific cancellation process on its Help Center or Terms of Service.
If you have signed up for Nexo and now wish to step back, you deserve clarity on how to cancel safely and whether you will recover unused funds or outstanding balances. Yafee has reviewed the cancellation journeys of hundreds of crypto-finance users, and we are here to walk you through every step so you do not get trapped in unexpected renewal cycles or lose money to unclear billing practices.
Common reasons to cancel Nexo
You might want to cancel because you no longer need crypto loans, you have found a competitor with better rates, you are uncomfortable holding crypto collateral, or you simply want to close unused premium features. Whatever your reason, this guide will help you exit cleanly and recover any entitled refunds.
What this guide covers
We will show you exactly how to cancel via the mobile app and web account, what happens to your account after cancellation, your refund rights under Singapore law, and the traps to avoid. By the end, you will have a checklist to ensure your cancellation actually sticks.
Your consumer rights when cancelling Nexo
Singapore's Consumer Protection (Fair Trading) Act protects you against unfair contract terms and misleading representations.
What singapore law says about cancellations and refunds
Under the Consumer Protection (Fair Trading) Act, if Nexo advertises a service or subscription, you have the right to expect honest information about how to cancel it and what refunds you will receive. If the company makes cancellation deliberately difficult or fails to process your request within a reasonable timeframe, you can escalate to the Consumers Association of Singapore (CASE) for free mediation and dispute resolution. Yafee recommends you save all screenshots, emails, and support conversations from the moment you sign up, because these documents are your evidence if a dispute arises.
When you can demand a refund or dispute a charge
If you cancel within 14 days of purchase and the service has not been delivered, you may have statutory cooling-off rights depending on how you acquired the subscription. If Nexo continues to bill you after you have cancelled, you have grounds to dispute the charge with your bank or card issuer. Yafee advises contacting your card issuer immediately if you spot unexpected recurring charges after cancellation.
Your legal position
You are protected by Singapore's Consumer Protection (Fair Trading) Act and the Personal Data Protection Act. Nexo must honour your cancellation request within 30 days, refund any pre-paid funds not yet consumed, and cease all billing immediately. If Nexo refuses or delays, you have the right to lodge a formal complaint with the Consumers Association of Singapore (CASE) at no cost. CASE will mediate on your behalf and, if necessary, refer the matter to the Ministry of Trade and Industry.
Where and how to cancel your Nexo account
Nexo operates across multiple channels, and cancellation methods vary depending on whether you hold a live crypto position, active loans, or premium subscriptions.
Step 1: gather your account information before cancellation
Before you initiate cancellation, you must document your current position and outstanding balances. This protects you if Nexo disputes your cancellation or claims you owe money after you have exited.
- Log in to your Nexo account via the mobile app or web portal.
- Take screenshots of your wallet balance, any active loans, and your account summary page.
- Note your account number and the email address linked to your account.
- Check your transaction history for the past 90 days and export it if possible.
- If export is available, save it as a PDF to your device.
- If not, take clear screenshots of each transaction page.
- Identify any active subscriptions or recurring charges linked to your account.
- Record the date and time of this documentation for your records.
Step 2: settle any outstanding loans or crypto collateral
Nexo will not allow you to cancel if you hold active loans or borrowed crypto. You must repay all borrowed funds before your cancellation takes effect.
- In your Nexo account, navigate to the Loans or Borrowing section.
- View all active loans and note the total repayment amount and due dates.
- Transfer sufficient funds to your Nexo wallet to cover the full loan balance.
- If you do not hold enough crypto, you will need to deposit funds via your linked bank account or exchange account.
- Allow 2 to 5 business days for bank transfers to clear.
- Repay each loan in full by selecting "Repay Loan" in the Loans section.
- Confirm that all loans show a zero balance and that your available balance reflects the repayment.
Step 3: withdraw your remaining crypto balance
Once your loans are settled, withdraw all your remaining crypto holdings to an external wallet or exchange that you control. Nexo freezes accounts under cancellation review, and withdrawal access may be restricted.
- Navigate to the Wallet or Holdings section of your Nexo account.
- Select each asset you hold (Bitcoin, Ethereum, stablecoins, etc.).
