Nexo gone wrong: They DISABLED my account

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Earning passively is one of the best investment that you will have especially in cryptocurrency. Putting your assets in staking, farming, and lending platforms is a great move if you will consider your risk management.

In my previous posts, I mentioned that I have some assets in Nexo to earn 4-5% annual interest so I will earn passive income while holding Bitcoin cash, however, there are things that will makes you nervous knowing that it is centralized exchange. Despite of my doubts, I took the risk and put some asset to earn interest. 

As a young (let say “investor”), it is hard to remove the fear on yourself including your investment because for your information, my Nexo account wasn't verified because I do not have any government ID issued nor driver's license and passport. Thus, my access on Nexo’s features were only limited.

I contacted the support if I can change my registered mobile number on my account because I am afraid that this number will expire soon, I rarely use it. After few days, I got a replied from them. They said I need to take a video of myself while holding my ID, name, and other things that they required to authorize the replacement of mobile number. 

I told them that I do not have an ID based on their requirements so they informed me that they will unlock my fixed-term desposit because they will disable my account and I will be able to withdraw my assets within 48 hours.

I was shocked so I sent an email again asking if what will happen if I do not withdraw my assets, they said it is one of their terms and conditions and I/they cannot do anything about it. Thus, I followed their instructions and withdrawn my assets after unlocking my fixed-term deposit.

Unfortunately, after unlocking my deposit from their fixed-term, I do not receive the interest within that weeks. Probably because the contract is 1-month and I will reach it in October 9, 2021. 

Upon writing this, I visited my Nexo account and trying to log in again. Unluckily, they already disable it. Good thing is I withdrawn my assets and listen to their instructions.

Good thing is, my account will not be permanently closed and I can go back once I reached 18. I need more months to reach it and get my government ID.

My Plans for this Month (and for the incoming months)

As of now, I am planning to look for any platform that will give an interest by holding my Bitcoin cash. Hopefully, they are safe. Binance dApp of SafePal is giving 0.85 APY but I guess it is not so promising especially that it is a Binance dApp. Also, the interest is much lower compared to other platforms and I think I can't risk my assets for it. 

The actual plan for this month (and the next coming months) is to achieve my 2 BCH goal. Due to school works and expenses for my school needs, my recent 2 BCH lessen and it is hard to complete it again knowing that I am inactive in the both platforms (noise.cash and read.cash).

Well, I only need 0.02 BCH to complete my whole 2 BCH.

To be honest, when the time comes, after achieving 2 BCH, my plan is that my incoming earnings will be converted into other tokens and coins for diversification of my assets.

Here are my top 3 coins that I am planning to hold [and buy] for long term:

  • $CAKE

  • $LUNA

  • $ADA

These 3 are my top 3 after Bitcoin cash, of course, Bitcoin cash is one of my greatest investment. 

Among these 3 tokens, I am planning to buy more $CAKE to take advantage the high APY on PancakeSwap which is auto-compounding that makes it better.

My plan B is to buy SEP-20 tokens on BenSwap to take advantage the high APR of other tokens under smartBCH especially $EBEN. However, my plan B is not yet a full plan because of lack of knowledge when it comes to this token.

I am still digging up more about these tokens, thanks to @carisdaneym for helping me. 

Also, to have another source of income, I tried to join in #Splinterlands and so far I am enjoying the game. Among other blockchain gaming, I believe that Splinterlands will last longer knowing that it is running for a long time. Nevertheless the investment is affordable in this game unlike other games that you need to spend a lot of bucks to play.

👉If you want to join in Splinterlands, you can use my link (optional).


Published: October 1, 2021



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Comments

Gosh, you could've lost your assets. Good thing you were able to withdraw them before they disabled it. It was probably best for me not to store my assets on nexo as I also haven't had a government id, well until yesterday. And I have seen a lot of complaints from other users that their accounts were also disabled for no reason.

$ 0.00
3 years ago

All staking sites and exchanges these days usually require KYC verification. I'm tired of doing this validation now.

$ 0.00
3 years ago

Sorry to hear that. Did you know if you own (Pos) coins you can stake them in your own wallet and you have full control over your assets?

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3 years ago

No. What are they and what wallet should I use?

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3 years ago

I have been keeping my eye on NEXO. It sounds like a great service but since it is sort of new I was waiting to see reviews and customer experiences. Thank you for publishing this. I hope everything works out for you.

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3 years ago

Well, I can say that Nexo is great. It's not them, it's me! Good thing is they notified me that they will disable my account.

