- What is Nexo?
- How does Nexo work?
- How much does Nexo cost?
- Nexo features
- Who should use Nexo?
- Who shouldn’t use Nexo?
- Pros & Cons
- Nexo vs BlockFi vs Celsius
- The bottom line
What is Nexo?
How does Nexo work?
How much does Nexo cost?
Who should use Nexo?
Those that hate typical savings accounts
Who shouldn’t use Nexo?
Non-believers of digital finance
Pros & Cons
- Top-of-the-line security infrastructure. Nexo has best-in-class security. With Nexo, there is $375 million in coverage for your digital assets provided by crypto custodian BitGo. The private keys given to BitGo are held in bank-grade cold storage custody and have $100 million in insurance protection. Nexo’s heavy compliance with global KYC and AML standards shows its commitment towards user security. Nexo provides its users with 2FA authentication, biometric-based identity verification, withdrawal confirmations and log-in alerts, 24/7 support, and an extensive firewall server architecture.
- Interest paid out daily. The ability for one to not only earn interest daily but be paid out the interest daily with rates of up to 12% APR is something only Nexo is doing. With the ability to deposit and withdraw at any time, this makes Nexo undoubtedly a go-to even for those that do not have the means to lock up their money for months and can earn solid passive income in just over a couple of days.
- Very appealing desktop and mobile user interface. Just as important as having a good platform is having one that is very easy and attractive to use from a viewing standpoint and Nexo is all of that. Both the Nexo desktop and mobile wallets each have very few different screens to be on, with your most important information being instantly displayed to you the moment you log in. Your credit lines, current interest being earned, and portfolio balance are the first things you see at login, so there is no need to do any calculations yourself.
- Earning the superior benefits forces you to buy their token. While it is cool that you can earn benefits by having some holdings of the NEXO token, realistically it is a gimmick made to give Nexo another way to profit. Buying the NEXO token has its risks because it is still its own cryptocurrency which means by nature it is volatile, so if you have 10% of your holdings in NEXO just to get some extra APR, it is possible that if the NEXO token goes down it could hurt your portfolio more than if you had not bought the token at all.
- NEXO token is not on most top exchanges. The NEXO token is available on 15+ exchanges, but none of them are major exchanges such as Coinbase or Binance which limits its ability to be bought.
- Benefits are not available for U.S. residents. Nexo offers the ability to earn up to 10% APR if you choose to accept payment in Kind which is in the asset you have chosen to invest with, or up to 12% APR if you choose to be paid out in NEXO tokens. Unfortunately, if you are in the U.S., the option to be paid out in NEXO is not available, so as it stands right now, the most you can earn as a U.S. resident is up to 10% APR, which is still a great rate but it does not feel good to be blocked off from a feature like this. You are also unable to earn interest on fiat currencies as a U.S. resident.
Nexo vs BlockFi vs Celsius
|Platform||Interest Rates||Cryptocurrencies Supported||Earn Interest on Fiat Currency||Lowest Loan APR||Interest Payout Time Frame||Withdraw Fees|
|Nexo||Up to 12% APY||11+ Cryptocurrencies, 6+ Stablecoins||Yes||5.9%||Daily||Up to 5 Free Withdrawals a Month|
|BlockFi||Up to 8.6% APY||5+ Cryptocurrencies, 5+ Stablecoins||No||4.5%||Monthly||1 free crypto withdrawal a month, 1 free stablecoin withdrawal per month|
|Celsius||Up to 17.78% APY||27+ Cryptocurrencies, 12+ Stablecoins||No||1%||Weekly||No|
The bottom line
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