A New Perspective on the VinDAX Crypto Exchange
Scammers targeting fraud actively retreat into the shadows, reevaluate their activities, destroy traces of negative reviews, and resume their machinations. However, there are also those scammers who miraculously stay afloat for a long time, disregarding poor ratings and a plethora of exposures, as there will always be newcomers willing to invest their funds. This cunning typically pertains to fraudulent cryptocurrency exchanges. Today, our discussion will be about the crypto platform called VinDAX.
Mini-Analysis of VinDAX
According to legend, VinDAX started operating in March 2019 and serves over 1.5 million clients. The exchange’s website is indeed old, having been registered in 2018. Given that there are enough reviews online even from four or five years ago, VinDAX is definitely not a newcomer in this field.
However, can it be trusted? Serious doubts exist in this regard. The crypto platform made it onto the CoinMarketCap ranking but holds low positions. Furthermore, investors have repeatedly appealed to the portal’s administration to delist VinDAX and its token VD. User reviews note a range of issues with VinDAX and its token. At the time of this review, the VD token price stands at 0.7101 rubles (having dropped by over 3% in the last 24 hours).
The administrative structure of the crypto platform remains a mystery. While the creators of leading cryptocurrency companies are public figures, ready to take responsibility and ensure the exchange’s stability, in VinDAX’s case, the top managers’ identities are concealed. This is concerning.
Also worrying is the lack of quality customer service at the company. There is limited help regarding frequently asked questions on the platform, as well as links to social media pages. Real users find it nearly impossible to contact technical support, especially concerning financial matters.
Legal Details
According to VinDAX, the company is registered in Vietnam. There is no evidence of this claim on the platform. A check with a specialized service revealed that the organization exists solely online and has failed to obtain a certificate of inclusion in the register and a license for legitimate service provision in any country worldwide.
The exchange’s internal documents clearly state that users are solely responsible for complying with local laws when using VinDAX’s services.
The terms of collaboration remain as they are. The company reserves the right to:
- rebrand, split, or merge the native token,
- remove cryptocurrencies from the listing (and consequently any open positions with them),
- accuse the user of money laundering or suspicious activity, leading to account suspension (according to reviews, this practice is not uncommon).
These are just a few points from the User Agreement that all traders must accept upon registration.
Earning Schemes on VinDAX
The crypto platform offers trading possibilities for 300+ cryptocurrency pairs (Bitcoin, Ethereum, Litecoin, etc.). Technical contract details are not disclosed, and the entry threshold is also unspecified. There are no opportunities to trade without risk or familiarize oneself with the terminal’s functionality.
The majority of trading volume is with Bitcoins, followed by Ethereum. Only a small portion of volume is attributed to other cryptocurrencies. Users note that the exchange artificially inflates trading volume to stay in the CoinMarketCap ranking and attract new clients.
From trading outcomes, it is known that:
- the commission size depends on your VD level (for instance, at a zero level, the fee for makers and takers is 0.1%),
- trading support is universal (available in both desktop and mobile versions),
- upon reaching 200,000 VD, the commission is 0.07%,
- there is no fee for deposits, but a withdrawal fee is charged. The fee amount depends on the cryptocurrency (e.g., for Bitcoin, it is 0.0004 BTC),
- each digital asset has a withdrawal limit. For USDT, the minimum withdrawal amount is 50 coins.
As an attraction, the company offers perks for the top 200 VD holders, promising them a return from the crypto exchange of up to 30%. The specific individuals included in this fortunate group are unknown. Likely, this is another manipulative tool to convince investors to put more into illiquid assets.
Crypto Investor Reviews
VinDAX has accumulated a significant number of negative reviews, which increase daily. People are losing trust in the platform as it fails to honor commitments and unilaterally blocks user accounts.
Share your thoughts or experience with VinDAX, express your opinion by posting a review beneath our overview.
How Scams Operate on VinDAX
Essentially, VinDAX compels users to purchase the native token. In other words, dreams of low fees are unattainable. As a result, scammers receive real money for a completely illiquid asset whose price steadily declines. This is pure extortion!
From the initial stage of collaboration, the possibility of unilateral contract termination was introduced. Once a client ceases to be profitable, they are immediately dismissed. Naturally, scammers have no intention of returning a single penny.
Last Review Conclusions
VinDAX is not a newcomer in this field, but it is trailed by a long chain of negative reviews, lacking legal grounds for its operations. If you do not wish to lose your funds, choose reputable cryptocurrency exchanges among the top ones. Do not line the pockets of scammers.
