Nexo Reviews

I withdrew a crypto loan through Nexo . “Same day/ next day” option. this app support rep says to use my wire transfer routing number. Two days later, money has not been wired to my account. Loan balance shows on this app and is charging me interest. this app support says the delay is not on their end. Called Bank of America, said they have no pending incoming wires. this app support says they issued the wire. Wire transfers are near instant. this app testimonial says customer got their loan money within minutes. I asked for a confirmation number and they said their deposit team is not online right now so they don’t have it but they are positive the wire has been issued somehow despite not being able to talk to them. They said after three days they can issue a ticket to the deposit team. Terrible experience, will be closing this loan out and already withdrew my excess crypto.

I transferred my crypto into the wallet provided by this app and it never showed. I contacted the customer support email since it’s the only way to resolve the issue. It’s been over a month and I still haven’t had my issue resolved. This is really not good since the value of my crypto hit my pull out limit multiple times in this time period. Still trying to retrieve my crypto a month later they write back only when you get on social media and write them about your ticket. Then they ask for more info only to not write you back until you get back on social media. This has been the worst wallet I’ve used terrible customer service terrible that they didn’t get my crypto into the wallet. Thought I’d give it a try thinking it was a credible option boy was I wrong. Every other wallet I’ve used has been great this one not at all.

I would not recommend this company. My crypto stopped receiving interest over three months ago, I’ve contacted customer service and all I received back is a copy and paste reply about “high demand, be patient, customer service is working hard etc..”. To make matters worse, I cannot withdraw my crypto and received an email from this app stating that I need to withdraw my crypto before Nov 30th because I am a NYS resident. I sent them another email a week ago about my issues of not being able to withdraw my crypto, and received back the same copy and paste email reply. This company is at best incompetent and at worse scammers. Thank goodness I don’t have a lot of crypto on this platform, I can only imagine people that have thousands or hundreds of thousands invested. Stay far away from Nexo and company.

It’s and option in settings they don’t tell you about that collateralized your funds by default, the locked $6,580 of my money up without my consent telling me I should have known about the pre settings. They know people won’t see this. It’s theft my misleading customers. If the button was off I would still have my money. I told them no way I would of have wanted that on but they turn it on automatically. This has caused huge damages to my business and lively hood. Someone else I on now had it off already and just pressed it on and instantly lost his money! Instantly collateralized of his intent! This is horrible and should have no part whatsoever in Banking. I suggest you take all your money out of this app as my investment group are removing multi millions from their accounts this week.

Edit: The developer responded that the minimums are displayed on their website, with the minimum BNB required 2.5. I just tried to repay with 2.6 BNB and it still says my repayment amount is too low so I’m removing another star for this frustration.

I think the service isn’t bad but everything about Nexo is frustrating. I understand that because of recent increased usage, some services are slow, but I haven’t been able to deposit certain coins for over a week because this app can’t seem to generate wallets for me. It makes paying back my loan a huge chore. Then when I finally get a coin deposit to work, it’s telling me the amount I’m trying to pay back is too low (1 BNB). Pretty ridiculous, there doesn’t say any minimum for repayment. Even putting in the amount to repay is a hassle, the numbers move around awkwardly when you’re trying to put in a certain amount. I’ve been using similar apps and it seems like they all do the same thing but much better, and the moment I can terminate my loan I will be abandoning this app. I gave an extra star due to the ease of starting a loan and waiving withdrawal fees but the negatives of this shoddy app far outweighs the positives.

I’ve been a loyal this app customer for over a year and I’ve had only minor complaints( delisting XRP) until now. As an XRP holder who custodies with this app during the Flare snapshot, I’m eligible to receive Spark when the Flare Network launches. I’m also eligible to receive Songbird from the Flare Foundation and this app has received it on my behalf. this app has chosen however to not release Songbird to its customers. Though they may do so in the future, this decision to hold thousands of Songbird tokens back from their rightful owners is inexcusable. There has already been a month of rewards that have been missed out and if they don’t release the Songbird tokens before November 5th of this year, another airdrop will be missed. Please this app, release these tokens and retain this loyal customer. I’ll gladly switch this review back to 5. I’ll be waiting……

I deposited the required amount in Stablecoin into the wallet for an “automated loan” I started seeing the compounded interest which is good. When I tried to request a loan, it was rejected because I did not have more than 50% of a different currency. Nowhere does their website indicate this. I have spent the last few days combing through their website and am unable to verify what their support staff indicated in their email. Their support staff emailed me stating that a wallet must have more than 50% in another asset in order to comply with Anti Money Laundering Laws. My poor little wallet is valued under $1000 and was flagged for Anti Money Laundering compliance. They have not been able to cite these laws for me and was more than happy to inform me that they are not required to state them in their terms of services. Very sketchy and false advertising. I will continue to play along and continue to paper trail my efforts because I want to believe in this platform. So far they have not delivered on their promises. In addition! The platform is clearly NOT automated as claimed.

