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    Nexo

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Trustpilot
4.6 / 5
Corporate Values

Overview

Nexo has a consumer rating of 1 star from 2 reviews indicating that most customers are generally dissatisfied with their purchases. Nexo ranks 519th among Cryptocurrency sites.

Positive reviews (last 12 months): 0%
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How would you rate Nexo?
Top Critical Review

“Misleading”

Helen M.
10/4/20

This crypto banking firm has ridiculously high minimums that are out of reach of the typical investor, and if you are not investing in crypto you must be an accredited investor to earn interest on USD. I found no mention of the accredited requirement anywhere on the main page of the website, except when I contacted support after I signed up to use this option. I think it is unfair and dishonest that they do not make clear that one must be an accredited investor or have tons of crypto laying around in order to join this banking firm. Stay away.

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Reviews (2)

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helenm123
84 reviews
150 helpful votes
October 4th, 2020

This crypto banking firm has ridiculously high minimums that are out of reach of the typical investor, and if you are not investing in crypto you must be an accredited investor to earn interest on USD. I found no mention of the accredited requirement anywhere on the main page of the website, except when I contacted support after I signed up to use this option. I think it is unfair and dishonest that they do not make clear that one must be an accredited investor or have tons of crypto laying around in order to join this banking firm. Stay away.

Tip for consumers:
Only if you have a large amount of crypto laying around can you use this site. Dishonest people.

Products used:
USD interest investing.

ninab2
3 reviews
6 helpful votes
March 1st, 2021

In/around 23rd December 2020, Nexo made the decision to liquidate collateralized XRP holdings of hundreds of its customers. Without proper notice except for automated text and email messages alerting that 'small automatic repayments may be taken against your loan'. But then cue massive Sell Orders without any indicative notification. Nexo's reasoning behind this was that SEC made them do it because of the Ripple lawsuit. And that they (Nexo) is a SEC-compliant company and so properly aligned itself. But - and here's the biggie - they are not registered with the SEC except for an exemption from following their rules regarding crypto offerings! They APPLIED to be exempt from SEC compliance. So this begs the question - what really is going on?

They also change their terms and conditions very frequently and without notice. Then they happily tell you that they reserve the right to do this anytime, whenever it suits them, and for whatever reason. Without having the duty to inform you, their customer! I wouldn't even deal with Walmart if they operated this way! But you're going to trust Nexo with hundreds and thousands of your money and coins? This is a new definition of risk.

I bet you've saved hard to accumulate your crypto, withstanding a protracted bear market. Do you really want to trust such a non-transparent company with it? Would you want to risk the heartache of any of it 'disappearing' due to unforeseen, lightning-fast changes of terms or -- at best -- questionable practices? I think not. Cold storage is your friend. Don't borrow against crypto, this is a fabricated need that only benefits this company. Their USP of easy, no-question loans and high interest is definitely 'too good to be true', and can't last forever, like any Ponzi.

Just - stay away. You'll be glad you did months from now when you start to read the news.

Q&A (1)

Answer:

Scam. They only accept those with thousands worth of crypto to invest or who are accredited US investors it is not the democratized open to all investing they make it sound like.

By Helen M.

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