After reading some post on here regarding CiFi (Centralized Finance) I decided to check out some of them... here is what I thought/think of NEXO, and it’s programs/platform.
For those who may not be familiar I will back up, CeFi is like the awkward step child of crypto, a lot of people don’t like it because of “not your keys not your coins” or “Know Your Customer” protocols which most have implemented on some level... there are quite a few options with the most notable of them being (in the crypto community) Celsius, BlockFi, and NEXO...
each has their own set of benefits and limitations, but for purposes of this article I will be focusing on NEXO, and how I found it to be so useless that I wanted to take to the digital presses to alert everyone of just how bad it is.
FIRST AND FOREMOST; almost everyone in crypto uses “CeFi” services for the APY (Annual Percent Yield) which is a metric you can/should use to predict expected “profits” for the year(s), a small fraction of CeFi users do and will take out loans but as in the DeFi space, most are only interested in earning through providing liquidity.
That being said, all the companies I have mentioned offer similar and competitive rates, and more importantly is the core reason I decide to take a shit all over NEXO in this article...
the ultimate purpose of CeFi is to earn interest off your hodlings, to that end NEXO sucked a cornucopia of cock.
after reading their TOS “terms of service” and seeing that they (as expected and predicted) offered “no minimum balance required to gain interest” and finding many of their other offerings to be somewhat appealing, I thought “fuck it”.
I deposited.
A admit-tingly small deposit but with “no minimum required” to bare interest, again “fuck it” I AM after all just dipping my toes in the water.
a day goes by (NEXO offers, or is SUPPOSED to offer crypto interest that is paid out daily. And here is where we encounter the real first and arguably the most fatal flaw of the NEXO program...
they didn’t pay any interest.
I figure “what ever” even though it said “no minimum balance” and mentioned nothing of a lock up period, I figured MAYBE user error, and maybe I was checking my account to early, it’s not like I was verifying the time via the blockchain, I didn’t care that much so maybe I just was checking before the 24 hour mark.
another day goes by, still no interest.
I let this, obviously, bullshit situation go on for another 2-3 days thinking... well I DID Register on a Friday/Saturday. Maybe they don’t work weekends?
... I know... the shit we tell ourselves to justify bad situations is funny sometimes. After around a week had gone by, no interest, I contact support. Asking them in the nicest possible phrasing, kindly, “what the fuck is up”. It has been ALMOST a week since I wrote support with no reply other than the automated one generated by their mail system, it has been OVER TWO WEEKS, since I deposited my (what amounted to around 30 cents) and still no interest...
My advice with NEXO is don’t even bother, for as much as they spend on advertising and GUI design you would expect that at least you could get a response from customer service in under a week... I mean fuck, sometimes coinbase is faster... granted they have ALOT more money to spend on customer service, but anyone that has used coinbase’s customer service gets that oxymoron as a joke. Haha
In all, I recommend that all of you who read this DYOR “Do Your Own Research” however, I also recommend you do not use NEXO, there are much better and more professional services... unless your looking for a custodial service who won’t care about you as a customer and instead prefer suck a plethora of penises, then pick NEXO. Otherwise, like I said, look elsewhere.
As always, hope you enjoyed reading. If you did, fallow, tip, like... you know. And as always stay safe and hodl strong hodl gang!
❤️2ALLteh0xFAM!🦛