and here I thought I had a wallet I’d be able to freely access through my bank account. But as I try to verify and fill in everything there is and error asking me for my state? WHEN THERES NOT EVEN AN OPTION? Can’t order card. Access money. Don’t put anything into this account until you’re completed verified (which I thought I was) you can’t access money, order a card. And for over a week I’ve been trying to fill out the verification and the same stupid red box pops up, and there’s NO SOLUTION ON SCREEN TO IT. How can you be a wallet so disorganized. Don’t get Nexo unless you’re big on bread and have it to blow until they fix verification and withdrawal process. It’s very strange and I’ve had $50 in my account can’t even use because I can’t withdrawal or borrow anything nor spend it in the first place

For someone asking to take control of my crypto in exchange for interest, you would think program design would be their top priority. It’s not. I’ve had an account less than a week and have had to reach out for support 3 times so far!!! First time, email verification links didn’t work,. Then when I reached out, they gave a template answer and didn’t even read my question. Answered something else. I reviewed the response and finally got an answer 4 days later. And it required me going on the desktop and copying links that were dead. Now I’m onto literally step 2 which is identity verification. Errors here now!!?? I tried on my computer but it’s older so the webcam is not premium so it’s too fuzzy to see my ID absolutely perfectly clear. Nexo will not let me identify myself. And I get yet an error if I try to go through this way. Absolutely ridiculous. And you want us to trust you with our money?! Laughable.

This company seemed great at first but that was until they liquidated my XRP. They said that repayment in XRP would be deactivated because of the SEC lawsuit against Ripple. They gave no notice of this so I could not sell the XRP once they said this. However the price dropped substantially and when you take a loan from this app and the price of the asset you borrowed decreases, they start to sell it to keep up with the loan. So basically what happened was the price dropped like 40 cents and I couldn’t sell it myself but this app ended up selling 70% of what I owned. THEY BROKE THEIR OWN RULES. I couldn’t sell my XRP but they could. I was even getting ready to make payments to the loan but it was too late by then. After this happened I reached out to this app telling them I would pay back 2/3 of the loan instantly if they restored my XRP and it has almost been a month and still no reply. Now they are being sued. this app FIX THIS NOW OR U WILL SUFFER.

Nexo seemed very attractive due to the high interest they offer. However, one thing to note is they do NOT accept ACH deposits from your bank, they only accept wire transfers. While this app says they do not charge a fee for deposits, your bank will charge you ~$30 for every deposit.

To get ahead of the charge I was going to make a $1000 deposit, so the fee would be minimal (3%).

I followed all of the guidelines through Nexo and web browser to get the account # and routing # correct. this app has confusing details regarding the bank address. There are multiple addresses and no indication / instructions on which to use.

My transfer was rejected by their bank (Silvergate) and they charged me $50. I called to rectify the issue, but they wouldn’t budge. I had to pay $80 in fees for a transfer that didn’t happen.

I now refuse to pay an additional $30, making this $120 in transfer fees just to send money to this app. Ridiculous. Be careful, or simply use another app that accepts ACH deposits at no charge at all.

Also, the this app team was no help whatsoever. When I told them the bank said they would only clear the charge from the authorized account holder (that being this app), they did nothing.

There are things I like about this new update, but things that I don’t care for, as well. I love the exchange feature. It adds a lot to Nexo . But I don’t like that it came at the expense of transaction records for staking interest. There is no longer a section devoted to it. Granted, we can get the amounts in the notifications drop down menu in the upper right corner, but it gives out less information than the old version did. Also, as of 2/5/21, I didn’t get any notifications for interest payments, so I can’t update my portfolio records. The best way to fix this is to bring back the Transactions tab at the bottom. Just make all of them a little bit smaller to allow another tab, and run it like you used to. Relying on notifications for interest payments just isn’t the most fool-proof method. Other than that, nice app.

Update (2/9/21):

The new update does not address the problem. It told me that there were 12 updates up top, but when I clicked on it, all I got was a blank list with a message “no new notifications”. All past notifications aren’t showing, along with any new notifications. Please just bring back the Transaction section in some form or another. I don’t think that notifications were ever intended to function as a permanent transaction history log.

I love this app. It has changed the way I think about my money, my business, my life. I’ve made all kinds of mistakes with crypto and this app seems to have my back. They are constantly upgrading and evolving to stay at the forefront of a rapidly changing industry.

