Fazexer – Is it a SCAM?

Welcome to our Fazexer review, where we investigate the website Fazexer.com to determine whether or not it’s a scam.

Has Fazexer scammed you? Do you have anything to say about them? Please drop a comment below this review.

On May 21, 2023, a Georgia, USA, person left the following complaint about a Cryptocurrency/Bitcoin Scam at Fazexer.com with the BBB (Better Business Bureau):

Fazexer claims to offer the ability to withdraw 0.04 bitcoin after a deposit of 250 for the purpose of verifying your account.

As of June 1, 2023, 0.04 Bitcoin equals just over a thousand USD. So basically, the offer is to deposit $250 to verify your account and be able to withdraw $1000.

This is a common scam tactic known as “advance-fee fraud.” Scammers often lure individuals by promising significant returns or rewards after making an initial deposit or payment.

It is essential to be extremely cautious when encountering such unrealistic promises, which are too good to be true, as they are often associated with fraudulent activities. Be careful of any scheme that promises high returns or rewards for minimal effort.

Moreover, legitimate platforms generally do not require users to make deposits for account verification. This is especially true when it comes to cryptocurrencies.

But is Fazexer.com a SCAM?

Fazexer.com Review

An unknown entity purchased the domain Fazexer.com through PDR Ltd. d/b/a PublicDomainRegistry.com on May 19, 2023, less than a month ago.

The expiry date is exactly one year after, on May 19, 2023.

Now, what serious business buys a domain name for just one year? Not one that expects to last as long, maybe.

Cloudflare and a privacy service by Privacy Protect, LLC (PrivacyProtect.org) protect the domain.

The website is not even indexed in Google yet, but there are a few mentions of it online, as we shall see below in the Reviews section.

The homepage mentions steps to use the trading platform, including registration, starting trading, applying promo codes, and earning money.

About Page

The About Us page provides information about Fazexer, a cryptocurrency exchange platform. It begins by highlighting the company’s history, starting in June 2018, and the founder’s recognition of the importance of Bitcoin and the need for a secure and quick exchange platform.

Fazexer has grown significantly since its inception, with a global team dedicated to making cryptocurrency accessible to all.

Strange claims, given that the website was launched less than a month ago, in May 2023.

The About Us page explains that Fazexer’s mission is to empower investors by providing them with the tools and features necessary to chart their financial course. It also mentions the platform’s support for institutions, offering liquidity and competitive pricing for investment goals.

A roadmap showcases the company’s achievements and milestones from 2018 to 2023. These milestones include the addition of trading pairs, increased trading volume, partnerships, enhanced security measures, and upcoming developments such as new trading pairs, a promotional campaign, the development of a mobile application, and a personal NFT collection.

The text concludes by mentioning that Fazexer’s office is located in Australia.

The address is:

Australia Square 264 George St, Sydney NSW 2000

No phone numbers, email addresses, or social media accounts are provided.

Security

A website security page focuses on account security measures provided by Fazexer. It starts with an Account Security Guide, emphasizing the importance of preventing unauthorized access and providing users with information on protecting their profiles.

The guide highlights the significance of enabling two-factor authentication (2FA) to enhance the security of the Fazexer account and the coins/tokens stored in it. It explains that 2FA acts as a second security barrier after the password and requires entering a unique code, username, and password.

The page also provides guidelines for creating a strong password, including using a combination of upper and lower case letters, special characters, and numbers. It emphasizes the importance of using a unique password that has not been used before and has a minimum length of 6 characters.

Additionally, the page advises users to check for the “https” secure connection in the browser’s address bar and a green lock symbol, indicating the security of the visited page. It warns against using websites without secure connections and provides instructions on checking the SSL certificate to ensure the website’s authenticity.

Risk Warning

Fazexer emphasizes that trading involves significant risk, as prices can fluctuate, potentially leading to an increase or loss in asset value. It highlights the volatile nature of virtual currencies, their susceptibility to large swings in value, and the possibility of becoming worthless.

