An Australian cryptocurrency trading platform is called Swapnex. It focuses on arbitrage trading, which is the practice of profiting from price discrepancies across exchanges.
Swapnex tracks bitcoin prices across several exchanges and displays ostensible arbitrage possibilities.
By using Swapnex, you may manually trade such chances with the benefit of avoiding the need to create trading accounts on every exchange and transfer funds among them.
The greatest arbitrage trading firm in the market, according to Swapnex. The broker primarily provides services for cryptocurrency investments. Customers may trade on one platform at recognized cryptocurrency exchanges like Binance, Bithumb, Coinbase, and Kraken.
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Is Swapnex Regulated?
Swapnex lacks legal knowledge. They make no mention of their regulatory standing. This is not shocking to us because the project has breached several laws. Without a license, it is against the law to collect money from members of the public. There is no legal paperwork for the plan. Without a legally enforceable contract, the company is free to act in whatever it pleases without any consequences.
Your primary concern should be ensuring the security of your money. Sadly, the scam does not involve a reliable banking institution. There is no account separation. The dubious business is accepting payments in digital currency. This lowers the likelihood that investors will be able to recoup their losses. Dealing with a licensing system has the benefit of paying you once the organization declares bankruptcy.
Warnings From Financial Regulators
The majority of investment scams are either unregulated or are subject to an offshore regulatory body that cannot assist you in the event of an issue. Remember that unless an investing business has a license from an important regulator, you won’t be able to sue them if they take your money.
Is Swapnex Can Be Trusted?
Swapnex made the claim that it was an Australian-based brokerage owned by Swapnex PTY LTD in an effort to increase its credibility. Australia, however, is subject to Tier 1 financial laws. ASIC takes seriously its responsibility to register financial enterprises.
After verifying, we learned that this governing body does not regulate Swapnex. We also investigated with the FCA since the broker added another location in the UK. Naturally, nothing was to be discovered.
What Kind Of Currency Pair Do They Offer?
According to Swapnex, Coinbase Pro allows trading of the LTC-USDT pair in the same way as Binance does. However, LTC-USDT is not available on Coinbase-Pro, thus you cannot trade this pair there.
Therefore, Swapnex is claiming that you may profit from deals that are actually impossible to perform. Only the LTC-USD pair is available on Coinbase Pro, which is fundamentally different, would need an additional step with associated costs, and would invalidate the arbitrage calculation.
Two office addresses are offered by Swapnex. The platform is said to be run out of Australia in one and Great Britain in the other. Investors can email support to get assistance. The number to call is absent. Investment platforms that handle client assets are aware of how critical having a phone number is.
Some consumers might want confidence and prompt assistance. Never include any organizations on your list of reliable schemes that don’t care about operating transparency. There will come a point when the broker changes course and stops doing business. The entity will shut down once they notice additional money is flowing into its plan.
Trading Method (MT4 or MT5)
The greatest “multifunctional arbitrage trading platform” was touted as the Swapnex trading platform. Clients allegedly had a choice of 25 different exchanges to trade and swap cryptocurrencies on, selecting the one with the lowest fees and biggest earnings.
In addition, the business implied that a trading robot would conduct all the trading.
Customers really received a plain WebTrader that lacked any unique tools or features.
What Do Traders Think Of Swapnex?
Genuine client testimonials are lacking for the broker Swapnex. Nobody that we can see has benefited from this endeavor. Your time is not worth it on the platform. Invest at least with businesses that have positive client reviews. You will learn about traders’ experiences. You can only determine whether the strategy is profitable with the use of such facts.
Ponzi schemes never allow you to make money. Stay as far away from them as you can. Reviews of open platforms may be found on independent websites. Feedback from those who are dissatisfied with how things operate is also available. You may decide whether or not to join them after doing your research.
What To Do If You Get Scammed?
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File A Complaint Against Scam Broker's
Swapnex is a fraud, it displays phony pricing and arbitrage possibilities that are untrue. You must avoid it since it is a Ponzi scam that will eventually fail.