Swindling Traders via a Crypto Exchange

Since we have seen this exact recycled website many times already, we can safely conclude that it is being used by the cunning criminal group we’ve been covering lately.

This shady enterprise centered its monkey business around cryptocurrencies and online exchange websites. To learn how the fraudulent scheme works, please read our Peylex Review. At the bottom of the page, you’ll find a form users can fill out to contact us and start the fund recovery process.

Legal Info: Is Peylex Regulated?

In contrast to the terms outlined in the User Agreement, the Peylex crypto exchange is not an Australian provider. The entity is missing from all company registers.

Moreover, the deceptive website falsely asserts that the client’s agreement with the platform is governed by Maltese laws and regulations. This dubious exchange is not registered with the Maltese Financial Services Authority (MFSA), which, by the way, adheres to European Securities and Markets Authority (ESMA) laws.

ESMA grants MiFID passports to licensed entities, allowing them to operate throughout Europe and offer compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. Given the absence of regulation, it is crucial to note that engaging in trading on this platform entails significant risks.

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

We reiterate that we have seen these recycled website pages multiple times already, which is indicative of the same criminal enterprise being behind the Peylex fraud. 

The swindlers use all these websites to prey on users. Although there are no Peylex reviews online, it doesn’t mean that the scheme isn’t active. You should always check what traders and investors think about a certain platform before opening an account. 

Negative reviews and complaints can alert you about scams as they helped us expose the IntraO phony broker. Cryptocurrency scammers typically use Telegram channels and WhatsApp chats to lure unsuspecting victims so be careful. 

Who Are Peylex’s Targets?

According to godaddy.com/whois, the peylex.com website domain was created on September 26, 2023. Since then, the crypto exchange con has mainly been targeting unsuspecting traders who reside in the following countries:

• United States;
• Germany;
• Canada;
• India;
• Czechia.

Countries such as the US and Canada have strict market authorities that enforce heavy regulations. Germany and Czechia are EU members, meaning they require firms to have a MiFID passport. 

The fake exchange 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.

Swipe the bogus website through a webparanoid.com evaluation test and you’ll see that it has been flagged as dangerous with a low trust score. 

Which Trading Platform Is Available?

Peylex presents a straightforward web dashboard that supports spot cryptocurrency trading and features a range of popular coins like Bitcoin, Ethereum, Litecoin, Ripple, etc. Notably, the platform does not support leverage trading.

While the exchange provides users with basic tools like graphs, charts, and indicators, it fails to include advanced options, making the trading terminal ineffective. We had the same case in our Fivoro review.  

Consequently, we recommend opting for licensed providers that support recognized third-party software like MT4 or MT5. These platforms boast an array of cutting-edge tools, including automated trading, live market reports, advanced charting capabilities, a user-friendly interface, and instant order execution.

Outlined Fee Structure

Peylex imposes a tiered trading fee structure based on seven levels and trade volumes, with maker/taker fees ranging from 0.075% to 0.035%. Additionally, users are charged a flat fee for each cryptocurrency withdrawal to cover transaction costs. 

Withdrawal rates are subject to blockchain network fluctuations such as congestion. The fees differ for specific coins; for instance, Bitcoin incurs a 0.00005 BTC deposit fee and a 0.00012 BTC withdrawal fee while Ethereum incurs a 0.00092 ETH deposit fee and a 0.00230 ETH withdrawal fee. Transfer fees for both BTC and ETH withdrawals are listed as free. 

Suspicious Referral Program

The referral program offers an opportunity to earn money by referring friends. Upon registration through the link, the referrer is promised 40% of the fees paid by his referrals, as well as a reduced trade commission of 0.1%. To join the referral program, users must use a unique referral link. 

It is crucial to note here that the pyramid-type model and emphasis on recruiting new members is reminiscent of a Ponzi scheme, a type of investment scam that involves the payment of purported returns to existing investors from funds contributed by new investors. Don’t drag your friends into this mess.

Payment Process and Potential Issues

Peylex has listed various third-party electronic wallets for purchasing crypto on its platform. However, the multi-layered payment system adds complexity that seems to benefit the cyber crooks rather than the user.

If you lose crypto on this illicit platform, determining where your funds went will be a difficult task. Reversing such transactions requires advanced crypto-tracing solutions like CipherTrace.

If you experience any withdrawal-related issues on the Peylex platform, please contact us. We have experts who specialize in various fund recovery methods and we gladly offer our services. 

Key Information To Consider About Peylex

To summarize our concise review, we give a verdict on the platform, which is that Peylex is nothing but a crypto hoax mainly targeting traders from the US, Canada, Germany, Czechia, and India. The platform is not regulated or approved by any financial authority.  

We do not recommend the exchange because it is nothing but an anonymous crypto scheme designed to deceive users through a duplicitous exchange.

If you have fallen victim to the Peylex scam and cannot withdraw your funds, 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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