NEXO, is it a good cryptocurrency service?


Nexo is a bank but for cryptocurrency. You are able to take out loans for as little as 5.9% APR but when you despoit your funds you can start earning interest on them. You can earn up to 12% APY on stablecoins and 10% on the the other supported crypto currencies.

Nexo also have their own token, NEXO Token you can get payed in NEXO tokens for your interest and you get a 2% APY extra interest rate if you choose to get payed in NEXO tokens.

Although this may sound like the best crypto service, well for new a new investor it is quite daunting as the minimum rates to start earning interest is quite high. There are no minimum for deposit but once you deposited, for example, $10 of BCH you are unable to withdraw (I can't find the minimums...) but in order to start earning interest on BCH you need 0.01 BCH. To most people here that isn't really alot. But for new investors that can be daunting like I said earlier.

And you maybe thinking, well why can't I just exchange it to another crypto currency via NEXO well the current minimum of exchanging for BCH is 0.021 so once you deposited $10 you can't withdraw, earn interest or exchange. So basically it's a one way ticket to loosing your crypto. Personally, I think NEXO should drop the minimums of earning interest as that will allow people to earn interest to exchange to other crypto currencies. 

Loans

The minimum amount of load material you can get is $10 worth of stable coins or $500 of fiat via a bank transfer. But, in order to take out a load your 'credit line' should be more than what you are requesting. To get a credit line you need go deposit crypto currency and your total portfolio worth / 3 is your credit line.

Personally NEXO is great but are bad for the flaws with there minimum rates and amount that make it hard for new investors.

 

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Thanks for reading, 

Didi

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