Is Musbex Legit or a Scam?
Given the complete anonymity of the company, expectations of regulatory compliance are unfounded. Despite our thorough investigation into top-tier European regulatory databases, including FCA, BaFin, and CySEC, the results are disheartening. Musbex has not been granted a license for trading digital assets by any of these institutions.
The claim of being Europe’s leading exchange becomes questionable when such discrepancies emerge. Furthermore, the use of multiple brands following the same principle raises concerns. To validate this, one can check other domains associated with the company, such as Koygex, Koypex, Jamblex, and Uxbitex, among at least 10 others.
How Musbex Operates
Musbex operates through manipulation at every turn. Primarily, the use of likely celebrity endorsements is employed to lend an appearance of legitimacy to their offers. Additionally, they present false information regarding trading volume, security features, and available assets.
The promotion of crypto transfers as reliable and trustworthy is a guise; once funds are sent through crypto, they are irretrievable. The company fails to return any funds, resulting in frozen accounts and unresponsive support. If encountering such a situation, our chargeback team is available for consultation.
Musbex Client Base
Established in September 2023, the rapid accumulation of capital within such a short timeframe is highly improbable. Musbex primarily targets Latin American countries, including:
- Brazil
- Argentina
- Colombia
- Peru
- Mexico
For those with experiences related to this company, sharing insights can be valuable. If problems arise, our refund specialists can analyze cases and provide solutions. Additional tips about the trading world can be found in our Xmuskcoin review.
Available Trading Platforms
One of the disappointments with Musbex lies in its platform. Unlike reputable crypto exchanges offering trusted and reliable wallets through dedicated desktop and mobile apps, Musbex restricts traders to a web-based platform. This platform is not only susceptible to manipulation but also lacks advanced analytical tools.
Is a Musbex Mobile Trading App Offered?
Contrary to the trend of increasing popularity in mobile trading, Musbex does not provide iOS or Android mobile apps. This absence raises questions about the seriousness of the platform.
Financial Instruments on the Platform
Tradeable instruments with unregulated companies are likely fictive. Despite heavy promotion, these companies rarely have genuine access to such assets. Musbex promotes popular cryptocurrencies, including:
- BTC/USDT
- BCH/USDT
- SOL/USDT + 200 more assets.
Musbex Account Types
While the Musbex exchange lacks a traditional account type separation, they do offer benefits for traders with higher volume. However, without regulations, the conditions associated with these benefits are questionable. The T&Cs reveal two account types: regular and premium. A Premium account becomes mandatory for users reaching 0.2 BTC in volume in the first month, requiring a deposit.
Musbex Demo Account
Unfortunately, Musbex does not offer a risk-free trading option or a demo account. Although access to their web trader is free, its flaws are quickly recognizable.
Musbex Fees, Leverage, and Commission
The company presents attractive fees, with regular maker and taker fees at 0.075%. Maker fees can decrease to 0.035% through seven levels and higher volume, while the lowest point for taker fees is 0.045%. Other fees are undisclosed, raising concerns about potential hidden costs.
Musbex Welcome Bonus
While the Terms & Conditions suggest potential bonus offers, bonus policies are not revealed. Caution is advised, as bonuses in unregulated firms often serve as a tactic to hinder withdrawals.
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