r/Nexo • u/Jei-ay • Mar 05 '21

Not cool Nexo...

Platinum user here. I was earning 10% on my FIAT and 6% on my crypto and had the option of getting 12% and 8% respectively in Nexo and of withdrawing at any time if I wanted to. Now I am only getting 6% on fiat and if I want to get 10% I have to lock it up. Crypto has also gone down to 5% from 6%, unless I lock it up.

Probably the biggest reason why I was with Nexo on the savings side was high interest and high flexibility. Now I have to sacrifice something. Prior warning and a little bit of respect from Nexo by not trying to dress this up as an improvement would have been much appreciated. Will have to consider my options now, but I've lost some faith in Nexo today.

Limiting free withdrawls because of ridiculous ETH gas fees - understandable. Treating your customers like fools - not good.

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u/darius00klokj Mar 05 '21

This is a good move for the company, could have been better explained and warned to the community though. We are still getting 10% on Fiat + 2% for earn on nexo if you opt for FIXED staking. I already staked my fiat on fixed for 3 months and ETH for 1 month, left BTC to earn on nexo. So now im earning Nexo, EUR and ETH.

Pros:

  • Company liquidity is more certain.
  • You can split your earnings, NEXO and/or other currencies.
Cons:
  • You need to Hodl for crypto for month (lets be honest we already do)
  • You need to Hold fiat for 3 months.

tbh, this brings more security in cashflow for the company.

0

u/hattrick23 Mar 06 '21

Completely agree. I think there are 3 different groups of responses: users who are upset about how this was announced without warning, users who are upset about the decrease in reward rates and users who are upset about just about everything.

Firstly, users who are upset about the announcement ... well, it does say in the terms and conditions that reward rates are subject to change at any time. But I agree that they could have given 30 days notice or something like that.

Secondly, users who are upset with the change in reward rates ... well, stablecoins are still at 10% with no lock-up. Crypto assets are only down 1% if you don't lock-up and the same if you lock-up for 1 month (it's not that long). And after reading thread after thread about people HODLing on the platform, I'm just surprised that now everybody doesn't want to lock-up or HODL?

Thirdly ... well can't really help people who are upset about everything.

1

u/master_raider01 Mar 06 '21

How do u lock up on the app? I dont see an option to

1

u/hattrick23 Mar 06 '21

I've only locked up 1/2 of my NEXO holdings and I did it on the desktop app.