CEX.IO Review – How safe is to invest here?
A claimed well-known cryptocurrency exchange in the world, CEX.IO also provides several additional products. Just 113 coins are available for purchase, sale, or trade, even though this is an exchange with a sole concentration on cryptocurrencies. Even though these coins can be traded for USD, EUR, and other cryptocurrencies, which increases the number of pairs that can be traded, the number of assets is still small compared to larger exchanges.
Https://cex.io/ is the website of this broker and is owned and operated by CEX.IO Corp., CEX.IO Limited, and CEX. They shared different locations on their website, i.e., the United States and the United Kingdom.
CEX.io claims to be a regulated exchange, with a solid reputation. They also claim that they are registered by FinCEN. But, all these claims can’t deny that the broker got many negative reviews on the web.
As per the review shared on Bittrust.org, “CEX.IO is the biggest scam in the crypto world. First of all, they are not regulated as they are saying; they are UK-based but run by Ukrainian scammers. Stay away from this fraudulent exchange. Once you have deposited, let’s say less than $100 or $200, ok, but as soon as you deposit any higher amount, this fraud immediately blocks your withdrawal saying verification even if you are fully verified with them prior, and even after sending verification documents, these frauds will never pay you money for weeks and months, and no one, I repeat no one, should deposit a single penny to these frauds.”
Proofs that CEX.IO is a scam
Investment scams such as Forex trading scams, Binary scams, Crypto scams and others are hard to spot. But still there are many signs why CEX.IO is suspected as a scam broker. Let us read them,
After taking a look at their website, we found numerous warnings that should be enough for you not to invest in them. Some of the reasons why we include CEX.IO as an unsafe broker.
Deposit And Withdrawal Methods And Fees
There is a reason why these fraudsters, as well as many other scammers, would frequently advise you to deposit in cryptocurrency. You cannot get a chargeback on such transactions because they are entirely irreversible and all of them are recorded in a ledger that cannot be modified later. Depositing money with scam brokers is therefore, rarely a good idea.
With CEX.IO, if you ask for a withdrawal, they will postpone the process by giving some reasons for a long time so you can find no alternative to file a complaint.
Customer CEX.IO Reviews
Scam Helpers found that CEX.IO got negative customer reviews and ratings on all other sites, and also got low trust scores among users. With this review and after reading all the negative and positive CEX.IO reviews, we found that this broker is not regulated and might be a potential scam broker. To avoid these scams, we provide a list of scam brokers 2023 on our website.
How does CEX.IO Scam Work?
Scammers use many tricks in order to give you the idea that you are earning money easily and rapidly, fraudsters frequently send you some returns first. They can acquire your trust in this way. To extract as much money as they can from you, they frequently ask you to make more investments or to recruit family members and friends to do the same.
They will suspend or close your account when they believe you are unable to invest any more money in the fraud, and you won’t likely hear from them again. In order to appear trustworthy in the eyes of potential customers, many scam companies falsely state that they are headquartered in a regulated jurisdiction by using fictitious locations and regulation licenses.
How to keep yourself safe from scam brokers?
- Do good research about the broker. Go through reviews and pick a broker with positive reviews. A conventional web search can give experiences into whether negative remarks could simply be a disappointed broker or something more serious.
- Ensure the reviews do not contain anything negative about the broker’s withdrawal process.
- If you are happy with your examination on a specific broker, then trade for a while first, and afterward attempt to make a withdrawal.
- If you face some issues, discuss them with your broker. If it doesn’t go well, file a complaint and share your experience online with everyone.
Is CEX.IO broker Legit or a scam: Conclusion
It is clear from the CEX.IO review that this broker is not right for trading. We unequivocally encourage all traders and investors to keep away from CEX.IO and similar brokers. If you really want to trade online, find a broker who is regulated and has trusted and positive reviews.
Scammed by CEX.IO? Scam Helpers can help
If you are a victim of the CEX.IO scam, or other scams like the forex scam, cryptocurrency scam, binary scam, etc., file a complaint here to get your funds back. Scam Helpers can process your complaint and help you in fund recovery. We should begin and determine the matter before the harm is considerably greater. Your one step can save you and other people from being cheated by such brokers.
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