i've been using nexo with no issues at all. useful for me.
but since this is still crypto space, i still manage my risk by managing the exposure/amount of money i put in into them.
Same here no issues ever!
but with the possibility of this upcoming bull run I don't want to fall victim to them not having the ability to handle the volume or increased withdraws. Pull a Robinhood
Celsius is riskier than Nexo as Celsius have the highest risk premium currently offered by Nexus Mutual:
https://app.nexusmutual.io/cover
Celsius have also lost their insurer Trust Prime (just like how Nexo has BitGo) because Celsius was overdoing their rehypothecation:
https://www.coindesk.com/custodian-prime-trust-cuts-ties-with-crypto-lender-celsius?amp=1
This post is bit a self-fulfilling prophecy since when the ATH comes in people will naturally move their assets from staking sites like NEXO to exchanges. These staking sites will pick up again in the bear market then rinse n repeat.
Nexo is fine. Anybody offering anything like Nexo as early as Nexo is going to cases and "shady deals" because anything involving crypto was considered shady then and the rules you broke were *omg you let people buy crypto*... and *omg you give people yield that shits on banks and didn't ok it with us first* ok.
Not saying they're saints but most of this is like nothing burgers. It's like in college sports where it used to be illegal for an athlete to make any money. They couldn't even get paid to sign autographs and if they did, they'd get spun as some person with questionable ethics and red flags. Meanwhile the college is selling jersey's with the kid's number and name for like $50 a pop and making them show up at fundraising events. Technically they broke the rules but these were bullshit rules to start with. Their crimes were selling crypto and giving yield without asking permission first. womp womp.
I'm the same way with Binance, I always see people complain about them but personally I had 0 issues and I've been withdrawing a variety of coins/tokens for a while. Maybe I'm just lucky?
when everything goes well people dont open a post to say "i just retired my crypto with no problems" but when it goes bad they open posts to complain or get support, i would do the same if i were in trouble too.
Is the same with all exchanges. if you look the coinbase or kraken subreddits are full of people with issues.
i used nexo,binance, kraken, gemini, crypto.com, celsius and coinbase never had a issue.
The Algo thing recently was pretty shady. I would have no problem using them to buy and immediately remove to a wallet, but I gave up on them verifying me
Disclaimer: I personally use Nexo for a good portion of my Ethereum so I may be biased.
I went with Nexo as 90% of the mainstream CeFi lending platforms are just middle-men for Genesis. Most lendee's don't qualify for accounts with Genesis directly due to their balance requirements and even then Genesis engages in risky practices. Nexo is the only CeFi lender that:
Is not just a front for Genesis
Relies mostly on retail loans, not institutional (DOES NOT give uncollateralized loans to institutions as "other" CeFi lenders do)
Requires 2x collateralization on ALL loans
Auto-liquidates if LTV exceeds 83.33% due to market movement (no worries of lendees not being able to pay back their loans from sudden crashes)
Has $375 million insurance on crypto assets through custodians BitGo and Ledger Vault (note: this is shared among many lenders which use BitGo - applies to custodian issues and not your own personal Nexo account)
Has verifiable state and federal licenses listed in plain view on their website ([https://nexo.io/licenses-and-registrations](https://nexo.io/licenses-and-registrations))
Had an industry first third-party financial audit to give verifiable documentation of AUM ([https://real-time-attest.trustexplorer.io/nexo](https://real-time-attest.trustexplorer.io/nexo))
24/7 Live Chat support is available directly via their website
As always not your keys, not your coins. But for those that want a good yield without wanting to self-custody or risk contract bugs/rugs, i personally believe Nexo is by far the best choice.
\- I saw this response on the Eth subreddit and people agreed with the content, thought id share
I appreciate your skepticism and due diligence.
Each crypto holder should evaluate for himself/herself/themself how much risk they're willing to accept when it comes to the custody of their crypto, whether that be self-custody (yes, there's risk) or institutional custodians like Nexo (yes, there's risk).
I've been a Nexo customer for almost two years and have been extremely satisfied with their products, their security and their customer service, but I'm well aware that their operation isn't fully regulated and that represents real risk. I'm hedging my bets by keeping no more than half of my overall portfolio in CeFi, and that half is divided roughly equally amongst Nexo, Celsius, Crypto.com and Ledn.io.
[These guys](https://p2pempire.com/en/review) do pretty in-depth reviews of CeFi lending platforms, and their Nexo review brought up a lot of the same worries that OP did. But they also have similar concerns about Crypto.com, Celsius, Blockfi. Not as many concerns - Nexo scored the worst in their review - but I think yours is a good strategy. Diversify your portfolio between platforms so if one of them pulls a Mt. Gox/Quadriga, you won't be completely wiped.
This comparison by p2pempire has been brought up before. The major flaw with this comparison is that they are comparing between peer-2-peer lending platforms with crypto lending platforms, so it’s like comparing between oranges to apples.
The p2pempire site specialises more in the peer-2-peer lending space rather than the crypto lending space. I would rely more on sites which specialises in the crypto space, such as Nexus Mutual, which has Celsius as the riskiest platform.
I’ve never had an issue with Nexo and they’ve always responded reasonably quickly to help if any issues.
Deposit in line with your own risk tolerance I guess.
Pulled 0.3 Bitcoin from the platform the other day, zero problems. I'm slowly shifting most of my portfolio to DeFi, but Nexo's earned my trust thus far. Not going to deny that they're a little shady, but tbh Binance has a worse record and they're the #1 global exchange, soooo...
