Convex is a cryptocurrency trading platform that claims to offer a variety of features and services to its clients. However, there are a number of red flags that suggest that Convex is a scam broker.
Company Overview
Convex is a relatively new company, founded in 2022. The company has no physical headquarters and its website is registered in an offshore jurisdiction. Convex does not have any financial licenses or registrations, and it is not regulated by any financial authority.
Does Convex Have Any License?
No, Convex does not have any financial licenses or registrations. This is a major red flag, as it means that the company is not subject to any oversight or regulation. This makes it more likely that Convex will engage in fraudulent or unethical practices.
Is Convex Regulated By Any Authority?
No, It is regulated by any financial authority. This is another major red flag, as it means that the company is not subject to any oversight or regulation. This makes it more likely that Convex will engage in fraudulent or unethical practices.
Pros and Cons
Pros:
- Convex offers a variety of features and services, including margin trading, cryptocurrency derivatives, and staking.
- They claim to have a user-friendly trading platform.
- Convex offers a variety of educational resources for its clients.
Cons:
- Convex is not regulated by any financial authority.
- Convex has no physical headquarters.
- They have a relatively short track record.
- There have been a number of complaints about Convex online.
How Does Convex Reach To Their Prey?
Convex uses a variety of methods to reach potential victims, including:- Online ads: Convex places ads on websites and social media platforms. These ads often target people who are interested in cryptocurrency trading.
- Affiliate marketing: Convex partners with other websites and individuals to promote its services. These partners are paid a commission for each person they refer to Convex.
- Cold calling: Convex employees call potential victims and try to convince them to invest with Convex.
Technical Details
Minimum Deposit:
The minimum deposit requirement for Convex is $200.Trading Platform:
Convex’s trading platform is a web-based platform that is accessible via a browser. The platform is relatively user-friendly, but it lacks some of the features and functionality of more established platforms.Spread:
The spread on Convex’s trading platform is typically around 1%. This is higher than the spread on some other platforms.Leverages:
Convex offers leverage up to 1:100. This means that you can control a position worth 100 times your initial deposit. However, leverage can magnify your losses as well as your profits.Packages and Products They Offer
Convex offers a variety of packages and products, including:- A basic package that allows you to trade cryptocurrencies.
- A premium package that offers more features and services, such as margin trading and cryptocurrency derivatives.
- A VIP package that offers even more features and services, such as a dedicated account manager and access to exclusive trading signals.
Withdrawal and Deposit Method
Convex offers a variety of withdrawal and deposit methods, including:- Bank wire transfer
- Credit card
- Debit card
- Cryptocurrency
What Do Their Previous Traders Say?
There have been a number of complaints about Convex online. Some people have alleged that the company is a scam and that they have lost money trading with Convex. Others have complained about the company’s customer service.Summing Up- Why Should Not You Trust Convex
There are a number of reasons why you should not trust Convex. The company is not regulated by any financial authority, it has no physical headquarters, and it has a relatively short track record. Additionally, there have been a number of complaints about Convex online.If you are looking to trade cryptocurrencies, it is important to choose a regulated broker with a good reputation. There are many reputable brokers available, so there is no need to take the risk of trading with a scam broker like Convex.If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to a scam broker like Convex, you are not alone. There are a number of organizations that can help you get your money back. One such organization is the Financial Ombudsman Service (FOS). The FOS is a free and impartial service that can help you resolve disputes with financial services providers.You can also contact us to report the scam. We will help you with a free consultation and service recommendations to guide you through the process of recovering your lost money.Final Thoughts
Convex is a risky platform that should be avoided. If you are considering trading with this platform, we urge you to reconsider. There are many legitimate brokers that offer similar services without the risk of being a scam.
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