FameEX Review: A Cautionary Tale
FameEX, founded in 2020, positions itself as a high-performance cryptocurrency exchange offering a wide range of services, including spot trading, margin trading, derivatives, and an integrated quantitative trading bot. Available on both web platforms and mobile apps (iOS and Android), it markets itself as suitable for both professional traders and newcomers. With a claim of providing 24/7 multi-language customer support, FameEX attracts traders worldwide. However, this exchange has earned a troubling reputation, especially following allegations of fraud and unlicensed activities.
Website: https://www.fameex.com/
Website Availability: Yes
Address: NA
Regulation: No Regulation
Warning: Securities Commission (Malaysia)
Domain Age:
- Name FAMEEX.COM
- Registry Domain ID 2328645491_DOMAIN_COM-VRSN
- Registered On 2018-11-02T13:35:30Z
- Expires On 2025-11-02T13:35:30Z
- Updated On 2024-10-23T14:53:24Z
Allegations of Fraud and Scam
Despite its wide offerings, FameEX has faced serious accusations, including being warned by the Securities Commission of Malaysia for conducting unlicensed capital market activities. The allegations state that the platform has been involved in illegal dealings with securities, which directly undermines its legitimacy.
According to several user reviews, FameEX has reportedly stolen significant amounts of cryptocurrency from its users. One notable case involves over 20 million PUTinCoins being taken from traders on the platform. Documentation of this incident, including Telegram communications between PUTinCoin admins and FameEX staff, is available on the official PUTinCoin website. These communications suggest a coordinated effort to block users’ accounts and deny them access to their funds, using excuses like “software errors.”
Withdrawal Issues and Suspended Accounts
Another recurring complaint involves FameEX’s withdrawal system. Users claim that initially, they are able to withdraw their funds a few times, but as their balances increase, they face increasing difficulties in doing so. In many cases, FameEX allegedly demands a 30% “fine” on the total balance before allowing users to withdraw. If users refuse to pay, their accounts are reportedly suspended, and their funds are locked indefinitely.
Several users have shared alarming accounts of being unable to access their coins after making large deposits. These issues are compounded by a lack of transparency from FameEX and an overall dismissive approach to customer concerns.
Conclusion
FameEX’s rise and fall serve as a cautionary tale for investors. The alluring promises of guaranteed profits, coupled with regulatory warnings and a non-functional website, underscore the need for vigilance in the investment world. By learning from such experiences, investors can better safeguard their financial future.
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