NEXO saving

mattowen1983

Hi I just wanted to make people aware or see if if anyone else has had any experience using Nexo. I was dubious at first as I couldn't believe the massive interest rates especially if you buy NEXO toxens and become a platinum holder. 10% of NEXO tokens of total investment needed but interest rate is 12% on GBP!! I put in 3k and fixed for 3 months which gave me £90 at the end of the fixed term. I was then able to withdraw to my bank account and move it back very easily. You don't need to be invested in bitcoin or crypto you don't even have to buy NEXO tokens the minimum interest on GBP is 4% or 5% if fixed for 3 months. That's crazy interest and it works. Anyone else using this?

Scottex99

mattowen1983 said:

Hi I just wanted to make people aware or see if if anyone else has had any experience using Nexo. I was dubious at first as I couldn't believe the massive interest rates especially if you buy NEXO toxens and become a platinum holder. 10% of NEXO tokens of total investment needed but interest rate is 12% on GBP!! I put in 3k and fixed for 3 months which gave me £90 at the end of the fixed term. I was then able to withdraw to my bank account and move it back very easily. You don't need to be invested in bitcoin or crypto you don't even have to buy NEXO tokens the minimum interest on GBP is 4% or 5% if fixed for 3 months. That's crazy interest and it works. Anyone else using this?

I'm platinum yep. Only holding BTC, ETH and NEXO there for now, no fiat. I've been following the project for a while and spoke to one of their BD guys over a year ago and wasn't convinced about their supposed licencing and lack of info anywhere on the site.

However, they seemed to have upped their game massively in recent months, much more transparent about regulation, custody, insurance etc. I'm already staking crypto in a load of places so dont really need to double down with more fiat, increasing counterparty risk etc, but might do it anyway!

Malthusian

mattowen1983 said:

You don't need to be invested in bitcoin or crypto you don't even have to buy NEXO tokens the minimum interest on GBP is 4% or 5% if fixed for 3 months. That's crazy interest and it works.

I'm not interested in paying returns on crypto tokens in more tokens so let's leave that to one side. This is the bit that interests me (and anyone who is not a crypto punter), the 4-5% on actual GBP. (Their website actually says 10% or 12%pa depending on which bit you look at.)

What authorisation do they have to offer GBP deposit accounts? There is no sign of any FCA registration on https://nexo.io/licenses-and-registration.

pphillips

Malthusian said:

mattowen1983 said:

You don't need to be invested in bitcoin or crypto you don't even have to buy NEXO tokens the minimum interest on GBP is 4% or 5% if fixed for 3 months. That's crazy interest and it works.

I'm not interested in paying returns on crypto tokens in more tokens so let's leave that to one side. This is the bit that interests me (and anyone who is not a crypto punter), the 4-5% on actual GBP. (Their website actually says 10% or 12%pa depending on which bit you look at.)

What authorisation do they have to offer GBP deposit accounts? There is no sign of any FCA registration on https://nexo.io/licenses-and-registration.

I think the staking agreement would allow the exchange to convert your staked GBP to other cryptocurrencies, although you will always be paid in GBP. With crypto exchanges,  the FCA regulation is usually only for money laundering purposes.

crumpet_man

I know I'm being pedantic but shouldn't the title be "NEXO Investing"

mattowen1983

crumpet_man said:

I know I'm being pedantic but shouldn't the title be "NEXO Investing"

Yes you're probably correct. It's an investment not a savings. 

Scottex99

Malthusian said:

mattowen1983 said:

You don't need to be invested in bitcoin or crypto you don't even have to buy NEXO tokens the minimum interest on GBP is 4% or 5% if fixed for 3 months. That's crazy interest and it works.

I'm not interested in paying returns on crypto tokens in more tokens so let's leave that to one side. This is the bit that interests me (and anyone who is not a crypto punter), the 4-5% on actual GBP. (Their website actually says 10% or 12%pa depending on which bit you look at.)

What authorisation do they have to offer GBP deposit accounts? There is no sign of any FCA registration on https://nexo.io/licenses-and-registration.

I just deposited and it was a Clear Bank sort code, could be Modulr, meaning they possibly have an agency banking licence through them. If they did, it could/should be listed on that page though

Malthusian

It should also be on the FCA and PRA registers, and it isn't.

I offer to take GBP off someone and pay them 12% a year with their GBP repayable on demand = deposit account. What I then go off and do with the money is irrelevant, whether I invest it in crypto, truffle farms or whatever.

Offering deposit accounts in the UK requires authorisation from the FCA and PRA.

Illegally offering deposit accounts without registering with the PRA = scam.

Having a bank account does not constitute a banking licence from the PRA.

toshi

I used  P2P but since the Government (British Business Bank) started funding via Assetzcapital, practically retail investors has been kicked out..  So I really needed to find some alternative.

 I have been very much interested in block-chain technology but I really did not get into Crypt-world. Since I have watched the NEXO co founder's interview as below, I decided to open the account with NEXO a couple of month ago, and working fine.

 Here is the Nexo Co founder ANTONI TRENCHEV interview (London Real)

https://www.youtube.com/watch?v=hA_W7wJN7BA

Basically NEXO is a crypt currency lender (but unlike conventional banks their operation is super efficient) you can deposit GBP with Flex terms 4%, Fixed terms for 3months 8%. You don't have to purchase any crypt currency if you don’t want to. You can keep all of your deposit in GBP base.  (The dashboard shows in USD, but all of your value remains in GBP. Your flex GBP fund can be withdrawn in the same or next day.

Although NEXO has been working very hard to obtain banking licences, at the moment no FCA regulated for instance.  If it is important for you, please avoid.

Well, FCA regulated financial organisation will give you at 1 % interest, and charge your credit card at 20% interest without transparency. As Scottex99 said, at least NEXO has made an effort to show some transparency as below. I really do hope that NEXO will connect defi (digital currency) with existing banking system. (Ziglu seems to attempt this from the latter, but quite limited..)

https://nexo.io/media-center/nexo-passes-real-time-reserves-audit-conducted-by-armanino

 Nexo is doing some promotion now, if you pay 100 USD (around 80 GBP) with affiliate link, you will get 25 USD in BTC (bitcoin)  I understand that MSE blocks any affiliate links now.  If you want to use my link,  please contact me.   Or you would find some affiliate links on the net !

 Or just visit:

https://nexo.io

Do study first by yourself please!

Martin_the_Unjust

I know I’m resurrecting an old thread but I’m interested if anyone has done any good with Nexo or are they as dodgy as they seem to appear?

LJ._2

I've had Nexo for well over a year now and have done very well. Check out Trust Pilot the reviews there are very good.