in Savings & investments
9 replies 338 views
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?
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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!
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)
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 Your flex GBP fund can be withdrawn in the same or next day.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..)
Or just visit:
Do study first by yourself please!