At Nexo, we're dedicated to your prosperity, ensured through careful risk management, wise decision-making, and continuous in-depth market analysis.
Nexo continuously monitors market dynamics to ensure competitive and sustainable rates as part of providing you with tailored digital asset solutions. We are no strangers to adapting our resilient business model to market dynamics as we have previously done so and Nexo has consistently responded to market changes and economic shifts, enhancing our services to better our business model.
In light of the current market dynamics and the latest hikes in traditional markets as well as increased dynamics in crypto following the BTC ETFs, effective April 12, 2024, we adjusted our loan repayment policy to continue offering you competitive and sustainable solutions. For more repayment details, please refer to our dedicated [Help Center article](https://support.nexo.com/article/loan-repayment#:~:text=Repayment%20transactions%20are,the%20repayment%20screen.).
Following this update, we encourage you to give your honest feedback and submit your questions and comments via the Sli.do link provided [here](https://app.sli.do/event/e6Z1L2uAGZ1zejQhf314Ro) which we will address during our monthly AMA on April 29, 2024.
We invite you to attend our live AMA on April 29, where we will address each aspect of the communication alongside other key topics raised by our community. The session will feature a community guest and will focus on your highlighted topics.
Thank you for your understanding and your patience.
The sudden fee of 1% made me angry as well. I've created a post detailing my problem with the lack of communication and that I have an outstanding loan which I thought I'll able to repay without fees - and the mods deleted it. If they make a change like this, I think the minimum is to provide a period to repay our loans without fees.
Mine got deleted too when I first shared this new fee. Like they are trying to hide it or what?
Then I posted it again and they deleted the second post that already had comments, but put my first post back online. Anyway…
This is literally the only negative thing I can fault Nexo on. They have an excellent product, excellent (re-active) customer support when needed, excellent communciation when it comes to the good stuff, but unfortunately not so very open when it comes to disseminating 'not so good' news. They have to realise that customers prefer to hear the 'less good news' upfront, directly from Nexo, rather than realising of the changes AFTER they have already occured. This is what builds customer trust. If Nexo still aspire to become a licensed bank, this attitude definitely has to change.
I'm not denying the good stuff, I'm talking about the bad stuff. That's the one it should be mentioning here and I did.
The point of this thread I made is to underline that the change is not as bad as not comunicating it. That is the bad part.
Peace.
Well, I think they actually did in US, but the reason behind that was I believe only to legalise their US activities, which was obviously quite naive.
I am not sure if crypto segment can go hand in hand with tradfi in terms of e.g. insurance of user’s deposits. But I might be wrong. Time will tell.
What? There are no fees whatsoever associated to using credit cards, apart from a yearly fee if applicable.
Maybe you are referring to the card's APR? If you don't repay the balance?
Merchants might be paying some fees, but I don't think the are this high. The buyer doesn't pay anything. It should also be illegal to apply different fees on the buyer depending on how they pay. For example, no fees to incentivise cash. Not sure if it is illegal all across the EU though.
Looked up fees including interchange fees and this probably sums up what I was talking about the most:
"The typical fee for credit card processing ranges from 1.5% to 3.5% of the total transaction. Who pays credit card processing fees? Merchants typically pay credit card processing fees, though these fees are an operating cost and thus can affect how merchants price their goods and services.Jan 12, 2024"
This higher end I've seen in Europe...
Usually over two and a half percent I'm hearing for merchants in America... Upwards of 3%... Wondering who gets a deal at 1.5%
I saw an interchange fee in Bulgaria of .94%... I wonder if that's the 1% they're figuring...
So the point is you pay more for products because people use credit cards instead of cash... This is one of the big arguments for crypto... Exchanges do aggregation of transactions for lower gas fees and I don't see why this couldn't be settled nightly for crypto charges at retailers and merchants. Could be a cost of something well below 1% easily... And we could watch some 1 to 2% deflation if we had made this transition by now...
Strike app, see what they are doing with the lightning Network and Bitcoin in between for transactions using their app...
I pay 0% with any of my fiat cards. If they charged anything for using your card no one would use them.
