Xbitfinex.com has been making quite the rounds recently, with many cryptocurrency enthusiasts raving about its impressive trading platform and competitive fees. However, a closer look beneath the surface reveals a different story altogether. In this article, we’ll delve into the world of Xbitfinex and uncover the reasons why it’s a major scam that you should avoid.
Established in 2019, Xbitfinex claims to be a cutting-edge cryptocurrency trading platform, offering a wide range of digital assets to trade, including major coins like Bitcoin and Ethereum, as well as lesser-known altcoins. The company boasts of having a team of experienced professionals with years of expertise in the field, and promises to provide its users with the best possible trading experience.
But don’t be fooled. Behind the façade of modern design and promises of exceptional service lies a web of deceit and manipulation. Here are some of the reasons why Xbitfinex is a major scam that you should avoid:
Unregistered and Unlicensed
One of the most significant red flags is that Xbitfinex is neither registered nor licensed to operate as a financial institution. This lack of regulatory oversight makes it impossible to verify the company’s legitimacy, and raises serious concerns about the safety of your funds.
Unsurprisingly, the company is not listed on any reputable financial regulatory bodies, including the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or the Commodity Futures Trading Commission (CFTC). This lack of transparency and accountability is a major indicator of a scam.
Unsecured Website
Xbitfinex’s website is another area of concern. Despite boasting of advanced security measures, the site is riddled with vulnerabilities and weaknesses. A simple whois lookup reveals that the domain was registered anonymously, and there’s no mention of any security certificates or third-party audits.
Furthermore, the website is not mobile-friendly, and the user interface is clunky and outdated, raising questions about the company’s commitment to providing a modern and secure trading experience.
Withdrawal Issues
Many users have reported experiencing significant delays and issues with withdrawing their funds from Xbitfinex. The company claims that these issues are due to technical glitches and bank processing times, but the reality is that many users are left high and dry, with no access to their hard-earned money.
Fake Reviews and Testimonials
Xbitfinex has been caught using fake reviews and testimonials to lure in unsuspecting traders. These fake reviews are often
