Coinorax Scam | Check the Red Flags

Posted on August 31, 2023August 31, 2023 by Wisdom Ganga

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Coinorax is a cryptocurrency exchange that claims to offer a variety of features, including spot trading, margin trading, and staking. However, there are a number of red flags that suggest that Coinorax may be a scam.

Table of Contents

Red Flags: Coinorax Scam

Team information is not provided: they have mentioned ‘founder – Benjamin Esch and his team’- but the same name and content are on another site. A trading platform without credibility and transparency is not safe to use.
Using Duplicate Content: we found Coinorax to be using plagiarized content which is the characteristic of a non-legit website.

Guarantee high returns without any risk and fees. It is nothing but using a Ponzi Scheme. In the Era of Social Media, they are not active on social media.
Data security is an issue as they have not guarded their website correctly.
Even though the timeline of Coinorax working starts in 2018, the website registration date is very new 24th August 2023. The Trust Score of the website is very low.
Coinorax is not a registered company. There is no record of Coinorax being registered with any financial or securities regulator. This is a major red flag, as it means that there is no government oversight of Coinorax activities.
It has no physical address or contact information. The only way to contact them is through their website form. This lack of transparency is another red flag.

This website is full of grammatical errors. This suggests that the people behind Coinorax may not be native English speakers, which could be a sign that they are not legitimate.
Its claims are unrealistic. Coinorax claims that its users can earn a significant amount of money through airdrops and crypto rewards. However, this is highly unlikely, as airdrops are typically very small amounts of cryptocurrency.
Coinorax has been the target of negative reviews. There are a number of negative reviews online, which allege that the website is a scam.

Similar websites: Elonexgive, Elonexcoin, Bybitlux, Bitrels, Bitbifix, Airdropsbit, Belenex.

What is Coinorax Scam?

Coinorax is a new and emerging cryptocurrency exchange that promises to offer a fast, safe, and reliable platform for trading cryptocurrencies. The platform promises low trading fees, a friendly user interface, and a diverse range of cryptocurrencies for both beginners and experienced traders.

These platforms usually require users to create an account and go through a verification process before they can start trading. They also typically charge fees for transactions, such as trading fees and withdrawal fees.

Some platforms may also offer additional features such as margin trading, where users can trade with leverage, or staking, where users can earn rewards for holding certain cryptocurrencies.

We found the possibility of using three illegal schemes on its platform: Phishing, Exit, and Fund Diversion Scheme.

Specification: Coinorax Reviews

Website Name: Coinorax
Email Id: NA.
Contact Number: NA
Contact Address: NA
Registered Companies No.: NA.

Plans: NA.
Social Media: They are not present on Social Media.
Domain Age: 24th August 2023
Referral: Not Mentioned

Advantages of Coinorax

Diverse Range of Cryptocurrencies: One of the noticeable advantages of Coinorax is its range of crypto trading options. Unlike many other exchanges that offer only a few popular cryptocurrencies, Coinorax offers an extensive range of cryptocurrencies to trade, including Bitcoin, Ethereum, Litecoin, XRP, and many more. This variety provides traders with more flexibility and trading opportunities.
High-Security Standard: Security is a vital aspect of cryptocurrency trading, and Coinorax offers high-security measures to ensure that traders’ accounts are safe from hacking attempts. The platform uses multi-level security protocols, 2-factor authentication, and cold storage for its clients’ digital assets.

Low Trading Fees: Coinorax offers relatively low trading fees compared to many other cryptocurrency exchanges, with fees starting from as low as 0.1%. This feature is a significant advantage for beginners and experienced traders seeking to minimize trading costs.
User-Friendly Interface: This platform features a user-friendly interface that makes it easy for traders to navigate and access various trading tools. The dashboard is intuitive for beginners, and the platform offers a range of trading tools and charts that help novice and experienced traders.

Disadvantages:

Limited Global Availability: One of the significant disadvantages of Coinorax is its limited global availability. The platform is unavailable in certain countries, including the United States, due to regulatory challenges and licensing requirements. This limited availability means that traders in these countries cannot access the platform’s features and services.
Relatively New Platform: The Coinorax exchange is a relatively new cryptocurrency platform, meaning it has yet to establish a credible reputation and a large user base. While the platform promises high-quality features and services, its newness may create some level of distrust among potential users.

Limited Payment Options: Coinorax offers limited payment options for deposits and withdrawals, with only Visa and MasterCard accepted for fiat transactions. This limitation may inconvenience traders who prefer alternative payment methods like PayPal, Skrill, or Neteller.

Here are some tips for avoiding crypto scams:

Only invest money that you can afford to lose. Cryptocurrencies are a volatile asset class, and there is always the risk of losing money when investing in them.
Do your research before investing in any crypto project. Make sure to only invest in projects that have a strong team, a clear roadmap, and a proven track record.
Be wary of any crypto project that promises unrealistic returns. If something sounds too good to be true, it probably is.
Never give out your personal information or seed phrase to anyone. Your seed phrase is the master key to your crypto wallet, and it should never be shared with anyone.

If you are unsure about whether or not a crypto project is legitimate, it is always best to err on the side of caution and avoid investing.

FAQ

Is Coinorax Real or Fake?

The information on the website provided resembles many different websites currently working in the market. According to the roadmap, the company was started in 2018, but till now, there is no information on userbase, company financials, and public address in proof of reserves.

Is Coinorax legit?

After researching it, we are not able to find who owns this site. The team background is not mentioned on the website. The address shared by the company is from Australia, but till now, there is no evidence of company registration and on-chain funds for users’ security.

Coinorax App Download

This site doesn’t have any apps. It is simply operating via a website.

Is Coinorax Scam?

All fundamental flaws that are found on a non-legit site that later turn into scams are also present here. So, sooner or later, This particular investment website will scam people. Our opinion is simple; please do not use this site and keep a good long distance from it.

Conclusion:

In conclusion, Coinorax is an emerging cryptocurrency exchange that offers traders a diverse range of digital currencies, low trading fees, and high-security measures.

However, it is also relatively new, with limited global availability and a few payment options. Therefore, if you plan to access Coinorax, it’s advisable to conduct thorough research and understand the platform’s pros and cons before making any significant investment decisions.

We hope that Coinorax Reviews helped you understand this website’s true nature. This kind of website targets people on social media. Like many other people, people in our social circle are also affected by such kinds of scams.

Request: It is our humble request to people to share their experiences in the comment box. It helps others to understand the reality of this website.

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Our team at Wisdomganga is constantly working to recognize all the possible scams and is focused on making everyone aware of them. If you find this article useful, you can now order a cup of coffee for our team as a token of appreciation.