Nexo
Reviews and Complaints

Nexo definitely has some solid advantages over the current competition (Q1 2021).

The leaders in this banking segment of cryptocurrency are Gemini/CEL/Nexo. I find that Nexo takes the best qualities of both of those groups and has made a quality and reputable product.

I appreciate the competitive rate of return we can get from our deposits. This amount isn’t guaranteed year to year, but as long as people are borrowing against their wallets with their line of credit program it should sustain quite nicely for those that don’t take out lines of credit.

As of today - the areas that need work are the exchange and ease to purchase Nexo tokens. The exchange isn’t as quick as Coinbase or Kraken. BUT I DO APPRECIATE THAT YOU ADDED IT!

The wallets need to have the dollar amount listed on the complete view - as well as the actual price of coins/tokens available in real time that’s listed.

Nexo 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 Nexo 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 nexo!

After years of using their service and going through KYC with my info never changing ever since signing up I received an email stating the following

“ Dear Victor,

Our systems have identified logins into your account for the use of Nexo’s Earn Interest Product and/or Exchange Service from a jurisdiction outside the supported areas for these two products, as described in the Earn Terms and Exchange Terms.

This is a reminder that if you would like to use these services going forward, you need to update your Advanced verification and provide a supporting document from the list below by 00:00 AM UTC on October 26. No action is required to keep your assets in your Savings Wallet or Credit Line Wallet. You can freely top up and withdraw funds after this date.”

After this I then received today

“ Dear Victor,
The market is experiencing high volatility levels and the value of your collateral has decreased and your loan-to-value ratio has exceeded 74.07%.
Please be advised that if the loan-to-value ratio increases to 83.33%, we will initiate partial loan repayments automatically.
We urge you to transfer additional assets to your Nexo Wallet to improve your loan-to-value ratio and avoid automatic liquidations.
Make sure you choose higher network/miner fees to ensure fast confirmation of your transfers.”

Within seconds of receiving that email they sell my Bitcoin and ether locked me out of my account and didn’t even allow me to correct the issues I will be selling all my holding with this company sad to say thieves.

Update(new) it’s great they added a desktop feature to mobile however, it still has the same problem the desktop does. When you filter out $0 balance crypto it still reappears if you exit out the app. This needs to be a permanent switch with the option to enable/disable. There still isn’t any type of chart or way to sell and liquidate assets. Still waiting on these important features.

Update(old): it’s getting better, they have added USD which is great and I appreciate that they listened to feedback. Unfortunately the app is still missing out in key areas 1. There are still no charts showing crypto price changes on assets such as BTC LTC etc. 2. No method to automatically track your returns/loss over time unless you manually track your balance and know exactly how much you put in minus any fees it took to get your money there. 3. No filters on the mobile app to show only certain currencies this is only available on desktop or full web version. My rating remains unchanged, until at least a method of accurately tracking your deposits and returns is implemented. *Most issues have been resolved, old review1. This app constantly logs me out on my phone since I started also viewing my account on my tablet. 2. Verification for login states failed but let’s you in anyways and even resets your already established pin and prompts you to create a new one and sign up for face/Touch ID again. 3. No type of chart to see your ROI, or current market prices 4. When selling you cannot sell in USD Fix these issues it’s 5 starts easily. Assuming you use it for its intended purpose.

First, I would love to know why I have to use local coin swap and Changelly to buy Nexo on their own platform. The entire process ends up costing money. Unable to use USD to get Nexo so I used USD in my edge wallet to purchase Bitcoin which took 7% of my purchase. Then, I had to transfer the Bitcoin to Nexo. The fees for that were nominal but when the idea is to invest and earn, it is beyond frustrating. Thinking that now I’ve been hazed and I can purchase Nexo on the Nexo app with no fees, I took a deep breath and opened my Nexo wallets to get Nexo in my account so I can earn more interest. WRONG! Apparently that is only for people who don’t live in the United States. So, I spent at least two hours figuring out I couldn’t buy Nexo on the Nexo app, I now am going to spend another hour signing up for and using an entirely different platform to purchase Nexo for the Nexo platform. And it did not stop there. Oh No! I still have no Nexo in my Nexo wallet. Because now I had to spend an hour trying to figure out if Changelly was an ERC20 or TRC20 which first required that I learn what and ERC and TRC are.

