To be fair, this crypto exchange never appeared legitimate. Firstly due to missing regulatory oversight. Secondly because of registration in Estonia and Lithuania where most crypto firms tend to register. Mainly because of progressive legislation and low requirements for the license.
Nevertheless, this firm didn’t have any. And our ExMarkets review reveals how the company managed to get its hands on traders’ money.
| Regulated by: | Unregulated |
| Is This Company Safe? | No |
| Known Websites: | https://exmarkets.com/ |
| Have Warnings from: | FCA |
| Registered in: | Estonia/Lithuania |
| Operating since: | 2015-10-04 |
| Trading Platforms: | Web Terminal |
| Maximum Leverage: | N/A |
| Minimum Deposit: | $1 |
| Deposit Bonus: | Not available |
| Trading Assets: | Cryptos |
| Free Demo Account: | Not available |
| How to Withdraw from This Company? | Withdrawing funds from this unregulated exchange that appeared on the FCA warning list can only be done through a recovery procedure. For detailed guidance, contact our refund specialists. |
All the Illegal Operations
Advanteks OÜ from Estonia, the parent company of ExMarkets, isn’t regulated by the Estonian Finantsinspektsioon. Moreover, the website gives two Lithuanian addresses, but ExMarkets and Advanteks OÜ do not appear in the regulated entities lists kept by Lietuvos Bankas (LB) – the main regulator in the country. While searching further, we concluded that ExMarkets and Advanteks OÜ aren’t a part of any database, including those of FCA, BaFin, FINMA, ASIC and CySEC.
This crypto exchange platform in the rise has been performing crypto services without any legal confirmation of their credibility. Investments made to their wallets are in risk of being stolen, locked or misused by the platform itself.
A group of anonymous persons running the site doesn’t leave a single trace of their identity online, so we can’t tell if they’re even competent to operate the way they do. Stay clear of this crypto scam, like you would from any other, including Binatex.
Regulatory Warnings Against ExMarkets Exchange
Even though ExMarkets trade provides a user-friendly platform for crypto trading, it’s far from trusted. After all, if the company was legitimate it would be licensed in the first place. However, instead of a license, the ExMarkets scam company ended up on the FCA warning list.
This is crucial for all the crypto traders in Europe. Primarily because they know institutions are watching our every move. Therefore, if you want to keep your funds safe, you better trade with licensed companies.
MetaMask Phishing Warning – ExMarkets Website Not Safe
MetaMask is a quite popular crypto wallet that many traders opt for nowadays. However, ingenuine companies use that to their own advantage to trick inexperienced clients. For instance, this company would send you an e-mail where you have to verify your crypto wallet.
However, if you don’t do it in a given time, the account might be restricted. Therefore, traders run quickly to verify their accounts, and once they complete the ExMarkets login procedure all their details have been stolen. Ultimately, that results in all the crypto being stolen as well. So, watch out for any website where you get the message that the website is not secure.
Countless Victims
Although the domain was active since 2015, ExMarkets hasn’t always been a fraudulent crypto site. Their crypto activities have first been detected in 2018. FoxicaTrading has operated since 2015 and has been a scam ever since.
ExMarkets has been targeting North American investors the most, as well as South-East Asia. Take a look at the countries where the swindler is most active:
- United States
- Canada
- Indonesia
What seems like an appealing crypto trading and staking at first, soon turns sour. The boiler room agents and their affiliates advertise ExMarkets as an impeccable platform and a sure source of stable income. Efficiency, affordability, reliability and global reach are their biggest ideals and they try to sell it to potential victims through their excessive friendliness and affection.
Naturally, scams do not help you earn but rob you. However, we counter such fraudulent cyber projects and force payments. So contact us if you ever find yourself fighting a losing battle against a crypto con.
Traders are Displeased!
The average rating that ExMarkets has on TrustPilot is 1.7/5. This itself should be a warning strong enough to let you know the place is not safe for investing. The general discontent is apparent from each individual review:
“Scammers! Everything goes very well when you are sending funds to exmarkets. However, the very first time you try to withdraw funds, the problems start. My witdrawal status is already ‘pending’ for 1.5months and te ‘customer service’ seems to be a facade and non existing.”
“Scam crypto exchange. I requested withdrawal of my Cardano coins 4 months ago and it is still marked as “pending”. No one answering support tickets. Avoid at all costs.”
“Scam! stay away! my withdrawal transaction is in progress for over a week now. They stopped responding to my messages. Very easy to deposit but you will most likely won’t be able to withdraw.”
