Emirex Review – Crypto Exchange Reputation Is Built On A Lie
We were surprised to find that the main website of this allegedly reputable and well established company is a shabby, poorly designed mess. The license and regulation information is placed in a footer, which is covered by a cookie acceptance form. The link towards the About Us page does not work, and the Terms and Conditions are vague and poorly defined.
Find out more about this dangerous cryptocurrency scam in our Emirex Review.
|Is This Company Safe?||No, Emirex is not a licensed crypto exchange!|
|Have Warnings from:||N/A|
|Registered in:||Estonia (Alleged)
Czech Republic (Alleged)
United Arab Emirates (Alleged)
|Trading Platforms:||Web Trader, Emirex App|
|Trading Assets:||Cryptocurrency CFDs|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Emirex is an unregulated entity with a fraudulent history. To chargeback funds from this firm contact your bank, regional financial regulator, or our legal experts.|
No License, And No Authorisation
Emirex, as a company, is allegedly based in the Czech Republic. However, when you look up the domain history, you’ll see that the company was originally based in Estonia, and has since changed both their parent company and legal jurisdiction.
Neither Emirex, nor any of their parent firms, be it Bitomni s.r.o. from Czech Republic or BME Technologies OU from Estonia have a necessary license to provide financial services in any of these regions. None of the companies are even registered with any of the local authorities.
To check if these claims hold any validity, we have inquired with the main financial regulators around the globe. Starting with CNB from the and FI, we found no database entries whatsoever. The same happened when we inquired with DFSA, FINMA, ASIC, FCA, NFA, CBR, CNMV, CONSOB, FSCA and BaFIN.
It’s clear that Emirex’s reputation is a complete falsehood. Their clients are not protected by segregated bank accounts, or negative balance protection. Furthermore, Emirex is likely to just sweep the rug from under the clients’ feet.
How Does The Emirex Scam Work?
The domain emirex.com has been active since 2008, but for most of the time it was an advert for web hosting service.
The first mention of Emirex Cryptocurrency Exchange is from April 2020. The scam is actively targeting people from these nations:
- United Arab Emirates
- United States
This way, the Boiler Room Agents employed by Emirex can reach out to a large audience, and remain protected by the anonymity the internet provides.
Their fraudulent advertisement is furthered by the presence of Review Seller Networks who have flooded the internet with fake reviews.
Truth Hiding Behind Fake Reviews
There is a great scarcity of reviews on TrustPilot and other personal reviewing sites. After doing some digging, we found a few examples and they weren’t pretty:
“ I worked in this company for several months. Negative experience. They did not pay the final settlement, although everything was done in good faith on my part. In general, I do not advise considering the option of working there, the overwhelming incompetence of employees and management. “
“ […] They claim to be based in DUBAI and there is no address for Dubai or even a phone number.
BE CAREFUL! “
“ […] They provides fake transactions and steals money and crypto currecy. “
“ […] I warn all customers against investing in EMIREX, as a former technical employee of this company. There is a hell of a lot going on there, so if you do not want your money to hang in the pocket of Grigory Rybalchenko, who is hiding in Dubai, never transfer anything there. […] “
With all the turmoil about Emirex currently abound, you should take all these reviews with a grain of salt. The disparity between different opinions is surely a warning sign, and we do not recommend investing with Emirex.
Vague Pricing And No Fee Information
The part of the Emirex website which should discuss different fees and additional charges is a blank page. The company Terms and Conditions are vague, and only contain a link to this same broken page when citing different fees.
The only thing we managed to find out is that the company does not charge a fee for account termination. What happens with the client assets should an account be terminated is not outlined either.
This informational opacity is a tool used by other scammers like FCF Markets, and enables the people from Emirex to charge large sums of money for anything they want.
Emirex Hides Key Trading Features
Bar several advertisements which we concluded to be completely false, there is no information on actual trading conditions on Emirex. Emirex offers only a single trading application, and it is of poor quality.
There is nothing about different account types, or how to deposit or withdraw funds. We did manage to create a working Emirex login, however, and what we found was lackluster.
Trading Platform Availability
The Emirex Web Trader is a simple software that imports chart information from TradingView. You may only speculate on different crypto coin prices, and this is done through a Web Trader.
The program is run directly from a web browser, and only offers the simple options like Buy, Sell and Limit Order. Other frauds, GSI Markets for instance, use this same software extensively.
Mobile Trading App
Emirex mobile app is allegedly available for iOS and Android devices, but the link to the App Store does not function.
Visiting Google Play, you will find out that the app has been downloaded some 10 000 times.
It is likely, however, that these downloads were mostly performed by a bot.
We do not recommend installing this app on your device, as it may contain dangerous malware.
Suspicious Trading Assets
The only tradable assets on Emirex are Cryptocurrency Pairs, which means they are in essence CFDs. Be advised that crypto derivatives, including crypto CFDs are banned in many jurisdictions.
The number of assets is quite slim, especially compared to a regulated exchange:
- Cryptocurrency Pairs (BTC/USDT, ETH/BTC, ETH/USDT, XRP/USDT)
Opaque Trading Account
Emirex offers only a single account type. The company does not outline different trading parameters tied to this account.
The only thing we did notice is that you may access the client dashboard and by extension both trading applications offered by this faux exchange. There is no information on how this account may be funded, or which is the minimum deposit amount.
Suspicious Withdrawal Methods
Emirex doesn’t make it clear how to deposit to their platform. Although there are many different options for cryptocurrency withdrawals, clients can only withdraw tokens, and not actual coins.
Because Emirex does not directly handle cryptocurrencies, it is difficult to track or trace any financial transactions. If you have any issues with Emirex withdrawals, contact our team of experts for help with chargeback.
Nobody In Customer Support
There is no Customer Support on Emirex. Well, there are a few options, but nobody bothers to answer your questions or support tickets.
There is some semblance of a live chat on their website, but it’s not what you’d expect. It just contains a contact form for email which nobody responds to.
Is There A Way To Get Money Back From Emirex?
The reputation Emirex has built online is based on lies. When you start to carefully examine all their different claims and allegations, you’ll find out just how hollow and rotten Emirex is.
If you have any issues with Emirex withdrawals, you can rely on our chargeback experts with your recovery. Contact us today, and book a free consultation for more info.
What is Emirex?
Emirex claims to be a reliable cryptocurrency exchange, but it’s an unlicensed scam company.
Is Emirex A Scam Or Legit?
Emirex is a fraudulent unlicensed company that lies to their clients about regulation. If you have deposited any assets with this dangerous firm, contact our legal experts for help with chargeback.
Where is Emirex located?
It is unclear where Emirex is operating from. The company alleges Estonia, Czech Republic and United Arab Emirates, but we were unable to confirm these allegations.
Who is the founder of Emirex?
The founder of Emirex is Grigory Rybalchenko, who currently acts as the company CEO as well.
Who is the CEO of Emirex?
The current CEO of Emirex is Grigory Rybalchenko, the person who initially founded the firm.