Have you heard of Payspex Crypto Investment and want to invest? Have you being approached by a Chinese asking you to invest and also luring you with Giveaways? Do you want to know if it is scam or legit? Read this review to find out more about Payspex and why you should avoid this scam Crypto Investment platform.
What is Payspex?
Payspex located at Payspex.com is a scam Crypto Investment Platform that claims to trade Crypto and also offering high Return On Investments. It claims that it was created for people interested in crypto markets but had little knowledge about trading or how cryptocurrency works.
According to the website it claims to offer safe storage to manage digital assets using a combination of cold wallets & Multi-party computation (MPC) technology, it also claims to use the latest technologies to keep funds safe, and stay ahead of vulnerabilities and exploitation attempts. It also claims the best liquidity and lowest fees, however this is all a front with which to scam Unsuspecting victims.
However this Payspex is a scam, it is just among the chain of scam crypto trading websites created by scammers to defraud innocent investors. What the scammers do is create a whole lot of websites, same style, but different names. The websites share same designs, same About Us and Same Contact Us info. There are tons of these same network of scam Crypto Investment Platform and they include: Dovletex, Teratrades, Belenex.
The people behind these scams simply keep on launching new “systems” and “apps” under new names like Dotxbep, Dotxswap an attempt to escape the negative reviews so that they can continue tricking people into joining.
There is no doubt that that Payspex is a scam as several people have left some negative reviews online calling it for what it is, A SCAM.
Some investors had this to say:
Fake social media pages – Beware – these scammers are using fake social media platforms to entrap people into investing their hard earned money on crypto currencies which they then steal. This is a dummy trading platform with fake cash!.
Mark
How The Payspex.com Scam Works:
- They drive Traffic to the website through Referral links and social media
- Scammers also create multiple accounts using AI Generated Images, these fake accounts are then used to share unique referral codes and links directing to the Payspex site so as to widely distribute reach.
- At the initial stage they lure you with with fake promises of high returns and low risks, giveaways.
- Then you are asked to provide your personal and financial information.
- You are then asked to deposit a minimum amount of money (usually $250) so you can start trading.
- When it is time to withdraw your funds, they come up with various excuses, often times you are asked to pay tax which is way higher than your initial deposit, when you do, you still cannot withdraw your money, you’ve been scammed.
4 Reasons Why Should Avoid Payspex.com
- The website is not regulated by any regulating body as such the people behind it can do away with your money at any given time.
- They offer high fees and commissions.
- There is not enough information on the website.
- When it is time to withdraw, they come with so many excuses and at the end you cannot withdraw and end up loosing your money.
- They steal private and sensitive information.
People At Risk Of Being Defrauded By Payspex.com
These include:
- Crypto Investors
- Social Media Users
- People looking for Crypto Airdrops.
How To Identify Similar Crypto Scam Investment Platforms Like Payspex
These are the simple steps or ways to identify other similar Scam crypto Investment Platforms:
- Zero Or Minimal Contact Information
- They offer so many enticing offers that are too good to be true, and as the saying is, If anything is too good to be true then it is.
- There are no regulations or license information given on the website.
- There are also fake Celebrity endorsements, most common of all is using Elon Musk’s picture with claims that he endorsed the site. These and many more are the red flags one should be wary of before investing.
What To Do To If You Have Fallen Victim Of The Payspex Crypto Scam
If you have invested with Payspex and have been defrauded, these are the steps to take to protect yourself or try to retrieve lost money however hard this might be:
- If you have fallen victim, it is advised that you cease every form of communication with these scammers, as any other communication might lead to tem asking for another money with promises of releasing held funds.
- Try to contact your bank to see if they can reverse the money sent.
- Change your crypto wallet address and password to avoid any form of security breach attempt or hack.
- Report the scam to the necessary authorities. Example of such authorities are, FTC, CFTC, IC3.
- Make sure you have enough evidence with you, evidence of every interaction, communication and transactions.
- Before you invest make sure you make some research about that Investment Platform.
Conclusion
From the foregoing, it is clear that Payspex Trading is a scam just like Dotxbep which we reviewed earlier, Investors should be wary of such sites as their aims are to rip off unsuspecting investors.
