Veptex Review: What You Will Learn From This Analysis

Veptex claims to be a legitimate crypto trading exchange, run by a UK-based firm. The unreliable website entices potential users to buy/sell cryptocurrencies or invest in their wallets. 

By reading our Veptex Review, you will arm yourself with the knowledge of identifying online scams. This will come in handy if you decide to pursue trading so pay close attention to what you should look out for. Also, you will learn what you can do in case you lose money to cyber con artists.

Legal Info: Is Veptex Regulated?

Reading the legal documentation on the website, we stumbled upon the name Crypto Arby Trade Limited. We looked up this company in the UK Company House register and found out it had been dissolved in late December 2022.

The connection between this entity and the exchange is questionable because the latter was created in June of this year. Nevertheless, Veptex is not registered with the UK’s Financial Conduct Authority (FCA), meaning the platform is unregulated, just like ChaseTrades.  

Trading on an unregulated crypto exchange is extremely risky. Recovering funds from such schemes can be a terrible nightmare. Therefore, please avoid this platform and instead try to find a licensed provider. 

Why Financial Market Regulations Matter

We recommend entities that are licensed to operate under the jurisdiction of top-tier financial market authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

European regulators, for instance, require firms engaged in the financial market to compensate their clients in case of insolvency or suspicious losses. The amount of money traders can receive from these compensation schemes is 20,000 EUR.  

Need help finding the right platform for you? Do not hesitate to contact us. 

Who Are Veptex’s Targets?

According to godaddy.com/whois, the veptex.com website domain was created on June 7, 2023. Since then, the phony exchange has been targeting mainly unsuspecting traders who reside in the following countries:

• Greece;
• Mexico;
• Sweden;
• France;
• Argentina.

Needless to say, Veptex has no authorization to offer services in these domains. The regulations in force in these countries do not permit it. Should you choose to invest money in this platform, you cannot count on regulatory help or compensation.

There are no trader reviews while webparanoid.com gave Veptex’s website an embarrassingly low trust score, adding that the website traffic was pretty poor, thus debunking the trickster’s claims of having 54,100 active users.   

Which Trading Platform Is Available?

The available trading platform is web-based, featuring a wide range of popular cryptocurrencies that can be traded against US Tether. Also, the exchange promises spot trading but the website prevented us from accessing that page unless we open a live account. 

Trading volatile assets such as cryptocurrencies is extremely risky per se, which is why you should not be trusting an unregulated exchange that received a terrible trust score or unlicensed brokers such as RealFXPro. 

Novices may benefit from the online trading terminal because it’s easy to comprehend but intermediate and more experienced traders won’t find simple charts and graphs worthwhile. Advanced tools and options are unavailable. Veptex does not support proper third-party software such as MT4 or MT5. 

We can help you retrieve your money from this platform.

Fee Structure

The outlined fee structure is based on the trader’s 30-day trade volume, with both maker and taker fees decreasing as trading volume increases. 

Additionally, the website promises cashback incentives, with cashback percentages also varying depending on the trading volume level. This fee structure has been designed to reward higher-volume traders with lower fees but we doubt it is a legitimate model.

The minimum deposit is 0.003607 BTC (or the equivalent value of any other cryptocurrency), which is around 100 USD, while the deposit fee is about 1 USD. 

Deposit and Withdrawal Process

The online hoodwinker says that crypto can be bought on this exchange using credit/debit cards and bank transfers. So, is there any possible solution to getting the deposited funds back from Veptex?

Yes. Since the exchange is unlikely to allow you to withdraw any funds, you must request a chargeback in case you deposited via MasterCard and VISA credit/debit cards or a recall if you paid through a wire. You can do so at your issuing bank within 540 days but it is best you seek out professional help. We offer our expertise in that department.

Key Information To Consider About Veptex

To sum up our review, Veptex is an unregulated crypto platform that has been active since June this year, even though the company allegedly running it was dissolved in late 2022. The main targets of this fraud are traders from France, Sweden, Greece, Mexico, and Argentina. 

This scammer has attempted to provide services to traders despite lacking the necessary regulatory license. Moreover, the platform’s low trust scores, withdrawal issues, and lack of support for popular trading software further tarnish its credibility and reputation.

Veptex is nothing but a hoax designed to steal people’s money. We urge traders to report it to the authorities, i.e. the UK’s Financial Conduct Authority. It is important to warn fellow traders about this shady crypto scheme. 

If you have lost money to the Veptex Scam and cannot retrieve it on your own, we offer our professional services and assistance. Book your free consultation with Scam Brokers Reviews today to kick off that chargeback procedure!

Book a free consultation with us and start the chargeback process.

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