One thing I don’t like is Nexo has a ton of errors. Perhaps the developer can explain why, but when you move money around, exchanging or between savings vs credit wallets, what you expect to be able to do because of the transaction you made doesn’t. Unless you restart your phone. I can explain further if needed.

Very impressed with the this app team and platform since I began using this app 4 weeks ago. I made a mistake, totally self inflicted, and as a result I lost a crypto transfer. This was on my 2nd day using this app. The this app team stepped up to the task of recovering my funds immediately, responding to my customer service inquiry promptly and with no questions asked. As I result, today (3 weeks later) I received my “lost” crypto and it has been topped up to my account on this app thanks to the Amazing customer service and recovery team of this app. I am very thankful for this and it’s a reminder to me of why I choose a CEFI platform over DEFI.

This incredible platform offers all encompassing hassle free savings for your crypto assets. Incredibly user friendly very easy to navigate. Borrow against your crypto and don’t pay taxes on it. Earn high-yield interest and do nothing but keep your crypto on the platform. Customer service has always been very responsive and timely. I have been using this app for three years now with nothing but great experiences. Try to accumulate as much or as many this app tokens as possible it will increase your interest rate in savings and give you as low as 0% interest on borrowing against Crypto. Amazing!

So far they have been very clear and transparent which is something you can’t say for many of there competitors. There interest rates and great with it comes to earning and the borrowing interest is acceptable. Their app is very simple to use and a easy way to keep your crypto safe will its a work earning that interest!

Only negative experience that I had over the years I been using there service is customer support is extremely slow but recently I have noticed a great improvement in that section - thankfully I haven’t needed them that much.

I’ve been very happy with this app, with no issues to report. Been using for almost 2 years and it’s been great! They have the highest funds insurance that I’ve seen and provide public assertions of their collateral / holdings which no one else does. This gives valuable peace of mind that my deposits aren’t at high risk with this app. Additionally they have held their rates / yields very stable over the years unlike most others. I highly recommend purchasing their native this app token for the additional benefits and long term outlook. I love that I can withdraw up to 5 times a month with gas costs covered.

Only downside is no fiat support yet for my US state and earning in this app tokens. But that’s mostly out of their hands I just hope it happens at some point!

Wow! I’ve been using this app as my primary bank for a year and a half now. All I can say is that it has been a life-changing experience. Even with this correction on May 19, the way they communicated with me through the entire crypto market price correction and continued to pay interest on my assets not being used as collateral for my loan has proven to me that not only is their business model sustainable, but practically useful for everyone who would use it. I also received my yearly dividend last August and look forward to the next one this fall. this app is a game-changer. Their insurance is with the same company, Lloyds of London, as my home insurance. I have no doubt that this company and app has a bright future! Do not hesitate to use their service and totally take advantage of their token and the perks that come by having 10% of your net in their system in this app tokens. It’s worth it! I started with $30k in March of 2020 and now have close to $1M. this app made it possible.

As I write my review a day after crypto markets started their latest meltdown, this app has got their platform firing on all cylinders. Binance hasn't responded to my support request from OVER A MONTH AGO, Coinbase has been experiencing a liquidity crisis and randomly kicking me off just when checking prices, but this app hasn't failed me yet. Their support is lightning fast and very helpful. They have a live chat on desktop. Idk any others that have that yet, and they're quite good at resolving problems. Instantly exchange currencies with minimal slippage and earn fat interest while you park your funds there. It's wild. Only gripes I have are to please give us dark mode, and please give us data charts so we don't have to switch to another platform to notice market trends! Actually one more thing - PLEASE enable U2F security keys for multi-factor authentication. Take your already robust security measures and crank them up to 11 for those of us that want it! No matter what, keep up the fantastic work! edit: meant to make this 5-star. My gripes are minor

this app is similar to vault projects on defi but is simple to use with many features of defi built
In to one app that ultimately builds a credit line u can borrow against, new investors to crypto need to understand the benefits of being able to borrow in times of need while never touching their underlying assets, speak to your tax professional for details but keep in mind that when u sell crypto u pay taxes but when u borrow against it that’s treated as a simple loan. Much better for long term investors who want to build a retirement portfolio with crypto but still be able to tap in to it for financial emergencies or that vacation. Not to mention you can also borrow against your gains to buy more crypto, as a way of taking profit without selling assets until they fully mature. This allows you to multiply your exposure to market movement on the way up with little chance of liquidation due to the ratios of collateral this app forces u to maintain, even with the huge dip that happened in the last few months none of my holdings where liquidated and I was able to buy more crypto during the dip and achieve extra profit in this way! I also get free crypto in the form of dividends payments. I love this app!

