The popularity of crypto has sky-rocketed in the past few years. Without a doubt, every single newcomer to the market has a huge dilemma which crypto platform to invest in. And while there will always be legitimate service providers with proper regulations, the market is still swarming with scammers. In this Bibox review we will explore the dangers that lay in trusting unauthorized exchange platforms. So join us on the quest of exploring why Bibox shouldn’t be on your list of prioritized platforms for crypto trading.
Bibox is a Chinese crypto trading platform. It was founded back in 2018, by Aries Wanlin Wang and Kevin Ma. The company is named Bibox Technology OÜ, with an HQ in Singapore. Calling themselves crypto blockchain experts, these two businessmen have joined forces in developing an AI powered crypto exchange site.
Although the website claims to own a Swiss VQF license, we found no actual proof of that. Neither does the site give any additional details about it. VQF is the leading, largest, officially recognised self-regulatory organization based in Switzerland. Otherwise known as SRO, it has been under the direct supervision of FINMA. The FINMA website allows you to search through the list of SRO members, but Bibox doesn’t appear among the companies.
While Bibox claims to be a decentralized financial service, they still need a license from a jurisdictional regulator. The website also states the company is incorporated in the Republic of Estonia under the laws of the Republic of Estonia. Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) has no data on this agency, either.
This gave us reasons to believe the Bibox claim about being licensed is entirely fabricated. Taking our research a step further, we started going through some other public lists of regulated brokers. These are kept by the regulators themselves, and are regularly updated. As soon as we started searching, the warnings kept popping up. We’ll link you to all the alerts in the following section of this Bibox review.
Hardly can anything come close to the credibility and value of the publications of a reputable regulator. Also, nothing can be a better proof of a firm operating illegally and without any permission to offer their services. Without a license, a financial services provider is nothing but a lousy scam attempt. The reason for that is the fact they do not implement segregated bank accounts, negative balance protection, leverage cap and compensation funds.
One of the first financial watchdogs that has issued a warning against Bibox was none other than the leading Tier 1 EEA regulator – German BaFin. The Warning is clear about Bibox not being properly authorized under KWG to be allowed to perform bank transactions and offer financial services to German traders.
Several other regulators have also issued warnings against this scam firm and we’ll list them all in our Bibox review. Some of the publications are reposts from the regulator that has issued them previously. Nonetheless, they’re all worth reading, as the financial institutions have a clear insight into Bibox being an unlicensed financial services provider. Please, read the following warnings carefully:
After all the warnings we’ve dug up, we weren’t in the least surprised by the negativity in all the Bibox reviews. Negative 1-star ratings make for a total of 83% of the entire number of ratings left by Bibox clients on TrustPilot. It doesn’t happen so often that the situation with the reviews is so clear. However, from the data we’ve collected on there, it’s been unequivocally proven that ex customers are extremely displeased with the services they got. See for yourself:
Bibox is a total scam, they allow you to deposit funds without any problem but they will not let you withdraw your funds, the support team keep repeating and never give a proper reply. They are scammers, don’t deposit your funds.
Bibox is indeed a scam and we need to spread this as many as we can so others may avoid being their next victim.
Those responsible for Bibox’s foul play and scheme must be put in jail to the extended time.
Unable to withdraw, they steal assets from users.
Withdraw requests are in withdrawal status from February 2023. Support answers this is due to technical issue and suggest to wait.
The Biibox crypto exchange is indeed a scam.
As per the other reviews here, my experience also is that funds cannot be withdrawn. Responses from their support are just gibberish. Stay away.
Bibox may have first appeared in Asia. The firm has offices around the world, though and they operate on a global scale. They’ve also started as an exchange platform featured in several major Asian languages.
However, judging by the reports from the scammed victims, Bibox doesn’t have a clear preference only for the Asian population. As a matter of fact, the majority of their victims come from completely different states:
Leverage at Bibox is dangerously high and it goes up to 1:10. Just as a reminder, we’d like to repeat that the leverage ratio for crypto products in EEA cannot be higher than 1:2. The limit is because of the extreme volatility of the market. Bibox allows these parameters due to operating under no legal supervision.
