Upspacex.com Review: Exposing the Web of Cyber Swindlers

Unveiling a pattern of deception, Upspacex.com emerges as yet another creation of cyber cons engaged in crypto fraud. Our comprehensive Upspacex.com Review brings to light the true nature of this platform, urging readers to exercise caution and avoid investing any funds in what appears to be a shady exchange. Drawing parallels with previous scams like Exprime, we aim to equip you with insights on potential risks and actions to take if your funds are at stake.

Contrary to claims in the User Agreement, Upspacex.com lacks affiliation with any Australian regulatory authorities. Additionally, the platform falsely asserts that it falls under Maltese jurisdiction, a statement not backed by registration with the Maltese Financial Services Authority (MFSA). The absence of regulation poses significant risks, making it imperative for traders to opt for licensed platforms under reputable financial market authorities.

A recurring website pattern points to the involvement of the same criminal enterprise behind Upspacex.com, indicative of a broader scheme. While user ratings are currently unavailable, the platform has been linked to a social media fraud campaign falsely associating it with influential figures like Elon Musk and MrBeast. Caution is advised, especially considering the prevalence of private channels and chats used by crypto scammers.

Since its creation in October 2023, Upspacex.com has predominantly targeted traders in the United States, United Kingdom, Canada, Australia, and Mexico. Despite claims of jurisdiction, the platform lacks the necessary permits and licenses for operation in these countries, heightening the risks for unsuspecting investors.

Upspacex.com offers a simplistic web terminal supporting spot cryptocurrency trading, featuring popular coins like Bitcoin, Ethereum, and Litecoin. However, the absence of advanced options raises concerns about its effectiveness. Traders are advised to steer clear of suspicious platforms and opt for licensed providers supporting recognized third-party software like MetaTrader 4 or MetaTrader 5.

The platform utilizes a tiered trading fee system based on trade volume levels, ranging from 0.075% to 0.035% for makers and 0.075% to 0.045% for takers. Withdrawal rates vary for specific coins, introducing complexities in the fee structure. Caution is warranted, and transparency is lacking regarding maker and taker trading commissions.

Upspacex.com’s referral program, offering income through member recruitment, resembles a Ponzi scheme, focusing on enlisting new members. Such pyramid models present inherent risks, and users are discouraged from exposing friends and family to potential harm.

The intricate multi-layered payment system raises concerns about user security, favoring cybercriminals rather than users. In the event of fund loss, tracing becomes challenging, necessitating the use of advanced crypto-tracing software for potential recovery.

To encapsulate our findings, Upspacex.com is identified as a deceptive crypto scheme orchestrated by cyber fraudsters, primarily targeting traders from specific countries. Lacking regulation and approval from financial authorities, the platform raises serious concerns. We strongly advise against using this exchange, considering its anonymous nature and the risks associated. If you find yourself victimized by Upspacex.com, our professional services are available to assist in fund recovery. Book a free consultation with Scam Brokers Reviews to initiate the chargeback process and safeguard your financial interests.