Experience with Nexo?
- Thread starter Shlomo
- Start date
- Status
They are a honest company. Recently announced massive dividends for the NEXO token. You can check their rates as well of other interest bearing accounts at Interest Rates – Cryptostarter
I don't like the concept of copy trading. I think it's great for the traders as they are able to move the market in the direction they want, and do quick pump and dumps.
I'm sure there are good traders out there but I'd rather not take the risk. I prefer to be a contrarian and go against the flow.
I'm sure there are good traders out there but I'd rather not take the risk. I prefer to be a contrarian and go against the flow.
Considering there are so many service providers, perhaps I should mention specifically that the setup I had in mind is to connect Zignaly with Binance through their API, and choose among the traders (copy trading) or signal providers offered on Zignaly. It seems convenient because it is cloud-based, while broker platforms seem to require you to have your own VPS, but I do not know how the risk level of cryptos compares to say forex trading.
I've used Nexo and done a lot of research on them since they are Bulgarian.
They are ok, but as with any institution (even banks), I wouldn't ever deposit more then 100k€ with them.
They do have the annoying habit of changing their ToS without notifying users so I've had some problems with them because of that, but so far I haven't been scammed and eventually got my money.
They are ok, but as with any institution (even banks), I wouldn't ever deposit more then 100k€ with them.
They do have the annoying habit of changing their ToS without notifying users so I've had some problems with them because of that, but so far I haven't been scammed and eventually got my money.
I have just signed up for Nexo and made the first deposit.
One good thing about the platform is its simplicity. Once the coins are deposited they are instantly earning interest.
The second good thing about the platform is they have one of the few crypto tokens I consider to be legitimate. I invested in CRO (which is essentially a pyramid scheme with zero economic fundamentals). It's only purpose is hoping other will buy the price up. And most people, including crypto people, are unable and unwilling to decipher such things.
But the Nexo token is backed by the company's revenue. Every year they pay︀ out 30% of revenue to token holders who have completed the highest level of KYC.︁ So the token is backed by their loan business. What value you want to attribute︂ to that is your choice. The recent dividend they pay was over $6,000,000 (about a︃ 300% increase than the previous year) and at the current price that gives you a︄ dividend of roughly 8%. If they can grow again by 300%, which is likely given︅ the growth of the space, that would be a 24% forward dividend.
Also, by crypto︆ standards, the token's value has been stable. There are other tokens that are simply pyramid︇ schemes, which rely on things like burning tokens to increase the value of the token,︈ offering unsustainable rates and so on. But that this one is relying on a simple︉ proposition tied to the real economy gives me more trust in it.
I can't say︊ anything else for the business.
One good thing about the platform is its simplicity. Once the coins are deposited they are instantly earning interest.
The second good thing about the platform is they have one of the few crypto tokens I consider to be legitimate. I invested in CRO (which is essentially a pyramid scheme with zero economic fundamentals). It's only purpose is hoping other will buy the price up. And most people, including crypto people, are unable and unwilling to decipher such things.
But the Nexo token is backed by the company's revenue. Every year they pay︀ out 30% of revenue to token holders who have completed the highest level of KYC.︁ So the token is backed by their loan business. What value you want to attribute︂ to that is your choice. The recent dividend they pay was over $6,000,000 (about a︃ 300% increase than the previous year) and at the current price that gives you a︄ dividend of roughly 8%. If they can grow again by 300%, which is likely given︅ the growth of the space, that would be a 24% forward dividend.
Also, by crypto︆ standards, the token's value has been stable. There are other tokens that are simply pyramid︇ schemes, which rely on things like burning tokens to increase the value of the token,︈ offering unsustainable rates and so on. But that this one is relying on a simple︉ proposition tied to the real economy gives me more trust in it.
I can't say︊ anything else for the business.
- Status