Well, I haven't encountered any problems yet with Nexo. I started lending there last year. I seldomly open my Nexo account but if I checked it my account is okay. I only put $33 in Nexo, so small to earn decent interest. I still gained $17 not from the interest but by the pump of the coins, $15 of it was stablecoin USDT as I tried lending stablecoin because of the higher APY. But still, it was not enough to gain a decent amount of profit. I gained $17 as I withdraw it with the total amount of $50 because of the recent pump of the altcoins.
I thought that what I am doing at Nexo is staking but it's not, it is called lending. I lend the coin to Nexo and in return, they will give me an interest. Staking is different because when you stake you will earn another token by staking whereas lending you will be given an interest only.
I started lending at Nexo last October 9, 2020, and see the photo above I only have $0.84 as earned interest, it is running 5 months and that's all I have. I didn't blame Nexo for this because my capital is too small to earn a good profit, it's like “it's not you, it's me” lol.
Since in crypto space “Not your keys, not your coin” I decided to take another step of taking risks, I risk lending at Nexo for almost 5 months but the return is not worth the risk, I've decided to sell some coins I deposited from Nexo to buy BNB or Cake to use it for farming and staking.
I started my staking journey at Pancakeswap last February 25, 2020, but as you can see in the photo I already earned $3.92 it is supposed to be $4+ by now but since $Cake price goes down to $11.10 at the time of writing this article. See, compared to my almost 5 months of lending at Nexo, I find it more profitable.
While my newly farming journey at Beefy finance, I cannot track in dollar yet how much I earned by now since the price of cake fluctuates lower from the time I purchased it, I bought a cake at $12.28. But seeing the tokens number it is improving. From 9.54 Banana it is now 9.82 while cake from 4.41 now it is 4.45 in just two days.
The amount of my investment is not that huge since I don't earn much like others but I love how it slowly making a profit by letting them work at the farm. That's the only amount I can afford to lose to, don't want to lose my BCH if every farming site crashes (simbako).
I also tried farming at CUB finance since it is recommended by trusted friends (PVM &Idiosyncratic) but I will explain this in my next article, my CUB farming journey, together with my first ever liquidity pair BCH-BNB. I am planning to try the liquidity pair of BCH-BNB to earn more BCH to add more to my BCH accumulation. I am still waiting for BNB to go down a little bit. I don't want to touch my BCH, as I am striving hard to complete my 2BCH before April ends hopefully the favor will go with me, I am still halfway in my 2 BCH road.
So, I pulled out my coins at NEXO, for me it doesn't suit me because I am still trying my best to expand my portfolio and I cannot see some light by lending there. This is not a financial advise, I am noob don't follow me, dyor friend, dyor.
In doing investment you just have to find what suits you, so DYOR and invest at your own risk.
Related Article:
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For me Nexo is just to store my noise.cash earnings and I earn few interests from it.
This is like savings without trying to get more money from it just If I want some crypto at a moment, I have this. In two months I have $0.18 for less than $50. This is still way better than many banks !
I should maybe at some time withdraw some to send to some defi also. But later for now I prefer staking more