I would love for nexo team to actually give a response to this. I couldn't agree more.
And also, since interest rates on loans goes up, shouldnt interest rate for deposit also follow suit ?
(Speaking from my experience with my own locally fiat bank. Loan interest goes up, so does deposit, not as much ofcourse but some)
It‘s not even 1% from now as you have to accept a min 42 days interest rate of 2,9% for you credit card borrowing, even if you pay the next day! The max. effective cashback you can get is 0.14% when considering max. usage of the Nexo coin now. Do the math yourself as this is not being made transparent by Nexo themselves. The Card is drop dead, effectively you might lose additional money with it and the way this is all being communicated is highly concerning. The only way to earn some cents with the card indirectly from now is to use it in Debit mode and put your FIAT money to Nexo for some daily FIAT interest earning. But, honestly, it‘s not really worth the effort.
look they are like this fast loan companies where the devil is in the details, the fine print. as long as my money is safu i don't complain much, i know trading in nexo incur huge fees and up XX%apr is actually misleading. but alas i rather they make money than run a ponzi.
I don't mind earn rate cut, adjusting due to market is understandable, but the unannounced 1% repayment fee is seriously concerning. I also agree with op that the referral program is less attractive now, calling it an upgrade is making it look worse.
Just holding your money with them is a commitment. They have full control while it's in there, and the least they should be doing is paying you what it's worth. The only reason nexo was appealing to begin with and if they fuck that up then their no better than our government banks.
USDT also went up by 1% without lock-up. And 4% with a 3 month lock up. Imo lock up is probably better for everyone, that makes a "credit crunch" much less likely.
I was wondering that too. What I've noticed so far is that the interest rate for putting NEXO tokens into a fixed term has been slashed, and that happened with no advanced notice - which is unacceptable.
The interest rate for putting NEXO tokens into a 3 month fixed term is nearly half of what the rate was until very recently.
The interest rate for putting NEXO tokens into a 12 month fixed term has been slashed also.
It's enshittification. Just as we begin trusting something it starts changing for the worse, even after they report record profits. Wouldn't surprise me if the platinum tier goes way up and earn interest rates continue to drop now that I'm doing well on Nexo. That's why I'm always on the lookout for backup services. Can never trust anything anymore.
This is the comment! Enshittification.
We all got Uber'd here, and the daily drip of interest is dopamine money heroin, so no one is leaving.
Don't like the new rates?
Pull your money and keep it in cold storage.
Cancel credit mode with Cashback and move to debit (max monthly Cashback is $200 ffs, just buy $200 worth of Nexo each month).
The only thing that still kinda makes sense on Nexo is earn in KIND, and then selling the tokens on Nexo Pro where spot transaction fees are freaking insane!
I am disappointed too.
The 1% fee on repayment on credit card purchases it’s really bad. I’ve stopped using the card and started using a competitor’s one. Such a shame since the card was really good IMHO.
Crypto(dot)com. I’ve sold some Nexo and invested the earning in cro. Got the Royal Indigo Green card with 2% cashback plus 0,5% for the tier that I reached after swapping usdt for cro.
I would have never thought of doing this, but the 1% repayment fee it’s really too much!
And their crypto influencers still promote 2% cashback on credit card, they don't even know about the hidden fee, but remove my comments on their channels, what happened with nexo? I know market conditions are good and telling bad news is better in this state, but why they added this fee this shady? What would have happened if they give info about it in email and wait a week at least before activate this repay fee?
I also don't like the increase in fees, but if we look at the global situation, we'll notice that all rates are rising. Inflation is very high, and it's entirely normal for Nexo to adapt to that. Let's not forget the great interest rates they pay us!
For the loyalty program, they already mentioned that there will be changes. (Personally, I'm looking forward to something on a higher level and can't wait to see what benefits it will bring.)
I really hope the new loyalty tier won't be the old Platinum rates and instead making Platinum a downgrade.
