Fidelity DEX Review – Fake Link With Reputable Name

The Fidelity DEX exchange is supposed to be established by a group of internationally successful crypto investors with the goal of providing a complete crypto service to traders of all knowledge levels. Every trader is assured that the site features safe, convenient, and diversified services that meet all needs and trading preferences. 

Empty promises aside, we cannot see a single valid reason or concrete proof of the platform being reliable. From the lack of a license to broken pages and a dysfunctional terminal, the signs of fraudulent intent are everywhere. This Fidelity DEX review discusses them all. 

Fidelity DEX Regulation: No License Detected

As if licenses don’t matter for the business, this sham doesn’t publish any of the legal information related to their operation and legal background. Because of the obscure company details, it could not be determined where the company is located, who runs it and what’s their registration number. 

The only clue is the legal docs that claim that Swiss courts have the jurisdiction over the company’s operations. That couldn’t be further from the truth, considering that FINMA, the leading Swiss regulator, has no info on this scheme.

Same results came up when we searched the registers of FCA, CySEC, BaFin and NFA, as well. The company, however, operates under the Singapore time, which could mean they’re located in that timezone. However, they don’t seem to be supervised by MAS, either. 

So please refrain from signing up for this shady domain. You’ll expose both your capital and personal information to risk, just like in the case of FTX.

Dangerous Boiler Room

Most of these illicit sites have a target area which are in this case nations with German-speaking population:

• Germany
• Austria
• Switzerland
• Denmark
• Netherlands

The site was launched in March 2023, which we may see in the WhoIs register. Victims are usually pulled into their precarious situation by so-called boiler room agents. This is one of the most common strategies, employed by LTD FX as well.

These agents are persuasion experts that rely on made-up stories to squeeze the money out of their investors. Usually, they claim to be some kind of a financial expert that has a bulletproof investment strategy. Any invested funds are just swallowed up by the scammers, however, and getting them back requires professional help.

Hidden Fees 

Legal papers on the website do make it known that the company charges various fees. Some of them are trading fees, overnight fees, deposit and withdrawal fees and other charges. 

Sadly, there’s no way to find out what these costs are until you open an account and even then nothing is promised, considering that the portal severely lacks transparency. Therefore, you can expect to be charged anything and out of a sudden. 

Something Wrong With Trading Amenities

The shiny design of the Fidelity DEX crypto management website is only skin deep. The overall trading environment is incredibly shoddy as the trading applications don’t instill any confidence.

While there is a sign-up form for account creation, it’s broken and non-functional.

Problems With Account Creation

On paper, anybody can create an account with Fidelity DEX exchange. What should be a streamlined process quickly turns into a major headache as the account creation form simply does not work.

The company allegedly provides crypto staking and leveraged trading as well as some fixed ROI investment options. Here’s an overview of crypto pledge plans:

• 5,000 USDT for 30 days, 0.25% ROI
• 30,000 USDT for 60 days, 0.30% ROI
• 100,000 USDT for 90 days, 0.35% ROI
• 200,000 USDT for 180 days, 0.42% ROI

These “guaranteed income” schemes are red flags by themselves. With the volatile cryptocurrency markets, not even the elite traders can ever guarantee success or profits.

Basic Web Trader

This is not our first time we’ve seen a claim of “industry leading software” only to be greeted by a borderline functional Web Trader. The same lie is used by these crypto thieves as well.

There’s not a good variety of different options, as the clients are only able to choose an asset, place a bit or a call, and select leverage. Unfortunately, we were only able to access the program for a brief time without creating an account, so we couldn’t evaluate its responsiveness or the accuracy of the trading charts.

Suspicious Mobile App

Allegedly, the platform is also available for mobile devices that support iOS and Android platforms. The links on the site are said to connect to GooglePlay and AppStore, but lead to another internal page that hosts a QR code.

As far as security is concerned, there’s a “Safety Certificate” tick on the page, which doesn’t relate to anything. Needless to say, we don’t recommend installing software from unverified sources.

Confusing Assets

If you were to believe the main website, the company offers a full palette of different crypto based assets.

Interestingly enough, the USDT stablecoin is used as a call currency rather than a quote currency.

The advertised instruments include the following:

• Cryptocurrency pairs – USDT/UNI, USDT/EVER, USDT/BLD, USDT/LINK
• NFTs – USDT/HOOP, USDT/DFA, USDT/KUBE, USDT/HAO

Heavily Charged Payouts

While you will be warned about withdrawals bearing various fees, you will not know what these required amounts are. As previously discussed, the firm does state that they charge fees on various services but doesn’t publish them. You can also expect trading volume requirements, which is used to prevent investors from trying to withdraw anything. 

As expected, the only transfer methods given are crypto currencies. That additionally makes this exchange not reliable or safe, considering that these transactions are hard to trace.

Unhelpful Support

The customer service at this site is limited only to the live chat feature. Alas, we can’t rate it as anything more but completely and utterly useless. When you attempt to get any information related to trading and fees, you will be given generalized answers with nothing precise. The same goes for payouts and account creation issues. 

Shady Exchange Stole Your Coins? Get Them Back!

There’s basically zero legality when it comes to dealing with this exchange. Everything about it is incredibly shady, including their proprietary TEDA coin which is not listed with any reliable channel. Much of the crucial trading information is purposely obscured in order to nudge traders into investing without prior knowledge.

If you’ve deposited funds to this fraudulent scheme, feel free to contact our legal experts. With our help, you can still recover your lost money. Book a free consultation today to learn more.

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