Experience with Nexo?

[Shlomo]

Does anyone have any experience with earning interest rate on crypto deposits with Nexo?

 

[Outlander]

They are a honest company. Recently announced massive dividends for the NEXO token. You can check their rates as well of other interest bearing accounts at Interest Rates – Cryptostarter

 

[Shlomo]

It is off-topic, but you seem experienced, and I wonder if you know anything about copy trading in crypto or signal providers? If so, how would you deem the risk level?

 

[reesek]

nexo credit risk is somewhere north of high single digit %
if you want to deposit there to yield less, just know that its a negative yield-operation ( adjusted for risk )

 

[Shlomo]

nexo credit risk is somewhere north of high single digit %
if you want to deposit there to yield less, just know that its a negative yield-operation ( adjusted for risk )

What kind of deposit would you recommend? They even offer fiat currencies, for example euro, with a 10% interest rate. Most of the crypto currencies have lower yields, so I guess euro would be preferred?

 

[Outlander]

I don't like the concept of copy trading. I think it's great for the traders as they are able to move the market in the direction they want, and do quick pump and dumps.

I'm sure there are good traders out there but I'd rather not take the risk. I prefer to be a contrarian and go against the flow.

 

[JohnLocke]

I'm sure there are good traders out there but I'd rather not take the risk. I prefer to be a contrarian and go against the flow.

have you used this service, sorry but I don't read you as you have?

 

[Shlomo]

Considering there are so many service providers, perhaps I should mention specifically that the setup I had in mind is to connect Zignaly with Binance through their API, and choose among the traders (copy trading) or signal providers offered on Zignaly. It seems convenient because it is cloud-based, while broker platforms seem to require you to have your own VPS, but I do not know how the risk level of cryptos compares to say forex trading.

 

[Outlander]

have you used this service, sorry but I don't read you as you have?

If you are asking about Nexo - I use it often.

If you are asking about copy trading - Nexo doesn't offer that and no, I don't use copy trading as it doesn't fit my style.

 

[Willblack]

I've used Nexo and done a lot of research on them since they are Bulgarian.

They are ok, but as with any institution (even banks), I wouldn't ever deposit more then 100k€ with them.
They do have the annoying habit of changing their ToS without notifying users so I've had some problems with them because of that, but so far I haven't been scammed and eventually got my money.

 

[JohnLocke]

If you are asking about Nexo - I use it often.

That was what I asked for.. thank you I will want to have a look into this service.

 

[reesek]

What kind of deposit would you recommend? They even offer fiat currencies, for example euro, with a 10% interest rate. Most of the crypto currencies have lower yields, so I guess euro would be preferred?

so if you are comfortable making 1% real interest rate (Adjusted for the risk factor) you can do it
i would not trust my clients money to unregulated, unaudited platform that yields less than 20%

 

[Outlander]

so if you are comfortable making 1% real interest rate (Adjusted for the risk factor) you can do it
i would not trust my clients money to unregulated, unaudited platform that yields less than 20%

With all due respect, I wouldn't trust my money to unregulated, unaudited platforms that promise more than 20% fixed income.

 

[reesek]

With all due respect, I wouldn't trust my money to unregulated, unaudited platforms that promise more than 20% fixed income.

sure, also a valid limitation if you dont want to dig into underlying mechanics

 

[4br]

I have just signed up for Nexo and made the first deposit.

One good thing about the platform is its simplicity. Once the coins are deposited they are instantly earning interest.

The second good thing about the platform is they have one of the few crypto tokens I consider to be legitimate. I invested in CRO (which is essentially a pyramid scheme with zero economic fundamentals). It's only purpose is hoping other will buy the price up. And most people, including crypto people, are unable and unwilling to decipher such things.

But the Nexo token is backed by the company's revenue. Every year they pay out 30% of revenue to token holders who have completed the highest level of KYC. So the token is backed by their loan business. What value you want to attribute to that is your choice. The recent dividend they pay was over $6,000,000 (about a 300% increase than the previous year) and at the current price that gives you a dividend of roughly 8%. If they can grow again by 300%, which is likely given the growth of the space, that would be a 24% forward dividend.

Also, by crypto standards, the token's value has been stable. There are other tokens that are simply pyramid schemes, which rely on things like burning tokens to increase the value of the token, offering unsustainable rates and so on. But that this one is relying on a simple proposition tied to the real economy gives me more trust in it.

I can't say anything else for the business.

 

[Clank]

With all due respect, I wouldn't trust my money to unregulated, unaudited platforms that promise more than 20% fixed income.

They are regulated under Cayman Islands

 

[sonato]

Also, by crypto standards, the token's value has been stable. There are other tokens that are simply pyramid schemes, which rely on things like burning tokens to increase the value of the token, offering unsustainable rates and so on. But that this one is relying on a simple proposition tied to the real economy gives me more trust in it.

that makes good sense, thank you.

 

[4br]

that makes good sense, thank you.

I forgot to clarify what I mean by stable.

This is the total price history going back to January 2018. By crypto standards that is a a straight line.

 

[fasu]

Now Nexo requires KYC to continue using their services. Anyone knows a similar place without KYC?

 

[tacokai]

Please clarify, what is the system behind this cryptocurrency?