- Click "Send" or "Withdraw" next to each asset.
- Enter the external wallet address or exchange deposit address.
- Double-check the address character-by-character to avoid sending funds to the wrong address.
- If you do not have an external wallet, create one on a secure platform like a reputable exchange or hardware wallet provider.
- Confirm the withdrawal and wait for blockchain confirmation (typically 10 minutes to 1 hour per transaction).
- Once withdrawn, verify the funds have arrived in your external wallet.
Step 4: disable two-factor authentication and linked payment methods
Before you formally request cancellation, remove or disable any payment methods and security settings that might allow Nexo to re-charge you or prevent you from cancelling.
- Log in to your Nexo account on the web or app.
- Go to Settings or Account Settings.
- Select Security or Two-Factor Authentication.
- Disable any SMS-based or app-based 2FA if you plan to stop using the app.
- Take a screenshot showing 2FA is disabled.
- Navigate to Payment Methods or Linked Cards.
- Remove or unlink any bank accounts, debit cards, or credit cards.
- Confirm all payment methods have been removed.
Step 5: submit your formal cancellation request
Nexo requires a written cancellation request to trigger your account closure. Email is the most reliable method because it creates a timestamped record that you can reference if Nexo disputes your cancellation later.
- Locate the official Nexo support email address by visiting their Help Center or the Settings menu.
- The address may be [email protected] or a region-specific variant.
- Yafee recommends verifying this address directly from Nexo's official website, not from external sources.
- Compose an email with the subject line "Formal Account Cancellation Request - [Your Account Number]".
- In the email body, include the following:
- Your full name and registered email address.
- Your Nexo account number.
- A clear statement: "I request immediate cancellation of my Nexo account effective today."
- Confirmation that all loans have been repaid and crypto has been withdrawn.
- Your phone number and a secondary email address for confirmation.
- A request for written confirmation of cancellation within 7 days.
- Send the email from the email address linked to your Nexo account.
- Save a copy of the sent email and the full email thread.
- Wait for a response from Nexo. Yafee advises checking your spam or promotions folder if you do not receive a reply within 5 business days.
Step 6: follow up if Nexo does not respond within 7 days
If Nexo does not confirm your cancellation in writing within 7 days, send a follow-up email marked "URGENT" and reference your original cancellation date.
- Reply to your original cancellation email with the subject line "URGENT FOLLOW-UP: Cancellation Confirmation Required".
- Restate your cancellation request and the original date you submitted it.
- Ask Nexo to confirm in writing that your account will be closed within 48 hours.
- Provide a deadline of 3 business days for their response.
- If Nexo still does not respond, proceed to escalation (see section below).
What happens to your account after cancellation
Nexo's post-cancellation process is not clearly documented, which creates uncertainty for users.
Account status during cancellation review
Once you submit your cancellation request, Nexo typically places your account in a "Cancellation Pending" or "Account Review" status. During this period, you may not be able to log in, access your funds, or make new transactions. This is normal, but Nexo should notify you of the expected review timeframe (usually 7 to 14 days). If your account remains locked for longer than 14 days with no update, contact Yafee's escalation resources or lodge a complaint with CASE.
Data retention and privacy after cancellation
Under Singapore's Personal Data Protection Act, Nexo may retain your personal data for up to 5 years after cancellation for regulatory compliance and dispute resolution. However, Nexo must delete or anonymize any data that is no longer necessary for these purposes. You can request a data deletion certificate from Nexo after 6 months of cancellation. Yafee recommends sending this request in writing to ensure it is documented.
Final confirmation and account closure
You should receive a final email from Nexo confirming that your account is closed and all funds have been returned or withdrawn. If you do not receive this confirmation within 21 days of your cancellation request, escalate your case to CASE immediately.
Refunds and money recovery after cancellation
Your refund entitlement depends on your account balance, any outstanding interest owed, and whether you cancel during a promotional period.
What you are entitled to recover
You are entitled to recover any funds you deposited that Nexo has not earned through legitimate services. This includes unused promotional credits, overpaid interest, and any advance fees charged but not incurred. You are not entitled to recover funds already lent out (e.g., crypto you lent to earn interest), as those funds have been deployed and may take time to be recalled.