After I did all that, I was still unable to figure out or get Changelly to accept my Nexo wallet address. So, 5 hours and almost 10% of my intended investment later sitting in someone else’s pocket, I am here telling you to save yourself a headache, a broken wine glass, time and money. Skip Nexo. There are other platforms that earn on crypto and I will be looking at Gemini tomorrow. Also, all developers need to make trades in terms of the users native currency. I don’t know how much 0.0051 of BTC is. If there is a minimum of 0.00314; I don’t know if that is 5 dollars or my hard earned USD or 500. It’s like walking into a bank with EUR and exchanging it for a coin made exclusively for that bank.

My specialty is in the law. Yours is math. Just put the process in terms people understand. Just come here.

(iPhone 11 OS 15) I’ve been trying to get this app up and running for the last week and it’s been extremely frustrating to say the least. Where do I begin? First I had constant issues with account verification. The selfie mode is broken. Everytime you attempt to take a selfie, not only is the image grainy, but the camera itself keeps changing it’s parallax and zoom. Why? I contacted customer service for help with verification via chat, but even their recommendations did not work. The app jist decided to work one day when I dramatically changed the angle of the selfie. After a week of trying to get my account verified, suddenly I was able to make transactions, but come to find out the interest rates are misleading (4% is standard, not 8%). Not only do you have to upgrade to a higher “lotalty” tier of membership to get the advertised interest rates , but in order to get them, you have to buy NEXO coins (which I’m not against), BUT THE PROCESS OF UPGRADING TIERS /BUYING NEXO IS SO UNINTUITIVE THAT IT’S NOT EVEN FUNNY. You can’t even buy Nexo coins outright from Nexo: you have to go through a third party app called Changelly (which you also have to sign up for, which also had bugs), exchange a minimum preset amount of Bitcoin for Nexo (No other crypto options to exchange with might I add), but this whole exchange process does not work! Entering the data on the exchange is also buggy (data keeps resetting every time you try to add the information, exchange rate options keep switching, minimums keep changing), and even after you figure it all out and make the exchange happen (remember the rocket button), you just keep getting sent into circles about copying and pasting a transaction address. There’s other crypto apps that are MUCH easier to deal with then this right now. I’ve been REALLY patient with this app and it’s now worn thin. You guys REALLY need to do something about this Bitcoin/Nexo integrarion business ESPECIALLY. One more thing: every so often, after opening switching back to the app after multiple times, the app tells me I need to sign up and create a pin. It’s an unsual bugs. None of this is clear whatsoever. My initial impressions with this experience is lots of bugs, lots of window switching between apps, and much time spent with customer service that does not have the exact answers.

unless support replys to this review and helps me. this alp started out working fine. until support cancelled our live chat sessions mid talk as i caught them in contradictions in straight up lies. i have photos of all of my accusations, screenshots, the giant company cares very little to 0 about the consumer. they let you borrow money against your money at decent rate ~10%,

now if you borrow money which charges interest monthly, if you chose to repay early, which all banks would love. these guys charge as if you borrow cor the full month, even though you borrowed for 5 mins.
now as i repay my loans, which are 4,000$ on 10,000 of my money that they are holding. while holding highest vip status which should lower the interest rate to the min, from ~10 to 1-2~. if you repay early, they charge about 14% full lvl 1/5 vip lvl on that 4,000 as if you had borrowed for whole month. besides that it warns me, you owe 4080 we will charge you, for the full month 30$ extra, so i repay 4010. thinking i can now cash out my remainder funds. but no, they have added another 30~$ to my acc that i owe. aka double their max interest. i pay that and cash out.