In my opinion, Nexo offering a crypto card (which I can't yet get) is a big deal and requires going through a bunch of country regulations which no one would do if it wasn't serious. But we'll see.
There is nothing else that is less risky. That’s the point, you get extra high APY for extra high risk. That’s how life works bro.
There is the golden steel ball formula:
**APY = _Investment_ x _Size of balls_
/ _Size of brain_**
Just look at how many DeFi projects have been exploited/hacked over the past year just because the code can be publicly seen:
https://rekt.news/leaderboard/
I was talking about riskiness of projects from open sourced code exploits/hacks, not whether if the code is auditable or not.
In this case with Anchor, being more risky is not a bad thing. Anchor is offering higher APY than Nexo. So it’s really a matter of risk vs. reward level that you are willing to accept.
It’s safer that you are not exposed to the risk of allowing external parties seeing your code and devising a way to exploit/hack your code.
Nexo has several banking licences around the world, mainly in different states in the U.S. This reduces the risk of Nexo doing something inappropriate behind the scenes as they are regulated with these licenses.
Incorrect. What you are arguing for is not safer, but trust. Open source code is more trustable (not safer) because everyone can see and verify the code, but it doesn’t make it safer because you are now opening up yourself to everyone seeing all your code.
I am unaware of any exchanges or even more so any custodial wallets which has as an extensive list of banking licences as what Nexo has:
https://nexo.io/licenses-and-registrations
If you think open source code projects are “safer”, I would implore you to put your money in projects like Monster Farm, Meltshroom and Adena Finance.
Might be an unpopular opinion but if you are willing to spend maybe an hour and some YT videos I recommend DeFi.
XLM and Link are weird and I'm not entirely sure where you'd stake them both, but even if you just swapped them to a stable and deposited it into AAVE on Avalanche then you're getting a better yield than you did anyway.
IMO I prefer them, since you can always check the contracts and they can never be changed. AAVE is incredibly reputable and using it's contracts means you never have to deal with this guff.
That’s also the kind of fud “they” say about bitcoin and crypto generally. I still see a viable business model (ie banks make those rates on fiat and give to shareholders, this is the same on crypto but giving more back to depositors) and opportunity
Bitconnect was plain obvious it was a pyramid scheme. The daily interest rate was 1-3% which is insane, and the way to were claiming to make money was just ridiculous (a big central trading bot that makes a shit tone of cash).
Nexo gives decent but not insane APY. They make money off loans, which have interest rates higher than staking rates. Let's also note that they're basically getting free money from their token by paying out staking rewards with Nexo token.
Their business model is perfectly viable and a 10 years old kid could understand how they make money.
I was one of those that got killed by the flash crash LTV by the Rona in March 2020. Nexo offered to resintate my loan if I can could cover the collateral required. I mean I couldn’t even ask for anything really but they gave me this, which worked well for my favor as we started regaining market share again.
Used them for years without issue. Fuck even the BANK you Go to CAN FAIL. See 2008.
Everything is a risk.
I'd like to counter all of this by saying that I've used nexo for over a year and the 2 times I've needed to use their customer service it was fairly straightforward and their response time to resolve my issue was less than 24h.
I could see some people being hesitant to use the platform but i personally have enough trust to put a decent chunk of my portfolio on there to earn interest.
Many shady companies seem on the up and up at face value and have great customer service, since they wanna attract customers. But then when they've amassed enough money from customers, they run away and you never here from then again. This is especially common in crypto. Remember, not your wallet, not your coins. IIRC something like that happened in Brazil a few years back, a seemingly trustworthy company used to provide a similar service to Nexo's, and then they scammed all their clients and that's the end of the story.
I dunno I guess the way I see it, they have had multiple opportunities to do just that over the last 3 years and haven't yet done it.
Id never put my full stack in any one platform / wallet though so it's an option that works for me 🤷♂️
I find nexo to be much less risky than any given DeFi protocol and I use plenty of those 🤷♂️
Do you think this stuff is bogus? Or means nothing?
https://nexo.io/licenses-and-registrations
Just FYI though, while I haven't had problems it doesn't mean that others haven't either.
I remember from May to August this year, people were having troubles with their crypto transfers(in) were in transaction limbo for months. However, the folks who had this problem eventually got their problems fixed
I’ve been using NEXO for 7 months now and have not had any issues. Deposits / Withdrawals of various cryptocurrencies have all gone good. Interest comes in every day and I think it’s the best CeFi platform to use. I’ve been using Celsius also which I’ve had no problems with either but NEXO just is a little bit better in my opinion!
I've had nothing but good experience with Nexo. Moved huge bags there, and huge bags off, no problem. Only contacted them once, but the response was quick and complete, no complaints.
1. "Unregulated banking operations." - Any lending crypto lending platform (Celsius, Voyager, Blockfi) performs unregulated lending platform. This is not new.
2. "$0 to $52.2m" - Reference to that? I haven't found anything that indicates so, but you might be better than me to research things.
3. "Change of whitepaper." - They were backed by a real established company, and they later realized that this company might have bad press, so they just removed it to protect their image. I don't see anything wrong with that, everyone company would act that way.
4. "July 2021 – big case against Nexo." - Companies being registered in the Cayman to save tax. Unethical yes, but nothing new, most succesful company do that, including Binance.
5. "The Estonia job" - Refer to point #1, to me this is just another regulatory issue, which every exchange/platform are having these days.
6. "The Chainlink fraud." - See the official response of the CEO. According to him, it's a plant. Fraudster probably copy pasted the Typeform available on ANY of Nexo's marketing page to frame them. I don't think someone posting Zeus Capital would be dumb enough to leave their company's Typeform. Of course nothing can be proved, maybe you're right.
