The world of Cryptocurrencies, too many, is complete gibberish. If you're feeling completely bewildered then you're not alone. I suspect that most people who have invested in Crypto do not fully understand what it is, what it does an what services each exchange provides.
Honestly - I fall firmly into that category, so if you're here looking for an in-depth analysis of why the Next currency is valuable, or what makes it special, then you may like to find another blog post. This post is simply a review about the exchange, the app and general information about what Nexo provides to it's users.
So, lets get into our Nexo exchange review!
Who is Nexo?
In very simple terms, Nexo is a financial services company within the Crypto market. They have a huge range of digital financial services which leverage the security and power of the blockchain. They were established in 2018 and co-founded by Antoni Trenchev & Kosta Kantchev in Bulgaria, with operations now centred in Switzerland and operating globally.
The app itself is an exchange where it is possible to buy, borrow, trade and hold all kinds of currencies, but mainly crypto. They also provide direct payment services, such as a crypto payment card, and are constantly looking to solve inefficiencies within market lending.
The app is reported to have over 5 million users across 200 jurisdictions.
Nexo offer a few services (like professional lending and trading platforms) but today I will be looking at the basic trading app and savings account.
The Nexo App & Servies
I have been using the Nexo app for a number of years now, and I don't think that I have ever had much of a problem with it. While the apps for currencies like Crypto.com are clunky and buggy, Nexo is very user-friendly, user-friendly, and has a bunch of useful features.
What attracted me to the Nexo app was the fact that the company is giving away great interest rates which provide compound interest that is calculated daily. At the time this was completely unheard of and way, way, way better than any of the savings accounts I had with a high street bank (0.1%).
I felt safe with Nexo because I could top up the account with pounds sterling, and gain great interest rates just for having the money in the account. I decided to upgrade my interest rate by purchasing the Nexo Cryptocurrency and lending money / locking it into the account for an extended period of time.
It is possible to earn up to 12% in interest for GBP, the Nexo coin and 7% on Bitcoin.
To set up the Nexo account was very, very easy. It simply required a little bit of personal information and then I attached my bank account to my profile to send money to top up. I personally like to top up in pounds and exchange it via the app rather than outright purchasing the crypto itself.
In honesty, I believe that, even if you're not interested in Crypto, the Nexo service is valuable to those who wish to simply use it as a savings account or an alternative to a mutual fund where you can slowly grow your extra cash year after year.
Is Nexo A Good Investment?
If you ask me, I would say that it has been a great investment so far. I have lost some money since the last Crypto crash but I am still earning Nexo coins daily passively. When the market picks back up, they will be significantly more valuable than they are today.
Generally speaking, I think that the service suits my needs perfectly, as somebody who likes to make slow passive income, rather than a hard fast life of boom and bust.
Would I recommend Nexo? 100% I would!