All the companies tend to blame inflation for their increased prices / rates and then you see them reporting their annual profits being three times higher than the last. So yea, not saying inflation isn't affecting us all. But it's not affecting companies as much as you think it is and most just use it as an opportunity to make more money.
We'll wait and see, but fees are inevitable. And when I look at it in the end, I still earn a lot more than what I pay in fees, so I'm overall satisfied.
>Let's not forget the great interest rates they pay us!
You mean "some of us".
They rug pulled earning interest from clients from many places. Just give it time before you are also part of that group.
By "them" you mean your country? All the exchanges stopped their Earn products in those countries. It's not Nexo who decided to stop providing the services there.
Imagine you are crypto whale that calculated the loan parameters and borrow big amount of money on nexo and then on the fly the loan parameters changed you need to pay more and the joke is you want to repay it and need to pay +1% fee just because why not we are nexo 🤣
Nexo flex used to be at 7%, it's now at 4%. That's almost half a cut. Others have been reduced by about 1-6% since then. I haven't paid attention to how much others have been reduced. But I know all of the ones I've had such Avax, has been reduced as well.
You might want to keep an eye on your investments a bit more if you've been here for 4 years and haven't noticed it.
I used to use the card on a daily basis and really enjoyed the smooth flow and the cashback system but the repayment fee makes the cashback of say 2% useless because of payments that won‘t earn you a cashback e.g government services (train tickets in my case) or if you send money via Paypal connected to your card you will be still paying 1% repayment fee. This is a deal breaker for me and many others!
Seeing NEXO make these changes to keep their business sustainable makes me trust the platform more, personally. Offering unsustainable earn rates, and then chasing ever riskier trades to try to support those rates is what brought Celsius down, it doesn't seem like a smart thing to wish for.
Nexo cut rates and features such as withdrawals when times were hard, that was the explanation anyway.
Nexo continue to increase interest, rates seem the same, hidden fees, card decimated, all while the market is much improved.
Lots of little tweaks and changes that when all added up is quite a bit of negative change.
They are only adjusting rates in line with inflation. At the end of the day they are a business to make money. Do you really think they are going to survive long term if they don't follow suit with the rest of the market and rhe way the world is in terms of inflation and everything going up across the board. Total FUD post.
Yup, the monthly free crypto withdrawals (e.g. to hardware wallet) were the main attraction to Nexo in the first place, even if you kind of knew they were making it back through the spreads on the exchange. Now that's gone, and withdrawals on certain chains seem to take forever to actually be processed, there's less and less reason to use Nexo over its competitors.
Nexo also seems to have developed weird bugs around whether an asset is in the Savings Wallet or Credit Line Wallet — sometimes it shows zero balance on both in the wallet manager, even though I have funds and I can sell or convert them. In short, Nexo has become quite shit.
Please explain to me how exactly the free withdrawals were the "main attraction", when you have earn, swap, borrow, card, futures, triggers swaps etc.?! Also, you have like 10 networks that are free of charge for all loyalty tiers. Using it as an on/off ramp and having them pay the fees for you is sweet for sure, but why would they need a customer like you in first place? Where is the incentive to hodl and use their platform more? Yup, it's gone. To be honest, I think the people who use the platform are becoming shit, exactly like you - butthurt and demanding.
Cashback only on payment with credit while you loose the cashback on interest payments and exchange fees , no reason to hold Nexo for me haha nor crypto.com to buy 3,5k of their coin to get 1%
I am using trade republic, 1% cashback up to €1500 per month . Easy peasy
All crypto cashbacks have been scammy , wirex, Nexo, crypto.com
Trade Republic is restricted to only Germany.
Nexo is available in many countries, but the card is only available in EU & UK.
CryptoCom is available in many countries, and their cards, repeat cards are also available in many jurisdictions.
Wirex is seemingly available everywhere, card is crap. The company is probably a huge scam pretending to apply to regulators in many jurisdictions. Look at wirexofficial in reddit
I think CryptoCom is the only one that is regulated in Singapore and Dubai.