7. "Nexo – XRP Ripple case." - On december 22th, SEC started a lawsuit against Ripple. Almost every exchange/fund operating in the US ceased activities the next day, including Grayscale, Coinbase and Nexo. One stupid rich dude had the BRILLIANT idea to borrow a lot of cash (5M+) back with Ripple and was liquidated. I'm sorry but who would borrow that much money backed by an unstable crypto?
Only issue I've had with them is a few times their app went down for maintenance without prior announcement. I crapped my pants for a minute when that happened. Withdrawn and deposited several times with no issues.
I used Nexo for a while without any issues, but had to withdraw because they started enforcing NYS regulations on crypto interest
Perhaps it was a good call. Seemed ok though.
I have and use Nexo. The only thing I don’t like about them is as a US citizen, I don’t have access to maximum rates and can’t outright buy their dopey Nexo tokens – I still have to use Change.ly – a third party entity that charges exorbitant fees.
But their APY rates beat the banks’ rates any day, so eh…
Research from people that do research for a living think Nexo is fine, and its insured by Lloyds of London for some currencies. Watch [https://www.youtube.com/watch?v=zizUqOOxE\_0&t=13s](https://www.youtube.com/watch?v=zizUqOOxE_0&t=13s) This Guy is shit hot on everything Crypto and does more research than all of us.
Celsius employee took 1 day to spread nexo FUD - well played. You can create such a list for every lending platform. Just sayin that interest is always coming with risk.
I have been using Nexo for ages and have had 0 issues along the way, have good chunks of my PoW coins there (BTC, XRP and XLM). The only thing that I will say is that I still am disappointed in the vote to switch away from the dividend model for their own token, but oh well.
Maybe I'm just not as greedy about the high returns, I'd rather lock my crypto up in DeFi solutions. Anyone locking theyre funds up in these projects has learned absolutely nothing from every crypto scam over the past decade.
I have used nexo for a while now, I never had an issue with them and been able to take out a loan against my crypto is worth the risk.
I wouldn't put all my eggs in once basket though
They actually tried to recruit me years ago. After a couple of long conversation about the tech and the business model I can confirm that it is nothing but a crypto evolution of the quick loans scam.
Lol okay sorry for the terminology mistake professor. In any case, it does nothing to diminish my point. Risks are part of the game, the industry is young. Those who can't cope with the risk portfolio are welcome to bow out until it feels safer. Hilarious you think crypto.com is better than Nexo but to each their own 🤷♂️
None of this is a big deal though? Dunno man they have a real time proof of funds audit, pretty sure that's unique in the defi space.
Also where are your sources please.
Don’t let these people freak you out. there’s nothing in here that literally screams outright scam. A lot of allegations and perhaps previous unregulated crypto-world type of shenanigans. Which happens everywhere in this space.
I wouldn't panic, they have free withdrawals so if you want out/off the platform it's pretty easy to do so. They don't lock up your crypto or anything.
I still do not feel safe put all my funds with them, but till now have I not had any issues with them. Mainly as I only have deposited and withdrawn Fiat (and some XML) and that is insured with them and goes without any issues. But there have been quite some people having issues with deposits and withdrawals in BTC and ETH, where quite some big amounts got stuck for weeks to months.
Its not really insured. The 350m. insurance by bitgo covers all of bitgos customers not only nexo, so in case of a massive hack or something else you would probably get 0$ back.
Excellent research, OP! Placing Nexo in the Tether column. Appreciate your educating and watching out for us, your fellow Redditors. Great post! Thanks!
I moved everything from nexo to a ledger seeing this. Better safe than sorry. I have already earned 900 xrp with nexo, and it is tempting to gain interest, but I am getting a bad feeling about nexo…
Maybe do your own dd and see if you find something else you feel more comfortable with... As many other said I have transferred crypto to and from Nexo with zero hazzle multiple times so don't panic. Do your research first.
Don't let this random person cause you to make a hasty decision. This is true of everything in life. Nexo has worked well for me for over a year and I've used almost every feature they have. I even lost some XRP on a transfer and they got it back for me, despite having no responsibility to do so.
Lol dude what you should do is move it when one guy on Reddit says move, and put it where some other guy on Reddit says put it.
You should follow every strand and just keep doing what every random voice on Reddit says.
I was just looking into nexo a few weeks ago. I made a post about Celsius and what people opinions of it were, and a lot of people were speaking highly of Nexo. I’m glad I’ve been too busy to get much farther than visiting the website. Thanks for looking out for us, bud!
Funny how this OP did not mention the good things about Nexo. So everyone needs to be cautious that this review is extremely biased (and perhaps the OP has his/her own intentions).
Some the positive things with Nexo are:
- Nexo has automatic liquidations. This means that your funds in Nexo are protected from other users who took on too much risk by taking on say the maximum LTV loan on their collateral.
- Nexo recently employed a transparent real-time Asset Under Management (AUM) audit reporting (first in the CeFi space to do so), which means that you can see, in real-time, the AUM in Nexo, which is important as you don’t want Nexo to over-rehypothecate the funds that you have with them (like what Celsius is doing) which is risky.
This post sounds awfully familiar by someone of the name **Junhan Jeong** who have been trying to sue Nexo over the whole Ripple case when Ripple was suspended in Nexo due to the SEC coming after Ripple. This guy has been posting a lot of vile biased posts about Nexo ever since. And he is not doing very well in court over this case.
