Ibinex Review – Domain Changing Ownership For A Decade Lands In Estonia

The domain behind this cryptocurrency exchange, ibinex.com, has changed hands multiple times. Their service got progressively worse with each new iteration. As it stands now, Ibinex is an unlicensed crypto exchange, and nothing on their website instills any confidence.

Find out how to recognize and avoid fraud crypto exchanges in our Ibinex review.

Shady From The Very Start

Ibinex has changed several ownerships during the decade of the domain’s existence. However, none of these companies ever left a legal trace anywhere, except when they were registered in SVG. At a certain point in time, Ibinex was a member of The Financial Commission, but their membership was withdrawn in 2019.

Today, the domain is owned by Xshop OÜ, legally incorporated in Estonia. However, the firm isn’t licensed by FI or FIU as a regulated service provider. That leaves us with doubts about the legitimacy of this financial services provider. We’ve also searched the AUSTRAC register for their alleged license but no results came up.

Without a license to confirm the company’s competitiveness and credibility, your funds might be at stake, just like they are with other illicit entities, like ProfiStocks, for example. 

Ibinex Lurks On Social Networks

The ibinex.com website was originally launched in 2011, and directed their services towards these nations:

• United Kingdom
• Bulgaria
• Brazil
• Philippines
• India

Ibinex chose viral advertising for their marketing campaign. At one time, the exchange held profiles on virtually every available social network. Here, Ibinex boiler room agents were hard at work at finding new victims.

These included the most popular websites and online chat services. While most of these were deleted or sold since, the exchange still has Facebook, LinkedIn, Lusha and Telegram profiles.

We can easily compare Ibinex to a fire pit. No matter how much money you throw into it, you’ll get nothing back. Ibinex doesn’t allow withdrawals, so contact our experts for help with recovery.

Deceptive Online Reputation

Since Ibinex has been around for so long, it has attracted a lot of attention on various review sites like TrustPilot, SiteJabber, reviews.io and even Reddit. Most of the testimonials are fakes, posted by review seller networks, yet the 1-star ratings betray the scammers’ real intentions.

You shouldn’t ignore these warning signs, pull your money out from Ibinex as soon as possible! Contact our legal professionals for help with ibinex.com chargeback.

Fees On Everything

In order to use any of the Ibinex services, you need to register for a live account, pay upfront and have your account fully verified and KYC confirmed. In the process, you will be charged a 26.44% transaction fee on your every crypto purchase. 

As if that isn’t enough of a robbery, Ibinex also charges any other imaginable tax like associated fees, commissions, bank charges, wire transfer charges, clearing house charges, network fees (miner fees), etc. On top of that, Ibinex charges a dormancy fee of 10EUR.

Trading Features Hidden From Public

The owners of ibinex.com have carefully hidden important trading information behind a lock. In order to see how their cryptocurrency exchange functions, which trading assets or platforms are available you need a trading account. Before you can open an account, however, you must deposit real money and verify your identity.

Do They Even Have A Trading App?

While Ibinex advertises a cutting-edge, super secure trading application, they don’t openly tell website visitors what it is. Many other fraudulent firms like FxOnUs use similar strategies to entrap their victims. Chances are, there is no trading application to speak of.

Assets Hidden Behind A Paywall

You’d expect a firm dealing with one of the most volatile assets to at least provide some insight into their services. Before you can see anything Ibinex has to offer, however, you need to purchase Bitcoin from them.

Remember, legit crypto exchanges will let you know everything about their coins and tokens. They feature running tickers and real time price updates on all assets, even if you’re just browsing their website!

No Account Types

The platform only accepts opening one standard live trading account. However, the process is more than painful. Not only do you immediately need to provide all the documentation for a thorough KYC procedure, but you also need to make a purchase right away. 

You can choose which starting amount of BTC you wish to buy: 

• 100 GBP for 0.00324196 BTC
• 250 GBP for 0.00945586 BTC
• 1000 GBP for 0.04052539 BTC

Withdrawal Policy Absence

Separate documentation that guides customers through the withdrawal process doesn’t exist. As a part of T&C doc, withdrawals are mentioned to take around 5 to 7 business days to be processed. The amount shall then be sent to the users wallet, card or bank account.

This doesn’t mean this data is true as presented by the platform owners. The lack of transparency additionally undermines the platform’s claims about ultimate safety and funds security. 

Dysfunctional Customer Service

The customer support may be advertised as 24/7 but we had trouble getting any answers from Ibinex. We’ve tried the live chat, the phone, or any other methods for that matter.

The knowledge base search widget on the site didn’t prove very useful either, as it just returned the “Not Found” error for virtually any keyword including Bitcoin, token, asset, platform, withdrawal.

Final Thoughts On Ibinex And Chargeback Chances

Please always make sure to double check your service provider, whatever financial activities you’re about to engage in. Whatever site requires your real cash to let you in could potentially be a fraud. Swindlers are often found in the crypto niche especially, so you need to be extremely attentive not to fall into a trap.

If it so happens that you’re facing difficulties with Ibinex withdrawals, please contact our legal professionals to help you with legal issues and guide you to recover your funds.

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