Is Nexo Legit, Safe to Use and Worth Your Time?

Nexo is a crypto interest and lending centralized platform that retains custody of your digital assets offering an APY of about 6-12% on several cryptocurrencies today, including Bitcoin, Ethereum, and Tron. One of the reasons why Nexo is a popular platform is because the firm offers payouts daily. Better still, Nexo gives an upward of around 12% for some large fiat currencies.

Nexo is being used globally with a customer base of over 1 million users. The platform’s website has more than $12 billion worth of assets. In this article, we will review the Nexo platform concerning key areas such as security, special features, and the company’s role as far as the crypto industry is concerned.

The Nexo Token and its History

NEXO was originally moulded during the ICO. The team members and early adopters were the first individuals to receive these tokens. These holders are offered up to 30% of the firm’s profits. The role of this token is to underpin the loan while depositing the ecosystem.

Anyone who holds the Nexo Token is entitled to up to a 30% share of the firm. Another advantage of a Nexo holder is that they receive an additional 2% of APY to their deposits and be eligible to be loaned the 5.9% of the company’s instant credit line.

Is the Nexo Token worth buying‽

The net supply of NEXO is fixed at one billion tokens. Currently, approximately 500 million tokens are circulating in the crypto ecosystem. It is also worth noting that during the token’s first year of usage, its price oscillated between $0.09 and $0.50. However, last year the token experienced a price surge of up to $3.60 per token.

The Architecture Behind Nexo’s Safety

Nexo is responsible for storing your digital assets thanks to the company’s cooperation with BitGo-a crypto custodian solution. Nexo’s liabilities are responsible for protecting your assets from cybercriminal attacks, malicious computer programs, and other dangers associated with cryptocurrencies.

The assets in Nexo are kept in a cold wallet, which is protected by multi signatures. The private keys are stored offline in vaults, thanks to BitGo. Therefore, the kind of protection given to your assets is pretty solid.

The Safety and Legitimacy of Nexo

The fact that Nexo has been around for quite some years has earned the firm a valuable and huge customer base. The firm has completed favourable against giant industry giants such as Celsius and BlockFi. Nonetheless, the firm is frequently bombarded with customer-relation issues, as users continue to urge the firm to be more honest when responding to customers’ complaints.

As far as safety is concerned, Nexo stares down at some grave security issues such as:

  • Losing interest in the event of a bear market.
  • Withdrawals issues.
  • Cyberattacks or lack of transparency within the firm.
  • Loss of the dollar peg.

Conclusion

Nexo seems to be a very good from that you can rely on. It is also important to note that the firm has not faced any grave issues of late. Still, Nexo surely can do better when it comes to customer-company communication.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.