Bitexfy claims to be a legitimate and well-known crypto trading exchange. However, in our countless reviews and analyses, we have seen this exact same website many times.
It prompted us to investigate this platform and learn more about its legal background. Check out what we found out in our Bitexfy Review and learn how to recover your funds.
According to the Terms and Conditions, this platform is operated by Bitexfy Financial Company, allegedly based in Malta and adhering to local laws and regulations.
And since Malta is an EU member state, the MFSA enforces common regulations and laws drafted by the European Securities and Markets Authority (ESMA). Without possessing the necessary license, i.e. MiFID passport, Bitexfy has no authorization to operate on the old continent.
Instead of risking money online, you should find a reliable firm, regulated by recognized financial market authorities such as the FCA (UK), ASIC (Australia), SEC (US), MAS (Singapore), CySEC (Cyprus), IIROC (Canada), etc.
If you lost money to this awful scheme, we can help you recover it.
Withdrawal issues are a common indication that a platform is a fraudulent cyber trap designed to trap all funds and vanish afterward.
We assume the company is communicating with unsuspecting potential victims via Telegram channels or WhatsApp chats.
We can help you get your money back from Bitexfy.
Bitexfy offers exclusively cryptocurrency trading. The exchange features all the popular coins, which can be traded against US Tether, Bitcoin, or Ethereum.
Cryptocurrencies are extremely volatile assets. Trading such instruments is risky per se, but doing it on an unregulated platform is not wise at all.
The web trading platform looks pretty lackluster and unpolished. It offers basic tools such as charts and indicators but not much else. As such, it is highly ineffective for trading. You’re better off with firms that support renowned third-party software such as MT4, MT5, or cTrader.
Here’s a breakdown of the fee structure for Bitcoin trading:
Bitexfy supports a referral program, that promises traders hefty rewards and commissions for each new member they bring in – 40% of the amount of fees paid by the referred person. Additionally, the trader’s own trade commission on the exchange will be 0.1%.
It’s presented as a way for the exchange to incentivize users to bring new members to their platform, and it can be a source of passive income. However, this is nothing but a Ponzi scheme, an investment fraud system that pays existing investors with funds collected from new investors. Do not drag your close ones into this scam.
Crypto can be bought via various electronic wallets such as Simplex, Banxa, Bitpay, etc. Introducing a third-party payment processor further complicates things but getting a refund is still possible.
As for the fees, Bitexfy charges a deposit fee of 0.00007 BTC (~ 1.94 USD) and a withdrawal fee of 0.00018 BTC (~ 5 USD) for Bitcoin withdrawals.
The unscrupulous exchange will not allow you to withdraw funds. Hence, if you deposited funds using your MasterCard or VISA credit/debit card, you can request a chargeback at your issuing bank within 540 days of the transaction.
To sum up, Bitexfy is an unreliable crypto exchange, allegedly based in Malta. This bogus website has primarily been targeting traders from the US, France, Romania, and Italy.
We don’t recommend you trade on this exchange because it is unregulated. Recovering funds that were deposited can be a nightmare but it is possible with professional aid!
If you’ve fallen victim to the Bitexfy scam and need help getting your funds back, book a free consultation with Global Fraud Protection and tell us more about your case. We will analyze it together and come up with a solution for recovering your hard-earned funds!
Book your free consultation here and get your money back!
Bitefxy claims to be a legitimate crypto trading exchange and yet offers a recycled website used by many frauds.
Yes, Bitexfy is nothing but a crypto scam designed to fool unsuspecting traders. This platform is not regulated.
The website says you should check your spam folder. What you should actually do is book a consultation with us and get your money back.
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