Bstwox Review: How the Crypto Exchange Scheme Works

Bstwox claims to be a legitimate crypto exchange with favorable conditions and low fees. The fraudsters would have gotten away with it had we not seen this exact same website countless times before.

It led to the conclusion that this illicit exchange is part of a larger criminal network that deceives users using crypto schemes. We thus recommend you read our Bstwox Review and learn the truth. Also, learn how you can recover your money from anonymous shams.

Exchange status:	Unlicensed Crypto Exchange
Regulated by:	Unregulated
Operating Status:	Active Crypto Exchange Scam
Known Websites:	bstwox.com
Blacklisted as a Scam by:	N/A
Owner:	N/A
Headquarters Country:	Malta (allegedly)
Website Active Since:	2023-10-18
Online Trading Platforms:	Web
Mobile Trading:	Unavailable
Minimum Deposit:	N/A
Deposit Bonus:	N/A
CFD Trading Option:	No, you cannot trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, LTC…
Available Trading Instruments:	Cryptocurrencies
Maximum Leverage:	N/A
Islamic Account:	Unavailable
Free Demo Account:	Unavailable
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	Stay Away from this Scam

Is Bstwox Regulated?

The Bstwox exchange is not regulated and we intend to prove it. According to the Terms of Use, the agreement signed between the exchange and the client shall be governed by Maltese laws.

Yet, the alleged crypto platform is not registered with Malta’s Financial Services Authority (MFSA). The truth is that the platform is run by an anonymous fraudster with no valid license.

Malta is part of the European Economic Area, meaning the MFSA enforces common regulations of the European Securities and Markets Authority (ESMA).

All ESMA-licensed providers have a MiFID passport, allowing them to offer services across the old continent. They are also liable to compensate their clients in case of insolvency or suspicious losses with up to 20,000 EUR. Bstwox, just like Tesla X Trading, is not licensed to operate and is not liable to provide clients with a compensation contract.

Therefore, all the money you place on the exchange can disappear without a trace, which is why you should avoid anonymous websites and stick to firms that are regulated by renowned authorities such as the FCA (UK), CFTC & NFA (US), IIROC (Canada), ASIC (Australia), CySEC (Cyprus), etc.

Trader Reviews – Sharing Experiences

Considering that the website has been active for about a month and a half, it comes as no surprise that the Bstwox crypto exchange has not attracted many users.

The only reviews we found are essentially complaints. On scamadviser.com, you can read about how the fraudulent platform managed to trick several users. “I’m putting this review out to all past customers and future users of this company, that this website is a total scam,” one trader pointed out, warning fellow users to to risk their money.

Please read what the traders wrote on the forums in order to get an idea of how this exchange can potentially scam you and steal your money. Negative reviews and complaints are indicative of deceitful platforms.

Who Are Bstwox’s Targets?

According to eveninsight.com, the bstwox.com website domain was created on October 18, 2023. For about a month and a half now, the crypto black hat has been mainly targeting traders who reside in the following countries:

• United Kingdom;
• Germany;
• Pakistan;
• South Africa.

Eveninsight further assesses the exchange’s website as extremely risky, giving an embarrassingly low safety score of 0/100!

As we already stressed, Bstwox has no MiFID passport and is not licensed to operate in Europe but the exchange is doing so regardless. All these countries have strong financial market regulations in force in order to prevent devious crooks from running their schemes.

If you lose money on this unscrupulous platform, you cannot count on the compensation scheme that licensed European firms offer so please consider other options.

Which Trading Platform Is Available?

The Bstwox trading platform is a fairly simple browser-based platform that supports popular cryptocurrencies such as Bitcoin, Ethereum, Cardano, Litecoin, etc. The trading terminal looks easy to use but the interface is lackluster.

And given the exchange’s dubious background and the lack of regulatory oversight, the suspicious platform is susceptible to manipulation, as was the case with XFortunes.

If you want a pure trading experience, you should stick to licensed providers that support proper third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

Trading and Payment Fees

When it comes to trading fees, Bstwox charges varying maker/taker commissions for several levels based on the trading volume achieved. The volume requirements range from < 30 BTC to > 20,000 BTC across seven levels and the maker/taker fees scale down accordingly from 0.075%/0.075% to 0.035%/0.045%.

On the other hand, deposit and withdrawal fees are determined by the blockchain network and may vary due to factors like network congestion. For instance, we have the following:

• Bitcoin (BTC):
  • Deposit Fee: 1.0%;
  • Withdrawal Fee: Free;
  • Transfer Fee: Free;

• Ethereum (ETH):
  • Deposit Fee: 1.0%;
  • Withdrawal Fee: Free;
  • Transfer Fee: Free.

Referral Program

The Bstwox referral program allows users to earn rewards by referring friends, obviously. Participants are promised a 40% cashback on fees paid by their referred users, and their own trade commission is reduced to 0.1%.

To join the program, users can access the Referral Program section in their account, where they find their unique referral link.

However, it’s crucial to note that the described structure is awfully reminiscent of a shady Ponzi scheme due to its reward system and the emphasis on recruiting new participants for earnings. Please do not drag your friends and family into this mess.

Losing Crypto on the Platform

What happens if you buy crypto on this platform and suddenly lose your coins? In that case, you would need to find out where the digital money went. Luckily for you, our experts can help you throughout the tracing 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 is possible albeit difficult. If you experience any withdrawal-related issues, please contact us.

What Should I Do If I Have Issues with Bstwox?

To sum up our concise but truthful review, Bstwox is an anonymous crypto exchange with no trading license or authorization to operate. The platform is unregulated and most likely a scam.

Several traders experienced issues. There are numerous more reliable and credible exchanges out there so be sure to check out all your options. If have fallen victim to the Bstwox scam, and cannot recover your money, we offer our professional assistance!

Book a free consultation with Fusion Forensics Limited and tell us more about your case. We will analyze it together and come up with a solution for recovering your hard-earned funds!

Book your free consultation here and get your money back!