Like most people, I spend a lot of my time trying to maximize the amount of crypto I am earning/generating at any one point. One of the new methods that has spread throughout the crypto world right now is earning interest. Depending on the platform people can earn ridiculous interest rates on crypto and for the past year or so, the most profitable place to put your crypto has been Crypto.com. 

Crypto.com offers interest rates for dozens of crypto coins. Some coins such as DAI can be traded for up to 10-12%. This rate is undoubtedly the highest rate on the market and some would wonder what the reason would be to use any other platform. Well I am here to tell you that the reason, is trust.

The Business Plan

Suffice it to say, I have never fully understood the business plan of Crypto.com. I understand that they money off the fees for the card and for the fees normally associated with any exchange, but I have never been convinced that that has been enough. Crypto.com offers a surplus of benefits for using it's products, ranging from paying for Spotify and Netflix to providing bonus interest rates for those that stake MCO. Now I am certainly not saying I dislike the idea of being given benefits for using a product, but every time I see some new feature or product I find myself asking "How does it get paid for". When it's come to Crypto.com I have never been able to fully believe that it, as a company, has been built to last.

Now some people may reason that when offering benefits becomes too much of a burden on the company then rather than go out of business they will simply stop offering benefits as much as they have been. There is evidence for this as well as ever so recently, Crypto.com used to offer CRO air drops to it's users. This has since been taken off for a number of reasons, but it shows that the company is not scared to pull things that are no longer worth it. While this may be an adequate enough reasoning for a lot of people, it doesn't quite work for me. If I use a product for it's benefits, knowing that the benefits will one day go away, then I would rather just find a different product. 

The Card

The MCO card for all intents and purposes is the best crypto card on the market. I mean I even made a card review on the MCO card here. It has some of the best cashback rates and it offers a ludicrous amount of benefits for simply having money on it. But for the life of me it is impossible to get my hands on one of these cards.

For the longest time, the MCO card has been riddled by issues of delivery. It also doesn't help that many users are simply confused by the fine print of when they are supposed to get one. Some users get their card after 1-2 weeks and others have to wait the full 6 months of staking MCO before they get their card. Others are still stuck in "pending". 

If getting these cards weren't bad enough, simply using them is also a hassle. The recent bankruptcy of "Wirecard" has resulted in a plethora of MCO cards becoming unusable. While I can admit that this isn't necessarily at the fault of Crypto.com, it doesn't inspire confidence either. I want a card I know I can use, and if I don't know if I can use the MCO card then why would I get it.

Why Nexo

Now these may all be reasons as to why I don't fully trust Crypto.com, but why did I move to Nexo? Both Nexo and Crypto.com offer a crypto loan service so what is the reasoning behind it? To put it plainly, I trust Nexo more because it's plan for making money is simple. Offer loans and charge interest. The reason why I don't feel the same way with Crypto.com is because I feel that they are trying to work in so many different directions, that none of them are fully built out yet.

Nexo offers loans as the main way of quickly getting cash from crypto. It's a simple business model, but everything else in the company is built around supporting it. Even the Nexo card uses the loan service as the way customers can quickly take out cash to buy products. At the same time, the only customer benefits they need to pay for is the interest gained from it's users. No airdrops, no cashback subscriptions, nothing of the sort. This may make Nexo seem inferior to Crypto.com in terms of benefits, but in my opinion it makes up for that in terms of trust. You can even take your crypto out of their earn program at any point in time rather than have it set in for a locked amount of time like how Crypto.com does it.

Finishing Statement

I would like to make the statement at this point in time that I do not think it's bad of people to trust Crypto.com or to put their money in their services. If anything I hope that Crypto.com succeeds in revolutionizing how crypto is used and I would want to see their card as a success. But for the reason's stated above, I do not feel confident enough in this moment to store my crypto with Crypto.com. I would also like to state that this isn't some sort of glowing review for Nexo either. They also have their issues, although that is probably going to be a different article later on. Nexo in this case, is just the company that I decided to trust more than Crypto.com and would suggest that anyone who is on the lookout for a similar company to invest in to also do your own research so that you can be confident with where you put your crypto.