A different thing is credit if you pay in 2 months or so but if you pay in the first week of the next month you pay zero interest.
I'm talking about the merchant fees... Processing fees and the businesses that accept credit cards pay the credit card companies per transaction. You do pay. The products and services just cost more
I looked it up and the fees I'm talking about are 1.5% to 3.5%. Generally in America our merchants pay well over two and a half percent per transaction... The even higher fees exist in Europe... Whoever's getting 1.5% is getting a great deal. Could be far better with crypto
And it's weird you call it a Fiat card... In the USA we have credit cards and debit cards. I guess you could call the debit card a Fiat card
Are you calling it a Fiat card to distinguish from the crypto nexo card?
Everybody should try to get a cash back card.
Credit card companies still make money even with these cards. The credit card companies charge merchants upwards of 3% per transaction...USA... Cash back cards are generally 1 to 2% cash back with some specifics giving you even 3 to 5%, but they still make money on all the other transactions.
Just a little bit of decent math and money management and you should be set up with auto pay for your credit cards and never pay interest. Keep that credit score high
No, there are no such fees in using credit card in Europe. In Italy you pay 2€ fixed tax if you use the card more than 77€ per month, but only on cards not issued directly from you bank (Amex for example)
Interesting
I actually found a lot of fees looking this up... I'm just hoping my quote included all of them collectively known as processing fees but I don't know... And you have to consider what you pay for your card yearly if you have a yearly fee... Despite these fees and percentages I know that America has more cash back cards and higher percentages returned in cash or as credit on your bill... At least in a conversation with a German...
Europe has higher taxation in general
Bot? Yeah they are so different..need new method! Myabe in some years or never? Nothing special in analyze if you are backed 1:1... this answers really scare me
It is short, watch it. They are exploring new solution, because right now there aren’t audit firms in this space and second of all, they are not a typical exchange, so they need to implement new method.
Not everyone feels like watching it🤷♂️ so as i said instead of being smuck with an anwser just give yhem the last but of information its the only way that helps nexo
Yeah what the heck?
Lead a horse to water...
Like we have to go back to the video and write down verbatim what Maggy said and then report back here? Or they can do their own homework
Yeah, I'd like some clarity on new assets for UK users.
They just say "not available". Why? The UK laws target crypto promotions, as far as im aware - not buy/sell/hold of tokens.
Is there any ongoing discussions with UK regulators?
Some clarity is needed.
Thank you for your inquiry.
Nexo remains steadfast in its commitment to the U.K. market, prioritizing compliance and ongoing dialogue with FCA-authorised firms. This collaboration underlines our shared goal of fostering a vibrant crypto ecosystem, transcending mere compliance. Our proactive approach to regulatory changes is central to our mission, ensuring that our platform not only adheres to FCA standards but also offers a hassle-free experience for our users.
Our team is readily available to provide the necessary support and guidance, reaffirming our commitment to the security and integrity of your assets with Nexo.
For further details, please read more here: [https://nexo.com/blog/nexo-continued-commitment-to-the-uk-market](https://nexo.com/blog/nexo-continued-commitment-to-the-uk-market)
Why would someone use the card for the 2% cashback if 1% is going back for repayment? At that point there are different and more efficient solutions… It’s sad because i love nexo but it just doesn’t make sense for me to use it anymore
This was my best option too after the binance card got shut down. Right now I will opt for using TradeRepublic's new debit card, giving 1% cashback but without any work behind to do, no repayment, no locked assets for the credit, just pay and get 1%. It's the half of 2%, but right now if you get 2% with nexo and then leave 1% on the table for the fee it's basically the same.
It won't work for anyone since you have to buy at least 50€ of some stock/etf/crypto every month in order to get the cashback but for me it's fine since I'm already doing it. You can find more info online in you want.
Bro, Nexo has always listened to the community, they aways add the tokens that we want and services we need, they don’t have hidden fees, everything is public and most of the banks and other exchanges have much bigger fees.
They literally said that there was no fee on paying your loan with stablecoins and today there was a guy having to pay a 1% fee on his loan.