I have had Nexo for about a little over a month still not understanding how it works 100% I have less than $20 to be realistic for anyone starting off very very small of trying to become financially free but it says you earn compounding interest on your assets sitting there that’s great...on the dashboard of Nexo there are 3 sections 1)Available credit 2)Credit line and 3) total earned however my total earned has been at 0.00 since I made my very small deposit on the 24th of October I do not see any interest being earned or when the interest are being paid out I also know that this app assets is not available to the US.....it will be very helpful to know if there is a requirement of how much should be deposited in order to starting earning if their is a requirement also it would be very helpful that they provide how much interest is being paid out to each assets so the people can actually see how much they are earning each day...over all I love the concept of a new banking system that actually allows people to become financially free and earn on the assets that you are not using..I will provide next update in 2021

Wish this app wallet had conversions between coins. Does not have dark mode. I’ve been holding this app coins for months and haven’t received 30% interest. I noticed you can’t link your bank account so how is the loan transferred? I give it 4 stars perhaps when they fix this issue and add conversions i will give it a 5 Star.

I’ve been using Nexo for 4 months so far. I have 5k+ in Nexo. I’m able to withdraw at anytime! Never once had an issue depositing or withdrawing. Some people here say it’s a scam. No it is not. this app is SEC compliant. There security is top notch. There support is top notch. People here saying it’s a scam are either not doing there research or mad because they loaned out too much money they can’t pay for out of pocket. Do your research. Anything in crypto is a risk. this app is definitely the only crypto lender I trust and will continue to do business with.

I really like the this app app. I have 3 different crypto apps and this one has the most features and is better layed out than the others. There are more options for types of cryptos and they pay interest daily. I hope they continue to stay ahead of the competition!

Only thing is I wish they had a better system for converting base cryptos into this app tokens. You gotta use a third part app for conversion :( Also, US users do not have the option to choose getting bonus interest for getting payed in this app

This service is truly able to get anyone to financial freedom. You can let your bitcoin and other assets sit while you can use part of what they’re worth for your day to day expenses. This service is so amazing and I’m glad that those at this app have made it so easy to use, and quick to get cash. I am also so impressed that the assets are insured! This was the deciding factor for me. I will definitely continue to be a this app customer. I know they will continue to offer great financial services in the future!

8% interest Gains on Stable-Coins and 5.9% Loan interest i can go on but just that right there is incredible my 100,000$ gains 8,000$ a year amd my 20,000$ in this app tokens gets 30% dividends twice last year 20k in profits anyone that has a problem with this app is slow sorry to say the guy that left 1 star he literally had less than 1000$ in his wallet minimum withdraw is 500$ with 50% cash to CryptoCurrency for collateral so yea easy stuff just read and ask questions they have no problem answering them in a fast timely fashion Go this app!

Love Nexo, 8% daily paid interest is incredible. No bank can do that! Easy to use system, def invested in this app coins too, the card is going to be a huge game changer! I don’t think the people who rated Nexo poorly have done research or fully understand this app. You can literally take a loan out and earn interest on it if you leave it as stable coin. People are sleeping on this awesome opportunity as I’m sure things won’t be this awesome forever 😂

Hope it envelopes the wholes world,more Financial secury,8% returns and cashback,you also have the Loans,is just the away the Financial market needs to go,Step Up to the Future.
100 Million secured into your account,secured loses if something happens you are save,I don’t see any account other with that amount of security in funds from any other financial institution, A lot of commitment to the Clients.
only the Germans huh.

Compared to other crypto-loan companies, Nexo is far superior. Easy to use and interest earning works effortlessly. The recent updates provided a “savings and checking” style system within the wallets, making use of collateral much easier to understand. The 10% holding in this app is a little unclear but I think they will figure out how to make that easier to calculate as values fluctuate. I’m bullish on this app.

I can honestly say that i have been using the this app app for close to 2 years now. I can not recall a single instance that caused me any concern with any transactions using Nexo.

My hope for this app is that it will continue to grow and prosper, as i enjoy having access and control of my money everyday 24 hours. and this app has delivered that.

I am hoping this app will partner with Flare Network to further grow customer base and revenue!

I’ve deposited $300 USDC into my this app account to accrue the 8% interest. Everyday I’ve been getting my daily interest payment so I’m looking forward to deposit more money. However I can’t help but think I would feel a lot safer if some sort of American compliance agent could state their approval of this app.

Haven’t withdrawn any money yet, will update my review if I run into any problems.

If you’d like to use your crypto to get a fiat loan or use it to collect interest this is the place to do it. You can also purchase the this app tokens as the company pays out 30% of it’s profits in dividends! They have your money insured and are legal with the SEC so it’s all on the up and up! Nexo is well built, fast and seamless. Try this app out it won’t disappoint!

Unfortunately I couldn't even work with it, keeps refusing payment. Perhaps because I'm in Portugal, not sure.