AXEXCoin Review: Is AXEX Coin a SCAM?

Welcome to our AXEX Coin review regarding axexcoin.com.

Did they scam you? Please let us know by commenting below.

Axexcoin.com was registered on January 10, 2023, for one year through Dynadot Inc. Cloudflare and Super Privacy Service LTD protect it.

It has 5 backlinks from 4 referring domains.

The site’s description is:

axexcoin is a secure platform that makes it easy to buy, sell, and store cryptocurrency like bitcoin, ethereum, and more. based in the usa, axexcoin is available in over 30 countries worldwide.

Axexcoin.com Review

AxexCoin presents itself as a cryptocurrency platform offering various services such as buying, selling, and storing cryptocurrencies like Bitcoin and Ethereum. The website content suggests that the platform is user-friendly and positions itself as secure, with services available in over 30 countries. It emphasizes the ease of carrying out transactions, such as quick recharges supporting BTC, USDT, and ETH, futures trading, and a help center.

The website also features a language selection option, catering to a diverse user base with multiple language options like English, Türkçe, 日本語 (Japanese), Việt Nam (Vietnamese), 한국어 (Korean), ไทย (Thai), Deutsch (German), français (French), Español (Spanish), and 中文简体 (Simplified Chinese).

There is an interactive component with rising lists and volume charts, which are common features on trading platforms. The site mentions a swiper-box feature for carousel images, which suggests an attempt to provide a dynamic and engaging user interface.

In terms of contact and company information, there are no explicit details such as addresses, emails, phone numbers, or social media accounts provided on the website. It also lacks direct regulatory information that would normally be present on a financial platform’s website to establish legitimacy, such as licensing information and affiliations with recognized financial authorities.

Red Flags

Regarding red flags for potential scam activity, there are several points of concern:

1. Lack of Clear Regulatory Information: The absence of explicit regulatory credentials and the lack of a functional link to the Terms of Service page is concerning. Legitimate financial service providers typically provide detailed regulatory information to establish trust.
2. Inaccessible Content: Several parts of the website require JavaScript to display content, and text-only versions may not convey all necessary information, potentially hiding important details from users without the appropriate technical setup.
3. Non-functional Links: A non-working link to the Terms of Service page is a significant red flag. Terms of Service are legal documents that outline the rules and guidelines for using a service and are critical for transparency.
4. Customer Support Validation: There is no direct mention of how customer support can be reached, which is unusual for a financial platform where customer support is crucial.
5. Lack of Contact Information: No physical address, phone number, or email address is provided, which is unusual for a legitimate business that usually has multiple contact methods available for its users.
6. Promises of Easy Returns: Any platform that suggests easy profits or guaranteed returns should be approached with caution, as these are common promises in fraudulent schemes.

Given these points, it would be prudent to conduct a thorough investigation into AxexCoin before considering its services.

Axexcoin.com Reviews

The extensive information that can be found on Google regarding Axexcoin.com paints a concerning picture, depicting numerous red flags and strong indications of fraudulent activities:

1. Regulatory Warnings: AxexCoin has been flagged by various financial regulatory authorities, including the Canadian Securities Administrators and the Autorité des marchés financiers (AMF), indicating it is not authorized to solicit investors in several jurisdictions.
2. Lack of Transparency: The platform does not provide essential regulatory and company details, operates anonymously, and lacks necessary KYC policies, which are critical for financial services providers.
3. Victim Reports: Several individuals have reported being unable to withdraw their funds, with accounts being arbitrarily locked and additional dubious fees demanded for account reinstatement. A victim shares, “I’ve invested $20,252.50, but when the time came for me to withdraw the money with the profits, my Axex account was disabled.”
4. Technical Concerns: AxexCoin’s website has shown instability, with errors revealing source code written in Mandarin, raising doubts about the platform’s technical robustness and integrity.
5. Deceptive Tactics: The platform employs aggressive strategies to obtain initial deposits and further investments, using misleading promises of high returns. One report states, “They use Asian ladies to convince you to put money into the scheme, stop all transactions immediately as they are illegal.”
6. Recovery Challenges: Victims face significant hurdles in recovering funds due to the lack of regulatory oversight and the broker’s uncooperative behavior. Some have resorted to third-party recovery services, though the success rate of such efforts is uncertain.

