Nexo Crypto pays 8% interest rate on "deposits".

[jaykay]

I recently moved my savings into Nexo. They are mainly focused on Crypto currencies, but you can also earn great interest on cash. (or fiat as they call it).
They pay out interest daily, instead of at the end of the year. I got more interest in a few weeks than most Irish banks pay out over a year.

 

[noproblem]

You could very easily lose everything you have "deposited".

 

[Concrete]

I don't think this belongs in the Deposits forum. The title is incorrect too, I think. Maybe it should be moved elsewhere, like "Alternative Investments", and with a different title.

 

[Pinoy adventure]

8% on cash deposits ??

 

[Brendan Burgess]

I have moved this to the Alternative Investments and I have put inverted commas in the title around the word deposits.

Anyone who is getting 8% on cash is taking a huge risk which they don't understand.

Brendan

 

[Sunny]

You gave all your savings to a private company registered in Switzerland with no capital and no guarantee on savings

 

[evil_g]

This is a scam.

If you are being paid "interest" in cash, this is just taken from new "investors", so what you are involved in is a Ponzi scheme.

If you are being paid "interest" in some sort of "coin", or token, the value of this, is entirely dependent on finding another individual willing to give you something of value in exchange for something that is on the face of it, worthless.

Take your money back now if you can.

 

[Rasputin]

This is a scam.

If you are being paid "interest" in cash, this is just taken from new "investors", so what you are involved in is a Ponzi scheme.

If you are being paid "interest" in some sort of "coin", or token, the value of this, is entirely dependent on finding another individual willing to give you something of value in exchange for something that is on the face of it, worthless.

Take your money back now if you can.

Well they are Licensed & Regulated by the Digital Assets Institution

It does say you can withdraw you're money at anytime. As above, I would take them up on that as soon as you can, today if you can - you don't want to be holding the bomb when it blows up. I've never found a free lunch, and there are obviously major risks involved for your stash that they aren't highlighting, other than the risk of missing out on the crypto gold rush, that is.