Topic: Nexo - Anyone got any experience with them? (Read 239 times)

I guess you misunderstand the way he said, there's nothing mentioned that they are the same platform, but investing on such kind of platform and gains is always a risk when it comes to crypto. There are lots of the same kind of company lost and filed bankruptcy already that's normal people won't encourage anyone to invest on such.

There is no different business model!
Celsius didn't go ponzi, they simply overlend money and a liquidity crash took them down s they had money in all the wrong places.
Nexo is, for now, it just playing it safer, acting more like a traditional bank but this doesn't mean that's safe and doesn't mean that it will guarantee any kind of profits whatsoever.

You were saying....

There is no different business model!
Celsius didn't go ponzi, they simply overlend money and a liquidity crash took them down s they had money in all the wrong places.
Nexo is, for now, it just playing it safer, acting more like a traditional bank but this doesn't mean that's safe and doesn't mean that it will guarantee any kind of profits whatsoever.

Considering the real-time audit, Nexo got completely different business model from what took place in Celsius, where they had a clear Ponzi scheme.

Also, Nexo got licenses in US and EU which is a very good sign since all shady companies avoid these locations at all costs and usually prefer having a registration in some offshore zone.

“We charged Nexo with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler. “Compliance with our time-tested public policies isn’t a choice. Where crypto companies do not comply, we will continue to follow the facts and the law to hold them accountable. In this case, among other actions, Nexo is ceasing its unregistered lending product as to all U.S. investors.”

I have been using them for almost 2 years and since they're the only platform that has not stolen my funds, I'm happy  My guess is they're going to continue operating for at least few more years.

My guess is they're going to continue operating for at least few more years.

Considering the real-time audit, Nexo got completely different business model from what took place in Celsius, where they had a clear Ponzi scheme.
Also, Nexo got licenses in US and EU which is a very good sign since all shady companies avoid these locations at all costs and usually prefer having a registration in some offshore zone.

You need to conduct your own research as it is wrong to think that the platform is the same as Celsius.

You need to conduct your own research as it is wrong to think that the platform is the same as Celsius.

After the collapse of Celsius, it's not always worth losing your assets over those cents and dollars.

I have been using them for almost 2 years and since they're the only platform that has not stolen my funds, I'm happy  My guess is they're going to continue operating for at least few more years.

You might also want to take note that despite the 8% for stable coins retained, it may actually be lower as it is subject to change. Some are saying it is actually 6.5%.

I think it might not be worth the risk. While they are claiming it is risk-free, of course, we all know it isn't.

Would love to hear opinions good or bad if you have any.

In CEFI it is all currently defined, celsius is best, nexo is worst (at this point)

So last year, I wrote that I decided to test NEXO services with USDT. Can't believe it's been 15 months since that experiment.

Thought it could be interesting to update a number of things about this service, for those keen to learn or find out more. This is not a recommendation in any way, I'm still highly suspicious of them and you should understand from past discussions that your funds are not as protected as it appears.

Updates since the last post in July 2020:

1. Insured amount has gone up from $100M to $350M. However, this represents roughly 1% of all assets under management. In other words, if they lose everything, every customer gets about 1% back as insurance. Extremely unlikely to happen, but hey.
2. They now have real-time audit checks with a US firm so anyone can prove they are over 100% collateralized. Essentially, this just means they have more than 1:1 funds held in their accounts and on user account balances. Note, it doesn't say how much exactly this over-collateralisation is, and what happens if BTC or ETH were to drop 50% (as I suspect they would then be in trouble with those holding fiat balances.
3. Percentages have drastically reduced to roughly half of OP's title. You also get less and less from next month the more you have.
- 4% if you own less than 50k
- 3% for something like 500k
- 1% for anything above 10M
(numbers not confirmed and you get increments based on NEXO holdings as a percentage of portfolio as well)

You earn more if you choose to receive interest in their tokens. So definitely pushing more people to put in more tokens, and taking away the sting of high interest on huge savings.

What's interesting for me, though, isn't that they've:
- reduced interest on Bitcoin and ETH for whales to 1%

but that they've retained 4% for fiat. And retained 8% for Stablecoins. This doesn't make sense to me at all. It's almost as if they see stablecoins as the... safest bet for them?

Would love to hear opinions good or bad if you have any.