Beware Of This Cunning Crypto Ploy

As soon as we saw the exchange’s website, we knew what was up. The bogus platform is the property of a group of cyber cons who have recently been engaged in crypto fraud.

Our Upspacex.com Review is here to show you the truth. Please read our analysis of this shady exchange to learn why you must not invest any money in it. Like in our Exprime review, we reveal what you have to do in case the platform already has your funds.

Legal Info: Is Upspacex.com Regulated?

Contrary to the terms specified in the User Agreement, the Upspacex.com crypto exchange is not affiliated with any Australian regulatory authorities, as it is not listed in any company registers.

Furthermore, the website incorrectly claims that the client’s agreement with the platform falls under the jurisdiction of Maltese laws and regulations. It is important to highlight that this questionable platform is not registered with the Maltese Financial Services Authority (MFSA), which operates following European Securities and Markets Authority (ESMA) laws.

ESMA provides MiFID passports to authorized entities, enabling them to conduct business across Europe and offer compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. Due to the lack of regulation, participating in trading activities on this platform involves significant risks.

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

We once again emphasize the recurring website, a pattern that suggests the involvement of the same criminal enterprise who are also behind the Upspacex.com exchange. These scammers employ various websites as part of their strategy to target users. The platform, however, has not yet been rated by real users.

Also, we found out that the Upspacex.com social media fraud campaign the tricksters have been running. They falsely claim this platform is supported by the likes of entrepreneurs such as Elon Musk and popular YouTubers such as MrBeast.

Negative reviews and complaints can alert you about scams as they helped us expose the Coinneeew fraud.  Crypto crooks usually lure potential victims into their schemes using private Telegram channels and WhatsApp chats so be careful. 

Who Are Upspacex.com’s Targets?

According to godaddy.com/whois, the upspacex.com website domain was created on October 11, 2023. Since then, the black hat crypto platform has mainly been targeting unsuspecting traders who reside in the following countries:

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

All of the countries on the list have unforgiving market authorities that enforce heavy regulations. One common rule they all have is that they require market participants to obtain a permit to operate.

The fake exchange is not authorized to accept clients from any of the listed countries due to the lack of the aforementioned permits and licenses. We have already stressed the fact that if you invest money in this platform, you cannot count on help from the regulators or financial compensation.

Swipe the bogus website through a webparanoid.com check and you’ll see that it has been identified as a scam and flagged as dangerous with a low trust score. 

Which Trading Platform Is Available?

Upspacex.com offers a simple web terminal that supports spot cryptocurrency trading and features a range of popular coins like Bitcoin, Ethereum, and Litecoin. The platform, however, does not support leverage trading.

While the exchange ensures users have access to basic tools such as graphs, charts, and indicators, it hasn’t included any advanced options, making the platform relatively ineffective.  

We thus recommend avoiding suspicious platforms and sticking to licensed providers that support recognized third-party software like MetaTrader 4 or MetaTrader 5. 

Outlined Fee Structure

Upspacex.com uses a tiered trading fee system based on different levels of trade volume, ranging from 0.075% to 0.035% for makers and 0.075% to 0.045% for takers. It awards traders who achieve higher volume with lower percentages. 

Withdrawal rates depend on blockchain network factors such as congestion. The fees differ for specific coins; for instance, Bitcoin incurs a 0.00005 BTC deposit fee and a 0.00012 BTC withdrawal fee while Ethereum incurs a 0.00087 ETH deposit fee and a 0.00218 ETH withdrawal fee. 

Suspicious Referral Program

The referral program at Upspacex.com presents a chance to earn income by referring friends, offering the referrer 40% of the fees paid by their referrals and a reduced trade commission of 0.1% upon registration through the unique link. 

Here, it’s crucial to point out that the structure resembles a Ponzi scheme due to the focus on recruiting new members. Such pyramid model programs involve using funds from new investors to pay returns to existing investors. Caution is advised, and we do not recommend you expose your friends and family to such risks.

Payment Process and Related Issues

Upspacex.com features a range of third-party electronic wallets for crypto purchases, yet the intricate multi-layered payment system appears to favor cybercriminals rather than users. In the unfortunate event of losing crypto on this dubious platform, tracing the destination of funds becomes a difficult task. 

Reversing such transactions requires sophisticated crypto-tracing software like CipherTrace to unravel the complexities and increase the chances of recovering lost assets. Fortunately for you, our team is skilled at assisting people in the recovery process.

Key Information To Consider About Upspacex.com

To summarize our review, we give a verdict on the platform – Upspacex.com is nothing but a hoax designed by a group of cyber fraudsters that mainly targets traders from the US, UK, Canada, Australia, and Mexico. The platform is not regulated or approved by any financial authority.  

We do not recommend the exchange because it is an anonymous crypto scheme aiming to deceive users through a fake exchange site.

If you have fallen victim to the Upspacex.com 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 start the chargeback process.

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