OEXBAKE, OEX, OKEX, & OEXFLY Review – SCAM!

Welcome to our OEXBAKE review, in which we investigate the website at Oexbake.com.

Did Oexbake.com scam you? Let us know by sharing your story in our forums and helping create a safer crypto community.

Oexbake.com was registered on January 2, 2024, for one year through Gname.com Pte. Ltd. by an entity based in Manila, the Philippines. Cloudflare protects the domain.

According to SimilarWeb, in January 2024, 749 people visited the site.

It has 4 backlinks from 3 referring domains.

On Google, two versions of the homepage are indexed with the following meta descriptions:

Invite friends and receive up to 20% double commission for invitations and transactions. invite friends >. bitcoin. average rate of return (2021-2022).

Support credit cards and other payment methods, and convert more than 30 local currencies into BTC, ETH, USDT and other digital assets within minutes.

The first homepage (oexbake.com) was designed to look like a mobile app, while the second one (www.oexbake.com) looks like a regular website.

www.oexbake.com is titled “OEX” while the logo says “OKEX.”

Oexbake.com and www.oexbake.com Review

OEXBAKE.com offers insights into a digital asset trading platform that claims to provide a wide range of services related to cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), among others.

It promotes features like an invitation system with up to 20% double commission for both invitations and transactions, support for credit card payments and other payment methods, and the ability to convert more than 30 local currencies into digital assets within minutes.

The site also highlights its capabilities in the DeFi (Decentralized Finance), DApps (Decentralized Applications), NFTs (Non-Fungible Tokens), and GameFi sectors, suggesting a broad engagement with current digital asset trends.

Additionally, it mentions offering tools for both novice and advanced traders, as well as institutional users, and emphasizes earning opportunities through high yields, new coin introductions, a mining pool, and financial lending services.

Red Flags

However, several red flags emerge from the provided details, which are common indicators of potentially fraudulent or scam operations:

1. Request for Deposit for Withdrawal: The requirement to deposit a certain percentage (in this case, 1% of your total assets) into a one-time address before allowing withdrawals is a significant red flag. This practice is not standard in legitimate exchanges and financial platforms, where withdrawals should be straightforward and not conditional upon additional deposits.
2. Lack of Detailed Regulatory Information: There is no mention of any regulatory oversight or compliance information, which is critical for financial services entities, especially those dealing in cryptocurrencies. Legitimate platforms usually provide clear details about their regulatory status and the jurisdictions in which they are authorized to operate.
3. Absence of Contact Details: The absence of specific contact details (such as addresses, emails, phone numbers, and social media accounts) in the provided content is concerning. Reliable companies typically provide multiple channels for customer support and corporate communication.
4. Technical Issues and Unreachable Links: An error is encountered when attempting to download the Android app (Error 1016 Ray ID) due to an Origin DNS error, suggesting technical negligence or, worse, a lack of legitimacy in the infrastructure supporting the platform.
5. Vague Company Information: Although it claims to be one of the world’s famous digital asset trading platforms, there is no verifiable company or regulatory information provided to substantiate these claims. The absence of detailed information about the platform’s ownership, location, or operational history is a common characteristic of fraudulent schemes.

Given these observations, extreme caution is advised before engaging with or investing through OEXBAKE.com.

OKEX/OEX Reviews

The information available online raises several red flags regarding OEXBAKE.com and its related entity, OEXFLY.top, suggesting caution for potential users. Key concerns include:

1. Unregulated Platforms: Both OEXBAKE.com and OEXFLY.top are unregulated investment platforms, which poses a significant risk to users’ funds. Unregulated platforms lack accountability and do not offer the protections that come with regulated entities, meaning there’s a higher risk of fraud and mismanagement.
2. Lack of Transparency and Credibility: The websites’ appearances and the absence of detailed company information undermine their credibility. For OEXFLY.top, the random and unprofessional domain name, coupled with a recent registration, signals a lack of establishment and reliability in the cryptocurrency exchange space.
3. Warnings from Review Sites: ScamAdviser and ScamWatcher have both flagged OEXFLY.top as having a low trust score and indicating it’s likely a scam. Such external assessments warn potential users about the risks of engaging with these platforms.
4. Customer Support and Withdrawal Issues: Anecdotal evidence from JustAnswer inquiries suggests difficulties in withdrawing funds from OEXBAKE.com, a common hallmark of fraudulent operations.

