Avoid This Shady Exchange At All Costs!

The Spacexlove exchange claims to be a large Australian crypto brand with a reliable platform and low fees. This is not true. Hence, we are here to expose yet another in a series of Elon Musk scams that use the name of the businessman’s company SpaceX to run crypto frauds. 

Our Spacexlove Review has all the information about how this scheme works. Be sure to read our analysis to learn how to detect illicit platforms and what to do if you lose money online.

Legal Info: Is Spacexlove Regulated?

Contrary to the claims on its website, Spacexlove is not a legitimate Australian platform. The bogus site also claims that Matla’s laws govern the agreement between the client and the Spacexlove crypto exchange. It is important to note that the exchange is not registered with the Maltese Financial Services Authority (MFSA). 

The MFSA aligns its regulations with European Securities and Markets Authority (ESMA) laws in force within the European Economic Area (EEA). ESMA issues MiFID passports to licensed entities, enabling them to operate across the old continent while providing compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses.

It’s crucial to be aware that trading on this platform comes with risks, as Spacexlove is not compliant with regulatory authorities. 

Due to its illicit status, the exchange can easily steal your funds. Therefore, we recommend you trade firms that are licensed to operate under the jurisdiction of esteemed financial market authorities such as the FCA (UK), SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

Trader Reviews – Sharing Experiences

At the time of this writing, we couldn’t find any Spacexlove reviews and feedback from traders because there were none. Traders usually express concern about unreliable platforms such as Orchidcoin.net. 

It was expected given that the website was created relatively recently but it’s noteworthy that we have seen the recycled pages multiple times already, leading us to believe that the same criminal group is behind the fraudulent scheme. The website has been flagged as dangerous by webparanoid.com.  

You should always check what people think about a certain platform because negative reviews and complaints can alert you about scams.

Who Are Spacexlove’s Targets?

According to godaddy.com/whois, the spacexlove.com website domain was created on October 23, 2023. Since then, the swindling crypto exchange has mainly been targeting unwary traders who reside in the following countries:

• United States;
• United Kingdom;
• Australia;
• Canada;
• France.

All of these countries have stern market authorities that enforce heavy regulations. To reiterate, Spacexlove is not an Australian or Maltese platform. The exchange is not authorized to accept clients from any of the listed countries due to the lack of necessary permits and licenses. 

We have already stressed the fact that if you fund an account on this platform and end up losing your money, you cannot count on regulatory help or compensation so be cautious.

Which Trading Platform Is Available?

The exchange offers a relatively simple web platform designed for spot cryptocurrency trading. It supports a wide selection of popular coins such as Bitcoin, Ethereum, and Ripple. Leverage trading is not available.

In addition to the Spacexlove wallet, the platform has basic tools such as graphs, charts, and indicators for trading but lacks advanced options. Another worrying factor is that anonymous fraudsters such as Stake-Hub usually use rigged online platforms to run their schemes. 

We thus recommend providers that support recognized third-party software such as MT4 or MT5. These platforms offer a wide range of cutting-edge tools such as automated trading, live market reports, advanced charting, a user-friendly interface, lightning-fast order execution, etc.

Tiered Fee Structure

Spacexlove implements a seven-level trading fee structure that scales up and down based on the trading volume, ranging from less than 30 BTC to over 20,000 BTC. Maker and taker fees decrease as the trading volume goes up, starting at 0.075%/0.075% and gradually falling to 0.035%/0.045%.

This tiered system appears to be strategically designed to provide advantages to users with higher trading volumes, thereby encouraging traders to increase their activity. However, this system is questionable due to the platform’s shady background.

Deposit and withdrawal fees depend on the blockchain network and external factors such as congestion. To give an example, Bitcoin transactions are subject to a 1% deposit fee, while withdrawals incur no charges. 

Suspicious Referral Program

Spacexlove provides a referral program that enables users to earn rewards by referring friends, offering a hefty 40% commission from referrals and a reduced trade commission of 0.1%. 

The website offers interested participants a unique referral link, but it is important to note that the reward structure and the emphasis on recruiting new participants is similar to a Ponzi scheme. In these dubious pyramid recruiting models, returns for early investors are generated using funds from later investors. 

This unsustainable concept inevitably leads to failure. We strongly advise you to avoid involving friends and family in such dishonest arrangements.

Deposit and Withdrawal Process

Spacexlove has listed various third-party electronic wallets for purchasing crypto on its platform. However, the multi-layered payment system adds complexity that seems to benefit malicious imposters rather than the user.

If you lose crypto on this questionable platform, determining where your funds went will be a challenging task. Reversing such transactions requires advanced crypto-tracing solutions like CipherTrace. Fortunately, our team is available to assist you throughout this process, guiding you every step of the way.

If you experience any withdrawal-related issues with the Spacexlove cryptocurrency fraud, please contact us. We have experts who specialize in various fund recovery methods and we gladly offer our services. 

Key Information To Consider About Spacexlove

To summarize our concise but revealing review, the Spacexlove crypto charade mainly targets traders from the US, UK, Australia, Canada, and France. The platform is not regulated and not approved by any financial authority.  

We do not recommend the exchange because it is nothing but an anonymous crypto hoax designed to deceive users. It is not endorsed by Elon Musk and has nothing to do with his company.

If you have fallen victim to the Spacexlove scam and cannot withdraw your funds, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and launch the chargeback process.

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