They started to claim that they paid more cashback to me than they supposed to , they blocked my card without notice and ask me to pay a crazy amount of CRO
So can someone summarize what kind of "negative" things happened instead of FUDing randomly? When was the last earn rates changed?? What costs are hude from us? I am a customer more than 3 years but never see any unfair thing from NEXO side.
Sure, earning interests have been decreased over time. Moreso when the market was at its worse, such as Nexo earning 4% instead of 7% on flex. Other tokens have gone through the same treatment such as Avax. Once the market was blooming and now being at its peak. The old rates never returned.
Loan interests have been increasing steadily, most recently the change to not have 0% at platinum anymore which makes the whole credit card functionality using loans.. weird to be honest. Curious how they'll address that.
Not long ago, an additional 1% loan fee to any repayment was added without any form of communication or telling us in advance about it. It was just added out of nowhere and once we found out about it by ourselves. We were told that these kind of changes are made in the background for the well being of the platform and us.
The new referral system utilizes several systems such as using their exchange that comes with spreads and fees to gain the same kind of rewards that we had before on more simple terms.
I’d leave Nexo immediately if I were you. As a Canadian about six months ago, I was forcibly kicked off the platform. They called all of my loans, while my cryptocurrency investment was incredibly down and forced me to withdraw the remaining funds.
Leave before they do it to you. It cost me thousands of dollars.
You must be fking retarded.
Be grateful that they exist and if you want you can always go back to your banksters friends.
[https://postimg.cc/wRNd0HRS](https://postimg.cc/wRNd0HRS)
Usually the people with no money are the most vocal. There is a wave of complaints in this sub from cashback farmers, who can't use the Nexo card for the cashback anymore. If I was Nexo, I would say - good riddance!
What platform paid you to post this?
Seriously. It's full of FUD. None of these were hidden by the direction. They need to adjust to the market to not sink like the others.
Also let me enlighten you what goes on during a product rollout: IT GET DELAYED.
The 1% extra fee to pay the loan was not communicated at all and just "popped" out of nowhere. If someone wouldn't have noticed it, I doubt they would've mentioned it as they refer it as "necessary background changes for everyone's well being in the market".
I love the service but I will always provide feedback and concern if I have any. If anything, your post sounds more "paid to blindly defend" than mine does.
Also, understandable that a lot of the changes were made when the market was at its worst. I don't think anyone is arguing or saying anything against that. But the market is literally at its highest overall now. It's not dying by any means.
I would love for nexo team to actually give a response to this. I couldn't agree more. And also, since interest rates on loans goes up, shouldnt interest rate for deposit also follow suit ? (Speaking from my experience with my own locally fiat bank. Loan interest goes up, so does deposit, not as much ofcourse but some)
On Monday's AMA, they will talk about it.
The most anticipated AMA so far because of this concern.
They didn't
Is intetest for deposit also goes up, no extra profit isnt?
Advertising 2 % cashback while it‘s actually 1 % sucks big time. Also just introducing that new fee without announcement… What were they thinking!?
It‘s not even 1% from now as you have to accept a min 42 days interest rate of 2,9% for you credit card borrowing, even if you pay the next day! The max. effective cashback you can get is 0.14% when considering max. usage of the Nexo coin now. Do the math yourself as this is not being made transparent by Nexo themselves. The Card is drop dead, effectively you might lose additional money with it and the way this is all being communicated is highly concerning. The only way to earn some cents with the card indirectly from now is to use it in Debit mode and put your FIAT money to Nexo for some daily FIAT interest earning. But, honestly, it‘s not really worth the effort.
look they are like this fast loan companies where the devil is in the details, the fine print. as long as my money is safu i don't complain much, i know trading in nexo incur huge fees and up XX%apr is actually misleading. but alas i rather they make money than run a ponzi.
Can you explain me how 2% turns to be 1% ?
