When it comes to online exchanges, safety and security are the top priorities for any investor. So, it’s understandable that Pexpay’s claim of being the “safest exchange” would catch the attention of many. However, after conducting a thorough review, we have serious doubts about its legitimacy and safety. In fact, we suspect that it may be a scam. We’ll explore the reasons for our skepticism and the evidence that supports our conclusion.
- Pexpay General Information
- Registration and Client Portal Review
- Pexpay Trading Conditions
- Account Types Review
- Trading Platform
- Pexpay — Deposit and Withdrawal of Funds
- Additional Options
- Is Pexpay a Scam?
- Legal Information and License
- Pexpay.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Pexpay General Information
Registration and Client Portal Review
On the official Pexpay website, you will find all the typical features of the cryptocurrency exchange:
- Distracting elements
- Various promotions
- Charts, and more.
The site is also available in multiple languages and offers an extensive menu with links to social media.
The registration process is straightforward, requiring you to fill out a form with your email or phone number and create a password. You can also enter a referral code if wanted.
After registration, you will receive a confirmation link to your email which will be valid for only 30 minutes. Once confirmed, you will be directed to the Client Portal. There you will be offered some tasks to complete in exchange for welcome credits that can be converted into real money.
Pexpay Trading Conditions
Paxpay claims to offer a lot to its users. Let’s check its trading conditions.
Account Types Review
There is no division into accounts on the exchange. Pexpay offers all customers to open a single account. Most clients use the P2P service of this exchange. In addition to this, Pexpay offers spot and futures trading services. The number of trading pairs is not as high as that of recognized leaders. Moreover, Pexpay allows trading in futures: USD-Margined and Coin-Margined. The exchange’s liquidity for this is said to come from Binance.
As for fees, they are as follows. Spot trading: maker – 0.10%, taker – 0.10%; Futures trading: maker – 0.0200%, taker – 0.0400%. In general, the fees are somewhat high. There is no margin trading on the exchange. The credit leverage for futures reaches 1:75 for some pairs.
The trading terminal on Pexpay is similar to that of most exchanges. It uses the WebTrader from TradingView. It is easy to navigate. The platform allows users to customize the number of indicators to suit their preferences.
Pexpay — Deposit and Withdrawal of Funds
Pexpay offers 50+ payment methods, including Payeer, Perfect Money, Revolut, and others. Before placing an advertisement or accepting orders, users need to add their preferred payment methods. When publishing an advertisement, users can specify up to 5 different payment methods. Pexpay accounts can be funded with various cryptocurrencies, and only cryptocurrencies can be withdrawn from the exchange wallet. The platform does not charge any fees for depositing funds, but the withdrawal fees for cryptocurrencies depend on the network used.
Before trading on Pexpay, it is necessary to pass the KYC verification (this is a mandatory procedure). Follow these instructions:
- Click on Identification in your personal account and choose the Verify button.
- Select your country of residence.
- Enter your personal information (full name, date of birth).
- Fill in your address, zip code, and city of residence.
- Upload a photo of your passport, driver’s license, or other government-issued ID.
- Pass the face verification to match the photo in your passport.
The acceptable time for document verification is up to 10 days, but usually, verification takes 1-2 days.
The exchange offers a partner program in addition to a range of other functions such as staking, savings, and reward-based tasks. Overall, it’s all pretty standard for any exchange platform.
Is Pexpay a Scam?
At first glance, the exchange doesn’t give the impression of being fraudulent. However, to complete the picture, it is worth considering a few more facts.
Legal Information and License
Clients are informed that the managing company of Pexpay is Peaceful International Limited. Just like that, without specifying a legal address, registry number, or anything else. At the same time, the user agreement states that the exchange operates under the laws of Singapore. Unfortunately, there is no mention of any legal entity with such a name in the registry of this city-state.
The same goes for Seychelles. Registration in this offshore jurisdiction is also often attributed to Pexpay. However, no, there is no Peaceful International Limited there either. There are mentions of a company with that name in the Hong Kong registry. Unfortunately, this legal entity has nothing to do with the platform we are discussing. It opened over twenty years ago and is no longer operational today. This means that either Pexpay provided incorrect legal information, or it is simply deceiving its clients. Of course, you should understand that the exchange is not regulated by anyone.
Pexpay.com Domain Info
Checking the domain revealed that it was created back in 2011. Of course, this does not necessarily reflect the actual time that the exchange has been operational. The web archive clearly shows that the domain was being sold as recently as 2020. This indicates that Pexpay hasn’t actually been in the cryptocurrency industry for that long.
The exchange has typical contact methods, including live chat, email, and multiple social media channels. This is neither good nor bad, as it is a standard way for exchanges to provide customer support and communicate with their users.
Unfortunately, CoinMarketCap can also provide inaccurate information. According to the information on this resource, Pexpay is based in Seychelles. As we found out, this is not true. However, what caught our attention is the trading volume.
The trading volume on the platform is around 4.5 thousand bitcoins per day, which is quite low. This means that there is not much activity happening on the exchange, and the liquidity is likely to be poor. When trading volume is low, it can be difficult to buy or sell assets at desired prices. So, this can lead to increased volatility and slippage. Additionally, low trading volume can make the exchange vulnerable to market manipulation by large players, as it would be easier for them to move prices with relatively small orders.
Pros and Cons
- Convenient payment methods are available.
- Negative reviews and feedback from users.
- A limited selection of cryptocurrencies is available for trading.
- High fees.
- Suspicious company history and lack of transparency.
- No regulation.
Frequently Asked Questions (FAQ)
It offers cryptocurrency trading services with a limited selection of coins available.
The minimum deposit amount is specified in the trading terms and conditions, and may vary depending on the payment method.
There are concerns regarding the safety and security of the company due to its suspicious legit status and lack of transparency.