Better Business Bureau (BBB) Review

On July 7, 2023, the following complaint was filed with the BBB regarding a cryptocurrency scam at axexcoin.com:

After the incident, I realized that I had fallen victim to a “Pig Butchering Scam.” It began when someone contacted me from an unfamiliar number (+1 270-693-0021) on April 4, 2023, inquiring if I was attending a party. I politely informed them that they had the wrong number. However, this person, who identified herself as Lydia (a name I now know to be false), engaged me in a conversation and soon suggested moving our chat to WhatsApp or Instagram. She provided 323-942-5687 as her WhatsApp number and connected with me there.

Within a week of our conversations, she began discussing her earnings from cryptocurrency and asked if I was interested. I expressed my lack of involvement in cryptocurrencies due to my unfamiliarity with their algorithms. Despite this, she (or possibly he, as the true identity remains uncertain) offered to guide me step-by-step in investing. Following her advice, I downloaded the Crypto.com app and then the AxexCoin App for trading. Over four months, I invested a total of $20,252.50. However, when it was time to withdraw my funds along with the profits, I found that my account on Axex had been disabled, even though the AxexCoin app itself was still operational.

The collective evidence suggests that AxexCoin operates as a typical “Pig Butchering Scam,” luring victims with the prospect of easy profits only to manipulate and defraud them. Potential investors are strongly advised to steer clear of AxexCoin and consider working with regulated and reputable financial entities.

On August 23, 2023, the following complaint was filed with the BBB regarding a cryptocurrency scam by a person who reported being scammed for $10000:

I received an email from a platform stating that I could qualify for a loan intended exclusively for trading cryptocurrency. However, I was later informed that upon repayment of the loan, I had to return the money in US dollars, not in cryptocurrency.

Conclusion

Axexcoin.com is a recent entrant in the cryptocurrency exchange market, having been registered on January 10, 2023, for a one-year duration through Dynadot Inc. It claims to offer a secure platform for buying, selling, and storing popular cryptocurrencies like Bitcoin and Ethereum and asserts its availability in over 30 countries worldwide. Despite these assertions, the site presents several red flags and inconsistencies that warrant a closer inspection and cautious approach.

One of the primary concerns with Axexcoin.com is the lack of explicit regulatory information and direct contact details on its website. This absence of transparency is atypical for legitimate financial platforms, which normally provide comprehensive regulatory credentials and multiple contact methods for user assurance and support. Additionally, the non-functional link to the Terms of Service page raises questions about the platform’s legitimacy and commitment to user transparency.

Victims have reported being unable to withdraw funds, with accounts being inexplicably locked and additional dubious fees demanded for account reinstatement. Such practices align with common tactics used in “Pig Butchering Scams,” designed to manipulate and defraud users by promising easy profits and secure investments.

The technical instability of the website, coupled with the lack of a robust customer support system, further exacerbates the concerns surrounding Axexcoin.com. The absence of basic Know Your Customer (KYC) policies, essential for financial service providers, adds another layer of doubt about the platform’s operations and intentions.

Bottom Line

Given these red flags, including warnings from various financial regulatory authorities and reports from victims, it is advisable for potential investors to exercise extreme caution. Engaging with AxexCoin without thorough due diligence could potentially lead to financial losses and complications in fund recovery. It is recommended to consider working with regulated and reputable financial entities for cryptocurrency trading and investment.

Did AxexCoin scam you? Your experiences and insights are invaluable to us and others considering this platform. Please share your thoughts by commenting below or in our AxexCoin forum thread.