These are just some of the most popular crypto instruments to buy and sell on their platform under the mentioned conditions: BTC, ETH, LTC, ECH, EOS, BCH, ATOM, NEO, XRP, ONT, ALGO. The most advertised asset is, of course, the Bibox token – BIX. Trading the native asset supposedly brings traders a discount of 50% for all trading costs.
Advertised as an AI-based crypto trading platform, the Bibox app can be found in the form of a web trader and a downloadable app. The comprehensive design somewhat instigates comfort, but the severe lack of advanced tools is evident. Somehow, Bibox has managed to convince customers the heavily manipulated trader is AI controlled, but we’re not so sure.
As Bibox promises, they do provide a mobile app for users who do not prefer desktop machines. Understandable for a number of reasons, not every trader can spend the same amount of hours glued to a desktop machine, just to trade.
Bibox trading app seems to be available in the respective stores for the Android and Apple users alike. The app owner describes it as simple and extremely reliable. We argue otherwise, hearing such words from an unregulated fraud.
The idea behind Bibox is to have a platform that is almost fully automated and requires minimal to no manual engagement of the user. Naturally, the user of the service would still have to invest and pay the trading fees, and do some labor concerning the choosing of the basic trading parameters.
Leveraged trading, spot trading and futures trading are supposedly all incorporated in the services advertised by Bibox. The trading bot used by the Bibox AI can be set up in accordance to the trader’s preferences. This allegedly allows the investors to customize their AI trading strategy to claim the highest profit possible. On the website itself, several types of bots are claimed to be available for professional users and newcomers alike. Some of them are Grid trading bot, USDT-M Neutral Futures Grid bot, One-click hedging bot, Automatic Investing bot and others.
The most troubling process in the entire Bibox scheme seems to be withdrawals. The increase of the reported issues points at potential problems with the platform owners denying the payouts to users. Complaints and negative reviews have started to constantly appear in regards to how Bibox tends to stall the withdrawals. Support agents seem to keep coming up with reasons to reject the payout requests.
All the deposits and withdrawals are only available via crypto, no FIAT money. That speaks volumes about the company’s tendency to remain virtually anonymous and make the payments final. In some cases, the customer support may simply ignore the withdrawal request. Therefore, cases have appeared where users have been waiting for months for their withdrawal to clear, while Bibox has remained silent about the entire deal.
The bottom line and the final conclusion to draw from this Bibox review is to absolutely stay away from this platform. However, we understand if the boiler room agent has managed to convince you to invest into their unmistakable and super lucrative scheme. It happens and will continue to happen as we speak. It’s what scammers do and focus on, after all.
But, we assure you, you have no reasons to fear about your funds. As long as you contact us, we’ll direct you how to issue a chargeback, contact the right authorities and take all the other necessary steps to get your capital back.
No, by all means, this site is not regulated and not a trustworthy exchange platform. They do not own a proper license and have even been blacklisted as an unauthorized entity.
Yes, there’s a number of crypto instruments to trade and some of the most popular ones are BTC, EHT, ETC, LTC, ADA and others. However, trading with unregulated platforms shouldn’t be your ambition.
Yes, the Bibox mobile app is available for download in the Apple and Google store.
If you’ve been scammed and thus became a victim of Bibox, please use our contact channels to get in touch with us as soon as possible, so we can help you with a piece of advice on how to get your funds back promptly.
No, by all means, this site is not regulated and not a trustworthy exchange platform. They do not own a proper license and have even been blacklisted as an unauthorized entity.
Yes, there’s a number of crypto instruments to trade and some of the most popular ones are BTC, EHT, ETC, LTC, ADA and others. However, trading with unregulated platforms shouldn’t be your ambition.
Yes, the Bibox mobile app is available for download in the Apple and Google store.
If you’ve been scammed and thus became a victim of Bibox, please use our contact channels to get in touch with us as soon as possible, so we can help you with a piece of advice on how to get your funds back promptly.
The post Bibox Review – Crypto Scam Exposure At It’s Finest appeared first on Global Fraud Protection.
