BitbuycoinEx Review: Anonymous Crypto Scams Are Everywhere
The BitbuycoinEx crypto exchange promises users favorable crypto trading conditions. Immediately upon opening the bogus website, we noticed that something was terribly off with it. It looks like an unfinished product.
Further examination showed that the legal background of the crypto business was anything but transparent. Therefore, we urge you to read our BitbuycoinEx Review to learn how to detect cyber trading scams and what you should do in case you lose money to such unscrupulous fraudsters.
|Unregulated Crypto Exchange
|Is This Company Safe?
|Have Warnings from:
|Free Demo Account:
|How to Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds.
Legal Info: Is BitbuycoinEx Regulated?
There is absolutely no information about the legal background of this exchange or the company running it. What this means is that BitbuycoinEx is a virtually anonymous online platform with no regulatory license.
For that key reason, we do not recommend you trade on this exchange. There is a great chance you’ll get scammed before you know it, as happened to many who trusted Investirex.
A key benefit regulated European providers offer clients is a compensation contract worth up to 20,000 EUR in case something goes wrong, plus protection for the financial ombudsman.
Since BitbuycoinEx is unregulated, you’ll receive no compensation whatsoever. Therefore, we recommend you trade firms that are licensed to operate under the jurisdiction of esteemed financial market authorities such as the FCA (UK), SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc.
Trader Reviews – Sharing Experiences
When it comes to trader reviews, we found only complaints against the platform. There are plenty on scamadviser.com, where traders revealed shocking details about a “very uncertain group of deceivers who will ruin you in the guise of making you money…”
If you want a broader explanation of how the crypto scammer manipulates users via Telegram channels and WhatsApp chats, you can read an alarming BitbuycoinEx Reddit thread about the devious scheme. No doubt these reviews helped us crack down on the case and expose the imposter.
Who Are BitbuycoinEx’s Targets?
According to godaddy.com/whois, the BitbuycoinEx.com website domain was created on July 25, 2023. Since then, the shady crypto exchange has mainly been targeting unsuspecting traders who reside in the following countries:
- United States;
- South Korea;
As the traders stressed, the exchange’s website has a shady URL and was created relatively recently. A webparanoid.com check flagged the website as suspicious, giving it an embarrassingly low trust score.
BitbuycoinEx is not authorized to accept clients from any of the listed countries due to the lack of necessary permits and licenses. We have already stressed the fact that if you invest money in this platform, you cannot count on regulatory help or compensation so be cautious.
Which Trading Platform Is Available?
BitbuycoinEx offers a custom platform. This trading terminal is available for Android and iOS mobile devices and even for PCs. We are not familiar with this mysterious platform and since there is no demo account, we cannot check it for ourselves.
Nevertheless, we do not recommend you download it because it is suspicious and could be manipulated. Our Exo Trade Capital review explains how scammers rigged platforms to deceive users.
Novices may find online trading platforms easy to comprehend but trading volatile assets such as cryptocurrencies is extremely risky per se, which is why you’ll need all the tools you can get to ensure you’re on track.
We thus recommend providers that support recognized third-party software such as MT4 or MT5. These platforms offer a wide range of cutting-edge tools such as automated trading, live market reports, advanced charting, a user-friendly interface, lightning-fast order execution, etc.
The shady exchange offers some of the most popular cryptocurrencies that can be traded against USD Tether (USDT). Examples include:
- XPR/USDT; etc.
Based on the lists on the website, users can choose between trading options, spots, and margined futures contracts for USD Tether (USDT-M). Nothing unusual here but the rest of the business is built on fraudulent practices.
Trading commissions, i.e. maker/taker fees were not disclosed, which raises concern. To reiterate, cryptocurrencies are unpredictable and volatile assets, which you should not be buying or selling on unregulated platforms.
How the Crypto Scam Works
Unregulated exchanges like this one typically offer some kind of referral program, which allows users to earn commissions off of the people they bring in and thus get passive income.
Judging by what we read on the forums, BitbuycoinEx is “fishing” for victims on various social media platforms. WhatsApp and Telegram were mentioned as tools the platform uses to find potential users and dupe them into investing their money in crypto. They may be enticed to bring in their friends.
It’s crucial to keep in mind that referral programs offered by anonymous websites most often turn out to be Ponzi schemes in disguise, which is a type of fraudulent investing scam that generates returns for earlier investors with money taken from later investors. Do not drag your friends and family into it.
Deposit and Withdrawal Process
BitbuycoinEx accepts payments only via one cryptocurrency – USD Tether. The minimum deposit and withdrawal requirements, as well as the related fees, remain unknown.
The reason why scammers prefer crypto transactions is it allows them to remain anonymous, plus this type of payment is extremely hard to trace and refund. You’re probably wondering if there is a way to undo your payment and retrieve your hard-earned funds.
Reversing crypto payments is pretty complex and requires professional assistance. Luckily for you, we specialize in various fund recovery methods so please don’t hesitate to book a consultation with us.
Key Information To Consider About BitbuycoinEx
To sum up our concise review, BitbuycoinEx is an unregulated crypto exchange, i.e. monkey business that has been active since July this year. In the meantime, this firm has received negative feedback from all the victims it defrauded.
We do not recommend this platform because it is undoubtedly an anonymous hoax. Should you experience any withdrawal issues, be sure to let us know.
If you cannot withdraw your funds from the BitbuycoinEx scam on your own, we offer our professional services and assistance. Book your free consultation with Scam Brokers Reviews today!
Book a free consultation with us and launch the chargeback process.
What is BitbuycoinEx?
BitbuycoinEx is an anonymous crypto exchange scam that mainly targets traders residing in the US, South Korea, Laos, Thailand, and Nigeria.
Is BitbuycoinEx a Regulated Exchange?
No, BitbuycoinEx is not a regulated exchange. This platform operates without a license and regulatory oversight.
Can I Recover Crypto Stolen by a Scammer?
Yes, but it’s a complex process. We recommend you book a consultation with us so we can explain to you how it works.