Swmok Review: the exchange promises low transaction rates, affordable commissions, security, mining packages, and inclusivity for newbies.
That is an overview of what Swmok sets to achieve with its crypto counter. As the about us page mentions, the exchange attempts to onboard traders looking to transition to the lucrative passive profit in the crypto trade.
However, Swmok has many reviews online, which detracts scathingly from the purpose of the platform. The conclusions in these media remain unchanging: Swmok is a scam. But is that the truth?
We attempt to find out in this article. Read on for detailed information.
Swmok Review: About the Exchange
Its official website mentions that Swmok operates in jointly-run offices in Malta, Hong Kong, San Francisco, Japan, Singapore, and Korea. It closes the brief intro with a shot at the usual democracy trope. Here is how it appears on the page.
We are a collective of global citizens with a common passion to help decentralize finance and level the economic playing field for everyone around the world.
If the level playing field rhetoric doesn’t sound alien at first brush, it already demeans the tenability of the supposed fair scheme. But then, Swmok might be referring to its mission to make crypto investing and trading easily accessible to anyone around the world.
How does Swmok intend to attain this feat? Of course, it is through building next-generation tools. Swmok expects it will be a valuable treasure for people who are hesitant about crypto investments.
Our Swmok Review infers from the above that the platform is on the typical wake-up call mission.
Before mentioning its offices in several prominent locations in different time zones, Swmok says it is a globally licensed exchange, which is fuzzy without any corresponding evidence. That is not all, though. Subsequently, on the same web page, you see the following details about the organization.
- Six (6) Global Offices
- Over one hundred (100+) employees
- Serves more than one hundred and ninety (190+) countries
- Active Traders and Investors numbers above one hundred thousand (100,000+)
Well, nothing. That is all the available information about the supposed seven (7) years old crypto trader. The next thing you get is a Come Join Us subunit that attempts to motivate you to solve hard problems and pave way for innovation.
Ignoring its intentional brunt description on the site, Swmok is not the typical exchange, unlike Binance.
Possible Red Flags: No Chargebacks
Swmok Review: despite the fair-to-all pitch to clients, Swmoke reserves rights to edit, cancel, or arbitrarily alter its terms of service.
If you are okay with the above unpromising trade conditions, consider using the platform. It is the only way to toady up to a publicly abusive transaction. Of course, people would never fall for it had they troubled to read the terms of service. Unfortunately, most traders put money before thought into an investment.
The highlight is that our Swmok Review finds no deference to customer support on the platform. Also, making deposits via seamless options only gives Swmok an advantage in this regard. Why is this so? See below for an explanation.
Competing Against the System
Section 1.7 in this web page, https://swmok.com/?About_TermsService, legitimizes Swmok pitting its resources against clients. Here is a clip that explains this troublesome bit on the site.
We may, at our sole discretion, enable direct purchase and sale of digital assets between the eligible Users and us on the Site from time to time.
Of course, you can expect this to occur frequently, further diminishing your chances of earning any valuable profits (if you get it at all) from the platform.
Swmok, realizing it places investors at a disadvantage, promises not to disclose any privacy/insider information of traders. (Although it leaps the chunk of the profit chart).
Given its unverifiable regulation, which Swmok only vaguely alludes to, the platform is not obliged to this service whatsoever.
Is there any evidence of trade license for any of its supposed offices? See the answer in the following section.
Does Swmok Have a License?
Our Swmok Review does not find any license on the counter. We attempted to access the web link to a verifiable trade license on the Swmok website to no avail. The URL, which contains an address for License, invariably leads back to the Swmok homepage.
Impliedly, Swmok is lying about having a license, raising suspicions about how much of the content of Swmok.com is a lie. So far, not a single piece of information on and about the platform is reliable.
Although its terms of service webpage randomly refer to an FDIC insured transaction across counters, Swmok doesn’t link to any FDIC protection/insurance.
Swmok Review: unlicensed, evasive crypto exchanges are wont to make blanket claims about non-demonstrable insurance covers.
Moreover, Swmok mentions it uses third-party services, conveniently delegating most of the unprofitable margins in its terms of service to its anonymous partners. As a concession, Swmok offers the following rider to clients investing through a so-called third party: terminate transactions.
Swmok Review: Conclusion, Scam or Legit?
Our Swmok Review gets the impression that the Terms of Service are contrived from a source unrelated to Swmok. So, that leaves the supposed real-time cryptocurrency listings on the homepage.
Additionally, Swmok is anonymous, only alluding to unknown offices, making it an unreliable scam exchange.