Terrible Characters in the Crypto World
Scammers, unwilling to stop at one scam project, prefer to improve their methods. Sometimes they are even too lazy to change their tactics, preferring to run several projects in parallel. One of the brightest examples of such cryptocurrency scammers is EXEX. This fake exchange has earned a bad reputation, and there are many reviews exposing its tricks. Despite this, there are still people willing to trust their funds to this fraudulent operation.
Details
EXEX claims to have 9 years of experience in the cryptocurrency market. To prove their reliability, the company provides statistics: they claim that their platform already has 1,288K registered users from 78 countries, with 2,770K transactions totaling over $629 million. If EXEX was truly that successful, it would undoubtedly be listed on CoinMarketCap. However, upon investigation, it became clear that EXEX is lying.
It was also revealed that only since April 2022 has the website exex-trade.com been active, while their other domain exex.com was registered back in 2002. However, disclosures showed that the promotion only started in December 2021. This fact is confirmed by data from the web archive.
Furthermore, it was found that the platform only provides an email address for contact. The lack of other means of communication with support leads to problems for investors and unsatisfactory resolution of their requests.
Dubious Legality
Trying to conceal legal violations, EXEX claims official registration of its managing company, EXEX LTD, in Seychelles. However, the list of licensees of the Financial Services Authority of Seychelles does not include them. This indicates a lack of guarantees for investors.
Given the increasing number of negative reviews online, EXEX continues to offer its services in several Russian-speaking countries. Investors in these countries should be aware that the company operates unlawfully, leaving them without any legal protection.
Scammers swiftly launch new platforms before regulators can react to them. This allows them to continue luring new victims.
Harmful Conditions
EXEX does not clarify contract details, and information about all trading is presented inadequately. The following is known:
- lack of risk-free practice or demo accounts,
- an entry threshold of $1, which, according to reviews, is used to attract gullible clients,
- Trading Academy for education,
- ability to trade cryptocurrencies and exchange currency,
- leverage up to 1:100 with no commissions on account replenishment and profit withdrawal,
- trading commissions of 0.05% of the transaction amount, but, according to reviews, there are problems with fund withdrawals and payment discipline.
User Reports
Working from multiple domains, EXEX has already disappointed many clients. They prey on newcomers who forget to check the reputation before investing. Such inattentive approach leads to financial losses.
Have you had experience with EXEX? Share it in a review to help others avoid financial losses.
Scam Scheme
EXEX, like many other scammers, entices newcomers with favorable conditions and easy training but ultimately only defrauds their clients. Promises of high earnings do not guarantee real profits, and generous leverage only worsens the situation. This deception will not stop until the victims run out of funds.
Independent Review Summary
In an effort to lure more money, EXEX has created several domains. Investing here is not recommended, as the likelihood of making a profit is extremely low. It is not worth risking your capital in this scam.
I am extremely disappointed with my experience with this brokerage firm in 2023. The customer service was horribly lacking; I had to wait several days for responses to my queries. Moreover, the lack of transparency regarding fees and charges was truly disheartening. The website and mobile app were unintuitive, making it difficult for me to navigate and obtain the necessary information. To top it all off, my money wasn’t managed as I had hoped for, I had expected far more astute advice, with their guidance, my portfolio performed poorly. All these factors together contributed to a truly terrible experience, one that I would certainly not recommend to anyone.