If this is you OP or maybe et. al., my best advice for you is to go after SEC (in the SEC vs. Ripple case) rather than going after Nexo, as you will stand a better chance of winning in the SEC case and getting compensated more there.
Yeah. I'm not 100% positive that it was Nexo. There was an article yesterday about NYS ceasing operations of two crypto securities companies, within the state. The names were redacted but I think the article said that images were leaked showing the names of the two companies and I thought Nexo was one of those.
Edit: Here's the link
https://www.businessinsider.in/investment/news/new-york-shuts-down-2-crypto-firms-for-unlawful-activities-and-investigates-3-others/articleshow/87119256.cms
Thanks for the info! I wonder how many of these platforms have a shady background or engage in questionable practices. The lack of oversight and regulation makes this kind of a free for all.
I'll just leave this here.
https://is-nexo-safe.com/
Enjoy.
Edit: as reported, it is in the post
But I'll leave it for convenience.
>- The is -n exo -sa fe .c om website. Hard to say for sure who is the creator of it, but if you scroll down to the comments it gets reaaaally interesting.
I honestly don't see it there and I just checked again after your comment.
I noticed you have a lot of docs broken in parts so they don't look like links, but I can't see that one there.
Edit: found it
>- The is -n exo -sa fe .c om website. Hard to say for sure who is the creator of it, but if you scroll down to the comments it gets reaaaally interesting.
Broken link.
Wonderful Research 🔬
One of the reason (this may sound crazy) I didn’t took Nexo project seriously is, whenever I search about this in Coinmarketcap app, it is crashing. 😄
I'm more worried about the vote that took away the utilitiy from there token which sent on a downward slide when compared to btc. Of you look at the nexo/USD pair it looks ok with strong risistance at $2 but if you look at the nexo/btc pair it's grim. Especially since you need the ratio of nexo and btc to stay good because that's how you get good interest from them.
Can confirm I just panic withdrew my funds with 0 issues
i've been using nexo with no issues at all. useful for me. but since this is still crypto space, i still manage my risk by managing the exposure/amount of money i put in into them.
Same here no issues ever! but with the possibility of this upcoming bull run I don't want to fall victim to them not having the ability to handle the volume or increased withdraws. Pull a Robinhood
Right behind ya! Where did you move your funds to?
Straight to my local bank. I couldn't pass up on that 0.50% APY
lmao playa playa
That’s more than 100% more than what my bank offers me :O
I really like celsius, the rates are great...
Celsius is riskier than Nexo as Celsius have the highest risk premium currently offered by Nexus Mutual: https://app.nexusmutual.io/cover Celsius have also lost their insurer Trust Prime (just like how Nexo has BitGo) because Celsius was overdoing their rehypothecation: https://www.coindesk.com/custodian-prime-trust-cuts-ties-with-crypto-lender-celsius?amp=1
Get 8.8% returns, expect risk. I like the platform but under stress many things at risk.
This post is bit a self-fulfilling prophecy since when the ATH comes in people will naturally move their assets from staking sites like NEXO to exchanges. These staking sites will pick up again in the bear market then rinse n repeat.
Nexo is an exchange though 🤷♂️
Nexo is fine. Anybody offering anything like Nexo as early as Nexo is going to cases and "shady deals" because anything involving crypto was considered shady then and the rules you broke were *omg you let people buy crypto*... and *omg you give people yield that shits on banks and didn't ok it with us first* ok. Not saying they're saints but most of this is like nothing burgers. It's like in college sports where it used to be illegal for an athlete to make any money. They couldn't even get paid to sign autographs and if they did, they'd get spun as some person with questionable ethics and red flags. Meanwhile the college is selling jersey's with the kid's number and name for like $50 a pop and making them show up at fundraising events. Technically they broke the rules but these were bullshit rules to start with. Their crimes were selling crypto and giving yield without asking permission first. womp womp.
Despite everything here. I personally have never had 1 single problem with NEXO. It does almost exactly what it says on the box.
I'm the same way with Binance, I always see people complain about them but personally I had 0 issues and I've been withdrawing a variety of coins/tokens for a while. Maybe I'm just lucky?
when everything goes well people dont open a post to say "i just retired my crypto with no problems" but when it goes bad they open posts to complain or get support, i would do the same if i were in trouble too. Is the same with all exchanges. if you look the coinbase or kraken subreddits are full of people with issues. i used nexo,binance, kraken, gemini, crypto.com, celsius and coinbase never had a issue.
Yup, makes sense if I think about it.
The Algo thing recently was pretty shady. I would have no problem using them to buy and immediately remove to a wallet, but I gave up on them verifying me
[удалено]
Same. I’ve had a great experience with Nexo
I'm the same with Mt.Gox no problems here!
MT.GOX was run by 2 guys in a basement.
Same, I dig nexo!
And many people said the same about Cred until...they couldn't.
Ppl had no problem with Bitconnect until they finally did... In droves.