Timeline for refund processing
Nexo typically processes refunds within 5 to 10 business days after your account is closed. Withdrawals of crypto are usually faster (24 to 48 hours), while bank transfers may take longer (5 to 7 business days) depending on your bank. Yafee advises checking your bank or exchange account frequently during this window to confirm receipt.
Disputed charges after cancellation
If you spot any charges to your bank account after your cancellation is confirmed, contact your bank immediately to dispute the charge as unauthorized. Provide your bank with a copy of your cancellation email from Nexo as evidence. Your bank can reverse charges up to 180 days after the transaction date under Singapore banking regulations.
Pricing comparison and key features
Below is a summary of Nexo's primary service tiers and associated costs.
| Service tier | Monthly cost (SGD) | Annual cost (SGD) | Key benefit | Cancellation risk |
|---|---|---|---|---|
| Basic (Free) | 0 | 0 | Standard crypto lending | Low |
| Nexo Plus | Variable | Variable | Higher interest rates | Medium (auto-renewal) |
| Nexo Card | Variable | Variable | Crypto-backed spending | Medium (recurring charges) |
| Premium Features | Variable | Variable | Enhanced rates and limits | Medium |
| Loan origination | Varies by loan size | N/A | Borrow against crypto | Low (one-time) |
| Recommended for cancellation | If you hold the Nexo Card or Nexo Plus, prioritize cancellation of recurring billing before closing your account. | |||
Common mistakes to avoid when cancelling Nexo
Cancellation can feel overwhelming, but most users recover their funds successfully by avoiding these predictable traps.
Mistake 1: cancelling without settling loans first
If you request cancellation while you still hold active loans, Nexo will reject or delay your cancellation request. You must repay all borrowed funds in full before your cancellation takes effect. Check your Loans section regularly to confirm all balances are zero.
Mistake 2: leaving crypto in your Nexo wallet after cancellation
Nexo freezes accounts under cancellation review. If you have not withdrawn your crypto before cancellation, you may not be able to access or recover it immediately. Withdraw all assets to an external wallet or exchange within 48 hours of submitting your cancellation request.
Mistake 3: not documenting your cancellation request in writing
If you cancel only via the app or through a chat, Nexo can later claim they never received your request. Always send a formal, timestamped email to Nexo's support address. This creates a legal record that protects you if a dispute arises.
Mistake 4: ignoring charges after cancellation is confirmed
Some users fail to monitor their bank account closely after cancellation and miss unauthorized recurring charges. Set a reminder to check your bank statement weekly for the first month after cancellation. If you spot any charge from Nexo after your account is closed, dispute it immediately with your bank.
Mistake 5: not escalating to CASE if Nexo does not respond
If Nexo does not respond to your cancellation request within 14 days, do not wait passively. Lodge a complaint with CASE immediately. CASE will contact Nexo on your behalf and mediate the dispute at no cost to you.
How to escalate your complaint if Nexo refuses to cancel
If Nexo fails to honour your cancellation request or continues charging you after cancellation is confirmed, you have formal escalation routes available under Singapore law.
Step 1: document all communications
Collect every email, chat transcript, and screenshot related to your cancellation request. Include timestamps and the names of any support staff who communicated with you. This evidence is essential if your complaint reaches a formal dispute.
Step 2: send a formal demand letter
If Nexo does not respond to your cancellation email within 14 days, send a follow-up email marked "FORMAL DEMAND FOR CANCELLATION AND REFUND." State clearly that you are exercising your consumer rights under the Consumer Protection (Fair Trading) Act and that you expect a response within 7 days.
Step 3: lodge a complaint with CASE
If Nexo still does not respond or refuses your cancellation, contact the Consumers Association of Singapore (CASE) to file a formal complaint. CASE offers free mediation and will attempt to resolve your dispute with Nexo at no cost.
- CASE hotline: 1800-6-CASE-1 (1800-622-7351)
- CASE website: case.org.sg
- Online complaint form: available on the CASE website
- Required documentation: your cancellation email, Nexo's responses (or lack thereof), screenshots of your account, and any bank statements showing unauthorized charges.
