Musktrades Review – Who Is This Familiar Scammer?

“Crypto starts with Musktrades!” Is a bold claim that greets you as soon as you open the homepage of this suspicious crypto campaign. Is it really so, we dare ask, considering that the fraudsters hide behind a fake celebrity giveaway and fictitious support allegedly coming from most successful entrepreneurs today. 

Keep reading this Musktrades review and you’ll be able to find out what hides behind the mask of a prominent crypto portal.  

AUSTRAC License? We Don’t Think So!

By not sharing any corporate information, this petty bunch of wannabe crypto providers doesn’t convince us of their credibility. Legal documentation is scarce as well, and not much is known at all about who runs this website. 

However, the cons have made a terrible mistake of claiming to be the most popular and influential Australian crypto exchange, allegedly operating with an AUSTRAC license. Let us immediately debunk such claims, as we’ve determined that no firm under this name is located in the AUSTRAC list of registered entities.  

On the other hand, we see in the T & C document that the alleged jurisdiction belongs to the courts of Malta, but MFSA has also never issued a license to whoever runs Musktrades business. 

You should better invest with an actually well regulated and supervised trading portal, not with the likes of Elncoin.com and this unregulated brand.

TikTok Predators

The Musktrades crypto fraud is most active on social networks like TikTok, where they abuse young and attractive looking small-time influencers to disseminate their propaganda. These profiles quickly get banned from the platform, just like the many identical sites, but that doesn’t mean the danger is over.

Usually, they market different coin giveaways, by using the content artificially created by DeepFake AI. In it, celebrities allegedly give out free cryptos to those who create an account with the platform and make an investment.

Of course, everything is a total sham, and the money gets stolen. It’s still possible to recover the assets with professional help, so get in touch with our legal experts if you’ve been victimized by these cybercriminals.

While the site copyright dates back to 2017, it was only launched in October 2023. These nations are the main targets:

Exorbitant Trading Costs

Although the fee structure with Musktrades exchange is somewhat transparent, the prices are sky-high. The initial Maker and Taker fees start with 0.075%, a number many times higher than that of a mainstream exchange.

These costs can allegedly be reduced to 0.035% / 0.045% Maker and Taker respectively. The required trading volume for this is ≥ 20,000 BTC (around $878,000,000), which is borderline impossible.

Additionally, the exchange charges a 1.0% deposit fee, as well as a withdrawal fee of 0.00011 BTC, still higher than industry average.

Referral Ponzi Campaign 

The company urges their investors to get more people to join through the referral programme. The rewards for getting new victims to the platform are meager, though. Allegedly, every new referee will grant you 40% of their commission, with additional commission of 1.0% granted to the account.

Inferior Trading Features

We have no intention of advertising trading tools that do so little to help traders profit and make real cash. Starting from the bogus software that’s just a bad copy of leading technological solutions, we can’t say anything positive about the features on here. Keep reading this review to see what we mean exactly. 

Does Trading Even Happen?!

It’s highly questionable how functional the Musktrades platform is and how well it performs, since we could not directly test it. To appear transparent and credible, the site owners have allowed visitors to briefly preview the terminal, but you have no way of putting it to work. 

That’s because it’s hidden behind the account creation restriction and there’s no trial trading option. Either way, we’d never recommend a distribution that is ridden of all elementary features and tools that your strategy depends on. 

Minute List Of Coins

Trading on the platform is questionable at best, but the site still advertises some crypto assets to be traded. These only include coins, with no coins to speak of. The NFTs are advertised as “coming soon”, regardless of the global crash of the said market.

Users may only trade USDT-based cryptocurrency pairs, with BTC, ETH, LTC, ADA, XRP, LINK, MANA, DOGE and some other assets.

Account Phishing

These con artists are after more than just your initial deposits. Creating an account requires an email input, but all of the secure providers like Google, Outlook and Yahoo are denied access.

The people running the con are actively trying to breach the security of the email providers, and steal personal details. They search for credit card numbers, employment records and sensitive business information to use in an extortion strategy. Other fraudsters like Koypex are known to do the same.

Why Investments Are In Danger

Crypto transactions remain advertised as ever the fastest and most hustle-free monetary channels. That is exactly how fraudsters get unsuspecting victims to transfer their digital currencies to anonymous wallets that are later almost improbable to track. Because of this obstacle, money recovery could be next to impossible. 

Additionally, you can expect crypto criminals to ask for made-up fees to be paid upfront, which directly violates all of the regulatory standards that these miscreants claim to operate under.

Support You Can’t Contact

It is known that agents propagating scam schemes can easily get in touch with you and are eager to do so. However, connecting to them when you wish to do so is practically impossible. 

Although they will provide one or two most basic communication channels, be sure that none of them work. When you want to appeal to the support team, you’ll only find your pleas falling on deaf ears.

Got Burned By A Crypto Fraud? There Is A Solution!

Sites like musktrades.com are known as production line scams. They use the same pattern to create identical sites, each one directed toward a different region. The purpose remains the same, however: get people suckered into investing money, and obtain their sensitive data.

Cryptocurrency transfers are built on the premise of anonymity, which makes them exceedingly difficult to track. There is a way, though, so book a free consultation with our experts if you need help with crypto recovery.

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