Fake Yet Attractive Fees
Deceptive strategies are necessary when the quality of actual service is unsatisfactory. At ExMarkets, the fees are lower than industry average, which instantly had us in doubt of their truthfulness. Taker and Maker fees are at 0.12%, while there’s no funding fees. The withdrawal fee depends on the crypto coin you choose. For example, the payout fee for BTC is 0.0005 (~15 USD).
Affiliate Campaign
All fraudulent schemes look for ways to bring in new victims quickest. ExMarkets does it through their affiliate programs. Spreading the word among other crypto traders and getting them to invest supposedly earns you 21% commission. The scheme is multi-tiered and covers 3 levels of affiliate agents.
Bogus Software
It is already known that the majority of trades done on scam platforms never actually happen. Simple, web terminals are the ones used to conduct such projects and deceive victims. Easy to manipulate and always heavily controlled by the fraud, these web platforms are the most abundant among scammers.
The difference is obvious: they do not require downloading, are fairly comprehensive and lack advanced features severely. In accordance to that, ExMarkets doesn’t have a proprietary platform with the version for every device and offers no dedicated mobile app.
Crypto Pairs to Trade
We’ve already mentioned that ExMarkets offers crypto staking and crypto pairs to trade. According to what you can trade against, there’s several groups of pairs:
- Crypto VS BTC (ADA/BTC, CHZ/BTC, DASH/BTC, ETH/BTC, OMG/BTC)
- Crypto VS ETH (ADAX/ETH, DDK/ETH, KEY/ETH, LINK/ETH, YAY/ETH)
- Crypto VS USDT (BTC/USDT, ETH/USDT, DODO/USDT, GTN/USDT)
- Crypto VS ADA (ADA/BTC, ADA/ETH, ADA/DOEX, ADA/EGO)
Accounts Not Offered
Even after joining the platform, we didn’t get to choose to buy any specific package. The website doesn’t give an option or any information about existing account types. We can only assume there were none to begin with.
This is nothing out of the ordinary when it comes to scam exchange platforms. They do not usually bother to create account types or specify their prices. The sole point is to extort money in the form of a deposit.
Demo Account Unavailable
Not only is there no customized account types, but there’s no option for trial trading. ExMarkets doesn’t want you to snoop around their trading area without depositing. Neither do they want you to learn how trading works. That basically defeats the purpose of Demo. After all, they want to be able to rob you easier.
Easy Withdrawal Promises
No one makes it sound as easy as ExMarkets does. All you have to do to withdraw funds from your trading account is enter the sum and your crypto wallet address. In just a matter of minutes you will have cash appear in your wallet. All that would be lovely if true, but we immediately know it isn’t.
Even regulated financial services providers earn off withdrawal fees, it is impossible for an impostor like ExMarkets not to charge them. No legal docs reveal the exact costing, so you can expect surprises. Also, crypto transactions are known for being anonymous and definite, so better contact us for help if you’ve already deposited.
Unresponsive Customer Support
Almost every single one of the numerous negative reviews about ExMarkets talk about customer service ignoring complaints and being unhelpful. This is not something to be shocked about. All their purpose is to guide you to invest, that’s all they need from you. Online chat feature is not instant and you only receive answers to your email. Or better said not receive.
In Summary – Stay Away!
We’d like to offer you words of comfort and tell you ExMarkets isn’t so bad. But that would be against everything we discovered and everything their ex customers are saying. The quality of service couldn’t be worse, the support doesn’t exist and withdrawals do not work. Our only advice is to keep away from this site.
If by any chance you have already made a bad move to invest here, there’s still hope. If you contact us immediately, we can book a free consultation and direct you to our legal team. They can offer proper help and piece of advice on how to resolve your situation.
FAQ Section
What Is ExMarkets? ExMarkets is a crypto platform that is operating without a regulation and a proper license.
Can You Withdraw From ExMarkets?
It is well known that withdrawals with crypto scammers aren’t allowed. All the victims report the same about ExMarkets.
What Is The Minimum Deposit For ExMarkets?
The site states the minimum deposit to be only $1.
Does ExMarkets Require KYC?
No where is the KYC procedure mentioned, not even in the aspect of account funding.
Where Is ExMarkets Based?
ExMarkets website claims to operate from their two offices in Lithuania.
Who Is The Owner Of ExMarkets?
The site is owned by Advanteks OÜ from Estonia, but this company does not seem to exist.