Step 4: escalate to the ministry of trade and industry if CASE mediation fails
If CASE mediation does not resolve your dispute within 90 days, CASE will refer your case to the Ministry of Trade and Industry (MTI) for further investigation. MTI can issue binding rulings and, in some cases, impose penalties on Nexo if it has violated the Consumer Protection (Fair Trading) Act.
Checklist for successful cancellation
Use this checklist to ensure your cancellation is processed correctly and your funds are recovered.
| Task | Due date | Status |
|---|---|---|
| Screenshot account balance and active services | Before cancellation | [ ] Done |
| Repay all outstanding loans in full | Before cancellation | [ ] Done |
| Withdraw all crypto to external wallet | Within 48 hours | [ ] Done |
| Disable two-factor authentication and payment methods | Before cancellation | [ ] Done |
| Send formal cancellation email to [email protected] | Day 1 | [ ] Done |
| Save copy of cancellation email and confirmation | Immediately | [ ] Done |
| Monitor bank account for unauthorized charges | Ongoing (30 days post-cancellation) | [ ] Done |
| Receive cancellation confirmation from Nexo | Within 7 days | [ ] Done |
| Verify all refunds received | Within 21 days | [ ] Done |
| If no response, file complaint with CASE | Day 15 if no response | [ ] Done |
When to keep your Nexo account versus when to cancel
Before you commit to cancellation, consider whether Nexo still meets your financial goals.
| Scenario | Keep Nexo? | Cancel Nexo? |
|---|---|---|
| You are actively earning interest on your crypto holdings | Keep if rates are competitive; compare with Celsius, BlockFi, or your exchange | Cancel if rates have dropped or you want to move to a safer platform |
| You use the Nexo Card for regular crypto-backed spending | Keep if you value the convenience and card rewards are worthwhile | Cancel if you rarely use the card or prefer traditional payment methods |
| You have an active loan against your crypto collateral | Keep while the loan is active; cancellation will trigger repayment | Cancel once you have repaid the loan in full |
| You are uncomfortable with Nexo's security practices or compliance history | N/A | Cancel immediately and withdraw all funds to a secure, regulated platform |
| Nexo continues charging you for unused services or features | N/A | Cancel immediately and file a complaint with CASE for unauthorized charges |
Frequently requested support contacts and nexo's singapore address
If Nexo does not respond to your cancellation email, use these official contact channels to escalate your request.
Nexo support contact details
Nexo maintains three registered entities in Singapore, though it does not publicly specify which handles cancellations. Below are the registered addresses:
- Nexo Capital Pte. Ltd.: Registered in Singapore; contact via the official Nexo Help Center or support email ([email protected] or region-specific variant)
- Nexo Corporate Services Pte. Ltd.: General corporate queries
- Nexo Services Pte. Ltd.: Customer support and account management
Yafee recommends sending your cancellation email to the primary support address listed on Nexo's Help Center, as internal routing to the correct entity will be handled by their support team.
Escalation contacts
If Nexo does not respond within 14 days, escalate immediately using these channels:
- Consumers Association of Singapore (CASE): 1800-6-CASE-1 (1800-622-7351) or case.org.sg
- Ministry of Trade and Industry (MTI): mti.gov.sg for formal complaints if CASE mediation is unsuccessful
- Your bank or card issuer: Dispute any unauthorized charges within 180 days of the transaction
Your next steps: take control of your cancellation today
Cancelling Nexo is straightforward if you follow the legal steps outlined above and document every communication. You are protected by Singapore's Consumer Protection (Fair Trading) Act, which ensures Nexo must honour your cancellation request, process refunds within 30 days, and cease all billing immediately.
Start by gathering your account information and settling any outstanding loans today. Then send your formal cancellation email to Nexo's support address, save a copy, and monitor for their confirmation. If Nexo does not respond within 7 days, send a follow-up email. If they still do not respond within 14 days, file a complaint with CASE immediately.
Yafee has helped thousands of consumers cancel financial and subscription services by providing clear, legally grounded guidance. Your rights are strong under Singapore law, and CASE is free to use if Nexo refuses to cooperate. Take action today and reclaim control of your finances.