Review on Nexo Card by Joseph Bello
The Flaws of Nexo Card
Nexo card is a centralized crypto lending platform. This makes assets stored in the platform subjected to government regulations and the policies of the company. Nexo allows it user's to obtain a loan using highly volatile assets as collateral,this is extremely risky as volatility of assets can fluctuate at anytime and people who couldn't monitor their loan agreement would face problems because of this. People who use Nexo are not able to buy cryptocurrency within the app,they are also not able to exchange currencies,this is disadvantageous to most users
Pros
- No account maintenance fee
- No foreign exchange fee
Cons
- Not as low interest as competitors,it starts at 8% but some competitors charge less than this.
- You can't earn intrest off of cryptocurrency that are not stable coins
