Cointux Review – New Addition To The Scammers Swarm

Cointux urges you to invest in crypto and also trust them to be a young company with “99.99% Functionality”. Whatever that meant, we wouldn’t exactly agree with it, and the reasons for our lack of trust towards this anonymous crypto service are presented in the Cointux review below. 

The company website isn’t one belonging to a glorious enterprise on the rise. It lacks the obligatory transparency, legal docs, company information and the leadership team presentation. When you add to that a sorry excuse of an investment software, you get a full impression of a scammer. 

Cointux Legal Status – First Scam Clues 

Online trading and investing in crypto is becoming more popular with the new investors especially. The Cointux scam has done well to abuse the enthusiasm of new crypto devotees and reactivate a 5-year-old domain for scamming purposes.

The only hint about this company’s location is a single line in the Terms and Conditions doc, saying that  arbitration will be administered by the Hong Kong International Arbitration Centre. However, this company doesn’t exist in the SFC register of regulated entities. Therefore, this company isn’t safe.

Since they do not have a jurisdictional regulator’s license, we checked several more registers in search of it – FCA, CySEC, BaFin and CONSOB are also not familiar with Cointux. That further implies that this firm doesn’t own a license to confirm its credibility. 

Investing with such platforms only leads to loss. Your deposits are stored in the segregated bank accounts, there’s no negative balance protection and compensation fund available.

Who Is Cointux Targeting?

Potentially located in Hong Kong, but operating worldwide, Cointux is present on several continents. The countries which Cointux is mostly focused on at the moment are:

• United Kingdom
• Netherlands
• Ukraine
• Kazakhstan

Offering attractive trading conditions, minimal fees and quickest crypto transfers seems to be a working lie. This scam agents target crypto optimists who are willing to trade digital currencies under conviction that Cointux is the platform to bring them profit. 

Do not be fooled by hopeless dreams and promises. Crypto investing isn’t as profitable as advertised, and it takes skill and time to turn such endeavors into lucrative projects.

Traders Reviews

Shockingly enough, Cointux has only positive ratings on their TrustPilot page. There’s not so many of them at the moment, but they might easily misguide someone into investing in their sham. It appears that Cointux has decided to fake-boost their credibility with the help of paid reviews. These have nothing to do with the actual state of things, so better check with jurisdictional regulators before you easily believe false reviews online.

Cointux Trading Conditions – Pricing, Fees and Taxes

No matter how hard you look, you won’t find any information about trading conditions on Cointux. Cointux Terms and Conditions have clauses that refer to Leveraged Trading, FIAT services, Contract Trading, and Spot Trading. These are all hallmarks of a brokerage, rather than a Crypto Exchange.

These Terms and Conditions don’t outline any actual numbers. We did manage to find out that a fee for withdrawing a sum of $50 incurs a $50 withdrawal fee.

Trading Features On The Cointux Crypto Exchange

The simplistic nature of the cointux.com website does not reveal much to their potential clients. You won’t find any info on Trading Accounts, for instance. There is no mobile trading application, or a demo account. The Exchange does include a Referral Program, of which we will discuss later in our Cointux Review.

Cointux Trading Platform Is Beyond Basic

We’ve already reviewed a bunch of scam exchanges that use the Web Trader. Another that comes to mind is TraToro. The Cointux Web Trader takes the cake when it comes to poor functionality. A client can access the platform even without a valid Cointux Login, for starters.

The limited functionality of Cointux Web Trader can be explained easily. Without advanced tools and options, the scammers can manipulate the market data, and the victim will be none the wiser.

Cryptocurrencies Available For Exchange

This company is a cryptocurrency exchange, so they naturally offer a range of Crypto based Trading Instruments. The Trading Assets are divided into currency pairs, similar to how Forex trading works. The exchange has created a few separated categories, depending on the base cryptocurrency used.

Here is a list of some instrument examples, divided by groups:

• USDTether based (USDT/BTC, USDT/LTC, USDT/ETH, USDT/DOGE)
• Bitcoin Based (BTC/ETH, BTC/LTC, BTC/SOL, BTC/TRX)
• Ethereum Based (ETH/BTC, ETH/UNI, ETH/SOL, ETH/LINK)

The Cointux Exchange also advertises that they will soon be implementing NFT trading.

Cointux Only Sports A Single Account Type

One thing that caught our attention is that Cointux doesn’t have any information about any Account Types. This is a very important part of any online trade.

With regulated exchanges, different Account Types incorporate various prices, and adhere to disparate trading strategies. Other scam companies, like ApmeFX offer several account types as a means of appearing legitimate to their victims.

Cointux Doesn’t Have Any Education Materials

The company doesn’t offer any educational materials to their clients. They don’t want people to know the risks involved with online trading.

To maintain some resemblance of a legit company, they have implemented a Knowledge Base, as they call it. This Knowledge Base is a set of FAQs that only disclose the most rough and general tips on Cryptocurrency trading. You can find more information reading a Wikipedia article.

Cointux Supports a Referral Program

Fraudulent companies like Cointux always try to hook as many victims as possible, without attracting any attention from the authorities. To do this, they often implement a strategy common with MLMs and Pyramid Schemes.

The referral program relies on clients to bring more people to the scam. They would, in turn, receive a percentage of the other person’s profits. Of course, it’s nigh impossible to profit from a fraud like Cointux, and everybody in the end just loses all their money.

Cointux Customer Support

This bogus exchange has a Live Chat, support email and a contact form on their website. Conitux Customer Service Agents are the same people who attract the clients in the first place. Right off the bat, they want to know your phone number so they can pester you for some more money.

They, of course, didn’t answer any of our questions when we inquired about the information missing from the site. Instead, they started ignoring us.

How To Withdraw From Cointux?

Once your money is in the hands of Cointux scammers, it’s unlikely they will ever pay you back. This company steals the deposited Cryptocurrencies, and blocks any withdrawal attempts. Because the fraudsters only accept Cryptocurrency payments, the transactions to and from the wallet are anonymous. This makes it easy for the swindlers to cover their tracks and avoid legal persecution.

Conclusion On Cointux

Throwing money into this crypto scheme will not yield profitable results. The firm is not legal and runs a fully illicit business that may as well be a pure scam. No license can show anything otherwise. 

If you’re trying to recover your unsuccessful investment, you should seek legal help immediately. We’re here, and we have the knowledge and experience to equip you with the advice and support you need. Contact us promptly via Online Chat and you can immediately book your first free consultation!   

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