Xeggex Review – Unlicensed Exchange With Serious Payment Problems

You know you’ve messed up your corporate branding when you have to instruct your clients on how to pronounce the name of your company. “Corporate” might not be an appropriate term here, however, since the firm we’re going to discuss in our Xeggex review is not a legally registered entity, and does not own a single trading license.

With the cryptocurrency markets reaching a new milestone in January 2024 with the inception of Bitcoin ETFs, the market is once again getting flooded by charlatans. Read our article and stay safe while trading!

Exchange status:	Unlicensed exchange
Regulated by:	Unregulated
Operating Status:	Active crypto trading scam
Known Websites:	xeggex.com
Blacklisted as a Scam by:	N/A
Owner:	N/A
Headquarters Country:	N/A
Foundation Year:	2021
Online Trading Platforms:	Web based
Mobile Trading:	N/A
Minimum Deposit:	N/A
Deposit Bonus:	No
CFD Trading Option:	No
Crypto Asset Trading:	Yes – BTC, ETH, XRP, ADA, DOGE
Available Trading Instruments:	Cryptocurrency pairs, liquidity pools, NFTs
Maximum Leverage:	N/A
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	Contact our legal experts for help with asset recovery.

No Legal Transparency

All of the most popular and prominent exchanges today adhere to strict regulatory guidelines, and own a trading license in at least one jurisdiction. This is not the case with the firm we’re reviewing today, unfortunately.

One of the main issues with the firm is how difficult it is to pinpoint their nation of registration. The xeggex.com website itself does not disclose any relevant information, nor do the Terms and Conditions or Privacy Policy legal documents. The situation is quite similar with the Amicus Invest fraudulent service.

This made further inquiry into the whole legality quite difficult, as we could not easily determine which financial regulator would have legal precedent over the company. We have searched the databases of BaFIN, AUSTRAC, FINTRAC, FINMA, and CFTC, but found no information about these crooks.

There were some breadcrumbs to be found with third party websites like CoinGecko, where the fraudsters from the Xeggex exchange claim to be registered in Seychelles. This was quickly proven not to be the case, with a single search of the SeyGo Connect database.

Problematic Reputation

It’s natural for any firm to have their own share of dissatisfied clients, something that is simply not the case with fraudsters like WasixCap, for instance.

That’s because they employ review seller networks to bolster their online reputation. Nearly all of the Xeggex reviews remain positive, with an average trust score of 4.2 out of some 78 TrustPilot comments.

Reading a few of them, you quickly start seeing the pattern – they all talk about the same things, and never discuss any details. The few clients that are critical of the platform talk about how their deposits never came through, and how their assets mysteriously disappeared.

Spreading the Web of Lies

Nearly all of the fraudulent firms use boiler room agents in some capacity, and the same is true for this exchange as well. Their agents don’t use the phone, however, and instead rely on social media as a main means of communication.

Much of the persuasion happens on Discord, Telegram, Reddit and various satellite profiles on TikTok. Additionally, the company owns numerous social profiles, including those on X, LinkedIn, CoinMarketCap and CoinPaprika, to name a few.

Thousands Of Victims

Judging from the WhoIs information, the xeggex.com website did not exist prior to August of 2021. The main targets of the deceptive domain are the citizens of these nations:

• Turkiye
• Vietnam
• France
• United States
• Poland

If you’ve been contacted by someone presenting themselves as employees of this firm, we advise you to break contact immediately. For help with asset recovery, contact our legal experts using the live chat on our site.

Basic Trading Utilities

The speculation software uses imported candlesticks from TradingView, which is known as a reliable information source. The prices on the Xeggex server don’t match those on TradingView, however, which is a telltale sign of data tampering. There are no advanced functions with the app, which only includes the limit order option.

A P2P trading feature is available, but the company makes you read a large disclaimer, saying that they’re not to be blamed if your deal with another user falls through. This tells us that the firm has no safeties implemented to safeguard from fraudulent transactions.

Good Selection Of Instruments

Clients of this exchange may exchange, or speculate on a variety of different instruments. Overall, around 480 different assets are advertised, across a range of types. These include both coins and tokens, and even NFTs.

Let’s have a look at some examples:

• Cryptocurrency pairs – BTC/USDT, ETH/USDT, PRCO/DOGE, TRLK/PHX
• Liquidity Pools – YEC/USDT, KAS/USDT, LATI/USDT
• NFTs – PhoenixDrops, PAC NFT, PriceDucks Vol.1

The liquidity pool of the platform is tokenized, with the firm releasing their own proprietary Xpense token – XPE. More information about Xeggs token price can be found here.

Accounts Don’t Require KYC

Besides the idea that anyone can make a withdrawal of up to $5,000 from the platform without passing the KYC, there’s nothing overly unusual about the client accounts. The dashboard will still insistently pester you to pass the KYC regardless, but this is annoying at best and does not interfere with the usage of the site to a great extent.

Upon creating a Xeggex login account all clients receive the same trading parameters. Since anyone can access the trading app even while casually browning the site, a demo is not actually necessary.

Expensive Trading Environment

Trading on the platform incurs the industry standard Maker and Taker fees, which are in this case symmetrical. The starting fee is 0.2% per transaction, which is quite hefty compared to industry leading exchanges.

This can theoretically be lowered to 0.06%, but this requires a trading volume of ≥1M USD while simultaneously holding ≥75k XPE in your wallet, which is an insane requirement.

Additional 25% discount is allotted to anyone who pays their fees in XPE, but this does not include the withdrawal fee. For our BTC benchmark, the withdrawal fee is 0.00064 BTC (~$27.33), which is again quite expensive.

Deposit And Payout Issues

One of the largest issues with the exchange is the number of deposits and withdrawals that the platform swallows up either through software or operator error. The problem is so prevalent, that the company implemented a special wallet function named “re-scan for deposit”.

Since this firm is not operating as a regulated entity, they should not be trusted with your assets. If you need help with recovery, feel free to contact our legal experts.

Crypto Assets Stolen? We Can Help!

This exchange has been operating with no regulation for a couple of years now. While the clients are generally dissatisfied with the service, the charlatans behind the scheme are trying to cover up the fallout with fake reviews.

Don’t give up on your invested money! With the help of our experienced team of professionals, you can recover your lost cryptos. Book a free consultation for more details.