The Risk page explicitly addresses the risks unique to Bitcoin trading, distinguishing it from official currencies or commodities. It explains that Bitcoin is a decentralized and partially anonymous currency backed by technology and trust rather than a central bank or government entity. This lack of centralized control exposes Bitcoin to risks such as irrational bubbles, loss of confidence, unexpected changes, government crackdowns, competition from alternative currencies, and technical problems.

Overall, the text provides an overview of the risks associated with trading virtual currencies and highlights the distinctive characteristics and vulnerabilities of Bitcoin.

Fees

A Fees page provides information about the fees associated with transactions on the Fazexer exchange. It explains that customers are charged a commission based on their monthly turnover whenever they buy or sell cryptocurrencies.

The commission fees are diversified based on the type of order placement on the exchange. The fees are the same for “MAKER” orders, which involve setting a new buy/sell offer on the offer table, and “TAKER” orders, which include fulfilling an existing offer from another user. Regular users are charged a commission of 0.20%, while Premium users enjoy a reduced commission of 0.14%.

The page also mentions the existence of withdrawal fees and specifies that a minimum amount of tokens/coins is required for withdrawal. The maximum withdrawal amount is limited to the available funds in the user’s account.

It is noted that the fee structure may change without prior notification, so users are advised to pay attention to the automatic calculation of fees during withdrawals. Additionally, for the safety of users’ funds, the text strongly recommends undergoing KYC (Know Your Customer) verification, which enhances protection against adverse situations.

Referral System

Referral systems are created by platforms to attract new users through existing clients. This benefits both parties, as the platform gains exposure to a larger audience while clients receive rewards for inviting new participants.

The referral system on Fazexer is divided into three stages: A, B, and C.

• Category A refers to individuals who register directly through the referrer’s link.
• Category B includes friends of Category A referrals who register using their referral code.
• Category C refers to users who register through a Category B referral link.

Referrals are participants who register based on the recommendation of another participant. They are full-fledged users of the Fazexer Exchange without any restrictions.

The referrer receives a commission for bringing in new members, and the earnings increase as more people click on the referral link.

The rewards in the referral system vary based on the referral category.

• Category A referrals earn the referrer 50% of the commission,
• Category B referrals bring 10%,
• and Category C referrals generate a 2.5% commission.

The referral system and the ability to create unlimited referral codes are available only to premium users.

Fazexer Terms and Conditions

Disputes are subject to notification and attempted informal resolution before bringing a claim. The agreement is governed by Maltese law, with disputes submitted to the non-exclusive jurisdiction of the courts of Malta. Class action waivers are included, stating that disputes must be brought individually rather than through a class or representative action.

Fazexer reserves the right to apply insurance deposits for promotional offers and imposes restrictions on account usage based on country of residence and compliance with sanctions.

This means that Fazexer may restrict user account usage based on the individual’s country of residence and compliance with sanctions. This means limitations or conditions may be imposed on account activities depending on the user’s location and adherence to international sanctions regulations.

Premium account benefits include personal account managers, faster withdrawal processing, access to VIP chatrooms, signals, market analysis, and coaching.

Users with account balances exceeding a certain threshold are required to activate Premium status, and ongoing transactions are necessary to maintain or reach higher VIP levels.

Fazexer.com Reviews

Available Fazexer reviews suggest that fazexer.com is a low-trust investment/earning website and advise avoiding it. The website has a low rating, and genuine reviews are challenging to find. Overall, the information indicates concerns and doubts regarding the legitimacy of fazexer.com.

ScamWatcher.org

ScamWatcher.org, for instance, highlights several concerning facts about Fazexer.com, indicating potential scam activity:

Fazexer.com is described as an unregulated investment platform that operates similarly to other problematic platforms. The lack of regulation raises concerns about the safety of funds, as unregulated platforms can disappear without notice and offer no protection to clients.

