The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
Anything related to investing, including crypto

diogoatmelo

Contributor
Read Fastlane!
Oct 30, 2019
50
40
27
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Champion

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Apr 12, 2019
682
691
Hamburg, Germany
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 Fastlane!
Oct 30, 2019
50
40
27
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
Nov 18, 2019
18
16
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
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

diogoatmelo

Contributor
Read Fastlane!
Oct 30, 2019
50
40
27
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
Nov 18, 2019
18
16
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 Fastlane!
Oct 30, 2019
50
40
27
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?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Bubbles

New Contributor
Nov 18, 2019
18
16
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.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Must Read Books...

must read books
Download FREE and share!
Download
Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top