Wuobi – Sophisticated Scam but Sloppy Execution: Wuobi.com

The Wuobi.com exchange claims to be a legitimate crypto platform, boasting favorable trading conditions and low fees. However, we are familiar with the website’s structure and features and we suspect this platform is part of a broader criminal network involved in deceiving users through crypto schemes. 

To uncover the truth, we recommend you read our Wuobi.com Review, which dissects the website’s content. The review also offers guidance on recovering funds from anonymous crypto scams such as RabexBit.com.

Legal Info: Is Wuobi.com Regulated?

Despite stipulating in its Terms of Use that Maltese laws govern the agreement between the exchange and clients, our investigation has revealed that the platform is not registered with Malta’s Financial Services Authority (MFSA). 

This raises concerns, as Malta, being part of the European Economic Area, aligns with the European Securities and Markets Authority (ESMA) regulations. 

Licensed European providers equipped with MiFID passports can offer services across Europe and are liable to offer users a compensation contract worth up to 20,000 EUR in case of insolvency or suspicious losses. 

Since Wuobi.com is unregulated, the exchange can easily steal your funds and leave you without compensation. 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

At the time we were writing this analysis, we couldn’t find any Wuobi.com reviews and feedback from traders, mainly because there were none. We checked several popular forums and got no results, which is not such a big surprise considering that the website has been active since late September.

As mentioned, the same recycled website has been used many times already due to the same criminal mastermind being behind the whole sham. Nonetheless, you should always check what people think about a certain platform because negative reviews and complaints can alert you about potential scams.

Crypto scammers, such as Xmuskcoin.com, typically invite unsuspecting victims to Telegram channels and WhatsApp chats. Once they get a hold of traders’ money and milk out as much as possible, they are no longer interested in providing services.

Who Are Wuobi.com’s Targets?

According to eveninsight.com, the wuobi.com.com website domain was created on September 18, 2023. Since then, the shady crypto exchange has mainly been targeting unwary traders who reside in the following countries:

• Germany;
• Turkiye;
• Cyprus;
• Azerbaijan.

Look up the bogus website on Evensight and you’ll see that it was flagged as suspicious with an alarmingly low trust score. Website traffic is also virtually non-existent.

Wuobi.com is not authorized to accept clients from any of the listed countries due to the lack of necessary permits and licenses. We have already stressed the fact that if you invest money in this platform, you cannot count on regulatory help or compensation so be cautious.

Which Trading Platform Is Available?

The exchange can be accessed via a web platform designed for the straightforward purchase and sale of cryptocurrencies. It supports spot trading and features a wide selection of popular coins. Leverage trading was not available on the platform.

Aside from its lackluster interface, the browser-based terminal looks suspicious and could be manipulated. Anonymous fraudsters usually use rigged platforms to run their schemes. 

Novices may find online trading platforms easy to comprehend but trading volatile assets such as cryptocurrencies is extremely risky, which is why you need many tools to ensure you’re not lagging. 

We thus recommend providers that support recognized third-party software such as MT4 or MT5. These platforms offer a wide range of cutting-edge tools such as automated trading, live market reports, advanced charting, a user-friendly interface, lightning-fast order execution, etc.

Fee Structure

Regarding trading fees, Wuobi.com outlined a tiered structure based on trading volume, spanning seven levels from < 30 BTC to > 20,000 BTC. Maker and taker fees decrease as volume rises, starting at 0.075%/0.075% and scaling down to 0.035%/0.045%.

On the flip side, deposit and withdrawal fees are determined based on the blockchain network, and several factors such as congestion. For instance, Bitcoin transactions incur a 1% deposit fee, while withdrawals are free. Ethereum deposits and withdrawals attract a 1% fee.

Referral Program

Wuobi.com offers a referral program where users can earn rewards by referring friends. Participants are assured a 40% commission paid by those they refer, coupled with a reduction in their trade commission to 0.1%. Those interested can get a unique referral link for recruitment on the referral program page.

However, it’s imperative to point out that the outlined reward system and emphasis on recruiting new participants is reminiscent of a potentially dangerous Ponzi scheme, a fraudulent investing mechanism that generates returns for earlier investors with money taken from later investors. We urge you to refrain from involving friends and family in this mess.

Deposit and Withdrawal Process

In case you lose your crypto on this phony exchange, you need to find out where the money went, i.e. which wallet received the payment. This requires advanced crypto-tracing solutions such as CipherTrace. Luckily for you, our team can help you throughout the process and guide you every step of the way.

The reason why scammers prefer crypto payments is that such transactions allow them to retain their anonymity and continue running their schemes. Reversing crypto transactions can be a nightmare but it is possible. 

If you experience any withdrawal-related issues with the Wuobi.com crypto fraud, do not hesitate to contact us. We have experts who specialize in various fund recovery methods and we gladly offer our services. 

Key Information To Consider About Wuobi.com

To summarize our review, the Wuobi.com crypto scam mainly targets traders from Germany, Turkiye, Azerbaijan, and Cyprus. The platform is not regulated.

We do not recommend Wuboi.com because the exchange is nothing but an anonymous hoax. If you are experiencing any withdrawal issues, be sure to inform us about it.

If you cannot withdraw your funds from the Wuobi.com cryptocurrency scam alone, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and launch the chargeback process.

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