pledgeLedn vs Unchained vs Nexo: Which Bitcoin Lender in 2026?
Ledn vs Unchained vs Nexo: the three names that come up most when people ask about Bitcoin loans. Here's how they actually compare.
The useful job of this page is not to turn a three-way lender comparison into a shopping handoff. It is to help you decide whether the real constraint is teaser pricing versus all-in APR, custody model, minimum loan size, or state availability before you narrow the field.
Head-to-Head Comparison
| Metric | Ledn | Unchained Capital | Nexo |
|---|---|---|---|
| Safety Score | 7.41 / 10 | 9.02 / 10 | 5.25 / 10 |
| APR | 9.25 – 11.49% | 12% + fees (~14.2% eff.) | quote-dependent* |
| APR without live quote | 9.25 – 11.49% | 12% + fees (~14.2% eff.) | Not publicly fixed |
| Max LTV | 50% | 50% | 50% |
| Custody | Custodial (BitGo) | Multi-sig (2-of-3) | Custodial |
| Rehypothecation | None | None | Confirm account terms |
| Est. | 2018 | 2016 | 2018 |
| Headquarters | Toronto, Canada | Austin, TX, USA | Bulgaria |
| Min. Loan | $500 | $150,000 | $100 |
| Loan Type | Fixed term | Fixed term | Revolving credit |
| Collateral | BTC only | BTC only | BTC only (tracked product) |
| Regulatory Notes | widest regulated footprint (90+ countries), excl. CA, CT, DC, HI, LA, NV, ND, SD, TN, VT, and WA | US only, no tracked US-state exclusions, NMLS 2656661 | Excluded in our tracked US dataset: NY and RI |
| Track Record | $10B+ funded | Since 2016 | Since 2018 |
Nexo APR note:Nexo publishes a public from-rate, but the borrower's final BTC credit-line quote depends on loyalty tier, collateral mix, jurisdiction, and account terms. Treat Nexo as quote-dependent instead of a fixed 12-month APR benchmark. Unchained's stated APR is 12%, but with a 2% origination fee and $250/yr vault fee the effective APR climbs to ~14.2% depending on loan size.
Is Ledn Safe?
Ledn earns an 7.41 out of 10 safety score — high marks driven by zero rehypothecation and institutional-grade cold storage via BitGo. Your Bitcoin is never re-lent to other users. Period.
Since launching in 2018, Ledn has funded over $10 billion in loans and remained active through multiple market cycles, including 2022. They publish Open Book reporting via Open Book Report, giving borrowers a recurring third-party snapshot that their BTC is actually there.
The trade-off:Custodial. You don't hold the keys. BitGo is the custodian, so if Ledn fails, you'd be claiming your BTC through BitGo's recovery process — not moving it yourself. That process historically takes months, not minutes.
For borrowers who want strong safety without managing private keys, Ledn is the clearest custodial safety-first option in this comparison. No rehypothecation is the critical differentiator versus Nexo.
Is Unchained Capital Safe?
Unchained Capital scores 9.02 out of 10 — the highest safety score of the three. The reason is simple: you hold 2 of 3 keys in a collaborative multi-sig vault. Even if Unchained disappears tomorrow, you can move your Bitcoin with your two keys alone.
Zero rehypothecation. Your BTC sits in your vault — it is never re-lent, never commingled, never exposed to another borrower's default. This is the same custody model that survived the 2022 CeFi collapses without a single lost coin.
Unchained has been operating since 2016 — longer than either competitor. They are US-based, NMLS-licensed (2656661), and have no excluded states in our tracked US dataset, which includes New York.
Key advantage: Unchained is the only lender in this comparison with collaborative multi-sig, so a platform insolvency event does not freeze your collateral the way it can at Ledn or Nexo. You can always walk away with your Bitcoin. That is not true at Ledn or Nexo.
Is Nexo Safe?
Nexo scores 5.25 out of 10 — notably lower than Ledn and Unchained. Three factors drive this: partial rehypothecation, fully custodial custody, and regulatory concerns.
Partial rehypothecation
Nexo can lend out a portion of your collateral to other users. This means your BTC may not be sitting in a wallet waiting for you — it could be backing someone else's loan. If that borrower defaults, your collateral is at risk. This is the exact mechanism that caused Celsius to collapse in 2022.
Fully custodial
Nexo holds your keys entirely. There is no self-rescue option. If Nexo freezes withdrawals — as they briefly did during the 2022 turmoil — you have no way to access your Bitcoin until they unlock it.
Regulatory concerns
Headquartered in Bulgaria. Nexo faced SEC scrutiny in the US and settled for $45M in January 2023.Excluded in our tracked US dataset: NY and RI. The regulatory track record adds uncertainty for long-term borrowers.
Nexo compensates with flexible revolving credit and low minimum loans ($100), but the safety gap is real. If custody security is a top priority, Nexo is the weakest option of the three.
$50K Loan Scenario: What You Actually Pay
Let's run a real scenario: you deposit $100K worth of Bitcoin and borrow $50K (50% LTV) on a 12-month fixed term. Here's what each lender charges:
Total interest over 12 months
No origination fee. Monthly interest-only payments, principal due at maturity.
Total cost over 12 months (incl. fees)
Includes 2% origination ($1,000) + $250 vault fee. Higher cost, but you hold your keys.
Total interest requires account quote
Public from-rate depends on loyalty tier, collateral mix, jurisdiction, and account terms. No origination fee. Revolving credit line.
Bottom line for this scenario
- Cheapest: Nexo at $4,950 — but only with NEXO tokens. Without tokens, Nexo costs ~$6,450, which is more than Ledn.
- Best value without tokens: Ledn at $5,495. No origination fee, no token lock-up, and Open Book reporting.
- Most expensive:Unchained at $7,090 — $1,345 more than Ledn. You're paying a premium for multi-sig custody. Whether that's worth it depends on how much you value holding your own keys.
- Note: Unchained has a $150K minimum loan, so this $50K scenario would not qualify. The numbers above are illustrative for comparison purposes.
The Bottom Line
Clearest rate-and-reach fit for most borrowers: Ledn
The combination of no rehypothecation, competitive tiered rates (9.25–11.49% at scale), a $10B+ track record, and the widest regulated footprint in our dataset (90+ countries) makes Ledn the clearest rate-and-reach option for borrowers who do not want to manage keys. Not the highest-safety custody model, but one of the clearest fits among platforms that don't require you to manage keys.
Best for custody purists: Unchained Capital
If "not your keys, not your coins" is more than a slogan for you, Unchained is the answer. 9.02/10 safety score, multi-sig where you hold 2 of 3 keys, zero rehypothecation, operating since 2016. You pay more in effective APR, but you sleep better knowing your BTC is truly yours.
Best for flexibility & revolving credit: Nexo (with caveats)
Nexo wins on flexibility (revolving credit) and headline rates (public from-rate with tokens). But the 5.25/10 safety score reflects real concerns: partial rehypothecation, custodial-only model, and regulatory baggage. Use Nexo if you need maximum borrowing power and short-term flexibility — not for long-term BTC storage.
Our pick for first-time BTC borrowers:Ledn. It hits the sweet spot of safety, rate, and simplicity. If you're borrowing $150K+ and custody model matters more than rate, switch to Unchained. Avoid Nexo for long-term loans unless you specifically need the higher LTV or revolving credit structure.
Keep the next step in the research flow. If this matchup narrowed the decision to custody model, liquidation behavior, or the broader lender field, move there directly instead of turning a borrower-fit question into a generic comparison flow.