How to Identify Fake Crypto Exchanges and Protect Your Digital Assets

Fake crypto exchanges are one of the most common scams in the industry, using deceptive tactics to lure people into handing over their funds and personal information. These fraudulent platforms masquerade as legitimate trading sites, but beneath the surface, they operate with one goal: to steal your assets.

Understanding the red flags and common tactics scammers use can help you stay safe. In this guide, we’ll walk you through how to identify fake crypto exchanges, highlight key warning signs, and share actionable tips to protect your investments. Remember, in the world of crypto, if something seems too good to be true, it probably is.

Fake Crypto Exchanges Unfortunately Exist

Fake crypto exchanges are exactly what they sound like—fraudulent platforms pretending to be legit, designed to trick users into handing over their funds. These scammers use various tactics to steal your investments, and being aware of their tricks can help you avoid becoming a victim.

Common Crypto Scams

Be aware of the schemes these crypto scammers use so you know to avoid them:

• Phishing scams: Some fake exchanges mimic the look of reputable platforms to steal login credentials or private keys, giving scammers direct access to your wallet.
• Exit scams: In this common scheme, operators shut down the exchange without warning and vanish with users’ deposits.
• Romance scams: Some scams are a blend of relationship scams and fake investment opportunities—these “pig butchering” scams lure victims into depositing funds on fake exchanges, often using emotional manipulation.
• Crypto rug pull: A developer promotes a new project to attract investor money and then suddenly disappears or shuts down the project and takes the investor assets with them.

Falling for these scams isn’t just about losing money. Victims risk identity theft, malware infections, and compromised devices. Fake exchanges can wipe out your investments and undermine trust in the crypto world. Stay vigilant. Research platforms, verify their credibility, and avoid anything that feels too good to be true. When it comes to crypto, if it doesn’t feel right, it probably isn’t.

Let’s look at how you can spot a fake crypto exchange and what to do if you find one.

How to Spot a Fake Crypto Exchange

There are a lot of crypto scams out there and it may seem like you can never keep track of them all. But most scams have the same things in common: extensive complaints or negative reviews, lack of customer support, pressure tactics, and more. Here are the foolproof signs to look for in fake crypto exchanges, according to the Commodity Futures Trading Commission (CFTC).

1. It’s Not Registered

To trade in foreign currencies (forex), and its derivatives in the U.S., platforms must be registered with the CFTC and be members of the National Futures Association (NFA). You can check registrations at the NFA website.

If the platform is trading crypto in the U.S., it must be registered as a money service business (MSB) by the U.S. Treasury. It also has to register with the Financial Crimes Enforcement Network (FinCEN). There are also state-level registrations platforms must get, depending on where they’re located. Check the FinCEN website to see if a platform is registered. If it’s not, that’s a good sign it’s a scam.

2. Missing or Bogus Address

Check the site for a company address. If you can’t find one, the company doesn’t want you to know where it’s operating from. If you do find one, search for it using a street-view map to see if it’s real and looks like a legitimate business (as opposed to a residential address). Some companies don’t have a U.S. headquarters, which doesn’t necessarily make them unsafe, but it means you might have little or no legal protections if something goes wrong.

3. No Phone Line

Having a fixed phone line that you can call for customer service is usually a good sign of a legitimate cryptocurrency or forex operation. Some fraudulent platforms put numbers from phone messaging apps, but those can be changed easily. If the only customer service option is a chatbot—or there’s no customer service at all—it’s a sign of a crypto scam.

4. Website Age Doesn’t Match Up

Some exchanges will claim to have been operating for a certain number of years, to lend their platform more credibility. They could very easily be making this number up, however. One way to verify the real age of the website is by checking lookup.icann.org to see when the domain name was registered. If the registration is only a few weeks old, it’s probably a scam.

5. No Bank Transfers

If the platform refuses to connect to legitimate financial institutions, it’s probably because they don’t want to be figured out as fraudulent. They’ll ask you to convert dollars into crypto first, then transfer the crypto to them. Since blockchain transactions don’t have anti-fraud security systems like credit card purchases or ACH bank transfers, you won’t have any recourse when you discover your money’s been stolen.

6. Guaranteed Returns

Many fake crypto exchanges promise a certain number of returns on your investment, based on how much you invest. Remember that there are no guarantees or risk-free investments in crypto. A platform that makes these promises is suspicious.

7. Awards You’ve Never Heard Of

Fraudulent crypto sites try to appear legitimate by displaying tons of awards or certificates. If the awards are extremely generic, such as “Best Customer Service” and you don’t recognize the giver of the award, it’s likely made up.

