Bexplus

Bexplus is a crypto exchange that at first glance may seem legitimate, but we wouldn’t be doing our jobs if we just judged the book by the cover. Read on to see what we found out.

Let’s start with the most crucial part of the review: the regulation, of which Bexplus has none. There is no mention of a license. Furthermore, we found evidence that Bexplus is a scam from a bitcoin forum thread with many users unveiling the exchange as a fraud. We have to deem this one UNLICENSED, and therefore a risk to all investors.

We strongly advise traders to trade only with regulated entities that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

The leverage is said to be 1:100. We could not get a spread value.

The only assets that can, allegedly, be traded with are BTC/USDT, ETH/USDT, LTC/USDT, EOS/USDT, XRP/USD

BEXPLUS LOGIN

Bexplus claims to be a bitcoin exchange service provider yet when we opened the “exchange” tab, we were presented with a chart and buy/sell which is not at all how a bitcoin exchange should work, and not to mention that the chart here is provided by a third party chart provider. However, the third-party chart may come from a different source, but as you can see on the top left, the BexPlus name appears, meaning that these are all numbers and prices that we should associate with BexPlus. However, the broker lied to us, and is in fact not a crypto exchange.

The leverage is 1:100, while the spread we could not get a hold off.

Nevertheless, there are fees that occur with each transaction:

The there's the overnight fee, which is a standard charge on leveraged trades, is quite high at Bexplus. The company just gives us an example consisting of 0.1% charge of 100 BTC, which is 0.1 bitcoin. This would be fine and dandy, but for the fact that 0.1 bitcoin is equal to (as of writing this) $818.

BEXPLUS MINIMUM DEPOSIT

There is no minimum deposit, only a recommended minimum of 0.02 bitcoin, which is equal to about $160 at the moment of writing this.

Deposits can only be made via bitcoin. Users are encouraged to buy bitcoin with a credit card in order to deposit it in Bexplus.

We would not deposit with this one if we were you; it’s clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers/exchanges regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker/exchange is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

BEXPLUS WITHDRAWAL TIME AND FEES

The minimum withdrawal is 0.001 bitcoin, at the moment equal to $8.

There is a 0.0005 service charge when withdrawing. This is approx $4 per withdrawal.

The website has not indicated how long the withdrawal process takes.

ADDITIONAL FEES AND TAXES

When profits reach 85% of a user’s account value (probably meaning initial deposit), the system will automatically close all corresponding positions, meaning that even if a trader achieves profitability it will be short lived.

In the User Agreement we can find the classic indemnification clause that essentially absolves the company of all guilt it bears towards victimized traders.

Rest assured that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker/exchange is unlicensed, never give your ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against it will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called exchange will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed entity where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a chargeback with you credit card company.

Any details you might have shared with the scammer, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive firms against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Bexplus isn’t at all what it claims to be. This website lures you in, lies to you, and those that give in and deposit will never see that money back again. Do not invest here!