MyBlockX Review: Unregulated Offshore Crypto Exchange

Once crypto turned up as a decentralized payment solution, many companies rushed to register to provide crypto services. And while there was no regulatory framework back then, there are currently some basic rules.

Is MyBlockX legit? Does it follow regulatory rules? Find out in our detailed MyBlockX review.

Is MyBlockX a Regulated Crypto Exchange?

MyBlockX is a brand of MyBlockX LLC, registered in the Cayman Islands. Even though offshore, this country has a regulator in charge of cryptocurrencies – CIMA. Once we searched their register, we found no traces of the MyBlockX exchange.

Therefore, it’s clear that this company is still trying to convince you that the crypto business requires no license. What’s worse, they don’t disclose basic information, such as fees and commissions. In addition, they’re promoting ICO or initial coin offerings, which is a risky endeavor.

Finally, the company earned regulatory warnings. Namely, the MyBlockX scam was exposed by the Canadian OSC in their notice issued on the 17th of May, 2023. According to it, the company is not authorized to engage in the business of trading in securities. The warning was then republished on a national level by the Canadian Securities Administrators.

Just like Pixpalpro, this company cannot be trusted. Make sure you stay away from it.

Where Does the Exchange Promote Its Services?

MyBlockX website was registered in the GoDaddy WHOIS database in January 2020. Ever since, the exchange has been promoting its services all over the globe, mainly in the following countries:

• US,
• Canada,
• Australia,
• UK,
• Malaysia.

If you see an ad advertising an enticing crypto offer, a new coin, AI trading, or similar, always ensure it’s legitimate. Otherwise, you may experience issues down the road when the withdrawal time comes.

And in case you already have trouble, keep reading our review for more assistance.

Trading Fees and Commissions

The company advertises trading services without specifying their commissions. You cannot see if you will pay trade fees or if the company will deduct commissions before approving your payout request. In fact, the only thing in T&C is that “the company reserves the right to revise its prices at any time prior to accepting an order.”

This is another bad side of unregulated companies. They have no supervisor that would ensure transparency. Therefore, we can safely advise you to avoid the MyBlockX scam.

Trading Features – Platform and Account

Each company offering trading services aims to provide its customers with a competitive platform and good accounts. Or so it should be. However, MyBlockX didn’t really try hard, and we weren’t impressed.

MyBlockX Trading Platform

The presentation about the trading platform surely isn’t impressive since someone forgot to work on it. The site shows “our trading bot produced XX% over 1 year.” So we know it’s fake.

Additionally, they advertise AI bots integrated into the platform, which is another lure. All you get is a basic WebTrader. The company doesn’t mention mobile apps, so we’re unsure if MyBlockX login through an Android or iOS is possible.

Trading Account Types

There are two different account types referred to as plans:

• Basic – $4,997 per year
• Dragon Rider – $10,888 per year

The first plan brings 5x single-trade volume, a Stop Loss feature, and free updates. With the advanced plan, you can get a fully automated trading bot, a low-risk portfolio, and access to premium price spreads. Additionally, you should receive 1 NFT that can be upgraded through trading actions.

Staking and Mining

In addition to traditional trading, you can stake your coins, more precisely, the native token, BLXK, and earn up to 12% APY. On top, you can mine the same coins and earn 50,000 BlockX tokens per block reward.

How Can I Withdraw My Crypto?

In order to withdraw your crypto, you can use the following payment options:

• Debit/credit card,
• PayPal.

This is somewhat limiting as you cannot use your bank account or other e-wallets. What’s good, however, is that both these methods provide specific protection to their users. You can request a chargeback or a refund within a certain period of time, and that’s what you should do right away.

According to reviews, MyBlockX support isn’t the most helpful when you want to withdraw money and your request is declined. And since the firm is not licensed, there’s nobody you could ask for help with the issue.

Conclusion On MyBlockX Exchange

Let’s summarize everything we know. MyBlockX contact information is not available, and the company is registered offshore. Furthermore, the company is without CIMA regulations. Simply put, if you have an issue, you’ll hardly be able to get in touch and request your money back.

All in all, you should ask for payout immediately. If your request has been denied without a valid reason, you can contact our CipherTrace crypto analysts and chargeback experts. We’ll do our best to help you recover your funds. Book a free consultation today; we won’t give up until we have a solution for you!