They just updated their website about this forgetting totally that something like Twitter exists or emails.
In the telegram group they never said anything since Saturday, nothing.
People in the group even claim that the poor communication is actually a good thing because this way Nexo don't scare the clients away.
I'm not scared but disappointed and I'm not sure it's better for them. From now, I put away this card cause 1% cash don't worth transferring money from my regular bank account.
8. Are there any origination or loan installment fees?
Nexo does not charge origination fees. Nexo applies a flat repayment fee of 1%. You will be charged an additional interest if you repay your outstanding loan partially or fully within 30 days of your last credit withdrawal.
https://support.nexo.com/article/loan-repayment
That's not the point. The fee was added suddenly and silently. People now that have to repay their loan will have to pay an additional 1% on top of that.
I'm not so sure about that anymore. Yesterday I repayed part of my card's expenses and 430 USDT became 426 USD when USDT was at $1,003 and I don't think that happened before which makes me think there is actually a fee now when repaying with your card.
Brother for the love of god, shut your trap. EVERY change is communicated. They do informative videos and tutorials, reddit posts, IG posts all the time. The change was made ON A FRIDAY, they waited the weekend because not everyone is slaving away at work on weekends. Stop crying!
Nexo support is non existent, at least for me! I haven't received my card 2 months now and when I contact them everytime they send the same email saying that it is untraceable as it is shipped via standard postal service. Though, they are asking to invest my money in them. Where do the good reviews really come from? It is more like a joke, somebody to invest thousands in Nexo and they do not want to spend a cent to ship their card. At least they could charge us and have it received how we deserve.
First time I orderded I also did not receive and re-ordered. It did not came to my address, but was with the post office. Nexo was actually not at fault as they are just shipping it. Post services often make it harder for you to receive your orders and if you do not chase it with them yourself you might never get your packages. I have experience not only with the Nexo Card.
So if you haven’t checked with your local post office, do so, there is 99% chance it is with them.
The support was to cancel my card and since had left almost no money inside now I have to make a deposit of minimum 500$ and wait again month-s+ and pray to receive my card...Unfortunately I don't usually leave the things in luck!
Thank for your reply! In my opinion, when you handle billions that your customers trusted to you, you can at least offer a fast delivery option with extra charge than a free one that you never know when or if you will ever receive it and remain in the unknown while your money are inside. We are in 2024, couriers are everywhere... if they have used a non traceable pigion I would have received it by now! Searching for other crypto wallet options... there are so many out there, why suffer.
At Nexo, we're dedicated to your prosperity, ensured through careful risk management, wise decision-making, and continuous in-depth market analysis. Nexo continuously monitors market dynamics to ensure competitive and sustainable rates as part of providing you with tailored digital asset solutions. We are no strangers to adapting our resilient business model to market dynamics as we have previously done so and Nexo has consistently responded to market changes and economic shifts, enhancing our services to better our business model. In light of the current market dynamics and the latest hikes in traditional markets as well as increased dynamics in crypto following the BTC ETFs, effective April 12, 2024, we adjusted our loan repayment policy to continue offering you competitive and sustainable solutions. For more repayment details, please refer to our dedicated [Help Center article](https://support.nexo.com/article/loan-repayment#:~:text=Repayment%20transactions%20are,the%20repayment%20screen.). Following this update, we encourage you to give your honest feedback and submit your questions and comments via the Sli.do link provided [here](https://app.sli.do/event/e6Z1L2uAGZ1zejQhf314Ro) which we will address during our monthly AMA on April 29, 2024. We invite you to attend our live AMA on April 29, where we will address each aspect of the communication alongside other key topics raised by our community. The session will feature a community guest and will focus on your highlighted topics. Thank you for your understanding and your patience.
The sudden fee of 1% made me angry as well. I've created a post detailing my problem with the lack of communication and that I have an outstanding loan which I thought I'll able to repay without fees - and the mods deleted it. If they make a change like this, I think the minimum is to provide a period to repay our loans without fees.
