FTX Review 2024: Is it scam? Is it legit? Can I trust it?

Is FTX Legit or Scam?

Scam. FTX is no longer a legitimate platform. Its founder, Sam Bankman-Fried, was convicted of multiple charges related to the company’s fraudulent activities. FTX will not be relaunching and is currently liquidating assets to partially repay customers.

The meteoric rise and fall of FTX sent shockwaves through the cryptocurrency world. Once a seemingly dominant exchange platform, FTX crumbled in November 2022 due to a toxic mix of mismanagement, lack of transparency, and ultimately, fraud. This review delves into the details of FTX, highlighting the red flags and the dangers of using an unlicensed broker.

Company Overview

Services or Products Offered (Before Collapse)

• Cryptocurrency trading platform for buying and selling a wide range of digital currencies.
• Leverage trading, allowing users to amplify their gains and losses.
• FTT token, a native token used for discounts and rewards on the platform (now worthless).

If you have lost money to companies like Exprime, or Berry Trading; please report it to us on our Report a Scam form.

Trading Platform & Leverages (No Longer Applicable)

FTX boasted a user-friendly trading platform that facilitated cryptocurrency purchases and sales. Additionally, it offered leverage trading, which appealed to some investors seeking magnified returns. However, due to the company’s collapse, these features are no longer relevant.

Spreads and Cost of Trading (No Longer Applicable)

Information regarding spreads (the difference between the buy and sell price) and trading fees is no longer useful as FTX is no longer operational.

License and Regulations: A Major Red Flag

Legal Warning Against FTX

A critical factor contributing to FTX’s downfall was its lack of licensing or regulation by any major financial authority. This absence of oversight allowed the company to operate with minimal transparency, ultimately enabling fraudulent activities.

Deposit and Withdrawal Methods (No Longer Available)

Previously, FTX offered various deposit and withdrawal methods, but these options are no longer available due to the bankruptcy proceedings.

FTX Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Choosing an unlicensed broker like FTX exposes you to several dangers:

• Lack of Consumer Protection: Licensed financial institutions are subject to regulations designed to protect investors. Without these safeguards, you have limited recourse if the company goes bankrupt or engages in fraud.
• Increased Risk of Fraud: Unlicensed brokers are less accountable and more likely to engage in manipulative practices or outright theft.
• Limited Dispute Resolution Options: If you encounter problems with an unlicensed broker, resolving the issue through official channels becomes more difficult.

Client Feedback Paints a Grim Picture

Client feedback portrays a bleak picture of FTX. Many investors lost significant amounts of money due to the platform’s collapse. Reviews highlight concerns about the lack of transparency, misleading advertising tactics, and the company’s ultimate fraudulent activities.

How Can “Reviewsadvice” Help You If You Get Scammed?

Unfortunately, if you were scammed by FTX, reading reviews cannot recover your lost funds. While Reviewsadvice can’t directly recover lost funds, they connect you with resources to fight back. If scammed by a broker, Reviewsadvice can help with:

• Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
• Recovery Specialists: Connecting you with services to potentially get your funds back.
• Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
• Disappearing Brokers: Help find experts to track down the broker and guide your next steps.

         Or you Can report to us today by the below form.