What this article is about?
Okay, so I have a passion for writing in depth articles about services I am rather familiar with in hopes I can share some wisdom with someone. I had a reader comment and say how it would be nice if I had done a comparison article when I wrote about BlockFi...I told him I had one planned for the coming future.
Guess what? This is that article. I have been using Nexo, BlockFi and Etoro for a little while now. I decided to sum each platform up and list the pro's and con's in my opinion. I would like you to feel free to add your very own opinion in the comments below if you like.
First Up Etoro!
When you sign up at Etoro using the links in this article you will qualify for a $50.00 account bonus. You have to fund with your account with $100.00 and make a trade. Within 7 days after the trade you will receive the $50.00 bonus into your account.
That is plus number one for me signing up to Etoro. Now the sad part for myself. I couldn't afford the $100.00 at the time and went out of the 30 day period for me to be able to claim that bonus.
What are the benefits of Etoro?
I actively use Etoro as an independent trader. I am trying to build up enough cash on Etoro in order to do Copy Trading. Copy Trading is basically what it sounds like. You can search and find a trade with a proven track record and you can copy every trade he/she makes automatically.
You have the ability to set stop loss and stop profit options on these trades. The lowest one I have seen thus far is $250 to follow the trader. I am about $146.00 shy of that goal. I will let you know how that goes once I reach my target goal which hopefully will be sooner than later.
What are the cons?
Every site, service and business tends to have some sort of flaw that we all must notice. The major flaw with Etoro is the spread they use to make money. You spend 25.00 and come out with 24.05 worth of the currency purchased so you are already lacking .95 in the loss category.
The second flaw with Etoro is the lack of Crypto's available for trading. The odd part is they offer Crypto's that aren't that common on other exchanges like Tron, ADA and a few others.
How do you sign up?
Simply go here and follow the registration process. You will need to deposit $100.00 and make a trade and then wait 7 days for the bonus to be applied to your account. Please keep in mind this program is only available in the United States.
Let's talk about BlockFi!
The sign up bonus?
When you sign up using this LINK and deposit $100 into your account and hold it for at least 30 days you will receive $10.00 I was not fortunate enough to have a promo link when I signed up so I didn't receive a sign up bonus.
What Does BlockFI Do?
BlockFI is a simple site that allows you to store your crypto and accrue daily interest. I have tested BlockFi the same as I have tested Etoro. I was able to deposit and withdraw funds all completely hassle free.
What about the cons?
I am not a fan of the low interest rates paid out on Bitcoin. I am not a fan of the small selection of crypto currently offered. I do hope that one day Blockfi will address these issues. They are not deal breakers in my opinion. I still have funds that being held by BlockFI.
I Saved my Personal Favorite For Last! NEXO!
Nexo offers several advantages. I am not aware of a signup bonus for Nexo however I will research that one further. Nexo offers more crypto options to earn interest from then BlockFi or Etoro does.
I highly recommend that you stash away some crypto with Nexo to earn between 4% to 8% daily. You can also request a debit card in order to have direct access to your crypto credit line. You can borrow up to a certain amount of the crypto you have deposited into your account or just continue to occur interest.
I am not one to borrow against my investments so for the time being I am raking in 4% vs the nothing I was making with these cryptos just sitting in my CoinBase wallet. I have always had a lot of respect for CoinBase which says a lot about how I feel about Nexo and the future Nexo.
My Final Thoughts!
I trust all 3 of these platforms. I just favor Nexo for the valuable fact I can earn more interest on my crypto. I can't stand having money laying around that isn't making me any money.
I like to save money. I also like that money I am saving to work for me. Otherwise what is the point in holding it in an account that doesn't pay you? Plenty of companies that reputable will pay you interest on your funds.
Let me know which program is your favorite and why? Your opinions matter! Thanks for reading, God Bless and Stay Healthy!
Celsius network is the best.