Tipitek offers buying, selling, and storing cryptocurrencies. The company also promises that your portfolio will be entirely safe here. Well, let’s verify if that’s indeed the case, as you’re aware, the cryptocurrency industry is rife with scams. We’ll investigate this exchange thoroughly in our review.
- Tipitek General Information
- Registration and Client Portal Review
- Tipitek Trading Conditions
- Account Types Review
- Trading Platform
- Tipitek — Deposit and Withdrawal of Funds
- Additional Options
- Is Tipitek a Scam?
- Legal Information and License
- Tipitek.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Tipitek General Information
|Address||194 Bishan Street 13, #03-537, 570194, Singapore|
|Leverage||Up to 1:20|
Registration and Client Portal Review
Tipitek’s website, in general, leaves a rather standard impression. The site features a typical light blue background, some statistics, and, of course, real-time quotes. The menu is commendable, covering a wide range of aspects, including the company’s history and trading conditions. So, overall, minimalism and simplicity are not bad. Interestingly, the website is only available in English, which is somewhat unusual. If this is a global exchange, it should ideally support multiple languages. However, it does provide comprehensive contact information.
Registration at Tipitek differs slightly from the typical crypto exchange. We’re used to the usual process of providing an email and creating a password, followed by a confirmation code sent to your email. However, it seems they haven’t heard of such procedures. Instead, you only need to complete a standard form with your personal information and contact details, and you’ll be granted access to the client portal, complete with an integrated trading terminal. Security measures seem to be quite unconventional here.
In the client portal, you’ll find a language switcher, albeit with just one option – switching to Russian. Tipitek is becoming increasingly mysterious. Let’s delve into why combining a trading terminal with a client portal might not be the best approach. While it might sound like a comprehensive solution, in reality, it can create a cluttered user interface and complexity in navigation, which is often counterproductive for traders looking for simplicity and ease of use. As for the client portal itself, it does provide the essential functions one would expect, but not much beyond that.
Tipitek Trading Conditions
Upon a closer look at the official website, it becomes evident that Tipitek is not your typical exchange. The same unconventional approach extends to its trading conditions, which we’ll explore in detail.
Account Types Review
First of all, despite its exchange-like appearance, Tipitek employs a division into trading accounts akin to a standard CFD broker. Interestingly, within the client portal, besides cryptocurrencies, you’ll also find stocks and commodities among the available instruments. Can you imagine a platform where these instruments coexist without being CFDs? That’s a rarity, indeed. However, let’s move on.
The minimum deposit requirement at Tipitek is rather high at $500, while many other exchanges have much lower or even no deposit requirements at all.
Our review’s protagonist takes it a step further. In each of the six account types, they not only increase the minimum deposit but also offer higher leverage. Moreover, the higher your account status, the more additional services you will receive. These services include analytical assistance, risk-free trades, and other claims that sound too good to be true. Remember this: in the real market, there are no risk-free trades. Platforms that promise them are often manipulating your trades, much like a boiler room operation. So, think twice before considering cooperation with such projects.
And by the way, for the most prestigious Extra Tipitek account, they ask for a whopping one million dollars as the minimum deposit. Even compared to Binance, these demands seem excessive, don’t you think?
The trading platform offered by Tipitek is just a standard web terminal from TradingView. While it gets the job done, there’s nothing particularly noteworthy about it. The design is quite basic, and it lacks the advanced features and tools you’d expect from a modern trading platform. It’s suitable for executing trades and viewing basic charts, but don’t expect anything too sophisticated or innovative. Overall, it’s a functional but unexceptional choice for traders.
Tipitek — Deposit and Withdrawal of Funds
You can fund your account with cryptocurrencies, which is not surprising. However, the available methods are rather limited. You can deposit using only the most popular coins like BTC, ETH, TRX, and a few others. Withdrawals can be made using the same methods. Overall, the options for funding and withdrawing funds appear quite limited and lack diversity.
Tipitek does verify its users, and for this process, you are required to upload several documents in the client portal. However, it’s unclear why they provide space for an ID or passport but do not have a designated section for address verification. This lack of address verification is a shortcoming because it’s a standard practice in the industry to verify both identity and address for security and regulatory compliance.
Tipitek offers various additional services, including interest accrual on deposits in higher-tier accounts. They also provide analytical tools and trading signals, among other features. Additionally, Tipitek has a three-tiered affiliate program on their platform. You can earn a 7% commission for referrals in the first level, 5% for second-level referrals, and 3% for third-level referrals based on their deposits. The affiliate program is generous, but it’s important to ensure that the interest payments on deposits are not subsidized by these commissions, as this practice can sometimes be disadvantageous to clients.
Is Tipitek a Scam?
Well, Tipitek is quite an enigmatic exchange. Our initial impressions are quite mixed, and we’ll continue our investigation.
Legal Information and License
To begin with, the fact that Tipitek requires a passport photo suggests that it’s a centralized exchange. According to their legend, they are managed by a company called CRYPTOVES LLP, which claims to be a Singaporean company. Let’s check the ACRA registry to get a clearer picture.
In the registry of legal entities in Singapore, there is indeed a mention of such a company. It was incorporated in 2017 and initially listed as a collective investment scheme. However, here’s an interesting detail: in 2021, it was struck off from the registry, implying that this legal entity no longer exists. Quite an intriguing revelation, isn’t it?
Meanwhile, the user agreement is a complete mess. For instance, customers are required to be at least 18 years old; otherwise, according to the laws of Estonia, they will be denied services. What does Estonia have to do with it, you might ask? And what does the United Kingdom have to do with it, we might inquire? In fact, further in the agreement, it is stated that all services to customers are provided in accordance with the laws of the United Kingdom. In short, it seems like they shamelessly copied the user agreement from somewhere and didn’t even bother to read what was written there.
Tipitek.com Domain Info
Well, Tipitek claims to have started its operations back in 2017. However, there’s a significant issue here. The domain was created in 2020 and updated in 2023. If you try to search for reviews about this exchange, you won’t find anything until recently. This leads to two conclusions. Tipitek cryptocurrency exchange has nothing to do with the legal entity mentioned earlier, and it started its operations quite recently.
Surprisingly, the exchange provides us with multiple phone numbers, three to be exact, and there are also many email addresses for contact. In terms of contacts, everything seems fine.
Pros and Cons
- Multiple contact options available for support.
- Lack of transparency regarding company background.
- Inadequate regulatory information.
- High minimum deposit requirement ($500), which is unusual for an exchange.
- Suspiciously recent domain creation and updates.
- Limited user feedback and reviews available, potentially indicating a lack of history or reputation.
Frequently Asked Questions (FAQ)
It offers trading services for cryptocurrencies, stocks, and commodities. The platform provides access to various financial instruments for trading and claims to offer additional services, including interest on deposits and a multi-level affiliate program.
It has a relatively high minimum deposit requirement of $500. This minimum deposit is considerably above the industry standard for cryptocurrency exchanges.
No, it raises significant safety concerns. The lack of transparency in disclosing its company’s background, regulatory details, and recent domain creation and updates cast doubt on its credibility. The absence of substantial user feedback or reviews adds to the skepticism surrounding its legitimacy.