Post
Topic
Board Service Discussion
Re: Nexo - Anyone got any experience with them?
by
NotATether
on 21/09/2023, 06:57:58 UTC
I have been using them for almost 2 years and since they're the only platform that has not stolen my funds, I'm happy  Grin My guess is they're going to continue operating for at least few more years.

After the collapse of Celsius, it's not always worth losing your assets over those cents and dollars.

Considering the real-time audit, Nexo got completely different business model from what took place in Celsius, where they had a clear Ponzi scheme.
Also, Nexo got licenses in US and EU which is a very good sign since all shady companies avoid these locations at all costs and usually prefer having a registration in some offshore zone.

You need to conduct your own research as it is wrong to think that the platform is the same as Celsius.

The very manner in which these platforms operate means they are always at risk of collapse, even if they're doing everything legally. Nexo gives you interest, where do you think that interest comes from?

Since the money can't be created from thin air, they loan your coins to other companies to try to make a profit off of them, and that's how they give you their coins.

Since those companies have your funds, if they screw up then they will default on their loans to Nexo which will take them down too. All this fractional-reserve banking happening without NExo doing anything necessarily wrong. So be careful and consider withdrawing before the day comes.