The review warns against providing personal information, as scammers may manipulate users into sharing sensitive data, potentially leading to identity theft.

Complaints about Fazexer.com include high fees, poor communication, and difficulties with withdrawals.

The review concludes that Fazexer.com is an unregulated platform to avoid, and it advises traders and investors to choose regulated platforms for their investments.

ReportScamBroker.com

ReportScamBroker.com suggests that fazexer.com is an offshore broker not regulated by any reputable authority. It raises concerns about the safety of funds and warns against trading with this broker.

Some key points from the review are:

• Fazexer.com is described as an unregulated broker operating without the required regulation from authorities such as CySec, ASIC, FCA, and CNMV.
• The broker is accused of making false claims, having illegitimate rules and policies, and promising unrealistic returns.
• There are allegations that fazexer.com engages in aggressive marketing tactics and may change its name and website without notice.
• The review states that fazexer.com has received negative reviews and complaints from traders, and it is listed as a scam broker warning.

The review concludes that fazexer.com is a suspected scam and advises against trading with this broker.

Scam Detector

A Scam Detector review highlights the website’s low rating and suspicious nature.

Here are the key points mentioned in the review:

• Fazexer.com ranks 1.6 out of 100, indicating dubious, new, and suspiciousness.
• The review states that the website is poorly designed and lacks credibility and quality. It suggests that improvements to the website’s back end might change this assessment.
• The low rank is mainly attributed to the domain name being very new, registered just a few days ago.
• The review mentions that negative social media feedback and Alexa rank contribute to low ratings.

Paranoid Web

According to the Paranoid Web Extension Plugin,

• The website is classified as a low-trust investment/earning website.
• The review advises avoiding the website, as it may attempt to steal funds under the pretext of making money.
• The Paranoid Web Extension Plugin categorizes the website as a newly created financial site and advises against entering personal information or financial transactions.
• The review points out that there is nothing to like about the website.
• Several design and content elements on the website resemble previously detected suspicious websites.
• The website is categorized as an investment site associated with a high risk of fraud.
• The analysis warns about the risks of cryptocurrency scams and emphasizes that legitimate businesses do not demand payment in cryptocurrency or guarantee profits.
• No links to social networks were found on the website, which is considered suspicious.
• The website is not visited by many users, which can be a concerning factor when assessing its legitimacy.

Other Fazexer Reviews

A final review provides an overview of Fazexer as a cryptocurrency trading and investment platform that allows users to trade cryptocurrencies and offers investment plans.

It suggests that Fazexer might be a scam and advises users to invest only what they can afford to lose.

It mentions red flags such as the lack of owner information, duplicate content, and a low trust score for the website.

Fazexer Review Conclusion

In conclusion, based on the information gathered from multiple reviews and analyses, it is highly recommended to avoid Fazexer.com and refrain from engaging with its services. Several red flags and suspicious indicators raise concerns about the legitimacy and trustworthiness of the website.

Firstly, the website is relatively new, registered less than a month ago, which raises questions about its credibility and longevity. Additionally, the lack of genuine reviews and the difficulty in finding reliable information about Fazexer.com contribute to the overall skepticism surrounding the platform.

Numerous reviews highlight concerns about Fazexer.com being an unregulated investment platform with potential scam activity. Complaints include high fees, poor communication, withdrawal difficulties, and false promises of unrealistic returns. These issues, the absence of owner information, and a low trust score further contribute to doubts about the platform’s legitimacy.

Furthermore, additional red flags include elements resembling previously detected suspicious websites and the lack of social network links. The website’s association with the high-risk industries of cryptocurrency and investments raises concerns about potential fraudulent activities.

Considering all these factors, it is strongly advised to exercise caution and refrain from sharing personal or financial information with Fazexer.com. It is always recommended to conduct thorough research, seek advice from trusted sources, and exercise caution when dealing with any investment or financial opportunity to protect oneself from potential scams and fraudulent activities.

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!