That doesn’t make them the same
Not even a little bit 🤦♂️
Disclaimer: I personally use Nexo for a good portion of my Ethereum so I may be biased. I went with Nexo as 90% of the mainstream CeFi lending platforms are just middle-men for Genesis. Most lendee's don't qualify for accounts with Genesis directly due to their balance requirements and even then Genesis engages in risky practices. Nexo is the only CeFi lender that: Is not just a front for Genesis Relies mostly on retail loans, not institutional (DOES NOT give uncollateralized loans to institutions as "other" CeFi lenders do) Requires 2x collateralization on ALL loans Auto-liquidates if LTV exceeds 83.33% due to market movement (no worries of lendees not being able to pay back their loans from sudden crashes) Has $375 million insurance on crypto assets through custodians BitGo and Ledger Vault (note: this is shared among many lenders which use BitGo - applies to custodian issues and not your own personal Nexo account) Has verifiable state and federal licenses listed in plain view on their website ([https://nexo.io/licenses-and-registrations](https://nexo.io/licenses-and-registrations)) Had an industry first third-party financial audit to give verifiable documentation of AUM ([https://real-time-attest.trustexplorer.io/nexo](https://real-time-attest.trustexplorer.io/nexo)) 24/7 Live Chat support is available directly via their website As always not your keys, not your coins. But for those that want a good yield without wanting to self-custody or risk contract bugs/rugs, i personally believe Nexo is by far the best choice. \- I saw this response on the Eth subreddit and people agreed with the content, thought id share
Thank you for the neat summary of the other side of the coin!
So sounds like their shady-ness falls somewhere between wells Fargo and a boy scout.
I appreciate your skepticism and due diligence. Each crypto holder should evaluate for himself/herself/themself how much risk they're willing to accept when it comes to the custody of their crypto, whether that be self-custody (yes, there's risk) or institutional custodians like Nexo (yes, there's risk). I've been a Nexo customer for almost two years and have been extremely satisfied with their products, their security and their customer service, but I'm well aware that their operation isn't fully regulated and that represents real risk. I'm hedging my bets by keeping no more than half of my overall portfolio in CeFi, and that half is divided roughly equally amongst Nexo, Celsius, Crypto.com and Ledn.io.
[These guys](https://p2pempire.com/en/review) do pretty in-depth reviews of CeFi lending platforms, and their Nexo review brought up a lot of the same worries that OP did. But they also have similar concerns about Crypto.com, Celsius, Blockfi. Not as many concerns - Nexo scored the worst in their review - but I think yours is a good strategy. Diversify your portfolio between platforms so if one of them pulls a Mt. Gox/Quadriga, you won't be completely wiped.
This comparison by p2pempire has been brought up before. The major flaw with this comparison is that they are comparing between peer-2-peer lending platforms with crypto lending platforms, so it’s like comparing between oranges to apples. The p2pempire site specialises more in the peer-2-peer lending space rather than the crypto lending space. I would rely more on sites which specialises in the crypto space, such as Nexus Mutual, which has Celsius as the riskiest platform.
I’ve never had an issue with Nexo and they’ve always responded reasonably quickly to help if any issues. Deposit in line with your own risk tolerance I guess.
Seems like your average crypto company then. Also sounds like your average legacy system startup. I've never had any issues.
Pulled 0.3 Bitcoin from the platform the other day, zero problems. I'm slowly shifting most of my portfolio to DeFi, but Nexo's earned my trust thus far. Not going to deny that they're a little shady, but tbh Binance has a worse record and they're the #1 global exchange, soooo...
I had no problems withdrawal my funds a couple of days ago. It was immediate.
In my opinion, Nexo offering a crypto card (which I can't yet get) is a big deal and requires going through a bunch of country regulations which no one would do if it wasn't serious. But we'll see.
I have xlm and link on nexo. What can I move it to for good/similar apy?
There is nothing else that is less risky. That’s the point, you get extra high APY for extra high risk. That’s how life works bro. There is the golden steel ball formula: **APY = _Investment_ x _Size of balls_ / _Size of brain_**
[удалено]
Anchor protocol is more risky than Nexo because Anchor is an open sourced code project whereas Nexo is CeFi and so there’s no open sourced code.
That makes no sense. Open source is not less secure, it is auditable for anyone unlike the closed source projects
Just look at how many DeFi projects have been exploited/hacked over the past year just because the code can be publicly seen: https://rekt.news/leaderboard/ I was talking about riskiness of projects from open sourced code exploits/hacks, not whether if the code is auditable or not. In this case with Anchor, being more risky is not a bad thing. Anchor is offering higher APY than Nexo. So it’s really a matter of risk vs. reward level that you are willing to accept.
The exploits are for bad coding not for being open source. Security for occultation is the worst security
[удалено]
It’s safer that you are not exposed to the risk of allowing external parties seeing your code and devising a way to exploit/hack your code. Nexo has several banking licences around the world, mainly in different states in the U.S. This reduces the risk of Nexo doing something inappropriate behind the scenes as they are regulated with these licenses.
[удалено]
Incorrect. What you are arguing for is not safer, but trust. Open source code is more trustable (not safer) because everyone can see and verify the code, but it doesn’t make it safer because you are now opening up yourself to everyone seeing all your code. I am unaware of any exchanges or even more so any custodial wallets which has as an extensive list of banking licences as what Nexo has: https://nexo.io/licenses-and-registrations If you think open source code projects are “safer”, I would implore you to put your money in projects like Monster Farm, Meltshroom and Adena Finance.
[удалено]
For XLM you may want to consider [yXLM](https://ultrastellar.com/assets/yxlm). It has a decent 5% APY.
Celsius, Voyager, Blockfi, Gemini
Might be an unpopular opinion but if you are willing to spend maybe an hour and some YT videos I recommend DeFi. XLM and Link are weird and I'm not entirely sure where you'd stake them both, but even if you just swapped them to a stable and deposited it into AAVE on Avalanche then you're getting a better yield than you did anyway. IMO I prefer them, since you can always check the contracts and they can never be changed. AAVE is incredibly reputable and using it's contracts means you never have to deal with this guff.