now the biggest problem is that they do not hold their own funds, they hold them vis a company that does have insurance of some 2-300 mill $ usd. the insurance is never used for any amount lost or stolen. as their rates may go up? my best guess. anyway at the time about 5-7 months ago. they held around 20 coins. each coin specifically said which chain to use or your money will be lost. so i was depositing usdc, the only coin that did not say which chain to use. it just said use usdc, all other coins said use erc-20, bep 20 etc. usdc did not. so i deposited 500$ in usdc bep 20. they later told me they wanted me to use erc 20, even though majority of their coins where erc 20 and clearly said use erc 20 in bold red all over page. usdc had none of this. i have screenshots as proof. certain months later they had changed usdc to say the same as we know usdc is not a chain. so here i am talking to them again, after talking to their crypto fund holder who said they can easily send my funds back as they are clearly on the chain and the wallet address is the same for bep20 and erc20. i have about 30 emails from nexo and their crypto holder contradicting them selves and creating new and fake reasons why they wont send my funds back or credit them to my nexo acc, mostly nexo making different excuses and not bithub the holder. my latest conversation with them went like this, we are sorry but this problem happens hundreds times a day and we cant help you, even though funds are on chain and i have provided them 3 different ways to recover the funds. i have posted this on reddit and other forums and people have linked to same issue where they had been robbed for 20,000 usd. i believe noway does nexo hold eventually due to these errors in 10s of millions if not more, and do nothing about it. so here my last chat with support, support shows their new page which is fixed, only years after operating under old policy. something a 10 year old can fix. no coding needed, just write erc-20 only like the rest of the coins. so the rep tells me nothing has changed and that what it says now for usdc erc-20 it had always said. after providing screenshots and links to reddit where others have confirmed my story. the rep disconnects. a week latr when i try to login my acc is closed. acc which had hostory which had proof of double charging the full monthly fee on a few min loan. they forced me to buy their coin to reach highest vip to lower interest which never took effect as i always pay my cc early, and it was impossible to figure out on which day to pay, to not pay the full interest which than got doubled. github in their emails to me asked that nexo make the request as they are their client, which is very reasonable. nexo refused. nexo did in one of 30 emails say that eventually they will be access the funds on their wallet on the block chain. but now with my account closed i have no hope to receive my deposit back. and am certain they will pocket the 100s of people who followed instructions and deposited usdc just to lose their money. sorry if i repeated this but once the rep whent alk crazy, she screamed that the instructions where always same, and when i linked to old instructions and new, she ignored that, cancelled chat, and i was unable to reconnect to chat with someone else again. i contacted ios store support to remove their app or help retrieve my funds as apstore only helps them steal and i believe break usury laws by charging by my calculations thousands % of interest for a few min loan of my own money. so they collateral, 0 risk, and still charge double max no vip interest, after i bought their worthless coins to raise the vip, which did nothing and conduct them selves purely illegal. i have saved the transaction history and took photos to prove everything i said. lastly, github, their crypto funds holder emailed me saying they would gladly send my usdc back but nexo refused, and when i signed up, the more nexo you held, you received 1/3 of nexo's profits. this was voted out by majority, confirmed on reddit, as this was a 100% loss or reason to hold nexo, and 100% gain for nexo which now kept 100% of their profits. i know people that held 100ks of nexo to recieve these dividends and got royally screwed because obviously the token price dropped almost instantly.

Everything is promising you up to 12.6% on crypto, well that’s only if you buy their crypto and pay the gas. Not even, they want you to pay the freight. This is a waste of your time, and your crypto.

According to the developer everything is achievable, and withdrawals are free. That’s not what I said, you have to pay the gas. What’s free is that they don’t charge you a fee to access your money in your wallet! They’re inflating their own crypto currency’s value requiring you to buy it to gain better interest rates. That’s a Ponzi scheme

Don’t waste your time or money. All I tried to do was change my email (you can’t change it yourself in the app). Guess what, you can’t withdraw funds with a email you don’t have access too. So I emailed support, guess what they said?