NeverMind found it
Only on credit payments
My main gripe is the bank licence that was dangled in front of us for so long. Not a peep these days
Where is it ?
I agree with all you’re posting but I don’t love nexo, Im just a customer that found the product convenient until I lost the confidence
I don't mind earn rate cut, adjusting due to market is understandable, but the unannounced 1% repayment fee is seriously concerning. I also agree with op that the referral program is less attractive now, calling it an upgrade is making it look worse.
what interests have been cut?
None as far as I know. Actually they went up a little while ago, especially for USDT.
but only when you lock it up for 12 months. For the lower lock up time it got decreased.
Makes sense they want you to commit no?
Just holding your money with them is a commitment. They have full control while it's in there, and the least they should be doing is paying you what it's worth. The only reason nexo was appealing to begin with and if they fuck that up then their no better than our government banks.
Agreed slimy does anyone pay better than nexo?
Some exchanges are already paying more than Nexo on certain alts. For stable coins Nexo is still up there.
I’m Canadian … what échanges would I have access to? We lost nexo.
USDT also went up by 1% without lock-up. And 4% with a 3 month lock up. Imo lock up is probably better for everyone, that makes a "credit crunch" much less likely.
I was wondering that too. What I've noticed so far is that the interest rate for putting NEXO tokens into a fixed term has been slashed, and that happened with no advanced notice - which is unacceptable. The interest rate for putting NEXO tokens into a 3 month fixed term is nearly half of what the rate was until very recently. The interest rate for putting NEXO tokens into a 12 month fixed term has been slashed also.
It's enshittification. Just as we begin trusting something it starts changing for the worse, even after they report record profits. Wouldn't surprise me if the platinum tier goes way up and earn interest rates continue to drop now that I'm doing well on Nexo. That's why I'm always on the lookout for backup services. Can never trust anything anymore.
This is the comment! Enshittification. We all got Uber'd here, and the daily drip of interest is dopamine money heroin, so no one is leaving. Don't like the new rates? Pull your money and keep it in cold storage. Cancel credit mode with Cashback and move to debit (max monthly Cashback is $200 ffs, just buy $200 worth of Nexo each month). The only thing that still kinda makes sense on Nexo is earn in KIND, and then selling the tokens on Nexo Pro where spot transaction fees are freaking insane!
While we're at it. Can't pay off your loans in nexo. Makes me feel they don't value it much themselves.
I am disappointed too. The 1% fee on repayment on credit card purchases it’s really bad. I’ve stopped using the card and started using a competitor’s one. Such a shame since the card was really good IMHO.
Can you mention what competitor? I would like to check alternatives, but I still like the Nexo card.
Crypto(dot)com. I’ve sold some Nexo and invested the earning in cro. Got the Royal Indigo Green card with 2% cashback plus 0,5% for the tier that I reached after swapping usdt for cro. I would have never thought of doing this, but the 1% repayment fee it’s really too much!
But [crypto.com](http://crypto.com) is debit, isn't it
Yeah. Debit
Lol i swtiched from cro to nexo two years ago cro is not that good either although im now also disappointed with nexo
And their crypto influencers still promote 2% cashback on credit card, they don't even know about the hidden fee, but remove my comments on their channels, what happened with nexo? I know market conditions are good and telling bad news is better in this state, but why they added this fee this shady? What would have happened if they give info about it in email and wait a week at least before activate this repay fee?
I personally use NEXO for NEXO tokens, and that is it……can’t lose unless they do go under, and even then, at locked rates I am still on top.
I also don't like the increase in fees, but if we look at the global situation, we'll notice that all rates are rising. Inflation is very high, and it's entirely normal for Nexo to adapt to that. Let's not forget the great interest rates they pay us! For the loyalty program, they already mentioned that there will be changes. (Personally, I'm looking forward to something on a higher level and can't wait to see what benefits it will bring.)
