Skytorex Review – Bogus TikTok Giveaways Steal More Than Money

Nearly every part of the skytorex.com website is recycled from another platform one way or the other. This ranges from logo and corporate imagery, all the way to background pictures, text blocks, and other.

Like the cheap knock-off tracksuits you find in the bargain bin, the purpose of this mimicry is to deceive the traders and make them believe they are getting a premium service for a fraction of the price. Unfortunately, everything you ever get with these websites is net financial loss, as you will see in our Skytorex review.

Broker status:	Unregulated Exchange
Regulated by:	No regulation
Operating Status:	Active Crypto Trading Scam
Known Websites:	skytorex.com
Blacklisted as a Scam by:	N/A
Owner:	N/A
Headquarters Country:	Malta
Foundation Year:	2023
Online Trading Platforms:	Web
Mobile Trading:	Not available
Minimum Deposit:	Depends on currency
Deposit Bonus:	Not available
CFD Trading Option:	No
Crypto Asset Trading:	Yes – BTC, ETH, LTC, ADA, XRP, DOGE
Available Trading Instruments:	Cryptocurrency pairs
Maximum Leverage:	N/A
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	No
Global Fraud Protection Experts’ Verdict:	Stay away from this platform! If you’ve already invested, get in touch with our legal experts!

Illegal VFA Provider

The fraudulent crypto portals, omits all and any legal information and corporate data. Considering that the legal docs mention the exclusive jurisdiction of courts of Malta, we inquired with MFSA.

The suspicious business doesn’t appear in the state register of legal entities. Malta’s authority has designed strict policies that regulate issuing licenses to virtual financial asset providers, and this one clearly has none. What’s more, they also do not appear in any Tier 1 registry of licensed crypto providers that leading regulators like FCA, CySEC, BaFin and FINMA keep.

The best option is to avoid this shady platform entirely. We’d recommend the same with GSL Markets, which is proven to be fraudulent and fake in every way.

Social Media Menace

The Skytorex TikTok crypto scam, as the name suggests, operates through numerous intermediaries on TikTok that work as boiler room agents. There they search for victims claiming crypto coin giveaways and airdrops by various celebrities like Mr. Beast and Elon Musk.

The catch is, in order to become eligible for these “special promotions”, all new clients have to make a deposit. TikTok is predominantly populated by youths who have no real experience in the volatile and cut-throat cryptocurrency markets to whom these offers seem like a deal of a lifetime.

In reality, all of the invested money gets pilfered by the fraudsters one way or the other. The danger is not only financial, unfortunately. The platform actively disseminates various malware that leaks the victims’ personal information to various unscrupulous 3rd parties.

The Fraudsters’ Hunting Grounds

The Skytorex scam has done an incredible amount of damage in a very short timespan. As we can see from the WhoIs register, the site was only launched in October 2023.

While nobody is really safe from the fraudsters, they seem to prefer these particular nations:

• Italy
• United States
• Argentina
• Brazil
• France

If you, or somebody you know, has invested with this faux cryptocurrency exchange, feel free to contact our legal experts. With our help, you may still recover lost money, so don’t give up yet!

Incompetent Software

Unscrupulous technological solutions like the Skytorex platform cannot compare to the reliability and abundance of features that advanced platforms provided by crypto magnates offer. The simplistic and plain web terminal adjusted for simple crypto transactions and investments found on this suspicious site is barely responsive.

It’s packed with charts and other information that is irrelevant and should rather be optional. The approach surely helps build an illusion of usefulness and in-depth information processing, but reality is different. These software solutions are often heavily manipulated and include malware.

Small Selection Of Cryptos

The exchange seriously lags behind their legit competition, however, as only the most popular assets are covered. These include BTC/USD, ETH/USDT, ADA/BTC, XRP/ETH, SOL/BTC, DOGE/ETH and some others.

NFTs are advertised as “coming soon”, regardless of the recent market crash that basically rendered them worthless. While the platform itself doesn’t feature purchase or sale of cryptocurrencies, they provide links to 3rd party services, most of which are shady themselves.

Live Account As Only Option

The first obstacle we faced when registering for a Skytorex account was the fact that not every email address is accepted. That means that the platform only wishes to allow in users whose email addresses can easily be accessed remotely.

Otherwise, there’s no clarification on which account types are available. There’s a hierarchy that consists of 7 levels in total that users climb based on their trading volume. As a result of the bigger volume traded, you can unlock lower fees.

Trading And Transaction Fees

The starting costs for every newly joined customer are 0.075% / 0.075% as Maker and Taker fees. As you progress and up your trading game, you can unlock lower fees. Level 7 investors allegedly access the lowest trading fees of 0.035% / 0.045%.

As for the funding fees, they differ based on the crypto currency chosen. Some of the more popular digital currencies are listed as examples. For instance, the BTC deposit and withdrawal fee is 0.00005 and 0.00013.

Where Are The Promos Hiding?

There’s no information about the airdrops that the platform allegedly features in regular intervals. These are reserved for TikTok, after all.

A referral programme is involved in the bamboozle, where the people who were already burned are encouraged to find more victims. Only registered users have access to details of this scheme.

Shady Payment Facilitators Involved

Buying crypto using your credit card on this service is something we can’t recommend. The mentioned crypto processors listed on the fraudulent domain are all known to be involved in unscrupulous actions multiple times. Some of the more notorious ones are MoonPay and Mercuryo.

These payment services are known to be cooperating with a number of blacklisted scam campaigns run by fake exchanges and faux offshore brokerages. So please do not share your credit card information or bank account details with these greedy miscreants.

Don’t Delay! Start Your Recovery Today!

This company only offers a semblance of cryptocurrency trading as a means of keeping the victims occupied, in a manner similar to how UberChains operates.

The longer the victims wait before they take action, the more time the swindlers have to plan their getaway. Don’t let your money go to waste! Contact our legal experts as soon as possible, and start your recovery process today!