Crypto Exchange Scams

Ruxcoin Review: A Dubious Crypto Exchange Platform

Ruxcoin (ruxcoin.com) claims to be the best crypto exchange platform out there. However, we have our doubts seeing the many negative comments surrounding the platform. And this is why we need to expose some of the red flags found on the platform. Before you invest with Rux Coin, there are a few key features to note. First, your funds are far from safe with this unregulated platform. Learn more in our detailed RUXCOIN REVIEW.

A Clear Summary of Ruxcoin

Is Ruxcoin Legit or a scam exchange platform?

On the about us section. Ruxcoin claims to be founded by early Bitcoin adopters. We immediately notice that no names are mentioned. However, the story states that the core founders are tech experts now working with Google and Microsoft.

These are fabricated storylines meant to entice naïve investors. Rux Coin wants you to believe the founders are highly tech-savvy. Far from it. The actual owners wish to take advantage of the crypto market.

For those who have engaged with the platform, their stories tell a lot. No one has been able to withdraw funds from Ruxcoin. The exchange aspect of it doesn’t allow for any quick exchange of crypto.

Once you deposit FIAT, the platform will automatically keep your funds. However, their wallets are insecure and used by crypto scam artists. It would be best if you avoided ruxcoin.com as it’s a fraud. There’s no actual crypto exchange taking place.

When investing in cryptocurrency, you need to sign up with proven platforms. Go for platforms that experts and the crypto community have tested. It would be best if yIn addition, you considered investing in tokens that provide realistic ROI margins.

Your first step as an investor is to look for viable investment opportunities. And this means having to ask around about the platform in question. Do due diligence and find out the experience of other investors with the platform.

Account Opening with Ruxcoin

Opening an account with Ruxcoin is a fast process. First, you have to fill in your full names and contact details. Then, once you sign up, the platform insists on sending a confirmation email. And this is where we have a problem with the platform.

You won’t get to confirm your identity until you hit the withdrawal tab. That’s when there’s a pop-up message requiring you to verify your identity. The platform will ask for crucial documents as part of its verification process.

We didn’t expect to send a copy of our ID, bank statements, and credit card information altogether. But, according to a cyber-security expert, the platform is probably harvesting banking data from investors.

There are other secure ways of confirming one’s identity. For example, the platform could use a two-factor authentication process. Then, send a code using the registered email and phone number. But, again, there’s no need to ask for banking information.

And this is the reason we strongly believe Rux coin is up to no good. You should avoid the platform as you are likely going to expose your bank records. There’s no telling what the platform will do with your information.

Affiliate Partnership

There’s an affiliate partnership taking place on the platform. Before you become their affiliate partner, there are a few key issues to note. First, you will face the wrath of the victims who you directed to the platform.

Matt Ruddier is a known affiliate marketer who took on the job with Ruxcoin. Now he’s reputation is on the line as investors link him to the platform. Matt didn’t know that Rux coin was going to rip off investors.

Victims will lay the blame on you for directing them to a crypto exchange that doesn’t work. And this is why you have to be extra careful with the crypto exchange you choose. These are scam artists taking advantage of naïve crypto users.

Are Funds Safe with Ruxcoin?

Your funds are far from safe with a platform that fails to offer DDoS protection. The platform lacks SSL encryption making it an easy target for hackers. Your wallet key is at risk of being exposed, thanks to the lack of security cover.

Crypto exchange platforms ought to be secure and transparent. With Rux coin, you get neither of these two features. The platform also puts all liability in the hands of users. There’s no way the platform will take the blame for its flaws.

With delays in exchanging FIAT for crypto, we believe this is a system malfunction. Members have to stay for days before getting any feedback. Some claim some of their funds get lost during this time.

It’s safe to state that the safety of funds is out of the question. The platform also fails to enjoy any backing from regulators. Their legal framework only covers the platform with no cover for users. And this is why you need to read terms and conditions before signing up with any platform.

Are funds safe with Ruxcoin?

Business owner

Despite claiming to be founded by tech-savvy individuals, we still don’t know their names. And this is another issue we have to raise. Don’t invest in an anonymous platform. Transparency plays a huge role when it comes to crypto exchange platforms.

You will note that the platform fails miserably in naming any founding members. It’s a telling sign that we are dealing with a rogue trading platform. The best you can do is to stay away from the platform.

Avoid anonymity at all costs. The platform ought to come clean and show us their background and history. You have to ascertain that certain people indeed operate the platform. All we have are the names of support staff.

Mr. Lee and Shara are the names of the customer support team. No one knows their faces or whether these are their true names. We believe these are proxies used to entice investors into exchanging FIAT with the platform.

Contact and support

There are a few things to check out before you decide to exchange your FIAT for crypto. First, try and test how fast a platform takes calls or responds to emails. In the case of Rux coin, the support staff isn’t helpful.

You can get to read the many negative reviews on TrustPilot. Most of these reviews center on support’s inability to help members. At times, it might take days to get a meaningful response from the platform.

Depositing, Withdrawing, and Exchanging Fiat

The platform accepts crypto deposits as well as bank and wire transfers. That part is straightforward and takes less than five minutes for transactions to complete. The problem is receiving Crypto or FIAT after making the exchange.

For the past few days, no one has received any exchange with the platform. It seems their exchange platform is holding off funds. And this could be a potential hazard for investors. We believe ruxcoin.com is another crypto exchange exit platform.

License and Regulation Ruxcoin

Security Problems with ruxcoin.com

Ruxcoin is not a licensed or registered trading platform. There’s no way you will receive funds from such a platform. What we have is a platform that fails to offer investors any compliance documents.

That means even the company behind this isn’t a registered entity. Without any regulatory framework, the platform is free to operate as they wish. Try and avoid unregulated platforms as there’s no security cover.

Our Verdict

You best find other reliable crypto exchange platforms such as Binance that have a proven track record. Please stay away from Rux Coin.

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