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Nexo.io @ 6.5% - is it safe?

24

Comments

  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    AnotherJoe wrote: »
    Whatever happened to risk free returns of 7.9% available everywhere from scammers until recently?

    A lot of them have gone bust recently, so now scammers offer 3 - 6% so you know it's not too good to be true.
    It wasn't like that in my day when you could invest in South Sea shares and get 100% interest without even trying.
    Inflation and interest rates were a lot higher when South Sea shares were a thing.

    Scams didn't offer 8% per year when you could get 8% per year from FSCS-protected cash ISAs.
  • Clive_Woody
    Clive_Woody Posts: 5,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    MaxiRobriguez wrote: »
    So are we all saying that 6.5% is worth the risk?
    I just sent them my life savings as I saw they had a picture of Martin Lewis on their advert :money:
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • george4064
    george4064 Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The website address 'Nexo.io' starts ringing alarm bells for me before reading any further!
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • eskbanker
    eskbanker Posts: 38,837 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ColdIron wrote: »
    6.5% easy access from an apparent Lithuanian crypto vendor with no FSCS protection. What could possibly go wrong?
    Still, at least it's not being [STRIKE]shilled[/STRIKE] [STRIKE]promoted[/STRIKE] mentioned by a newbie making their first post....

    Oh.
  • DrSyn
    DrSyn Posts: 904 Forumite
    Part of the Furniture 500 Posts
    The 6.5% warns the sensible to stay away!

    Best 5 year fixed rate with FSCS protection is just 2.75%!
  • Katiehound
    Katiehound Posts: 8,137 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    What's that saying?
    If it seems too good to be true it probably is too good to be true!

    or even-' a fool and their money are soon parted.'

    It won't be in my portfolio......
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
  • MiserlyMartin
    MiserlyMartin Posts: 2,284 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Oh for the days of 6.5% from high street UK banks before the Gordon Brown 'no boom and bust', went bust.'
  • Uxb1
    Uxb1 Posts: 732 Forumite
    500 Posts Third Anniversary Name Dropper
    Back in the early 1990's 10% to 12% was obtainable from UK building societies
  • redux
    redux Posts: 22,982 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    MiserlyMartin wrote: »
    Oh for the days of 6.5% from high street UK banks before the Gordon Brown 'no boom and bust', went bust.'

    Yeah, there must be millions of people who wish they'd paid tens of thousands pounds more in mortgage interest or business bank loans.
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Uxb1 wrote: »
    Back in the early 1990's 10% to 12% was obtainable from UK building societies

    Back in the early 1990s inflation hit 10%+ as did the Bank of England base rate, so cash rates were in reality no better than they are now.
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