8. Exaggerated Testimonials

Always check reviews, forum discussions, and social media posts about the exchange before investing. If many of the reviews are raving about how great the platform is, be critical. Do a search on the platform domain name plus “scam,” “fraud,” or “reviews” and see what you find. You can also use sites like cftc.gov/redlist to see if this platform has already been designated as fraudulent.

List of Fake Crypto Exchanges

Crypto scams pop up every day so it can be hard to keep an updated list of all the fake exchanges out there. However, these exchanges have been confirmed to be fraudulent:

• 100Ex
• Amead Digital Currency Co. LTD
• Atmos NOAH Cryptocurrency Investment Group
• BIPPAX
• Bitcoin Vest Cloud
• Bitcoin-win.com
• bitcoinfied.com
• Bityard
• BravoFX
• Bytobit.com
• Coin Pro X US
• Coinegg
• CoinList Ro
• CoinWpro
• Crystal Linkz FX (Crystal Linkz FX Link Zen)
• Dartya
• Dahua Top VIP (Dahuag VIP)
• DCEX Exchange
• Digi Coins
• ExNow
• Ethereum x corp
• File Coins Foundation
• FX Alliance Traders
• GE Chains
• Getbonusx2.com (getx2.net)
• Global tek Forex Trading
• gmelaunch.com
• Good-bookingline.com
• HOO Tech Ltd
• I Texus Trade
• Julysil
• Kenskr AI
• legalcryptocoinstrade.com
• Lidcoin Trading Center
• Mantao Network
• Micavhe.top
• Mindstoneltd.org
• MT7 Coin
• Nasdaqon.com
• OpenSoil (Open Soil X)
• OS Option Exchange
• Pinance.io
• Poloina
• Primegroup Global
• Privmoney (Private Money)
• Public Realm
• Rhenium (Nodium)
• Rudolf Stark Pro Station
• Safepalesa.com
• Spotalertweb.com
• Stunwill Ltd
• Sun Bit Proa
• The Big Mars
• Tony Alin Trading Firm
• Trusted Stations
• Turbine Trade FideFX LTD (fiefx.cc)
• Turtsgrupfk.top
• Uniswap.LLC
• us.gocoinoptions.com
• Whitcoin Pro Exchange
• Whitemax.us
• X Coin Trading
• Yo Bit Pro

What to Do If You’ve Traded on a Fake Crypto Exchange

Protect Yourself from Crypto Scams

In addition to scrutinizing every crypto platform you come across with the eight tips above, there are a few more ways you can protect yourself from getting scammed on a fake crypto exchange.

• Only use reputable crypto exchanges: Try to use platforms you’ve heard of before, or that have been around for a while. Major platforms adhere to certain regulations and security standards.
• Secure your crypto wallet with MFA: Use multi-factor authentication to keep your cryptocurrency accounts and wallets secure.
• Follow cybersecurity best practices: Make strong and unique passwords for each account (a password manager can help with this), keep all software and devices up-to-date and don’t share too much personal information online.
• Keep antivirus software active: Using antivirus software is a good habit to get into, not just for protecting yourself from fake crypto exchanges but from scams and viruses in general.
• Report the crypto scam: If you think you discovered a fake crypto exchange, report to the authorities. You can report it to the Federal Trade Commission (FTC), or the Securities Exchange Commission (SEC).
• Stay informed about crypto: If you’re interested in trading in crypto, you should keep up with the latest news in the sector. You can easily find media outlets dedicated to reporting on cryptocurrency and forex exchanges and platforms; follow these outlets so you know what’s happening in the space.

Can You Get Your Scammed Money Back?

Crypto payments are generally irreversible. Once you’ve paid, you can’t get it back unless the person you sent it to sends it back to you. Cryptocurrency and blockchain payments don’t have the same protections against fraud as traditional financial institutions, so it’s highly unlikely you can get a bank or another agency to refund you your money. You should still contact the company you use to transfer crypto, however, to let them know it was a fraudulent transaction.

How to Report a Fake Crypto Exchange

If you want to report a fake cryptocurrency exchange, you can contact the following agencies:

• The CFTC at cftc.gov/complaint
• The FBI’s Internet Crime Complaint Center at IC3.gov
• The Securities and Exchange Commission at https://www.sec.gov/tcr
• The Federal Trade Commission at reportfraud.ftc.gov
• Your state regulator, attorney general, and local law enforcement

Crypto Scams: Stay Wary

Always research a platform thoroughly before engaging with it—look for transparency, credible reviews, and proper security measures. Stick to reputable exchanges, secure your crypto wallet with multi-factor authentication, and follow cybersecurity best practices. If you suspect a platform is fraudulent, report it to the appropriate authorities to help protect others from falling into the same trap.

The world of cryptocurrency offers exciting opportunities, but you have to be careful. A little skepticism and due diligence go a long way in protecting your investments. Stay smart, stay secure, and keep your crypto safe.