Koylex is a fraud platform, but it presents itself as a crypto exchange site that claims to offer a variety of features, like spot trading, margin trading, staking, etc. However, there are a myriad of red flags found on it that suggest Koylex may be a scam.
Red Flags of Koylex 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 Koylex 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 Koylex working starts in 2018, the website registration date is very new 13th September 2023. The Trust Score of the website is very low.
- It is not a registered company. There is no record of Koylex being registered with any financial or securities regulator. This is a major red flag, as it means that there is no government oversight of Koylex 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 Koylex may not be native English speakers, which could be a sign that they are not legitimate.
- Its claims are unrealistic. Koylex 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.
- Koylex has been the target of negative reviews. There are a number of negative reviews online, which allege that the website is a scam.
- The project is very new, and there is not much information available about it.
- The team behind the project is anonymous, which is a red flag.
- The technology that Koylex is based on is not well-known.
- There have been no independent audits of the Koylex code.
What is Koylex?
Koylex 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 of Koylex
- Website Name: Koylex
- 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: 13th September 2023
- Referral: Not Mentioned
Advantages of Koylex
- Diverse Range of Cryptocurrencies: One of the noticeable advantages of Koylex is its range of crypto trading options. Unlike many other exchanges that offer only a few popular cryptocurrencies, Koylex 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 Koylex 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: Koylex 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.
- Limited Global Availability: One of the significant disadvantages of Koylex 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