Kodrax Review | Kodrax a Cryto Trading Platform Scam

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On the internet, numerous websites offer ways to invest your money. One of the ways is to invest in crypto. People can invest in spot trading, margin trading, staking etc. To make it easy, many crypto trading platforms are working. Amidst genuine sites, some scam sites are also operating and one of the websites is Kodrax.

Kodrax is a scam crypto trading website. Scammers present their site as a legit crypto exchange/trading site and claim to offer a variety of features, like spot trading, margin trading, staking, etc. However, many red flags are found on it that suggest Kodrax may be a scam. One of the significant red flags found on it is that it is a duplicate site. Similar websites are mentioned below.

Red Flags: Kodrax Review

  • 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: Kodrax uses plagiarized content, 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 Kodrax work starts in 2017, the website registration date is very new. The Trust Score of the website is very low.
  • It is not a registered company. No record of this site being registered with any financial or securities regulator exists. This is a major red flag, as no government oversight of its activities exists.
  • 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 it may not be native English speakers, which could indicate that they are not legitimate.
  • Its claims are unrealistic. Kodrax claims its users can earn significant money through airdrops and crypto rewards. However, this is highly unlikely, as airdrops are typically minimal amounts of cryptocurrency.
  • The site has been the target of negative reviews. Several negative reviews online allege that the website is a scam.
  • The project is very new, and little information about it is available.
  • The team behind the project is anonymous, which is a red flag.
  • The technology it is using is not well-known.
  • There have been no independent audits of the code.

What is Kodrax?

Kodrax is a new and emerging cryptocurrency exchange that offers 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 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 transaction fees, such as trading and withdrawal fees.

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

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

Specification of Kodrax Review

  • Website Name: Kodrax
  • 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: NA
  • Referral: Not Mentioned

Advantages of Kodrax

  • Diverse Cryptocurrencies: One of the noticeable advantages is its range of crypto trading options. Unlike many other exchanges that offer only a few popular cryptocurrencies, it provides 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 it 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: it offers relatively low trading fees compared to many other cryptocurrency exchanges, 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 of Kodrax

  • Limited Global Availability: One of the significant disadvantages of Kodrax 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 traders in these countries cannot access the platform’s features and services.
  • Relatively New Platform: The 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 distrust among potential users.
  • Limited Payment Options: it 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. Only invest in projects with 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 whether a crypto project is legitimate, it is always best to err on the side of caution and avoid investing.

FAQ

Is Kodrax Real or Fake?

The information on the website resembles many 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 Kodrax legit?

After researching it, we cannot 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.

Kodrax App Download

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

Is Kodrax Scam?

All fundamental flaws found on fraudulent sites that later become 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 long distance from it.

Conclusion:

In conclusion, it is an emerging cryptocurrency exchange offering traders diverse 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 Kodrax, conducting thorough research and understanding the platform’s pros and cons is advisable before making significant investment decisions.

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

Request: We humbly request that people share their experiences in the comment box. It helps others to understand the reality of this website.

Also, please support us in this pursuit to make people aware of online scams by liking us on Facebook, Twitter or Instagram. We don’t want scammers to take advantage of people’s innocence. We need your support.

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