As some of you may know now my target is to save enough for 0.3 BTC by the end of the year. Things are going ok, the total is getting ever closer to 0.2BTC and I continue to look for ways to generate income safely for investing and transferring to my target. I read an article about about Nexo and decided to take a closer look.
Nexo is a crypto exchange where you can store your money and which is then combined with others people's crypto to lend out "safely" to others. You can earn interest on your money and it never actually leaves your account. You can take it back at any time. Interest is calculated at a daily rate. The amount of interest you receive can be increased if you purchase Nexo coins to add to your account. You have a choice of whether to receive the interest in the form of crypto you are staking or to receive it in Nexo coins (after you have passed advanced verification). Several currencies are supported and you can also borrow money based on the crypto you have deposited. I know a few people on reddit use the credit to buy other coin like BTC. At the moment I want to study it a bit more before going down that rabbit hole so I just thought to try depositing some crypto and seeing what interest I could earn. Please click the link above or below for more details about Nexo and of course do your own research. I have given a very simplified summary and am not a financial advisor so as ever do your own research.
I decided to transfer my XRP to the account and this is where I made my first mistake- normally I do a test transfer to ensure that all the settings are correct- I do the normal things- checking three times the address and everything else is correct before sending. However, this time for some reason I sent the whole lot of it at one go.
Mistake number 2- I then noticed I still had some XRP left in my account so I transferred the rest of it- incurring a hefty additional charge for some reason. Success- all the deposit had now left my Exodus wallet and was winging it's away to Nexo.
And this is where things started to go wrong. After about 20 minutes the XRP still wasn't showing up in the account. I check the help desk to find normally XRP transfers are nearly instantaneous. I really started to worry and double- check ed the address once again- no problem there. So I went to the help area again and spoke to a very nice bot who offered to transfer me to a human agent once I had explained the problem. She also gave me a link to fill in a ticket about as well. I was initially advised to check the transactions as the deposit should be listed there as processing (it wasn't). Oh ......
After waiting for about 10 minutes for a human agent to come online I gave up. I then received an email response from my ticket which said due to excessive demand there were major delays and that they would get to my issue as soon as possible.
About 45 minutes after the initial deposit was made it finally appeared. I was so happy!! But the second one still hadn't arrived. I contacted Exodus support (who did answer me quickly - thanks Filip!) He told me that I was sending everything out of the XRP the wallet was deemed as being closed which was a new facility of XRP. The only problem was that some exchanges are not set up for that and he advised me to contact Nexo as they couldnt do anything once it had left Exodus. Naturally I sent another ticket only to be told I am important to them but it will be a while before they get to look at the issue due to unprecedented demand.
So that is where I am at the moment- I will update you all if I get it resolved. Currently I am now earning interest at 5% APR of my XRP deposit. Part 2 of this adventure will be all about completing advanced verification and how it sucks when the automated software doesn't like you. This is an ongoing fight at the moment, so if and when I get it resolved I will update. In the meantime I am now off to see how much weight I have lost due to the fun with the deposits!
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