TrueEX Review – Truly Convincing Clone Company Charade

While the corporate information about this entity does look convincing, there were minute details that simply did not fit the bigger picture. It was only after a careful scrutiny and meticulous investigation that we finally got enough proof to finally conclude we’re dealing with a hoax.

Our TrueEX review will tell you all about the dangers of clone companies, and how to avoid investing with online scammers.

Clone of a Famous Brand

The TrueEX broker is owned by an unscrupulous firm called TrueEX LLC (not to be mistaken with TrueEX Group). This unregulated firm claims to be operating out of Canada and that it is regulated by multiple financial authorities. Once we started investigating the claims about this alleged brokerage conglomerate, we only found several warnings. 

Apparently, ASC, IOSCO and CONSOB have all blacklisted this fraudulent operation for impersonating another company and for predatory tactics towards investors. The actual location of this company is not revealed, so you may as well avoid investing in their investment proposals as they’ll only leave you empty handed. 

Assuming Another Company’s Identity

The clone website hosted on the trueex.io domain is very young, created in March 2024. This explains the lack of any client feedback or TrueEX reviews.

Our web analysis tools determined that the con artists behind the domain focus on these particular areas:

• United States
• Canada
• United Kingdom
• Turkiye

Clone firms work by misappropriating not only the legal information about a regulated firm, but their entire corporate identity as well. In reality, the company works as a scam call center, and employs people known as “boiler room agents”.

These smooth-talking criminals will constantly pester their marks for as long as they can get any money out of them. When the victims stop cooperating, they are simply cut off. While the money may seem like it’s gone forever, it may still be recovered, so contact our expert team.

“Fee Schedule” Doesn’t Exist

Since the website is absolutely not transparent about various costs and fees, we tried finding some hints in the legal documents. There, it is said that there is a separate document called Fee Schedule, where all of the fees that company charges are revealed.

After looking for this mystery document, we found nothing. Therefore, all the deposit, withdrawal and trading fees are a complete secret. The same goes for the trading parameters, which remain unknown. Due to the absence of TrueEX regulation, you can expect to be charged insane amounts under various excuses which is something typical for DeCapitals, as well.

Types of Bonuses

Although various incentives are promised to clients, their amount or terms of use are not specified. For example, the company claims to offer a signup bonus, TrueEX bonus on deposit, loyalty bonus, as well as affiliate rewards. However, it remains a mystery how these are distributed and what are the withdrawal terms pertaining to these amounts.

Are Features Worth the Price?

The bogus trading firm will desperately try to convince you to open a new TrueEX login and invest in their staking plans or trading tools. However, these have ridiculous price tags that simply aren’t justified. That’s because financial schemers have nothing of value to offer. Consequently, investing with these portals leads to bankruptcy.

TradingView Charts for Bogus Portal

The schematic and simple TrueEX app is built around TradingView charting. That means that at least some of the data is accurate and there are default customization options available. 

Alas, that’s about as good as this rigged software can get. Besides the options to open and close positions, no other functions are allowed. There’s no complex analysis tools or addons that can help you make lucrative investment decisions.

Pushing a Fake Crypto Token

To attract the attention of younger investors, the company is advertising a so-called TrueEX crypto token.

This fake asset is used as a basis for a tie-in pump and dump scheme, and cannot be found on crypto tracking sites like CoinMarketCap.

The selection of instruments that are actually available is tiny:

• Forex – EUR/USD, AUD/CAD, GBP/CHF
• Cryptocurrencies – BTC, ETH, XRP
• Stocks – NVIDIA, Walmart, Pfizer
• Commodities – Gold, Crude, Wheat

Theft Through Expensive Accounts

The boiler room agents squeeze more money from the marks by pitching “more profitable” accounts as “upgrades”. To justify the higher costs, the company advertises better trading conditions, like larger bonuses.

These are the available trading accounts:

• Mini – $250
• Basic – $3,000
• Prime – $20,000
• VIP – $100,000

Let’s not forget that the firm also offers staking of their fake token. Note that the staking amounts are expressed in USD, rather than the proprietary token:

• Advanced – $20,000
• Premium – $50,000
• Exclusive – $100,000
• VIP – on demand

Withdrawals: How to and Issues

Only crypto currencies are found as the accepted payment method on this unscrupulous site. These are every scammer’s favorite, due to the option to keep their identity a secret while performing quick transfers. Such is the case with many offshore entities as well, CoinDeal being one.

That’s why we always advise our audience to opt for more transparent methods, such as credit cards. Established firms usually offer multiple choices when it comes to account funding and payouts. Frauds don’t. The aforementioned are just some of the potential troubles with the TrueEX withdrawal. Other obstacles include trading volume requirements and advance fees.

Contact & Address

All the contact details found on the company’s homepage are just invalid addresses and phone numbers. These solely exist to leave an impression on clients as if the business is actually credible or cares about their users. In reality, only the email address can be used to attempt and establish communication with the support office, but no one will reply to it anyway.

Get Your Assets Back!

If you have invested your hard earned capital into this scheme believing you will be earning something, we’re sorry to inform you that all your money is probably gone. However, you should not despair just yet. 

With the help of our legal professionals and chargeback experts, you might be able to locate your funds and identify the criminals that have taken it. That can prove of great value in the recovery process, so contact us for more details.

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