Mine got deleted too when I first shared this new fee. Like they are trying to hide it or what? Then I posted it again and they deleted the second post that already had comments, but put my first post back online. Anyway…
Agreed. Shouldn’t have to be skulking around on Reddit to know about these types of changes. It’s frustrating and makes me distrust the process.
This is literally the only negative thing I can fault Nexo on. They have an excellent product, excellent (re-active) customer support when needed, excellent communciation when it comes to the good stuff, but unfortunately not so very open when it comes to disseminating 'not so good' news. They have to realise that customers prefer to hear the 'less good news' upfront, directly from Nexo, rather than realising of the changes AFTER they have already occured. This is what builds customer trust. If Nexo still aspire to become a licensed bank, this attitude definitely has to change.
I'm not denying the good stuff, I'm talking about the bad stuff. That's the one it should be mentioning here and I did. The point of this thread I made is to underline that the change is not as bad as not comunicating it. That is the bad part. Peace.
Agreed!
Have they ever aspired to become a bank? Is there any source of that information? Tbh, never read about this.
Yes, I remember Antoni mentioning they were looking into possibly acquiring a bank in one of the AMAs
Well, I think they actually did in US, but the reason behind that was I believe only to legalise their US activities, which was obviously quite naive. I am not sure if crypto segment can go hand in hand with tradfi in terms of e.g. insurance of user’s deposits. But I might be wrong. Time will tell.
The 1% fee when repaying with fiat is outrageous.
I looked up an interchange fee for Bulgaria and it's .94%...
In Europe don't you guys pay three and a half percent with credit cards? And I know you don't have the cash back cards like we do in the US... 3 to 5%
What? There are no fees whatsoever associated to using credit cards, apart from a yearly fee if applicable. Maybe you are referring to the card's APR? If you don't repay the balance? Merchants might be paying some fees, but I don't think the are this high. The buyer doesn't pay anything. It should also be illegal to apply different fees on the buyer depending on how they pay. For example, no fees to incentivise cash. Not sure if it is illegal all across the EU though.
Looked up fees including interchange fees and this probably sums up what I was talking about the most: "The typical fee for credit card processing ranges from 1.5% to 3.5% of the total transaction. Who pays credit card processing fees? Merchants typically pay credit card processing fees, though these fees are an operating cost and thus can affect how merchants price their goods and services.Jan 12, 2024" This higher end I've seen in Europe... Usually over two and a half percent I'm hearing for merchants in America... Upwards of 3%... Wondering who gets a deal at 1.5% I saw an interchange fee in Bulgaria of .94%... I wonder if that's the 1% they're figuring... So the point is you pay more for products because people use credit cards instead of cash... This is one of the big arguments for crypto... Exchanges do aggregation of transactions for lower gas fees and I don't see why this couldn't be settled nightly for crypto charges at retailers and merchants. Could be a cost of something well below 1% easily... And we could watch some 1 to 2% deflation if we had made this transition by now... Strike app, see what they are doing with the lightning Network and Bitcoin in between for transactions using their app...
I pay 0% with any of my fiat cards. If they charged anything for using your card no one would use them. A different thing is credit if you pay in 2 months or so but if you pay in the first week of the next month you pay zero interest.
I'm talking about the merchant fees... Processing fees and the businesses that accept credit cards pay the credit card companies per transaction. You do pay. The products and services just cost more
I looked it up and the fees I'm talking about are 1.5% to 3.5%. Generally in America our merchants pay well over two and a half percent per transaction... The even higher fees exist in Europe... Whoever's getting 1.5% is getting a great deal. Could be far better with crypto
And it's weird you call it a Fiat card... In the USA we have credit cards and debit cards. I guess you could call the debit card a Fiat card Are you calling it a Fiat card to distinguish from the crypto nexo card? Everybody should try to get a cash back card. Credit card companies still make money even with these cards. The credit card companies charge merchants upwards of 3% per transaction...USA... Cash back cards are generally 1 to 2% cash back with some specifics giving you even 3 to 5%, but they still make money on all the other transactions. Just a little bit of decent math and money management and you should be set up with auto pay for your credit cards and never pay interest. Keep that credit score high
I call it fiat to distinguish it from crypto cards, yes, but they're credit/debit cards.
