Review – Illicit Exchange Manages To Hide From Authorities Review – Illicit Exchange Manages To Hide From Authorities

Some schemes are quickly debunked or shut down by regulatory authorities. This one, on the other hand, has managed to abuse the social networks and online chat services to get tens of thousands to waste their hard earned cash. In return, the company only offers allegations and hollow promises.

Find out more about this nefarious crypto scam in our review!

Regulated by: Unregulated Cryptocurrency Exchange
Is This Company Safe? No, never invest with unlicensed firms!
Known Websites:
Have Warnings from: N/A
Registered in: Singapore (alleged)
Operating since: 2014
Trading Platforms: Web Trader Basic, Web Trader Pro
Maximum Leverage: 1:300
Minimum Deposit: N/A
Deposit Bonus: Up to 2,000 USDT
Trading Assets: Cryptocurrency Pairs
Free Demo Account: No
How to  Withdraw from This Company? Seek legal help from our team of experts in order to start a chargeback process!

Unlicensed Parent Company

The website User Agreement document states that the domain is operated by BW Network Technology Limited, a firm allegedly incorporated in Singapore.

Since Singapore is renowned as one of the leading financial centers in the region, it has a strict regulator to match the reputation. Enquiring through the MAS database, however, quickly revealed that no company with such name is licensed by authorities.

The company offers services that are a clear violation of regulatory standards, so it didn’t come out as strange that we found no info with FINMA, BaFIN, FCA, CySEC, NFA or AUSTRAC either.

Among these is the extremely high crypto leverage, and an absence of any necessary security solutions that would prevent misuse or data leakage. Furthermore, the company is plagued with poor reputation present with other scam sites like Gainful-Markets.

Old Domain For New Schemes

The domain was formerly owned and run by the now infamous Brown & Williamson Tobacco Corporation, with the inception date as early as 1993 as can be seen in the WhoIs database.

The was mostly passive until 2014, when it was acquired by BW to launch a crypto fraud directed at these areas:

  • United States
  • Germany
  • India
  • Malaysia
  • Italy

In order to get new clients, while still maintaining a somewhat low profile with the authorities, this exchange uses social networks. They are active on Facebook, LinkedIn, X, and Weibo. Much of the work is done by money-hungry boiler room agents, who persuade new victims to join via Telegram.

Horrendous Reputation

The reputation of this exchange is not what you’d call stellar. Skimming through online rating platforms like TrustPilot and SiteJabber will quickly tell you all that you need to see.

Nearly all of the users complain that the company doesn’t allow any withdrawals. In addition to this, they have the audacity to press their clients for more up-front payments, to cover the alleged taxes and transaction costs. Don’t let your situation spiral out of control in this way, contact our legal experts before it’s too late!

Huge Leverage And Hidden Fees

The company currently offers a leverage of 1:300 for trading of selected crypto assets, which is many times over the legal limit of 1:2 in Europe, or 1:5 in North America.

Futures Maker and Taker fees are 0.05% and 0.075% respectively, and CFD transaction fee is 0.05%. These incur no discounts, but FIAT to crypto purchases incur between 0.20% and 0.06% depending on the account VIP level.

The fees are allegedly lower if the client uses the company’s proprietary crypto token, BWB, for payments. CoinMarketCap reports BWB is completely worthless, with an average value of $0 in the past 6 months.

Withdrawals “shall be subject to the actual amount on the withdrawal page”, as the company states. These are most likely the hidden costs the victims are complaining about.

Numerous Bonuses On Offer

The company offers a myriad different bonuses, airdrops, anything that will make the potential victim invest the money. These include a 2,000 USDT welcome gift, lucky draws, newbie benefits and so forth. Again, many jurisdictions have placed blanket bans on these bonuses.

Basic Trading Amenities

Discussing the actual trading features with this firm is a moot topic, as we already know the exchange is up to no good. What we saw on the website was plain, and suffering from a great deal of opacity. Many of the advertisements are empty claims, allegations and weasel words with not much substance.

Weak Trading Software

The company offers not one, but two different web traders- Basic, and Pro. The Pro version includes an imported charting tool from TradingView, and the website theme is switched from light to dark.

Neither of them supports economic calendars, expert advisors, or technical analysis, and offer basically no security solutions.

Mobile App

Many firms today like GOPAX offer proprietary apps to their clients. Not to be undone, this exchange has launched its own app, called BWAPP. It’s available only through the scam portal however, and not through Google Play or App Store, which doesn’t instill much confidence.

Small Selection Of Assets

Users can allegedly participate in FIAT-Crypto exchange with other clients in a dedicated portal on the site. The problem is, none of the Makers are marked as “verified” even by the company!

Instruments that are available through the platform are USDT paired crypto coins, including BTC, ETH, LTC, XRP, DOGE, CAKE, SOL, MANA, and around 300 others.

Trading Account Parameters

The BW account creation page is busted, so we couldn’t manage to get a valid BW login. Since there is no demo, we could only preview the trading software, and not actually test it.

There isa single trading account, which can advance VIP levels. VIP1 requires a monthly purchase of 10,000 worthless BWB, while the cost of VIP9 is 6,000,000 BWB monthly. What the exchange charges for these is unclear.

Glaring Withdrawal Issues

It’s become clear that none of the clients were able to withdraw from the exchange. The firm either blocks all requests, freezes the accounts, or asks for additional up-front payments to allegedly allow a withdrawal, which never comes through in the end.

These sorts of extortion methods are not uncommon with online frauds, however. If you have issues with this, or any other similar platform, feel free to get in touch with our chargeback experts via the live chat on our site.

Non-existent Client Support

The exchange brags about professional multilingual 24/7 customer support. This can’t be farther from the truth, as it is only available in Mandarin, and we couldn’t get a live person to answer no matter how long we waited. Among other options there’s the phone line nobody answers, and emails no one reads.

Fight Back For Your Money! Start Chargeback Today!

Let’s be honest, this so-called exchange is a complete and utter scam. The company is completely illegal, offers poor trading software, has huge trading costs and an awful reputation.

They are only after your money, and whatever lies that they come up with along the way are only there to persuade new victims to invest. That doesn’t mean they should get away with it! Book a free consultation with our legal experts as soon as possible, and start your chargeback process today!

FAQ Section

What Is

It’s an illicit cryptocurrency exchange that steals money from their clients. If you’ve invested with this firm, consider booking a free consultation with our chargeback experts.

How Much Does Charge for Withdrawal?

Although the company does disclose some costs, the withdrawal fees are not clearly outlined.

What Are BW Exchange Fees?

Exchange fees are on the upper end of the current average, with 0.05% and 0.075% Maker and Taker fees.


Leave a Reply

Please rate

Your email address will not be published. Required fields are marked *

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

Comment link copied