They need my address (which isn’t in the app)
They need my face (obviously not in the app)
They need my drivers license ID (not in the app)

Why do they need all that to change my email on their end...if I didn’t need any of that to sign up.

My money is locked in the app and they are holding it hostage.

Well after a good run with these kunts, they’ve made it impossible to withdraw your OWN investment off their platform (I’m guessing I’m supposed to leave it (crypto) on the NEXO exchange) Now They require blood test, SSN#,ID,Bank Statement, Bank Card, also a reason for purchasing crypto? Whoaaa! I’ve respectfully refuse service here folks ‍️…(After making such statement’s of buying elsewhere ..my account has been officially terminated ) MAKE SURE YOU STORE YOUR CRYPTO FAR AWAY FROM EXCHANGES COINBASE,NEXO,FTX,BINANCE,ETC..Have LOVELY DAY CIVILIANS ✌️

Their customer is useless; no communication. And when you do you get attitude, as if the fact I choose to take my business to you somehow dictates that I owe you something. I’ll happily go to elsewhere. But be careful, the way divert your crypto and you will notice little pieces here and there missing. Not fees of course mind you but just random oopsie mistakes, that suddenly cost you crypto. For legal sake I’m not saying this, but it starts to look an awful lot like someone is skimming or stealing. Just saying how it looks. At any rate avoid nexo, your better off going elsewhere.

Sent crypto from another wallet to use at Nexo. The transaction was successfully received by Nexo and recorded on the blockchain. Had to provide support with the transaction hash to prove they received the funds and had to provide them with a video of me opening the wallet I sent from on my phone to prove I owned the wallet. THEN, the only reply I have been able to get in a week is that it will likely take them 6 MONTHS to “find” the money that they successfully received and I have proved that they successfully received. Do not under any circumstances trust these criminals with your money!

Here’s just one example of why Nexo is terrible.

I took out a 0% interest loan based on the criteria I met to receive such a rate. When I went to pay the loan back, I owed money in fees AND interest. So, the offer was a lie. Straight up a lie.

But…that’s not all.

Later, while I started to shut my account down, Nexo said I owed additional money back on the loan on addition to what I already paid when I was told I paid the loan back in full.

Other major issues include, terrible exchange rates, hidden fees, wonky app bugs and design(why call a transfer a “Top Up.”

Please don’t waste your time.

The rates up to that you can earn yield look good. I’m not sure what it will actually be but if anywhere close then it might be a nice try.

The sign up was irritating and kept crashing but once I get to the point to approve gave ID it’s smooth. I don’t believe saving password like thh be is anywhere on the net period full stop.

Tried to try or type various currencies to see the equivalent in the coin or dollars but it won’t allow you to manually adjust a number like other wallets and appears to go by only what you may have already deposited.

The app is clean looking. Many people I think would enjoy using it.

4 months no request for any further information until I tried withdrawing 10% of my funds. Over 26 hours and still not released. Detailed request of where my money came from was filled out as my funds are held hostage: If more information was required, why wait and hold funds hostage? This is not costing me money and TRUST.

Their request:

In order to complete our check, kindly provide us with the following:
Bank statements/payslips for the past 3 months displaying your regular income, alternatively you can provide us with your latest annual tax statement.
Order history from Coinbase displaying your crypto purchases in PDF.

Nexo appears to be a great service, but it’s a scam.

Do not take a loan and do not trust their hosted wallets.

I took out a substantial loan from them, to be paid in USDC.

Their transaction record and etherscan show the payment made to my Nexo USDC wallet, but the wallet itself on Nexo is $0.

Since Nexo actually owns and manages the wallet, I am simply out the loan amount, AND my crypto is locked up.

Nexo has NO customer service and therefore no recourse when something goes wrong.

I’ve spent much time trying to contact them, to no avail. They currently have a note up saying it could take an entire weak.

Companies that think it’s acceptable to leave customers hanging for an entire week after stealing their money should not be in business.

I transferred my crypto into the wallet provided by Nexo 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.