You ought to know how controversial the concept of cryptocurrencies is. Given how volatile and unpredictable these digital assets are, you must be careful when investing money in crypto.
If you decide to trade crypto, the exchange you choose must be reliable. That may be an issue as crypto is relatively young and regulations are not well-established. Hence, consider our Pmcrypto Review as a warning against this fraudulent crypto exchange.
In general, crypto exchanges are controversial. Just recall the FTX crash of November 2022 when the exchange faced a liquidity crisis. Following the collapse, hundreds of millions worth of tokens were stolen.
This crash caused quakes in the volatile crypto market, and billions were lost. FTX filed for bankruptcy on November 11, 2022, after a surge of withdrawals earlier that month. The CEO at the time, Sam Bankman, admitted that the company didn’t have sufficient assets in reserve to meet customer demand.
We briefly summarized this controversial crypto exchange crash to make you understand how “unstable” this area is. When a large exchange such as FTX collapsed that hard, are unknown exchanges such as Pmcrypto and KuCoin even worthwhile? What about Pmcrypto’s regulation?
US Securities and Exchange Commission (SEC) Chair Gary Gensler believes the vast majority of cryptocurrencies are securities, implying that their regulation falls under the jurisdiction of the SEC rather than the CFTC, which regulates commodities.
According to the website’s Terms Agreement, this exchange is run by a company called Global Digital Assets Co. Ltd, allegedly based in the US. However, we couldn’t find any address or official filings related to this company. This entity is not registered with the SEC or any other authority for that matter.
Since this company is nowhere to be found, Pmcrypto is basically an anonymous crypto exchange website, most likely a scam. Pmcrypto is unregulated – do not trust this fraudulent website!
Obviously, you could get scammed pretty easily. Crypto trading is extremely risky, even more so if you’re trading on an unregulated exchange. Your crypto assets could disappear overnight.
Pmcrypto’s reputation is fake, i.e. this exchange never received positive feedback. All we found were complaints and an official warning against Pmcrypto.
Pmcrytpo’s website has been active since October 21, 2017. The similarweb.com data shows that this website has had very few visits, less than 5,000.
That’s good news considering that Pmcrypto is an unregulated crypto exchange. The visitors to this website are mainly users from three particular countries:
ScamAdviser was our go-to for user reviews and experiences. On this website, we found three complaints against this exchange. It seems that a fraudulent practice was indeed at play.
These users clearly outlined how the scam works. All the elements of a cyber scam are there – poor communication, withdrawal issues, illegal fees, shady business, etc.
How they get away with this deceit is alarming I was almost gotten the better of after investing with them, they refused letting me withdraw insisting that I pay some taxes before I can withdraw which I did pay for fear of losing my funds but they still refuse letting me withdraw…
I invested in this platform multiple times because I trusted him and after I invested my money then I could withdraw my interest but hidden charges appeared. First the withdrawal bot fee and then support says I can now withdraw. Don’t fall for this scam or you have already fallen into the same experience…
According to Pmcrypto’s website, there is seemingly a trading platform available called Pmcrypto Global Platform. It can be downloaded for both Android and iOS systems.
The website states that the “pmcrypto Global blockchain digital currency trading platform has a professional, efficient and experienced blockchain technology and operation team with decades of Internet development and service experience.”
We wouldn’t trust Pmcrypto on this one. When you take into account the exchange’s unregulated status plus the complaints, risking money with this platform is not worth it.
Based on what we read on the website, a “recharge withdrawal can be completed in 3 minutes at the earliest, and 24h manual online audit can protect customers from missing the best investment opportunities.” Yet, Pmcrypto’s withdrawal policy is missing.
We don’t know which payment methods are available but it’s safe to assume that only crypto payments are accepted. The minimum deposit and the related fees are unknown.
If you have evidence that Pmcrypto violated any terms and conditions, please notify our team about it. We will gladly report this scammer to the authorities and shut down this swindling exchange once and for all.
Global Fraud Protection can also help you get your money back. Crypto transactions are tricky but our team is experienced in using CipherTrace to trace your money.
If this exchange scammed you, contact us for help. Use Online Chat to book a free consultation with our team and learn what the next step is.
Not at all. Pmcrypto is an anonymous and fraudulent crypto exchange. Several users have written complaints against this exchange. The OSC issued a warning.
No. Pmcrypto does not offer a risk-free demo account on its website.
Yes. Pmcrypto advertises a mobile app available for both Android and iOS systems.
Not at all. Pmcrypto is an anonymous and fraudulent crypto exchange. Several users have written complaints against this exchange. The OSC issued a warning.
No. Pmcrypto does not offer a risk-free demo account on its website.
Yes. Pmcrypto advertises a mobile app available for both Android and iOS systems.
The post The Pmcrypto Review Analysis Of This Exchange appeared first on Global Fraud Protection.
