While the website behind this would-be exchange seems well made at first glance, it will betray its true purpose to a trained eye. One of the first warning signs that you’re dealing with a fraudster is the company’s reluctance to disclose their nation of incorporation, but here, we found plenty of others.
This sort of a misleading website is, unfortunately, nothing uncommon on the web. Read our CrytFex review to find out more about online financial fraud, and how to recover your money from one.
| Regulated by: | Unregulated Exchange |
| Is This Company Safe? | No, do not invest with this firm! |
| Known Websites: | crytfex.com |
| Have Warnings from: | N/A |
| Registered in: | Hungary (alleged) |
| Operating since: | February 2023 |
| Trading Platforms: | Proprietary web app |
| Maximum Leverage: | N/A |
| Minimum Deposit: | No minimum deposit defined |
| Deposit Bonus: | Not available |
| Trading Assets: | Crypto |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Careful – payouts aren’t guaranteed from unregulated crypto portals. Contact our legal advisors for help and guidance. |
Not a Grain of Legality
Due to the missing corporate data, we had to look into third party sources, like the firm’s LinkedIn profile to find out that it is allegedly based in Hungary. The swindlers know what they are doing, as this claim lands in a sort of a legal gray area.
You see, cryptocurrencies are yet to become regulated in this nation, as Hungary did not assign a regulatory body to this volatile and evolving market.
At the same time, it is a confirmation that there is no such thing as CrytFex regulation. We confirmed this suspicion by checking other databases, including BaFIN, AUSTRAC, CySEC and FINMA.
Additionally, it seems that the firm in question is not a legally registered entity either, which you may check using the Hungarian company register. This sort of legal opacity is common with other fraudulent firms, like EagleFx for instance.
How the Swindlers Operate
The fraudsters make it difficult to pinpoint the exact time the crytfex.com website was launched, with claims of the company being established in 2021, and the site containing copyright dating back to 2019.
The most relevant information is provided by WhoIs, which states the site went online in February 2023. The con artists actively hunt in these areas:
- South Korea
- United States
- Hungary
- Australia
- Germany
CrytFex exchange is often advertised on social media profiles that heavily feature scantily dressed young women. This will grab the attention of the unwary marks long enough to direct them to one of the many social media profiles on X, Medium, or already mentioned LinkedIn owned by the company.
The company’s boiler room agents will be active on these accounts, but on Telegram as well, where they tirelessly seek new victims.
Fee System
If we were to believe the information from the White Paper, the Taker and Maker fees on this platform are the same: 0.15% in both cases.
Now, while there’s no fees applied to depositing cash on the platform, there’s withdrawal fees, which are allegedly set at 1.500% by default for all transactions.
The crypto provider further claims the fees could be reduced further thanks to the referrals that the existing clients obtain.
Affiliate Bonuses
Similarly to other Ponzi schemes, CrytFex affiliates have a chance to invite their acquaintances, family and friends to the platform and get rewarded for it.
While nothing guarantees this passive income, the site still claims to award users with up to 50% commission for every lot their referrals trade. Bonuses often feature hidden conditions, so be extremely careful with accepting any.
Features Perform Below Average
There’s hardly anything distinctive about this trading platform that would make other low-budget sites look inferior. The software itself is weak and unreliable and the costs are nothing to brag about.
Lack of transparency is always an issue with poorly regulated providers, so the validity of their claims is always questionable.
Software Built on TradingView
This isn’t the first or the last crypto trading terminal we encounter that is based on borrowed TradingView widgets. While these charts somewhat provide some sort of insight into the real state of the markets, the software itself cannot be considered reliable.
The layout seems comprehensive and user-friendly at first, but the more you inspect it, the more flaws surface. When it comes to advanced functionality and analytical options (or better said the lack of them) the terminal is a far cry from the prestigious trading solutions mostly used today.
Crypto Assets to Trade
There’s an entirety of three types of pairs available for trading:
- USDT Markets (0XA/USDT, BNB/USDT, HOT/USDT)
- BTC Markets (ATOM/BTC, MANA/BTC, XRP/BTC)
- EHT Markets (ADA/ETH, SAND/ETH, TRX/ETH)
In addition, CFX Token is the official token of the exchange – part of the ERC-20 chain with basically no value.
Accounts for Staking
Another common trap the fraudsters may easily lure their victims with is the possibility of acquiring passive income through staking your crypto coins.
There’s only several crypto currencies you can deposit in order to get the promised profit. The key element of the offer is the unrealistically high annual yield that ranges between 21.9% for ALPHA and 57.6% for staking SOS Fidelity.
Payment Channel Discrepancies
Contrary to the advertisements on the site and various clauses in the Terms of Use, the fund flow to and from the exchange is exclusively done through various cryptocurrency transactions.
Supported blockchain networks include ETH, MATIC, BNB and TRX, and the exchange includes a vast array of base cryptos to facilitate an investment or a payout.
This is not very reassuring, as the main issue remains an intransparent withdrawal policy, which lets the tricksters change the conditions on a whim. You won’t encounter such problems dealing with regulated firms like City Index.
For help withdrawing from the CrytFex platform, contact our legal experts using the live chat on our site.
Nobody Works In Customer Support
There isn’t a single support channel to be found on the website. There is no phone number, no chat, contact form – nothing. The website link that should take you to your email service does not contain the actual address, so there’s no actual way to contact the firm.
Scammers Robbed You Blind? Fight Back!
This illicit company has purposely chosen a country that is yet to widely adopt cryptocurrency regulation as their alleged headquarters. The exchange is not a legitimate entity anyway, since they are not a registered business.
Although there are still no CrytFex reviews to be found on popular ratings sites, this doesn’t mean that the scammers did not already defraud thousands of people. Don’t keep quiet! Speak to our team of professionals, and with our help you too can recover your stolen money!
FAQ Section
What is CrytFex?
It is an illegal cryptocurrency exchange that has been actively scamming people since 2023.
Is CrytFex a Legit Exchange?
No, this exchange is neither registered nor regulated to provide their services. Stay alert!
What is CipherTrace?
It is an advanced software tool that allows tracking of crypto transactions. If you require help with crypto recovery, contact our specialist for more information.
