Nawelex.com Review – Choose Your Crypto Provider Carefully!

Risk of loss is something every crypto investor has to deal with and the crypto industry is all about risks. So no need to lower your already slim chances of success by choosing to invest with an unregulated platform.

With the increasing numbers of fraudulent offers on the market, you have to be informed well enough and make smart investment choices. Read this Nawelex.com review carefully, it will help you with that.

Repeated Story of False Licenses

If the Nawalex.com legitimacy question is confusing you, you should keep reading the following lines. The website presenting this anonymous firm claims their parent company is heavily regulated under the Australian laws. 

However, the rest of the legal docs say something else – that the legal jurisdiction over the business belongs to the courts of Malta. Our search through the registers where the conduct implies to be licensed – AUSTRAC and MFSA brought back no results. 

The exact same thing happened when we consulted FCA, BaFin, CySEC and several other Tier 1 regulatory bodies. What we learned from this is that the firm is in no way regulated which means that the security risks are huge. 

In the same way operates another confirmed fraud – Zyxbit.com. So always make sure to double check the portal you’re about to invest with. It may prove to be another investment trap and cost you more than you first bargained for. 

One Clone Among Many

As we’ve already established, Nawelex.com crypto fraud is just one of the many identical sites. Pretty much all of them were launched around the same time, in October 2023.

More information about the domain is available on WhoIs, and here’s the list of most affected nations:

• South Africa
• Morocco
• Germany
• Lebanon

All of the sister sites rely on fake advertisements on TikTok social platform. They use AI-generated images of celebrities, nearly exclusively DeepFakes of Elon Musk in various edited videos.

The fraudsters are trying to get the attention of young investors to join their “get rich scheme” by advertising fake crypto giveaways. In order to receive a giveaway, the clients need to deposit some money first hand, and this is where the majority falls for the trap.

High Cost Of Service

The Maker and Taker fees start out as high as 0.075%, but may allegedly be reduced to 0.035% and 0.045% respectively for Maker and Taker.

To get the discount, however, clients have to generate a trading volume of over 20,000 BTC (~$823,000,000) which is borderline impossible. Even after the fee reduction, Maker and Taker are still higher than the current industry average.

For the benchmark BTC ERC20 network, the deposit and withdrawal fees are 0.00005 BTC and 0.00012 BTC respectively. Internal transactions are said to be free of charge.

Referral Ponzi

Another way this faux exchange attracts new victims is through a referral program. The purpose of this is to create a financial pyramid, in a move similar to how Merobit.net works.

To make this offer seem interesting, this company credits 40% of the referee’s commission to the referrer’s account balance. In addition, they allegedly award 1% of overall commission as well.

Overview Of Trading Amenities

It’s difficult to tell whether any trading actually takes place on the platform. If it does, it is merely a simulation with random numbers made up by the scammers themselves.

Let’s take a look at some of the trading conditions that are discussed on the website.

Laggy Trading App

The trading application with this exchange is a Web Trader, and an incredibly basic one. Although many mainstream exchanges utilize some form of web-based app as well, the one we saw on nawelex.com website is far below any standard.

Allegedly, the app uses charts imported from TradingView, but upon closer inspection you’ll see that the charts don’t really match between two platforms. This is because the con artists are actively manipulating the charts in order to encourage further spending from the victims.

Lackluster Range Of Assets

As a pretend-exchange, this fraudulent company does provide some range of trading instruments. There’s a couple of dozen different coins, which is microscopic compared to the tens of thousands of coins available through the majority of exchanges.

Available coins include BTC, ETH, XRP, ADA, SOL, MANA and DOGE paired with USDT. Tokens are not available for speculation, but the NFTs are said to be “coming soon” regardless of the recent market crash.

Insufficient Info on Accounts

Although you may be expecting the firm’s offer of trading accounts to be rich and diverse, we wouldn’t recommend you to count on it. The process of signing up is complicated enough to make you reconsider your decision to join. 

With only loosely secure emails accepted, regularly used and more popular email providers are rejected from this site. Even after you somehow manage to register for an account, you will not be able to find out anything about packages, including their features and prices.

Unsafe Transfer Channels

Funding methods accepted by the company in question are, you guessed right, digital currencies! Not only are you risking losing your entire investment this way, but you could also make it impossible to be traced and returned to you. So please refrain from using this shady transaction channel whenever you’re able to. 

However, if you still took that step and are now struggling to make a withdrawal, we can still help you. Our team is equipped with helpful software that can trace your funds and locate the owning wallet. Contact our support for more info.

Shoddy Customer Support

Customer service is said to be available 24/7, yet you’ll be hard pressed to contact anybody at all. This exchange doesn’t have a live chat, nor do they have any contact phone.

Email and contact form are available, but these are general contact options and are not reserved for customer support.

Your Coins Got Stolen? Get Them Back!

The Nawelex.com exchange is far from anything that would remotely pass as legit. It’s one of the many mass produced clones that have recently started plaguing the internet. The con artists that run the scheme use TikTok to attract new victims, and the sheer volume of different sites tells us that they’re becoming proficient at it.

Recovering cryptocurrencies is a difficult affair, but it’s not impossible. Your invested money may not be lost yet! Book a consultation with our expert team today in order to start a recovery process.

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