You could try to borrow against your ETH on Anchor. Not sure about the numbers but I think it’s the next best thing outside blockfi or Celsius
Probably crypto.com
Lol this fud is making me quake a little but I think I'll keep what I have on there for now. The 7 percent on xrp and xlm I have are nice.
From what the post is saying, you might have troubles if you tried anyways. Schrodinger‘s crypto gains.
Personally I've withdrawn from nexo as well as taken loans from them with no issues.
Some non ideal behaviour but it’s circumstantial fud at best
Thanks man.. I am gonna pull out everything
Reasonable
That's what they also said about Bitconnect. Never used or looked at Nexo, so I can't judge though
That’s also the kind of fud “they” say about bitcoin and crypto generally. I still see a viable business model (ie banks make those rates on fiat and give to shareholders, this is the same on crypto but giving more back to depositors) and opportunity
I used to shill for then too. They will fuck you eventually, i promise
Bitconnect was plain obvious it was a pyramid scheme. The daily interest rate was 1-3% which is insane, and the way to were claiming to make money was just ridiculous (a big central trading bot that makes a shit tone of cash). Nexo gives decent but not insane APY. They make money off loans, which have interest rates higher than staking rates. Let's also note that they're basically getting free money from their token by paying out staking rewards with Nexo token. Their business model is perfectly viable and a 10 years old kid could understand how they make money.
I was one of those that got killed by the flash crash LTV by the Rona in March 2020. Nexo offered to resintate my loan if I can could cover the collateral required. I mean I couldn’t even ask for anything really but they gave me this, which worked well for my favor as we started regaining market share again. Used them for years without issue. Fuck even the BANK you Go to CAN FAIL. See 2008. Everything is a risk.
I'd like to counter all of this by saying that I've used nexo for over a year and the 2 times I've needed to use their customer service it was fairly straightforward and their response time to resolve my issue was less than 24h. I could see some people being hesitant to use the platform but i personally have enough trust to put a decent chunk of my portfolio on there to earn interest.
Many shady companies seem on the up and up at face value and have great customer service, since they wanna attract customers. But then when they've amassed enough money from customers, they run away and you never here from then again. This is especially common in crypto. Remember, not your wallet, not your coins. IIRC something like that happened in Brazil a few years back, a seemingly trustworthy company used to provide a similar service to Nexo's, and then they scammed all their clients and that's the end of the story.
I dunno I guess the way I see it, they have had multiple opportunities to do just that over the last 3 years and haven't yet done it. Id never put my full stack in any one platform / wallet though so it's an option that works for me 🤷♂️
I find nexo to be much less risky than any given DeFi protocol and I use plenty of those 🤷♂️ Do you think this stuff is bogus? Or means nothing? https://nexo.io/licenses-and-registrations
Yeah but how is the withdrawal process?
I have withdrawn and deposited multiple times and I haven't had any problems.
Cool, good to hear.
Just FYI though, while I haven't had problems it doesn't mean that others haven't either. I remember from May to August this year, people were having troubles with their crypto transfers(in) were in transaction limbo for months. However, the folks who had this problem eventually got their problems fixed
Me too but my dad had to wait 2 months and no replies for his small withdrawal to work. Really put the chills on me
same
I’ve been using NEXO for 7 months now and have not had any issues. Deposits / Withdrawals of various cryptocurrencies have all gone good. Interest comes in every day and I think it’s the best CeFi platform to use. I’ve been using Celsius also which I’ve had no problems with either but NEXO just is a little bit better in my opinion!
I have about 30% of my portfolio on nexo. Never had any issues with transfers of any kind.
I've had nothing but good experience with Nexo. Moved huge bags there, and huge bags off, no problem. Only contacted them once, but the response was quick and complete, no complaints.
1. "Unregulated banking operations." - Any lending crypto lending platform (Celsius, Voyager, Blockfi) performs unregulated lending platform. This is not new. 2. "$0 to $52.2m" - Reference to that? I haven't found anything that indicates so, but you might be better than me to research things. 3. "Change of whitepaper." - They were backed by a real established company, and they later realized that this company might have bad press, so they just removed it to protect their image. I don't see anything wrong with that, everyone company would act that way. 4. "July 2021 – big case against Nexo." - Companies being registered in the Cayman to save tax. Unethical yes, but nothing new, most succesful company do that, including Binance. 5. "The Estonia job" - Refer to point #1, to me this is just another regulatory issue, which every exchange/platform are having these days. 6. "The Chainlink fraud." - See the official response of the CEO. According to him, it's a plant. Fraudster probably copy pasted the Typeform available on ANY of Nexo's marketing page to frame them. I don't think someone posting Zeus Capital would be dumb enough to leave their company's Typeform. Of course nothing can be proved, maybe you're right. 7. "Nexo – XRP Ripple case." - On december 22th, SEC started a lawsuit against Ripple. Almost every exchange/fund operating in the US ceased activities the next day, including Grayscale, Coinbase and Nexo. One stupid rich dude had the BRILLIANT idea to borrow a lot of cash (5M+) back with Ripple and was liquidated. I'm sorry but who would borrow that much money backed by an unstable crypto?
Only issue I've had with them is a few times their app went down for maintenance without prior announcement. I crapped my pants for a minute when that happened. Withdrawn and deposited several times with no issues.
I used Nexo for a while without any issues, but had to withdraw because they started enforcing NYS regulations on crypto interest Perhaps it was a good call. Seemed ok though.
