We Detected Another Crypto Exchange Scam

Minastax claims to be a straightforward crypto exchange with a simple dashboard and neat trading features. However, there are many irregularities and misleading information on the website, which raises concerns.

Similarly to Atomic Wallet, this exchange also has no license to operate and hold clients’ funds. We shall analyze the platform in our Minastax Review to show you the truth about the exchange and why you should stay away from it.

Legal Info: Is Minastax Regulated?

Contrary to the User Agreement, Minastax is not a transparent Australian provider. The bogus website then goes on to claim that the agreement signed between the client and the Minastax exchange is subject to Maltese laws and regulations. 

Yet, the shady firm is not registered with the Maltese Financial Services Authority (MFSA), which aligns its regulations with European Securities and Markets Authority (ESMA) laws.

ESMA issues MiFID passports to licensed entities, enabling them to operate across Europe while providing compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. Due to the absence of regulation, it’s crucial to be aware that trading on this platform comes with 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

Beware as there are misleading Minastex TikTok videos online, showing how users get 0.31 BTC via a special promo code.

There is a Reddit thread in which one user asks the community about the Minastex Bitcoin offer. “There is no free money on the internet. The scam website is quite new,” another user answered, which is true. 

We must note that we have seen the recycled pages and content multiple times already, presumably because the same criminal enterprise is behind the crypto scheme. You should always check what people think about a certain platform because negative reviews and complaints can alert you about scams.

Who Are Minastax’s Targets?

According to godaddy.com/whois, the minastax.com website domain was created on October 5, 2023. For about two months now, the black hat crypto exchange has mainly been targeting unsuspecting traders who reside in the following countries:

• United States;
• Germany;
• Czech Republic;
• Venezuela;
• Kazakhstan.

Countries such as the US and Germany have strict market authorities that enforce heavy regulations. Minastax 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 check and you’ll see that it has been flagged as suspicious with a low trust score. Website traffic is alarmingly low as well.

Which Trading Platform Is Available?

Minastex offers a relatively simple web dashboard designed for spot cryptocurrency trading. It supports a wide selection of popular coins such as Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, etc. Leverage trading is not available.

The platform provides users with basic tools such as graphs, charts, and indicators but lacks advanced options, making the trading terminal ineffective. Phony exchanges such as KoinDeFi do not offer reliable software. 

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.

Outlined Fee Structure

Minastax imposes transaction fees on customers for buying or selling cryptocurrency, determined by monthly turnover and order type. Maker and taker fees are fixed at 0.20% for regular users and 0.14% for premium users. 

The exchange charges a commission on withdrawals with a minimum amount and a maximum limit not exceeding the available account balance. Specific fee figures were not disclosed though.

Suspicious Referral Program

The referral system at Minastax features three referral stages, each offering varying rewards based on the referral category. The first, category A referrals, offer a 50% commission, while category B referrals yield 10%, and category C 2.5%. 

Premium users currently have exclusive access to the referral system and the ability to generate an unlimited number of referral codes. Notably, there are no limits on referrals, allowing users to refer as many friends as desired. 

Furthermore, users receive a 0.01% (in BTC) reward for each new friend based on the sum of their deposits. While the program may seem tempting, it is most likely 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

Minastax did not transparently reveal how users are supposed to deposit funds into their accounts. The most usual methods are credit/debit cards and wires. If so, you can request a chargeback at your bank provided that you haven’t already traded that money.

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

Should you experience any withdrawal-related issues on the Minastax 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 Minastax

To summarize our concise review, the Minastax crypto scheme mainly targets traders from the US, Czech Republic, Germany, Venezuela, and Kazakhstan. The platform is not regulated and not approved by any financial authority.  

We do not recommend the exchange because it is nothing but an anonymous crypto hoax designed to deceive users through deceitful TikTok videos. 

If you have fallen victim to the Minastax 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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