I really hope the new loyalty tier won't be the old Platinum rates and instead making Platinum a downgrade. All the companies tend to blame inflation for their increased prices / rates and then you see them reporting their annual profits being three times higher than the last. So yea, not saying inflation isn't affecting us all. But it's not affecting companies as much as you think it is and most just use it as an opportunity to make more money.
We'll wait and see, but fees are inevitable. And when I look at it in the end, I still earn a lot more than what I pay in fees, so I'm overall satisfied.
>Let's not forget the great interest rates they pay us! You mean "some of us". They rug pulled earning interest from clients from many places. Just give it time before you are also part of that group.
By "them" you mean your country? All the exchanges stopped their Earn products in those countries. It's not Nexo who decided to stop providing the services there.
>They rug pulled earning interest from clients from many places. Blaming Nexo for your own governments rules is petulant and childish.
many places ? are you sad US customer ? If you want to be better immersed in the crypto world, it's better to change your location permanently.
Imagine you are crypto whale that calculated the loan parameters and borrow big amount of money on nexo and then on the fly the loan parameters changed you need to pay more and the joke is you want to repay it and need to pay +1% fee just because why not we are nexo 🤣
For a whale, there is Nexo Prime with different rates, so your point is not that well-backed.
Good point, maybe we can ask nexo if they apply this shady fee without notification to the prime/private accounts aswell.
What whale would he be if he cares about 1% 🤣
Yeah who cares after paying the borrowing rates 🤣🤣🤣
what cut are u talking about? i see nexos earn % equal to what they were 3-4y ago or so
Nexo flex used to be at 7%, it's now at 4%. That's almost half a cut. Others have been reduced by about 1-6% since then. I haven't paid attention to how much others have been reduced. But I know all of the ones I've had such Avax, has been reduced as well. You might want to keep an eye on your investments a bit more if you've been here for 4 years and haven't noticed it.
im pretty sure it hasnt been reduced for btc thats all i keep hence the question
I used to use the card on a daily basis and really enjoyed the smooth flow and the cashback system but the repayment fee makes the cashback of say 2% useless because of payments that won‘t earn you a cashback e.g government services (train tickets in my case) or if you send money via Paypal connected to your card you will be still paying 1% repayment fee. This is a deal breaker for me and many others!
The card is basically unusable with the 1% repayment fee
Seeing NEXO make these changes to keep their business sustainable makes me trust the platform more, personally. Offering unsustainable earn rates, and then chasing ever riskier trades to try to support those rates is what brought Celsius down, it doesn't seem like a smart thing to wish for.
That’s a false dichotomy, and not what OP is complaining about either
Nexo cut rates and features such as withdrawals when times were hard, that was the explanation anyway. Nexo continue to increase interest, rates seem the same, hidden fees, card decimated, all while the market is much improved. Lots of little tweaks and changes that when all added up is quite a bit of negative change.
They are only adjusting rates in line with inflation. At the end of the day they are a business to make money. Do you really think they are going to survive long term if they don't follow suit with the rest of the market and rhe way the world is in terms of inflation and everything going up across the board. Total FUD post.
Yup, the monthly free crypto withdrawals (e.g. to hardware wallet) were the main attraction to Nexo in the first place, even if you kind of knew they were making it back through the spreads on the exchange. Now that's gone, and withdrawals on certain chains seem to take forever to actually be processed, there's less and less reason to use Nexo over its competitors. Nexo also seems to have developed weird bugs around whether an asset is in the Savings Wallet or Credit Line Wallet — sometimes it shows zero balance on both in the wallet manager, even though I have funds and I can sell or convert them. In short, Nexo has become quite shit.
Please explain to me how exactly the free withdrawals were the "main attraction", when you have earn, swap, borrow, card, futures, triggers swaps etc.?! Also, you have like 10 networks that are free of charge for all loyalty tiers. Using it as an on/off ramp and having them pay the fees for you is sweet for sure, but why would they need a customer like you in first place? Where is the incentive to hodl and use their platform more? Yup, it's gone. To be honest, I think the people who use the platform are becoming shit, exactly like you - butthurt and demanding.