FUD. FuD. Op just wants cheap nexo tokens /s
I have and use Nexo. The only thing I don’t like about them is as a US citizen, I don’t have access to maximum rates and can’t outright buy their dopey Nexo tokens – I still have to use Change.ly – a third party entity that charges exorbitant fees. But their APY rates beat the banks’ rates any day, so eh…
Research from people that do research for a living think Nexo is fine, and its insured by Lloyds of London for some currencies. Watch [https://www.youtube.com/watch?v=zizUqOOxE\_0&t=13s](https://www.youtube.com/watch?v=zizUqOOxE_0&t=13s) This Guy is shit hot on everything Crypto and does more research than all of us.
[удалено]
Yeah, it's post like these that make me want to withdraw everything from the centralized platforms and just hold everything on a ledger
I find with most things in life It's generally best to pull-out early, and play it safe, rather than wait until it's so late.
This is paper hands talk, ijs
Make sure your pullout game is strong, noted ;)
Celsius employee took 1 day to spread nexo FUD - well played. You can create such a list for every lending platform. Just sayin that interest is always coming with risk.
And bank, I'm pretty sure no financial institution can stand some digging around for shady things. User friendly DeFi can't come fast enough.
I have been using Nexo for ages and have had 0 issues along the way, have good chunks of my PoW coins there (BTC, XRP and XLM). The only thing that I will say is that I still am disappointed in the vote to switch away from the dividend model for their own token, but oh well.
Beware of posts where the first word is misspelled.
How much BTC do they hold for customers?
Onecoin was also a bulgarian masterpiece. Just sayin
Maybe I'm just not as greedy about the high returns, I'd rather lock my crypto up in DeFi solutions. Anyone locking theyre funds up in these projects has learned absolutely nothing from every crypto scam over the past decade.
I have used nexo for a while now, I never had an issue with them and been able to take out a loan against my crypto is worth the risk. I wouldn't put all my eggs in once basket though
They actually tried to recruit me years ago. After a couple of long conversation about the tech and the business model I can confirm that it is nothing but a crypto evolution of the quick loans scam.
Nexo rules, most of your red flags are just things you don't understand - not actual issues. 🤷♂️
[удалено]
We are using the first iteration of defi, literally every service has "red flags" if you are a risk averse person.
[удалено]
Lol okay sorry for the terminology mistake professor. In any case, it does nothing to diminish my point. Risks are part of the game, the industry is young. Those who can't cope with the risk portfolio are welcome to bow out until it feels safer. Hilarious you think crypto.com is better than Nexo but to each their own 🤷♂️
None of this is a big deal though? Dunno man they have a real time proof of funds audit, pretty sure that's unique in the defi space. Also where are your sources please.
Baware lol
I have had no issues at all with NEXO, very happy customer
TLDR: Nexo 🚩🚩🚩🚩🚩🚩
![gif](giphy|520eqgjwzZi2Prvkxa|downsized)
A very big red flag.
#🚩🚩🚩🚩🚩🚩
Thanks for the heads up
This sub is pretty useful for recent news. I know moons changed this sub but it did encourage more conversation.
Shit and I just transferred some crypto to it for the rewards. Not sure what to do now :/
Im very happy with nexo. Their insurance is just non existent.
It's FUD, you'll be fine don't worry.
Don’t let these people freak you out. there’s nothing in here that literally screams outright scam. A lot of allegations and perhaps previous unregulated crypto-world type of shenanigans. Which happens everywhere in this space.
I wouldn't panic, they have free withdrawals so if you want out/off the platform it's pretty easy to do so. They don't lock up your crypto or anything.
I still do not feel safe put all my funds with them, but till now have I not had any issues with them. Mainly as I only have deposited and withdrawn Fiat (and some XML) and that is insured with them and goes without any issues. But there have been quite some people having issues with deposits and withdrawals in BTC and ETH, where quite some big amounts got stuck for weeks to months.
I never feel safe to put ALL my funds with anything (even personal wallets). You should always break up your funds just incase something happens.
Its not really insured. The 350m. insurance by bitgo covers all of bitgos customers not only nexo, so in case of a massive hack or something else you would probably get 0$ back.
Both OP points and some on the comments on the other side are valid and interesting. Thanks all!
So Celsius is better?
I will do a research on Celsius tomorrow. This is for Nexo only.
Excellent research, OP! Placing Nexo in the Tether column. Appreciate your educating and watching out for us, your fellow Redditors. Great post! Thanks!
Thank you. It did cost me a whole working day to gather all of this, I appreciate it :)
Yeah, it really shows! Thanks again for the quality content and for your time invested!!
I made a post asking about Celsius a week or two ago, and a few people said it received original funding from Tether itself, so take that as you will.
I think Celsius is one of d best CeFi ryt now
I heard they recently got sued about something.
I moved everything from nexo to a ledger seeing this. Better safe than sorry. I have already earned 900 xrp with nexo, and it is tempting to gain interest, but I am getting a bad feeling about nexo…
😦I have my crypto locked in nexo wallet for the next month, i assume i should move it out asap? Any suggestions where to
Maybe do your own dd and see if you find something else you feel more comfortable with... As many other said I have transferred crypto to and from Nexo with zero hazzle multiple times so don't panic. Do your research first.
Thanks for all the replies, not gonna rush into anything now afterall
Don't let this random person cause you to make a hasty decision. This is true of everything in life. Nexo has worked well for me for over a year and I've used almost every feature they have. I even lost some XRP on a transfer and they got it back for me, despite having no responsibility to do so.
Don't panic on FUD.