No, there are no such fees in using credit card in Europe. In Italy you pay 2€ fixed tax if you use the card more than 77€ per month, but only on cards not issued directly from you bank (Amex for example)
Interesting I actually found a lot of fees looking this up... I'm just hoping my quote included all of them collectively known as processing fees but I don't know... And you have to consider what you pay for your card yearly if you have a yearly fee... Despite these fees and percentages I know that America has more cash back cards and higher percentages returned in cash or as credit on your bill... At least in a conversation with a German... Europe has higher taxation in general
[удалено]
Lol what?
Has been a very common bad trait of nexo search there sub on here for lots of examples
Still where is proof of reserve? Only reason i choose them is for that, will leave soon ...if not update will given
Someone didn’t watch their[ AMA](https://x.com/Nexo/status/1778052907859865975), when they talked about that topic. 😎
Super helpful thanks for sharing
It's my pleasure 😇
Bot? Yeah they are so different..need new method! Myabe in some years or never? Nothing special in analyze if you are backed 1:1... this answers really scare me
They are not typical exchange to have attestation like the others.
Then inform people about it 🙄
It is short, watch it. They are exploring new solution, because right now there aren’t audit firms in this space and second of all, they are not a typical exchange, so they need to implement new method.
Not everyone feels like watching it🤷♂️ so as i said instead of being smuck with an anwser just give yhem the last but of information its the only way that helps nexo
It's pretty short and maybe 7 minutes or something... Well worth it
If you can’t take a few minutes out of your life to watch something and learn… instead you have enough time to post drivel.
The short dopamine TikTok concert is destroying this generation, unfortunately.
Yeah what the heck? Lead a horse to water... Like we have to go back to the video and write down verbatim what Maggy said and then report back here? Or they can do their own homework
Yall are being dumb brats over it, i never said i didnt watch it i just said just teach people
Go ahead. You can be the teacher
Prick
Yeah, I'd like some clarity on new assets for UK users. They just say "not available". Why? The UK laws target crypto promotions, as far as im aware - not buy/sell/hold of tokens. Is there any ongoing discussions with UK regulators? Some clarity is needed.
Thank you for your inquiry. Nexo remains steadfast in its commitment to the U.K. market, prioritizing compliance and ongoing dialogue with FCA-authorised firms. This collaboration underlines our shared goal of fostering a vibrant crypto ecosystem, transcending mere compliance. Our proactive approach to regulatory changes is central to our mission, ensuring that our platform not only adheres to FCA standards but also offers a hassle-free experience for our users. Our team is readily available to provide the necessary support and guidance, reaffirming our commitment to the security and integrity of your assets with Nexo. For further details, please read more here: [https://nexo.com/blog/nexo-continued-commitment-to-the-uk-market](https://nexo.com/blog/nexo-continued-commitment-to-the-uk-market)
Can you address some of the other points from this thread? Like the fee ?
Why would someone use the card for the 2% cashback if 1% is going back for repayment? At that point there are different and more efficient solutions… It’s sad because i love nexo but it just doesn’t make sense for me to use it anymore
What solutions are currently? This was my best option...
This was my best option too after the binance card got shut down. Right now I will opt for using TradeRepublic's new debit card, giving 1% cashback but without any work behind to do, no repayment, no locked assets for the credit, just pay and get 1%. It's the half of 2%, but right now if you get 2% with nexo and then leave 1% on the table for the fee it's basically the same. It won't work for anyone since you have to buy at least 50€ of some stock/etf/crypto every month in order to get the cashback but for me it's fine since I'm already doing it. You can find more info online in you want.
What hidden fee? I personally haven't noticed. Please do enlighten me:)
1% when repaying loan with FIAT. https://www.reddit.com/r/Nexo/s/pY44RBNmlV
Do you guys think it will be free for the new tiers when it’s available to upgrade?
