Review on Nexo by Věra Filipová
NEXO - fiat savings account
I am a huge fan of all the platforms which tries to replace the old banks. Nexo is one these platforms and have some advantages over the competition. I am using it mainly due to the yield on the fiat deposits (i.e. EUR) with quite high yield. I am accumulating also their native token in order to have higher yields and get paid dividends.
There were a great start by introducing Nexonomics which brought features such as buyback of their native token (this makes it scarcier and more valuable), exchange inside the platform, system of tiers and some other minor changes. On the other hand they have made some negative impression lately such as limiting free withdrawals and lowering yield. There is an option to sustain the previous yield but you have to switch from flexible savings to fixed savings ( 3 months with fiat deposits).
The main business is based on loans which I am not using as there is quite huge interest associeted with them (almost same you got in banks) . To be sincere I would prefer different platform in this case.
Overall it is better option for savings with main fiat currencies than keeping them in banks.
Pros
- could have zero withdrawal fees
- Nexonomics
- high yield
- yield on EUR
- dividends
Cons
- recent changes (fixed assets, limited withdarwal)
- high interest on loans
