Velitex Review – New Machinations of a Flagged Fraudster

Already notorious with financial authorities, the Velitex scam has brazenly defied financial norms. This nefarious entity, already under the vigilant scrutiny of financial authorities, operates a web of fraudulent crypto exchanges. 

With a track record of deceit, the blacklisted company orchestrates a symphony of scams, one of which is exposed in the following Velitex review.

Known to Regulators

Crypto Arby Trade Limited, the company that runs countless fake digital currency exchanges has come up with a newest project – the Velitex trading portal for crypto coins. 

The firm was dissolved in 2022 and some of them were shut down. Other projects of theirs we’ve already reviewed are Netbtccoin and CoinDres. Some of their other known sites, blacklisted by CRB, are cryptolir.com, checbit.com, nextbex.com, bitstormex.com. 

Sites like these require you to share your personal information in order to misuse their access to it. Funds deposited on such sites are not protected in any way and they will most likely disappear as soon as you invest. Another similarly functioning fraud is NFL Markets, whom we’re also published a review on. 

Misleading Online Videos

The velitex.com domain is what the online registries call a “premium domain”. If you take a look at the WhoIs register, you’ll see that it is currently listed for sale. This tells us that whoever is currently using it is not willing to pay the full price.

While the reported date of inception is back in 2018, the domain did not host the Velitex exchange until 2023. At that time, the scammers directed their efforts towards these countries:

• France
• Spain
• Germany
• Lithuania

The company has an active profile on X, but the real deception works through various YouTube and TikTok viral videos. The videos in question encourage potential traders into buying a certain crypto on Binance and sell it via the Velitex fraud site.

This is just a ploy to get clients to surrender their legitimately bought cryptocurrencies to the charlatans. If you’ve been a victim of a crypto scam, contact our legal experts.

Padding Rating Scores

While looking for the Velitex reviews, we’ve noticed a common swindling tactic of posting fake comments on ratings sites. This is something Bullbit does as well, and it involves paying review seller networks to boost the company reputation.

The most affected platform currently is SiteJabber, where the firm has managed to accrue a trust score of 4.5 stars in some 14 reviews. It seems that these con artists could not afford to pay for TrustPilot reviews as well, since it doesn’t feature as large a number of fakes as some other platforms out there.

Trading Costs and Payment Fees

World renowned regulatory entities didn’t impose strict leverage limitations on crypto for nothing. Instead of 1:2 or 1:5, this platform allows a far higher maximum ratio of 1:100. 

Starting fees are also quite costly, if we were to take into consideration industry average. Beginners pay Maker/Taker fees of 0.3 with 0% cashback. Discounts may apply, but you will have to achieve huge turnovers of over $2 million monthly!

Taxes apply to depositing and withdrawing funds, too. For BTC, deposit fee is 0.000025 with additional 1% per transaction.

Referral Tier Bonuses

The number of new victims you gather for the swindler is what you can allegedly expect to be rewarded for. There’s several tiers and each new one unlocks with more referrals and offers a bigger percentage of commission from 10% to 60%. 

Activated referrals are those who trade more than $50. Withdrawal conditions for this bonus are not disclosed anywhere.

No Use of Advertised Features

While this concrete website may be attractive to the viewers and appealing to the eye, they fail to deliver the promised services. 

Some of them certainly are the possibilities to stake funds, trade and exchange currencies. When no legal server and tools are provided for that, false advertising is all that’s left in the end.

Software Demands Deposits

Without having sufficient funds on your trading account, you will not be able to test the trading platform at all. 

In essence, this terminal is only accessible from a web browser, as it cannot be downloaded to desktop or mobile devices. Its simplicity and questionable market data leads us to think it’s been heavily manipulated by the website owners. 

Verification Levels

Instead of having separate account types to cater to different client demands, this company has a number of “Verification Levels” as they call them.

The idea is that depending on the type of service you wish to use, or assets you desire to trade, you’d need to be more extensively “verified”, as access to the majority of features is restricted unless the clients pass this aggressive KYC.

Restricted Access to Instruments

Depending on the aforementioned “verification” clients can expect access to different instrument types. Base account users only have access to crypto spot trading, and participating in crypto swaps.

The selection includes a mediocre number of popular coins like BTC, ETH, ADA, XRP, TRX and DOGE, as well some emerging altcoins like AUDIO, KEY and RVN.

Staking Plans

The process of Velitex staking is relatively simple. It serves the purpose of robbing the unsuspecting victims before they realize what’s happening. After defining your amount, you can select one of the plans: 

• 7 days duration – 2% per day
• 14 days duration – 2.3% per day
• 30 days duration – 2.5% per day
• 90 days duration – 2.8% per day

Withdrawal Process

The cyber criminal behind this scheme claims to provide swift payouts with requests being processed between 5 and 30 minutes. Two available methods for conducting these transactions are:

• Crypto – BTC, ETH, XRP…
• Bank Wire transfers

The fees are not disclosed, however, the company does state to charge them. Apparently, after defining your withdrawal amount, fees are calculated and automatically deducted from your total account balance.

Defunct Chat as Only Support

The tendency to keep their anonymity at any cost is especially visible when it comes to disclosing communication channels. This firm provides no form of contact except an online chat. This feature is advertised as quick and useful, but apparently no one is there to answer your appeals. 

Recover Funds Before it’s Too Late!

Not always is it obvious how rotten and devious a crypto scheme is. However, in this case, we have a clear display of fraudulent tendencies from a known cyber criminal. 

Being a scam victim shouldn’t feel shameful. You should not wait and despair, but get proper help with your chargeback. Our professional money recovery service is at your disposal for free. 

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