FXBinance Review: being a scam crypto broker, this platform, which vaunts as the best exchange network, is an unregulated MLM Ponzi. There is no tangible information about FXBinance, its Admin, and its regulation (assuming it has one).
The only external links on the website also reveal nothing about the broker or who runs it. The website only cedes an electronic arts sale as crypto news for its visitors. Of course, this is a far cry from the financial instruments on legit Binance.
As our FXBinance Review, the platform is only a subtle MLM copy of Binance, a credible crypto broker. We review the key features that determine a legit crypto exchange in this article. And in the long run, we explain why FXBinance is a masked crypto fraud. Read the following sections for more details.
FXBinance Review: Overview
FXBinance Review: since the company lacks a digital footprint, we rely on information from the website. As it happens, the site is an indexed slate; it moves the cursor to any webpage header, which corresponds to the title on the website menu.
First, the company descriptor, exactly the same as the one on Coinmagnates.io, is a short shrift for a crypto exchange.
We help our clients to find opportunities in both rising and falling markets. You can choose to trade on (sic) most popular crypto (sic) currencies and participate in cloud mining with us.
In a tabular form, it lists all the information clients might require to trade. (Again, all of it is hauled word for word from from Coinmanganates.io, or it might be the other way round). We summarize some of their key services below:
- Clients can supposedly make profits by trading CFDs on FXBinance.
- Clients can also make profits from investments in an Auto Trading Algorithm run by the broker.
- Crypto Tutorial Opportunity
But that is where every pretense at offering crypto services stops. Other offers are full-scale MLM. At least, FXBinance mentions that clients can earn $2000 if they refer friends and families to the platform. Without any proof of trade or a security regulator on the website, FXBinance cannot legitimately offer these services.
Our FXBinance Review points out this cue to the Ponzi scheme. We shall discuss it in detail later.
Further, FXBinance offers these trust scorecards in the Bitcoin Features cache:
Transparency _ decidedly unavailable on the platform since the Admin withholds relevant information about the exchange.
Fast Transaction _ nothing proves this outside FXBinance’s asserting it.
Secure and Stable _ there is no fund security voucher whatsoever on the website.
Coin Exchange _ there are no live stats or cryptocurrency pair-offs on the platform, just a slate riddled with MLM rhetoric.
24/7 trading _ unavailable since FXBinance does zero brokerage.
Free Consulting _ if there is a rip-off looming on FXBinance, it starts from this bit.
Coin Exchange Sham
We reiterate that our FXBinance Review finds no exchange on the website. The only sizeable content is an external link to random business news about crypto. If you think to glimpse market sentiment from the links on FXBinance, you might want to look elsewhere.
FXBinance might well merely chronicle global BTC news since it has no license to trade any cryptocurrency.
Also, nobody is in a rush to publish testimonials of successful trading on the platform.
FXBinance Auto Trading Algorithm
Again, our FXBinance Review finds no hint of any algorithm crypto trader on the website. Even if there is, it sees FXBinance committing a security fraud. How?
Because the Auto Trading Algorithm, which supposedly generates specific profits for investors, is the mastermind of FXBinance. Impliedly, FXBinance is brokering credit securities for investors, along with a matching MLM avenue. It requires serious regulation.
Also, given that funding is possible only through BTCs, Credit Card, and Wire, a regulator guarantees that clients get indemnities.
Any investor in FXBinance either intentionally discards this vital detail or unknowingly buys up unregulated securities.
So, without any crypto exchange or verifiable auto trading on FXBinance, the company falls back on the MLM script: affiliate packages. See the next section of this FXBinance Review for more information.
FXBinance Review: Affiliate Packages
The affiliate bit of FXBinace is a multi-level marketing synonym for shares. When you sign up for an affiliate package, you literally buy a share that generates profits (ROIs). Again, the need for security regulation is apparent. But our FXBinance Review finds no proof of regulation on the website.
Supposedly, you can make ROIs from any of these FXBinance Affiliate Accounts:
Micro _ is available for $250. It offers 30% bonuses, leverage peaking at 10, at least twenty-five instruments, and 10% insurance.
Standard _ available for $1000, it offers 35% bonuses, leverage peaking at 20, at least fifty instruments, and 35% insurance.
Trader _ sells for $5000. It also offers 50% bonuses, leverage peaking at 30, at least 100 instruments, and 40% insurance.
Premium _ sells for $10000. It offers 70% bonuses, leverages peaking at 50, at least 250 instruments, and 55% insurance.
Pro _ available for $25000. The package offers 85% bonuses, leverage peaking at 75, all trading instruments, and 65% insurance.
VIP _ package sells for $75000 and also offers up to 100% bonuses, up to 100 leverage, and 75% insurance.
FXBinance Review: what the platform actually offers is an MLM opportunity. It has no fixtures for crypto brokerage; crypto exchange is only a ruse.
While there is nothing wrong with an MLM running an affiliate program, there is everything wrong with its paying affiliates through unregulated media. FXBinance affiliates earn ROIs (up to $2000) from an auto trader, which is a financial asset technically. Anyone privy to the exit habits of previous MLM companies can relate to the risks of investing in unregulated security, Defi or not.
Moreover, there is a scam pattern with an unchecked broker. Briefly, the following points determine a fledged scam on any platform:
- Persistent calls (FXBinance has a functional consultation but does not publish any investment plans on its website)
- Often the caller attempts to sell products and shares to the receiver
- Incoherent business plan, whether through consultation or not
- Undisclosed revenue sources
- No security regulation
- No admin info
If you notice any of these red flags about any broker, run. FXBinance has all the issues above, and it is not looking to address them.
As regards FXBinance Free Consultation, it will furtively sell more unregulated securities, possibly fraught with scams. Until FXBinance can offer a verifiable voucher for its services, it remains only a Ponzi MLM hybrid of a credible company, Binance. Its Ponzi veneer comes from the affiliate/partnership service being the only apparent source of revenue.
Note that an affiliate program is sustainable only as long as it has enough revenue props. If this affiliate program depends on downlines to keep running, say a self-preserving algorithm, it is a Ponzi scheme.