ByFalio: deceptive crypto exchange
Financial scammers realize that their schemes are doomed to fail due to negative reviews. Therefore, they are willing to spend money to improve their reputation. One of such scammers is ByFalio. Information about this crypto exchange may create an impression of its prestige, but caution is advised. Several suspicious signs indicate that this is just a regular scam.
What is ByFalio hiding?
Apparently, ByFalio is a new crypto exchange launched in May 2023. Initially, they only offered futures trading but planned to expand their offerings. The domain byfal.io has been active since April of this year.
It is intriguing that positive reviews began to appear immediately after the project launch. The company claims to have 8.8 million accounts on their platform from 130 countries, 3 million monthly trading operations, and a turnover of $21.1 million. Despite impressive numbers, ByFalio is not listed on CoinMarketCap and provides unreliable information in an attempt to deceive traders.
ByFalio does not provide customers with various communication channels, only holding an email address and ignoring phone support. They delete negative reviews to hide their problems.
It is also worth noting that information about top management is not disclosed. It is unclear who is responsible in case of force majeure situations.
What is the status of ByFalio?
ByFalio does not provide legal documents regarding a license or registration, except for an address in Costa Rica, an offshore zone with unstable legislation. We found a company in Costa Rica with a similar name, but its affiliation with ByFalio is not proven. Additionally, the terms of the internal documents are beneficial solely to the project creators.
What attracts ByFalio?
- Minimum deposit – from $10;
- Futures trading (over 20 assets);
- Deposits and profit withdrawals through crypto wallets;
- Marginal trading with leverage up to 1:200;
- Affiliate program;
- VIP contests with prize pools up to $100,000;
- Zero fees for new users.
Reviews
No real reviews about ByFalio were found. Existing forum posts seem suspiciously similar and laudatory, likely created to attract newcomers.
How do scammers operate?
ByFalio promises expert support for beginners, but in reality, it’s just a trap. Mentors give fake advice leading to financial losses. Getting refunds proves to be nearly impossible.
Conclusion
We recommend avoiding ByFalio as it is a fraudulent platform ready to deceive you for their benefit. Stay vigilant and do not fall for their tricks.
