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diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
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Portugal
Hi guys.

Recently, I've been reading more about investing and searching for places to do so.
During my research, I came across Nexo. I understand that there is an option in which Nexo acts like a bank with rates of 8%, paid daily.

I'm interested in exploring this, as my bank offers rates way, way below.

I've been wondering if someone here uses or has used Nexo, either for investments or just as a bank, and what are your thoughts on it?

Thanks.
 

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Champion

Bronze Contributor
Read Millionaire Fastlane
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Apr 12, 2019
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Hi, I never used Nexo, but listening to you talking about it already makes me want to recommend you to stay away from it.

Why do you plan to invest your money into a bank that will pay you "rates" in order to grow it?

The fastest way to grow your money is by building a C.E.N.T.S business that offers value to customers in the marketplace. That is the only way you will be sure that YOUR best interests are at heart and not the bankers or other financial advisor who try to sell you something.
 

diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
50
38
48
25
Portugal
Hi, I never used Nexo, but listening to you talking about it already makes me want to recommend you to stay away from it.

Why do you plan to invest your money into a bank that will pay you "rates" in order to grow it?

The fastest way to grow your money is by building a C.E.N.T.S business that offers value to customers in the marketplace. That is the only way you will be sure that YOUR best interests are at heart and not the bankers or other financial advisor who try to sell you something.

Yes, of course. I know that.

However, I do have money in the bank at incredibly low rates. Why not move it, or at least some of it, to a place that offers rates 30X higher? This is an honest question.
 

Bubbles

New Contributor
FASTLANE INSIDER
Nov 18, 2019
18
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17
Yup, Nexo pays 8% interest on your $. They are also insured up to $100m and has a banking license. I have some exposure there.
but there's a non zero chance it can fail, or your account gets hacked.
I do think chances are very remote though.
Can check out celsius.network or crypto.com too to spread out your risk, they pay 8%ish on your $/Euro. Nexo seems to be the safest counterparty though. but both celsius and crypto also pretty big
 

diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
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Portugal
They are also insured up to $100m and has a banking license

That's what I was looking to find out. Thank you.

Hackers are a concern too, but they must have defences equivalent to banks, no?

Despite using other services, I understand that your highest recommendation is Nexo, correct?
 

Bubbles

New Contributor
FASTLANE INSIDER
Nov 18, 2019
18
16
17
What I would do is to diversify among the three, and probably weighted according to the risk profile.
technically I'd consider them "safe" enough to invest some money, but not my life savings surely(always diversify even with banks).

The reason is that as a sizeable business(especially the regulated and insured ones), they should already have eliminated almost all risks that can put them out of business.

They could definitely get hacked, but as a business, they would have taken precautionary measures, like having multiple hot and cold wallets and so on. So even if they do take a hit, the business still is able to continue.
That said, nothing is failsafe, even the smartest people can overlook the simplest things. So to avoid a black swan event from taking me down entirely, I make diversification my best friend!
 

diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
50
38
48
25
Portugal
What I would do is to diversify among the three, and probably weighted according to the risk profile.
technically I'd consider them "safe" enough to invest some money, but not my life savings surely(always diversify even with banks).

The reason is that as a sizeable business(especially the regulated and insured ones), they should already have eliminated almost all risks that can put them out of business.

They could definitely get hacked, but as a business, they would have taken precautionary measures, like having multiple hot and cold wallets and so on. So even if they do take a hit, the business still is able to continue.
That said, nothing is failsafe, even the smartest people can overlook the simplest things. So to avoid a black swan event from taking me down entirely, I make diversification my best friend!

From what I could gather crypto.com and celsius.network do not pay interest unless you're investing in crypto, am I correct?
 

Bubbles

New Contributor
FASTLANE INSIDER
Nov 18, 2019
18
16
17
stable coins are just coins that are pegged against a currency. so 1US$ stablecoin = $1.
 

diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
50
38
48
25
Portugal
stable coins are just coins that are pegged against a currency. so 1US$ stablecoin = $1.

So what's the point? 1 US stable coin is 1US Dollar?
Do you know any resource I can read to understand stable coins?
 

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Bubbles

New Contributor
FASTLANE INSIDER
Nov 18, 2019
18
16
17
So what's the point? 1 US stable coin is 1US Dollar?
Do you know any resource I can read to understand stable coins?
well u cant send your $$$ over the internet, within minutes, to anywhere in the world, at a fraction of the cost of a wire. a stable coin allows you to do that.
 

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