Be careful when sending money – Nexo: Buy Bitcoin & Crypto Review

This app seemed very attractive due to the high interest they offer. However, one thing to note is they do NOT accept ACH deposits from your bank, they only accept wire transfers. While Nexo says they do not charge a fee for deposits, your bank will charge you ~$30 for every deposit. To get ahead of the charge I was going to make a $1000 deposit, so the fee would be minimal (3%). I followed all of the guidelines through the app and web browser to get the account # and routing # correct. Nexo has confusing details regarding the bank address. There are multiple addresses and no indication / instructions on which to use. My transfer was rejected by their bank (Silvergate) and they charged me $50. I called to rectify the issue, but they wouldn’t budge. I had to pay $80 in fees for a transfer that didn’t happen. I now refuse to pay an additional $30, making this $120 in transfer fees just to send money to Nexo. Ridiculous. Be careful, or simply use another app that accepts ACH deposits at no charge at all. Also, the Nexo team was no help whatsoever. When I told them the bank said they would only clear the charge from the authorized account holder (that being Nexo), they did nothing.
Review by Honest Watts on Nexo: Buy Bitcoin & Crypto.