These indicators collectively suggest that OEXBAKE.com and OEXFLY.top may not be safe for cryptocurrency trading and investment.

Complaints We Received

On February 17, 2024, one of our partners received the following complaint:

I was introduced to cryptocurrency trading by a friend who has since disappeared, leaving me without guidance on how to retrieve my Bitcoin (BTC) from a website called OEXBAKE.com. Through self-education and experimentation, I managed to accumulate 1951.8591 BTC. However, the website is now preventing me from withdrawing these funds to my Coinbase wallet. They state that I must first deposit 1% of the total assets I wish to receive into a one-time address they will provide. They claim that once they receive this deposit, they will authorize the transfer.

In short, the individual had ventured into cryptocurrency trading, guided initially by a friend. The individual managed to accumulate a significant amount of Bitcoin (BTC) – precisely 1951.8591 BTC – on a platform named OEXBAKE.com. Despite this success, the individual faces obstacles when attempting to withdraw the accumulated BTC to a Coinbase wallet.

The platform, OEXBAKE.com, has stipulated that in order to initiate the withdrawal process, the individual must first deposit an amount equivalent to 1% of the total Bitcoin assets intended for withdrawal. This deposit must be made to a one-time address provided by the platform. The platform claims that upon receiving this deposit, it will proceed to authorize the withdrawal of the total assets.

This complaint raises concerns about the withdrawal policies and practices of OEXBAKE.com, particularly the requirement for an upfront deposit to facilitate the withdrawal of assets, which is not a standard practice among reputable cryptocurrency exchanges.

Conclusion

In concluding our review of OEXBAKE.com, the evidence compiled paints a troubling picture of the platform’s operations and practices. The requirement for an upfront deposit to facilitate withdrawals is highly irregular and deviates significantly from the norms established by reputable cryptocurrency exchanges. Such practices are often indicative of schemes designed to hinder the withdrawal process, trapping the user’s funds within the platform.

The absence of detailed regulatory information and specific contact details further erodes trust in OEXBAKE.com’s legitimacy. In the realm of financial services, especially those dealing with cryptocurrencies, transparency, and regulatory compliance are not merely optional; they are fundamental to ensuring user trust and the security of funds. The technical issues and unreachable links reported also contribute to the growing list of concerns, suggesting a lack of operational integrity and technical reliability.

Furthermore, the mixing of branding between OEX and OKEX on the platform’s logo introduces additional confusion and may mislead users into believing they are dealing with the more established OKEX exchange. This tactic, whether intentional or not, could be construed as an attempt to exploit the reputation of a legitimate entity to gain user trust under false pretenses.

The aggregation of red flags—from the dubious withdrawal requirements and lack of transparency to the technical issues and potential for brand confusion—strongly suggests that OEXBAKE.com operates in a manner inconsistent with the expectations of a secure and reliable trading platform. These findings, coupled with the personal account of a user unable to withdraw a significant amount of Bitcoin, lead to the conclusion that OEXBAKE.com exhibits characteristics typical of a scam operation.

The Bottom Line Regarding Oexbake.com

Potential users are advised to exercise extreme caution and conduct thorough due diligence before engaging with the platform. The cryptocurrency community thrives on trust, transparency, and security; platforms that fail to uphold these principles not only jeopardize the assets of individual users but also undermine the integrity of the crypto ecosystem as a whole. In light of the information and complaints received, it is our assessment that OEXBAKE.com does not meet the standards required to be considered a safe and trustworthy platform for cryptocurrency trading and investment.

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