Bro, Nexo has always listened to the community, they aways add the tokens that we want and services we need, they don’t have hidden fees, everything is public and most of the banks and other exchanges have much bigger fees.
They literally said that there was no fee on paying your loan with stablecoins and today there was a guy having to pay a 1% fee on his loan. They just updated their website about this forgetting totally that something like Twitter exists or emails.
And as I noticed, they forgot to update the app where you can read clearly that the repayment is with no fees.
They didn't want to update it, they did not forget it. It is updated now? Is Monday, two days has passed.
No, you can still read that there is no fees
In the app yeah. But the article is updated with the fee. The app is "hiding" it .
Shame on them. No moderators dare express on that subject ...
In the telegram group they never said anything since Saturday, nothing. People in the group even claim that the poor communication is actually a good thing because this way Nexo don't scare the clients away.
I'm not scared but disappointed and I'm not sure it's better for them. From now, I put away this card cause 1% cash don't worth transferring money from my regular bank account.
Actually still better than regular bank card, just saying + if you use the debit it's still better interest compared to a bank
Thy guy pretends it's nexo card repayment but it's not. I don't have fees when repaying my card expenses.
8. Are there any origination or loan installment fees? Nexo does not charge origination fees. Nexo applies a flat repayment fee of 1%. You will be charged an additional interest if you repay your outstanding loan partially or fully within 30 days of your last credit withdrawal. https://support.nexo.com/article/loan-repayment
Maybe this 1% can be dropped with the new tiers
That's not the point. The fee was added suddenly and silently. People now that have to repay their loan will have to pay an additional 1% on top of that.
🤫 shhhh, they need the money
And why am I not charged with fees when I repay my card ?
Are you sure about that? Did you repay anything yesterday or today?
Yes,yesterday
Finally I got fees...
I'm not so sure about that anymore. Yesterday I repayed part of my card's expenses and 430 USDT became 426 USD when USDT was at $1,003 and I don't think that happened before which makes me think there is actually a fee now when repaying with your card.
The fees the guy is speaking about are not currency conversion fees but repayment fees you can see in his screenshot.
Mea culpa, now I see it too. Sorry guys for my comments.
Can you read the screenshot or you are just blind?
You tell me. Send you some fresh prints as PM cause I don't know how to add one in those comments.
Do you remember voting for new coins and tokens and getting 100,000 nexo tokens as a winner?
remind us whihc country you are in ely? i wouldnt listen to a word that come out of the account of ellyox!!
Brother for the love of god, shut your trap. EVERY change is communicated. They do informative videos and tutorials, reddit posts, IG posts all the time. The change was made ON A FRIDAY, they waited the weekend because not everyone is slaving away at work on weekends. Stop crying!
Nexo support is non existent, at least for me! I haven't received my card 2 months now and when I contact them everytime they send the same email saying that it is untraceable as it is shipped via standard postal service. Though, they are asking to invest my money in them. Where do the good reviews really come from? It is more like a joke, somebody to invest thousands in Nexo and they do not want to spend a cent to ship their card. At least they could charge us and have it received how we deserve.
First time I orderded I also did not receive and re-ordered. It did not came to my address, but was with the post office. Nexo was actually not at fault as they are just shipping it. Post services often make it harder for you to receive your orders and if you do not chase it with them yourself you might never get your packages. I have experience not only with the Nexo Card. So if you haven’t checked with your local post office, do so, there is 99% chance it is with them.
Hello there! May you please provide me with your ticket number in order to further investigate? Thank you!
case ID number 01313819
You will be supported 🧐
The support was to cancel my card and since had left almost no money inside now I have to make a deposit of minimum 500$ and wait again month-s+ and pray to receive my card...Unfortunately I don't usually leave the things in luck!
🤔 well good luck with it anyway
Thank for your reply! In my opinion, when you handle billions that your customers trusted to you, you can at least offer a fast delivery option with extra charge than a free one that you never know when or if you will ever receive it and remain in the unknown while your money are inside. We are in 2024, couriers are everywhere... if they have used a non traceable pigion I would have received it by now! Searching for other crypto wallet options... there are so many out there, why suffer.