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"Neverless" Investing

  • 03-05-2024 5:05am
    #1
    Supercell
    Registered Users, Registered Users 2 Posts: 15,543 ✭✭✭✭


    Came across advertisements for this crowd and wondering if any one here has used them?

    https://neverless.com/

    They are offering savings accounts with 5.05% interest paid daily and investment options (crypto arbitrage) with claimed 12.71% returns.

    Normally anything crypto related I'd run away from but reviews on trustpilot and google play (its app based) seem pretty OK.

    https://ie.trustpilot.com/review/neverless.com

    Is anyone using this, heard anything about them that raises any flags?

    https://www.loughlinstown.ie/

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Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    It's cute calling it a savings account (by the company) when it's used for P2P lending in practice and calling crypto as collateral a "low risk investment" (it's not a savings account; hence no bank guarantee etc. either).

    Contrary to most bank accounts and investment platforms where your
    unused assets aren’t put to work for your benefit, any Neverless balance
    which is not invested in our strategies earns for you, in a very safe
    way. This is done in two ways. First, by lending to the US government.
    Second, by lending to other Neverless users, who have to keep more
    collateral on the platform than they borrow, making these loans
    extremely low risk.     The resulting interest is 5.05% AER at the moment,
    and it’s paid to you daily.

    In theory, yes. The US government could default. And the collateral
    posted by other platform users, even if larger than the amount they
    borrowed, could drop in value faster than our system is able to react to
    it.     In practice, both of these events are extremely unlikely, making
    Uninvested close to risk-free.

    So yes, if you want to do P2P lending with crypto as collateral for 5% return a year go for it; personally I'd ask for significantly higher return for that type of risk esp. as an S&P500 fund or similar would give better return for less risk over time. The whole "US government investments" etc. is pure BS to make it seem that's primary income; US bonds would be acceptable collateral in any bank and there's a reason they are not offering 5% interest on their accounts in the first place.

    Post edited by Nody on


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