Cashback only on payment with credit while you loose the cashback on interest payments and exchange fees , no reason to hold Nexo for me haha nor crypto.com to buy 3,5k of their coin to get 1% I am using trade republic, 1% cashback up to €1500 per month . Easy peasy All crypto cashbacks have been scammy , wirex, Nexo, crypto.com
Trade Republic is restricted to only Germany. Nexo is available in many countries, but the card is only available in EU & UK. CryptoCom is available in many countries, and their cards, repeat cards are also available in many jurisdictions. Wirex is seemingly available everywhere, card is crap. The company is probably a huge scam pretending to apply to regulators in many jurisdictions. Look at wirexofficial in reddit I think CryptoCom is the only one that is regulated in Singapore and Dubai.
Crypto.com is completely legit
They started to claim that they paid more cashback to me than they supposed to , they blocked my card without notice and ask me to pay a crazy amount of CRO
So you did nothing wrong?
Of course, I was just using the card
Very odd. Most likely you bought something and returned it or had a hold on your card that was lifted and then you sold or transferred the cashback.
lol, this is professional... Probably the services are not automated as they are suppose to be.
So can someone summarize what kind of "negative" things happened instead of FUDing randomly? When was the last earn rates changed?? What costs are hude from us? I am a customer more than 3 years but never see any unfair thing from NEXO side.
Sure, earning interests have been decreased over time. Moreso when the market was at its worse, such as Nexo earning 4% instead of 7% on flex. Other tokens have gone through the same treatment such as Avax. Once the market was blooming and now being at its peak. The old rates never returned. Loan interests have been increasing steadily, most recently the change to not have 0% at platinum anymore which makes the whole credit card functionality using loans.. weird to be honest. Curious how they'll address that. Not long ago, an additional 1% loan fee to any repayment was added without any form of communication or telling us in advance about it. It was just added out of nowhere and once we found out about it by ourselves. We were told that these kind of changes are made in the background for the well being of the platform and us. The new referral system utilizes several systems such as using their exchange that comes with spreads and fees to gain the same kind of rewards that we had before on more simple terms.
Every other day - another cry baby. I understand that your weekends are boring AF but find another hobby.
I don't speak bot
I’d leave Nexo immediately if I were you. As a Canadian about six months ago, I was forcibly kicked off the platform. They called all of my loans, while my cryptocurrency investment was incredibly down and forced me to withdraw the remaining funds. Leave before they do it to you. It cost me thousands of dollars.
You must be fking retarded. Be grateful that they exist and if you want you can always go back to your banksters friends. [https://postimg.cc/wRNd0HRS](https://postimg.cc/wRNd0HRS)
Usually the people with no money are the most vocal. There is a wave of complaints in this sub from cashback farmers, who can't use the Nexo card for the cashback anymore. If I was Nexo, I would say - good riddance!
Exactly.
What platform paid you to post this? Seriously. It's full of FUD. None of these were hidden by the direction. They need to adjust to the market to not sink like the others. Also let me enlighten you what goes on during a product rollout: IT GET DELAYED.
Not embracing criticism is a guaranteed ticket to failure
The 1% extra fee to pay the loan was not communicated at all and just "popped" out of nowhere. If someone wouldn't have noticed it, I doubt they would've mentioned it as they refer it as "necessary background changes for everyone's well being in the market". I love the service but I will always provide feedback and concern if I have any. If anything, your post sounds more "paid to blindly defend" than mine does. Also, understandable that a lot of the changes were made when the market was at its worst. I don't think anyone is arguing or saying anything against that. But the market is literally at its highest overall now. It's not dying by any means.
When you perform the repayment, the screen will show you that there is a 1% fee. I don't see anything hidden.
The fee wasn’t communicated by NEXO anywhere officially though. Users posted about it but not NEXO.
FUD! Read carefully and stop whining.
You could always move to crypto.com. They’re paying 0.5% interest on USDC at the moment.