MEXC Global Review – Is MEXC Global a Scam Broker?
- Website: https://www.mexc.com/
- Website Availability: No
- Address: Sertus Chambers, Second Floor, The Quadrant Manglier Street, Victoria, Seychelles
- Warning: Australian Securities and Investments Commission (Australia), Federal Financial Supervisory Authority (Germany), and Securities Commission Malaysia
- Website Domain Age:
- Name MEXC.COM
- Registry Domain ID 20819393_DOMAIN_COM-VRSN
- Registered On 2000-02-27T13:59:42Z
- Expires On 2030-02-27T13:59:42Z
- Updated On 2024-05-25T04:45:32Z
MEXC Global Warning Signs That Shouldn’t Be Ignored
MEXC Global is a cryptocurrency exchange that has been operational since 2018 with a strong technology background for trading. Furthermore, it has a user domain worldwide. However, though the exchange has even claimed to have received regulation, several warnings issued by different financial authorities have raised serious doubts about MEXC Global as a safe trading platform or a scam.
Regulatory Warnings and Legal Concerns
According to MEXC Global, it operates legally in different jurisdictions. That is contrary to the facts as told by regulatory bodies:
- The Securities Commission of Malaysia (SC) warned MEXC Global that it is operating a digital asset exchange (DAX) without registration.
- Similarly, the Australian Securities and Investments Commission (ASIC) has issued warnings on MEXC Global, particularly concerning its unauthorized operations.
- The Federal Financial Supervisory Authority (BaFin, Germany) further added that MEXC Global was providing financial services without authorization.
These warnings indicate that MEXC Global has not been provided legal permissions to operate in many countries, which puts investors’ money at risk.
User Complaints and Allegations
Some complaints made by many customers regarding the unethical practices of MEXC Global are as follows:
- Frozen accounts – Accounts have been blocked without explanation.
- Seizure of funds – Reports say MEXC Global has confiscated huge funds from traders.
- Non-credited deposits – Non-credited deposits take more than 60 days to reflect as compared to 2-3 days for other exchanges before funds finally become available.
- Issues regarding withdrawal – Many users have reported- failure to withdraw funds-there are vague claims usually like “system cross-chain rebalancing”.
Trading Against Users?
The revenue generation model in a no-fee scheme by MEXC Global does make one apprehensive. Some reviews do say that this trading-free exchange has manipulated trades, freezing accounts of people who earn excessive profit, and putting scam tokens that lose value and erase investors’ money.
Why You Should Be Cautious?
We have been tracking fraudulent brokers and shady investment schemes for many years. We continuously keep our eyes on different schemes in the market that may be targeting the traders. After many years of research and countless real-life cases, we now know how these scams operate and how they trick innocent people.
Big promises, unreasonably high returns, and withdrawal issues – these are classic investor-trapping techniques.
If looking to trade with MEXC Global, be cautious. Thorough research and intelligence observation are necessary so that an individual does not fall prey to any deceitful practices or tricks.
Beware of Trending Financial Scams
Scammers keep on establishing new skills to exploit innocent people. Some of the most common scams include:
- Investor Impersonation Scams: Fake investment firms promise high returns for a short time; then, they vanish with all deposits.
- Romantic Scams: Fraudsters pretend to create online relationships just to gain the financial trust of the victims before they manipulate them.
- Gift Card Scams: The criminals insist that the payments should be done by gift Card, hence creating irreversible transactions.
- Bank Account Fraud: Unauthorized access and identity theft are at play for the cause of drained bank accounts.
- Phishing Fraud: Emails and messages trick people into sharing private information.
- Cryptocurrency scams: Fake exchanges and Ponzi schemes trick traders into losing money.
- Forex scams: Unlicensed brokers manipulate trades and withhold withdrawals.
- Ransomware: Scammers demand ransom to release the data they have locked up.
When doing financial transactions online, always be observant and handle it cautiously. Meanwhile, verify the legitimacy of a particular broker.
How to Recover Lost Funds?
Losing funds on the MEXC Global or a similar platform? Don’t be disappointed. We specialize in tracing scam brokers and helping those affected take proper measures for fund recovery. We provide professional advice in chargebacks, litigation, and reporting scams with the relevant authorities.
Contact Us for a free consultation regarding the recovery of your funds.
About Proupshot
Proupshot.co is dedicated to revealing every fraudulent broker and delivering accurate information to a trader. We aim to protect investors from scams or fraud in finance and also help victims in recovering their lost funds.
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Also, read NovaTech Review
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