Welcome to our Bitcoinfrex Review, in which we investigate the website currently found at bitcoinfrex.com.
On February 10, 2023 the following complaint was posted at the BBB (Better Business Bureau) by a southwest Louisiana, USA person who claims losing $8,000 for this Pre-Payment for Winnings CryptoCurrency scam:
I received a message on Discord claiming that I had won 0.85 BTC. When I tried to withdraw the BTC, they asked for a fee of 0.12 BTC, which I paid. However, they now want a 50% insurance deposit of the winnings.
I informed customer support that I no longer want the winnings and only want my deposited BTC back. The website claims to be located at 264 George St, Sydney NSW 2000, Australia. Please be cautious when dealing with this website.
So is Bitcoinfrex indeed a SCAM or is it a legitimate website?
The domain bitcoinfrex.com was registered on November 1, 2022 for one year through PDR Ltd. d/b/a PublicDomainRegistry.com by David of Tradingcorporation from 9 East Street, New York, NY 10128 with a phone number of +1 (212) 509-6995 and email: firstname.lastname@example.org.
The website is protected by Cloudflare.
So the fact that they are not using an anonymizer is great, however there’s no last name from David, Tradingcorporation is not a real company name, the provided address seems to be residential, according to Google Maps, and the email is a Russian address.
So overall, not great. Not to mention that the domain is less than 4 months old.
The website is ranked 1,069,024 globally and 5,440 in the Bahamas. In January 2023 it received 12K visits, according to SimilarWeb, mostly from the Bahamas, but also from India, Ethiopia, United States, and Slovenia.
They have a 2% Authority Score on Semrush with 15 backlinks from 7 referring domains, but none of them from any trustworthy websites.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
So not impressive though it’s a new site, so that could explain the low popularity.
What is Bitcoinfrex?
Bitcoinfrex claims to be a cryptocurrency exchange platform that offers trading, listing, and custodial services.
The platform boasts of extra low trading fees and a fast trade engine capable of 75,000 transactions per second, which makes trading profitable and efficient for users.
Bitcoinfrex also guarantees the security of users’ funds through its cold storage custody solution that prevents any malicious hacks.
The platform has state-of-the-art infrastructure with SHA-384 layer encryption and multi-server cross-referencing, making it trusted by industry experts.
Bitcoinfrex operates 24/7, offering around the clock account access to all asset trading and balances.
It ensures that users’ information is secured with AUSTRAC inline with AML policy.
Additionally, the platform offers a launchpad for crypto projects and special programs. Users can apply to list their projects and reach millions of people through Bitcoinfrex’s platform.
Bitcoinfrex offers several options for coin or token listings on its exchange, with basic, advanced, and pro packages.
The basic package includes direct listing on the exchange, full project support, bulk email user mailout, and social network promotion, with ETH, BTC, and USDT market pairs available for ERC20 tokens.
The advanced and pro packages offer additional features, including a new blockchain protocol for the pro package.
Additionally, Bitcoinfrex offers an option for an IEO listing on their exchange, which includes a USDT market pair and a maximum 5% commission. The exchange also provides live trading and special programs.
The platform provides users with trading tools and information to help them make informed trading decisions.
Bitcoinfrex has a comprehensive FAQ section, and users can contact customer support for help, however we could not find any contact details on the homepage or FAQ section.
About Bitcoin Frex
Next, we move to their About page, hoping to discover any information about who is behind the company.
We learn that Bitcoinfrex is a cryptocurrency exchange platform that was created in 2017 by founder Justin Hance and his team.
However, as we’ve seen, the domain bitcoinfrex.com was only registered in 2022.
The company has evolved from a simple exchange platform to a more complex mechanism that offers features such as a system that helps users to buy, sell and transfer funds inside the exchange in a few seconds.
Bitcoinfrex offers a verification procedure and binary options for trading.
The company is interested in cryptocurrencies and believes they will become the main currency in the future.
Bitcoinfrex is located in Australia and offers live trading, special programs, and trading tools for its users.
Their address is 264 George St, Sydney NSW 2000, Australia, which is a building that contains many businesses.
No LinkedIn profile is provided for Justin Hance and when we search for Bitcoinfrex, we are only able to find a person listed as an “expert in trading at Bitcoinfrex.io” since March 2009.
However, bitcoinfrex.io is not an active website.
They claim that Bitcoinfrex is a fully regulated and licensed exchange platform in Australia that is compliant with AML/CTF regulations and registered with AUSTRAC, however they provide no proof of registration.
And in the Copyright bar they refer to themselves as “Bitcoinfrex GROUP PTY LTD.”
Is Bitcoin Frex Legit?
This website seems to promise something that is too good to be true, making vague and unverifiable claims about being a cryptocurrency exchange platform with low fees and high transaction speed, advanced security features, and a platform for launching crypto projects.
Also, we have found multiple red flags, including:
- a Better Business Bureau complaint from a person in Louisiana, USA, who lost $8,000 to this website
- no proof of registration or licensing
- the website’s founder and company information is unverifiable
There are several Google reviews claiming the site is a scam. For example, on TrustPilot one reviewer writes: “Be careful. They are a scam. Don’t lose your 0.015 BTC.”
Bitcoinfrex Scam Review Conclusion
Bitcoin frex appears to be a scam!
If you have fallen victim to online scams, please inform us by commenting below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
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