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What do you know about nexo.com?

  • Thread starter Thread starter Skysaint
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Skysaint

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Secure your digital assets and obtain instant loans using Nexo's cryptocurrency credit lines. The Nexo platform is equipped with a high-quality security system created to guarantee the utmost safety of assets consistently. Flawless evaluation of risks, safeguarding of data, and cutting-edge cyber-security. Insurance coverage for assets held in custody through reputable companies such as Lloyd's of London, Marsh, and Arch.
 
Well, I don't know much about this platform, I know that it is a cryptocurrency lender and also a cryptocurrency exchange as far as I know and I think that last year it had some problems in the US regarding regulations, I personally have never used it, but according to I have been researching it has very good reviews online.
 
I was using Nexo until recently. I was using it for earning interest on my assets. I liked nexo because the interest was paid every day and it automatically got added to your principal amount. I was never in need to crypto loan but I could have tried it on nexo if I was in need. However, I stopped using nexo because I was of celsius Network scandal,
 
DigitalNomad said:
I was using Nexo until recently. I was using it for earning interest on my assets. I liked nexo because the interest was paid every day and it automatically got added to your principal amount. I was never in need to crypto loan but I could have tried it on nexo if I was in need. However, I stopped using nexo because I was of celsius Network scandal,
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I would have equally considered making use of Nexo's cryptocurrency Credit but as a result of the scandal that linked them with Celsius Network, I had to stay off it for now. I'm not sure if it's a wise decision for anyone to make use of Nexo for now until everything is settled.
 
Yeah, it is good to stay away from the companies like Nexo because we need to learn lessons from Celsius and FTX. These so called crypto banks do not have transparency. While centralized exchanges like Coinbase and Binance also pose some level of risks, but they are netter than the companies like Nexo which are purely geared towards offering crypto banking services
 
It is very unfortunate that a lot of people have been caught with whatever happened with Celsius and FTX. These companies never really cared about the Investment people had to put in their control and that is the reason why they treated everything the way they did which have affected a lot of people in costing them a huge amount of money.
 
I am not sure how true this is but I read some where that FTX and Celsius Network are considering to return investors and depositors funds. The scams that happened with FTX and Celsius should teach lesson to people about being cautious about using these so called crypto banks.
 
Nexo is a cryptocurrency-focused financial platform founded in 2018 and based in Switzerland. It offers crypto-backed loans, interest-earning accounts (up to 16% APY on crypto), a crypto exchange, and a crypto-backed debit card. The platform uses its native NEXO token to provide users with benefits like higher interest rates and lower loan fees, depending on their loyalty tier. Nexo emphasizes security with insured custodial assets and cold storage but has faced regulatory challenges, including a $45 million settlement with U.S. regulators in 2022. It’s a popular choice for crypto lending and earning, though users should be aware of risks like regulatory changes and market volatility.
 
These days most centralized crypto exchanges offer loan and interest earning features, so it is not necessary to use a platform like Nexo
 
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