Fexolax claims to be an established cryptocurrency exchange. According to the information on their website. They have just shy of 100 Billion Dollars of assets processed on their exchange and over 1,800 employees. While everything about them sounds good on paper, if you try to verify their claims, the facade gets busted.
For starters, their team is anonymous. Support is almost non-existent and the information regarding the regulation is scarce. Clearly, these are the entities that you need to avoid. Continue reading to learn about their other traits.
Fexolax Business Model
In simple terms, Fexolax is a crypto and forex trading platform. Their interface is web based and it is limited in terms of functionality. For additional charting and execution features, a premium membership has to be purchased. Information regarding trading conditions and fees are also extremely limited.
Basically, from start to finish, it would be nothing short of a nightmare to deal with the ambiguity present. Compared to other reputable platforms in the sector, this one doesn’t have a single positive outlier.
Support
On their website, there is a section dedicated to Support. However, if you follow the link, no contact information is shared. There are no contact forms provided as well.
In short, it is beyond difficult to even get hold of the team in case of emergencies. Think for a minute, why would anyone operate in this manner unless something shady is going on in the background?
Fexolax: Scam or Legit?
Fexolax is certainly a very shady entity. They don’t possess anything from certificates to social proof to justify professionalism. In fact, Australian authorities have issued a warning about this platform.
Keeping in mind everything discussed so far in this detailed blog post, it is obvious that everyone should avoid them like the plague. If you have any personal experience with them, share it in the section below.
Conclusion
Trading is growing in popularity and cryptocurrencies have made it easier than ever before to get involved. However, do not discard doing due-diligence or else you might have to pay a hefty bill.
Lastly, stick with regulated options as they ensure smooth operations compared to their counterparts.
