" Disrupting the financial system, one bit at a time. "
Nexo is an online platform striving to provide the world with professional banking services within the crypto universe. They currently manage "$5+ billion in assets for 1,000,000+ users across 200 jurisdictions." Needless to say thats a hella amount of money.
Basically they provide 3 types of services:
--> Interest on Fiat and Crypto
--> Credit lines on crypto
--> Basic Exchange functionality (they just introduced it so trading pairs are quite limited)
Earning Interest with Nexo
Personally, the most appealing part of Nexo is the ability to earn interest. Not only can you get stellar rates on Fiat (up to 12%, OMFG) that no traditional bank is able to offer in todays context but also on crypto (up to 8% on crypto and 12% on stablecoins 🥵).
Now I mentioned "up to" because there are a few conditions. Nexo has a loyalty program affiliated with the native token $NEXO where basically the more tokens you have the higher the earning rate.
In addition you can choose to gain your interest either in the native currency (the interest you get from the bitcoin you deposited is paid in bitcoin) or gain in $NEXO, with of course a 2% boost. Just take a look at the screenshots, they'll explain way better than I ever could 😅
Basically for a newcomer you're not going to win a lot unless you invest into Nexo tokens, but I mean 4% is still free money right?
Just as an update, Nexo just "introduced" a fixed term feature where you can earn more if you lock your money away for 3 months, otherwise you're free to fund and withdraw whenever you want.
And have i mentioned that your interest is COMPOUNDED and PAID DAILY !!!!
(here's a link to the definition of Compound interest for noobs: https://www.investopedia.com/terms/c/compoundinterest.asp)
I've been using Nexo for almost a year now and have never been happier. It's reliable and safe ($375 Million insurance on custodial assets, ISO 27001:2013 Compliant, etc ....) and I've earned 492$ so far, especially due to the Nexo token exploding for 0.15$ to around 2$ now.
To finish of, cos' it ain't always beautiful, here are 5 things I don't like with the platform
1. 1000 £/$/€ minimum transfer fee for fiat when you fund your account (no limit to withdrawal)
2. Only 3 free withdrawals on crypto per month (they pay the gas fee for you, after that you have to pay your own gas fee) it used to be unlimited so :((
3. Customer service can be slow
4. If you choose to earn in nexo, all your portfolio will start earning nexo. Like you can't just decide to earn nexo on your btc balance and earn ether on your ether balance. Kinda dumb if you ask me
5. There aren't enough coins supported which is a shame. Ideally I would transfer my whole portfolio over. Maybe one day who knows....
Well there you go, feel free to check their website out: https://nexo.io/
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