$ 0.00
3 years ago

Oh my gosh, what if do mo nadalaw ang account mo. Nawawalan ka ng kwarta ng di mo namamalayan my goodness. Age naman pala ang tinitingnan ano, so you need to wait nalang hmmm.

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3 years ago

Hahaha yes po. Need ko na makakuha ng id when kaya

$ 0.00
3 years ago

Kinabahan naman ako dun haha. Yun naman pla rason.. Balik ka nlng kpg mag 18 ka 😁

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3 years ago

Hahaha pampakaba lang. Yes po babalik ako soon🤣

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3 years ago

Haha.. Kelan kb mag 18? 😅

$ 0.00
3 years ago

November pa hehe

$ 0.00
3 years ago

kinabahan ako ng slight. Age-related naman pala whew... and just like everyone else, I am surprised you are not yet over 18. :D

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3 years ago

Hehe para madaming magbasa🤣 not a click bait naman, totoo naman kasing na-disable🤣

Hahaha malapit lang pong mag 18

$ 0.00
3 years ago

Hahah kulit. Ok lang yan. Good info pa din naman sya haha 😂 saludo talaga ako senyong mga maaga naka sabak sa trading! Trading skill unlocked early ...

$ 0.00
3 years ago

Hahaha taking the risk!

$ 0.00
3 years ago

brave at it, too! haha

$ 0.00
3 years ago

Ay hahaha kala ko kung ano na nangyare sa nexo mo 🥴🥴 hahaha kinabahan ako agad. Haha yieee lapit na pala mag18 e!

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3 years ago

Hahaha pampakaba lang talaga 'yung title ko hahaha babalik ako sa Nexo, soon! Sayang lang 'yung months na dapat may interest akong makukuha🤣

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3 years ago

Sayang ngaaaa haha

$ 0.00
3 years ago

It's really difficult to register on crypto related things specially if you have no valid ID, even at coins.ph, they are requiring a valid ID in order to have a transaction and freely send money and convert into other crypto.

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3 years ago

Exactly, there's always a limited actions and activities.

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3 years ago

Kumikita kana sa splinterslands?

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User's avatar Yen
3 years ago

Yes po kaso maliit lang hehe

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3 years ago

Ok na Yun Basta meron hehe

$ 0.00
User's avatar Yen
3 years ago

Yes po, $10 lang din naman puhunan.

$ 0.00
3 years ago

Why do you even have to change your number? You just have to load it with any amount to keep it active though you rarely used it. That's what I'm also doing since I used it in banking. I rarely used it too since we commonly communicate online.

Well, I'm surprised to know that you are not 18 years old yet. I thought you are already in your 20s since you often write good articles. Well then, it's a good thing that they let you withdraw your assets first before disabling your account.

$ 0.00
3 years ago

Well, that's what I did. However, I want to keep using 1 sim card only about this matter. I have 4 sim cards hahaha it was my mistake, those 4 sim cards have different accounts and I cannot change it for now because I need an ID to change them so I decided to contact the support.

I'm just afraid that one time my sim will expire without any prior updates especially that the registered number in my Nexo is Sun cellular which is kinda “laos” na?

I'm just 17 years old haha thanks for the compliment 😅

$ 0.00
3 years ago

Oh, so that's how it goes. 😄 I signed up also in Nexo under your referral, that's such a waste that your account has been disabled. I only deposited $20 there first for compounding. If I can get my interest at the end of the fixed-term agreement, I'll add more.

By the way, how do can you type bold letters in the comment section? Please tell me the commands. Is it <b>bold L</b>?

$ 0.00
3 years ago

I do not have referral link since my account isn't verified so the $10 bonus invite didn't appeared on my account 🤣

I believe that Nexo is safe, the only downside is it is centralized. Dyor.

About the formatting, you can click the link below for the tutorial, it is helpful:)

Click Me!

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3 years ago

Awww. 😄 Thanks for the link. Now I can customize my comments.

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3 years ago

No worries:)

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3 years ago

Kinabahan ako. Akala ko me mas worse na nangyari. Buti na secure mo account mo. I think mas okay kung sinunod mo yung may Ruffa. Yan din advice ko sa iba, verify using their parent's ID. Para lang ma verified. Pero ang importante, safe account mo. Try mo yung Celsius.

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3 years ago

Buti approachable 'yung support nila haha. Babalik din ako sa Nexo soon kapag may ID na. Sa Celcius need din ng ID

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3 years ago

Yes. Need din ng ID but ang gagawin mo lang is verify ka pero instead of ikaw mismo, ID ng mama mo or papa mo.

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3 years ago