The website of this cryptocurrency fraud is template-bilt, and as such is identical to numerous other sites we’ve already come across. One of its sister sites is Nawelex.com, a now defunct platform that used the exact same design and strategy.

Read more about serial production fraud and how to get your cryptos back from one in our Bitexfy review.

Illegal Crypto Service

The name of any parent firm operating the exchange is Bitexfy Financial Company. It is allegedly regulated by AUSTRAC, which implies that it should be based in Australia.

Of course, this is a blatant lie, as is the claim that any legal proceedings default to the exclusive jurisdiction of the courts of Malta. In this nation, the legal precedent in terms of financial regulation goes to the agency named MFSA. Another register search reveals that the company is not licensed in this nation either.

This is evidence enough that the company is not an authorized entity, and that their cryptocurrency exchange business is a scam. Investing with any unregulated business, be it this or Algo Advise, means you forfeit any fund safeties. Additionally, you’re likely to simply be robbed.

How the Fraud is Orchestrated

As one of the more recent launches, the bitexfy.com domain was created in August 2023, which explains the lack of any Bitexfy reviews. Majority of victims reside in these areas:

• United States
• Georgia
• Turkiye
• France
• Italy

The fraud attracts victims through faux affiliate campaigns like LeapFX, or various intermediaries who post misleading videos on social platforms like TikTok. Videos often feature DeepFakes of celebrities, in this case Elon Musk, who allegedly gives away free Bitcoin to new users of this exchange.

The scheme revolves around an advance fee scam, set in motion when the clients wish to withdraw their “giveaway”. Schemers will first require some deposit to unlock the account, after which they will request an up front payment in order to allegedly release the funds.

These deceivers have managed to steal money from thousands of people. Take action and contact our legal team to start your crypto recovery procedure!

Leveled Fees Structure

Even fraudulent crypto portals like to promote the idea of big discounts on fees that come with greater monthly trading volume. The amount of capital turnover on this site also defines what fees you will be asked to pay. There’s a total of 7 (seven) VIP levels and each higher level brings lower trading costs. 

For example, 1st VIP level features Maker/Taker costs of 0.075% / 0.075%. These get progressively lower until they hit the value of 0.035% / 0.045%.

Referral Rewards are Attractive

Ponzi schemes always target existing clients that can refer their friends, colleagues and loved ones to the firm. For that an alluring reward of 40% of the commission they pay allegedly goes to the client promoting the service. In addition, the trading commission is lowered to 0.1%.

Useless Trading Environment

These crypto schemes do not feature any actual trading. The money only flows one way, and the platform is tailored to further this agenda. Any trading amenities are there just to keep you occupied for longer and wasting more money.

Doctored Trading Application

The Bitexfy app is a web trader, a common piece of software employed by countless cybercriminals. Its complete dependency on a web server makes it easy to manipulate, and charlatans make full use of this fact.

Most of the time, they edit the trading data to make every speculation a loss, regardless of the actual market conditions. The victims are then urged to make further investment, usually playing on their distressed state of mind.

Limited Asset Availability

In order to mimic their legitimate competition, Bitexfy exchange platform offers cryptocurrency based trading instruments. They offer a relatively small number of coins, and no tokens.

Here’s an overview of the advertised assets:

• Crypto to Crypto pairs – BTC/USDT, ETH/USDT, ADA/BTC, DOGE/ETH, SOL/USDT

All of the sister sites advertise NFT assets as “coming soon”, and this one is no different. This seems to be the fraudsters’ late attempt to capitalize on the now waning popularity of this crashed market.

Tiered Account System

Instead of multiple different account types, this exchange offers a single main Bitexfy login account. This can later be shifted to different tiers called “vip levels” by executing certain trading volumes. It is not clarified what purported benefits come from increasing your monthly volume.

The volume requirements are absolutely ridiculous, take a look:

• Vip 1 – < 30 BTC 
• Vip 2 – ≥ 300 BTC / $20,304,270
• Vip 3 – ≥ 900 BTC / $60,912,810)
• Vip 4 – ≥ 2,700 BTC / $182,738,430
• Vip 5 – ≥ 5,000 BTC / $338,404,500
• Vip 6 – ≥ 10,000 BTC / $676,809,000
• Vip 7 – ≥ 20,000 BTC / $1,353,618,000

Shady Payment Processors

Involving suspicious and unlicensed money transferring services is another proof of the platform’s fraudulent intentions. Both deposits and Bitexfy withdrawals are charged with a mandatory fee. Account funding cost 0.00007 BTC and withdrawals 0.00018 BTC. The prices may vary if you choose another currency.

Since all of the transactions can only be processed via crypto, we recommend caution when dealing with portals that support only this form of payment. After all, cyber criminals prefer anonymous crypto transactions in order to conceal their identity and get away from the law. Recovery is still possible, however, so chat us up.

Recover Stolen Assets Today!

Countless crypto investors struggle with withdrawals when trying to take their investment back from illicit online trading firms. You don’t have to be one of many defrauded traders that have lost thousands. 

If you contact our legal experts promptly, you can acquire invaluable advice on how to get back your misappropriated funds. Our recovery team is always at your disposal, so book your free consultation today. Your first interview is entirely free, so contact our chat agents at your convenience.

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