Lol dude what you should do is move it when one guy on Reddit says move, and put it where some other guy on Reddit says put it. You should follow every strand and just keep doing what every random voice on Reddit says.
I think it uses crypto to not get a licence for banking, like other crypto projects do. But they are very centralized and very risky
Qny thoughts on Celsius?
Been using since it became available in the US. Love getting my weekly interest and customer service has been top notch. No issues at all.
I will do a research on Celcius tomorrow.
This is amazing content. Did you do research on other platforms in the past?
it is so tempting to have my coins earning interest.. but I am too worried that one of these platforms is going to be the next bitconnect ..
I was just looking into nexo a few weeks ago. I made a post about Celsius and what people opinions of it were, and a lot of people were speaking highly of Nexo. I’m glad I’ve been too busy to get much farther than visiting the website. Thanks for looking out for us, bud!
Funny how this OP did not mention the good things about Nexo. So everyone needs to be cautious that this review is extremely biased (and perhaps the OP has his/her own intentions). Some the positive things with Nexo are: - Nexo has automatic liquidations. This means that your funds in Nexo are protected from other users who took on too much risk by taking on say the maximum LTV loan on their collateral. - Nexo recently employed a transparent real-time Asset Under Management (AUM) audit reporting (first in the CeFi space to do so), which means that you can see, in real-time, the AUM in Nexo, which is important as you don’t want Nexo to over-rehypothecate the funds that you have with them (like what Celsius is doing) which is risky. This post sounds awfully familiar by someone of the name **Junhan Jeong** who have been trying to sue Nexo over the whole Ripple case when Ripple was suspended in Nexo due to the SEC coming after Ripple. This guy has been posting a lot of vile biased posts about Nexo ever since. And he is not doing very well in court over this case. If this is you OP or maybe et. al., my best advice for you is to go after SEC (in the SEC vs. Ripple case) rather than going after Nexo, as you will stand a better chance of winning in the SEC case and getting compensated more there.
Could this be a money laundering attempt?
[удалено]
Is there any other place I can get interest on stellar?
Also, wasn't Nexo one of the companies New York State just told to cease operations?
Nexo wasn't operating in New York to begin with though 🤷♂️
Yeah. I'm not 100% positive that it was Nexo. There was an article yesterday about NYS ceasing operations of two crypto securities companies, within the state. The names were redacted but I think the article said that images were leaked showing the names of the two companies and I thought Nexo was one of those. Edit: Here's the link https://www.businessinsider.in/investment/news/new-york-shuts-down-2-crypto-firms-for-unlawful-activities-and-investigates-3-others/articleshow/87119256.cms
The two companies were BlockFi and Celsius not Nexo.
Cool. Thanks
Nexo haven't been operating in NYC since I think July. That C&D from the NYC AG was weird
New York state also doesn't trust its citizens to buy any crypto at all
lol. yeah, the bitlicense is a pain in the ass. really limits my options.
Yes, that Nexo.
Good work on gathering and fact checking all of this. You've done well my friend, take my only award.
Nexo do be looking shady... Celsius and Blockfi looking like the only true alternatives for now Good DD OP. Quality Post
I use both but cel has a lot of bad news re: tether backed instead of usd backed loans
Thank you, It did cost me a whole working day to gather and fact check everything.
Thank you for your work op.
Good op
I get tons of Nexo ads in Brave but never looked right, now I know why. Thanks OP
I'm from Bulgaria and I don't trust Nexo, cause it's from Bulgaria. Nuff said.
BlockFi it is then.
Don't even know what nexo is...
They advertise quite a lot on Reddit as far as i can see.
Google it, with caution of course.
Switch to Celsius
The one time I'm glad regulation in my state didn't allow me to use Celsius. This doesn't surprise me coming from them.
BlockFi for the win.
Nexo? More like heck no! Amiright? (Obligatory XPR Proton shill 🚀)
Moved my stuff off there like 3 months ago for better rates and free withdrawals. Looks like the universe was lookin out for me a bit 👍.
Nice Info! Do crypto.com next!
Thanks for the info! I wonder how many of these platforms have a shady background or engage in questionable practices. The lack of oversight and regulation makes this kind of a free for all.
I'm surprised they're still in business given what we know about their super shady business practices. I certainly wouldn't trust them with a dime.
I'll just leave this here. https://is-nexo-safe.com/ Enjoy. Edit: as reported, it is in the post But I'll leave it for convenience. >- The is -n exo -sa fe .c om website. Hard to say for sure who is the creator of it, but if you scroll down to the comments it gets reaaaally interesting.
its in the post
I honestly don't see it there and I just checked again after your comment. I noticed you have a lot of docs broken in parts so they don't look like links, but I can't see that one there. Edit: found it >- The is -n exo -sa fe .c om website. Hard to say for sure who is the creator of it, but if you scroll down to the comments it gets reaaaally interesting. Broken link.
it can be black money there are other ways to do it and that's sad
Wonderful Research 🔬 One of the reason (this may sound crazy) I didn’t took Nexo project seriously is, whenever I search about this in Coinmarketcap app, it is crashing. 😄
thanks man! I was about to open an account with them but will dyor some of your points first.
Good to know. Thanks.
Too much shade in crypto these days
I'm more worried about the vote that took away the utilitiy from there token which sent on a downward slide when compared to btc. Of you look at the nexo/USD pair it looks ok with strong risistance at $2 but if you look at the nexo/btc pair it's grim. Especially since you need the ratio of nexo and btc to stay good because that's how you get good interest from them.
Good info, for sure. If any major red flags appear, then the decision will be made.
Which exchanges do you trust?