Is Legit or Scam? Beware of Fake Reviews

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  • Post published:February 20, 2024
  • Post category:Reviews

Is Legit or Scam? Cryptocurrency trading has exploded in popularity in recent years, with enthusiasts eager to invest in emerging digital assets like Bitcoin, Ethereum, and more.

However, the largely unregulated crypto market is rife with fraudulent platforms and scams seeking to prey on unsuspecting investors. This makes it crucial to thoroughly research any exchange before depositing funds or trusting them with your personal information.

One platform that has been gaining attention recently is, which markets itself as a top European cryptocurrency exchange offering access to over 200 digital assets. In this extensive 5000+ word review, we will take an in-depth look at to determine if it is a legitimate trading site and safe place to buy, sell and invest in cryptocurrencies – or a shady scam to avoid.

What is

According to the website, is a cryptocurrency exchange platform that aims to make digital currency investing easy and affordable for everyone. The site claims to offer:

  • Access to over 200+ digital assets including top coins like Bitcoin, Ethereum, Tether, and more
  • Spot trading as well as leverage trading options
  • Low trading fees to maximize user profits
  • An intuitive and easy to use interface
  • State-of-the-art security protocols like SHA-384 encryption and multi-server cross referencing
  • Fast and helpful 24/7 customer support
  • Compliance with AML policies and AUSTRAC information security standards

In addition to exchange trading, Enwallex also claims to offer staking rewards, NFTs, referral programs, and more digital asset investment products coming soon.

At first glance, the site looks slick, polished, and professional. However, savvy cryptocurrency investors know even the most appealing websites could potentially hide nefarious activity.

In the sections below, we will take a deep, extensive look at the various factors that reveal whether is a secure, legitimate platform that can be trusted – or a shady scam to avoid at all costs.

Transparency and Company Reputation

One of the first things to evaluate when assessing the trustworthiness of a cryptocurrency exchange is transparency. Legitimate businesses should fully disclose key details about their company, executives, location, registration, and regulatory status. This builds credibility and user confidence.

Several concerning red flags emerge when examining Enwallex’s transparency and reputation:

No company registration documentation – Enwallex does not provide any official business registration certificates or licenses to validate it is an authorized company. This lack of proof is worrisome.

Anonymous founders and team – Nowhere on the site are the founders, directors, or team members behind Enwallex named or described. A lack of accountable leadership raises suspicions.

No address or contact details – No physical address, email contact, or telephone number is provided. Users have no way to directly contact the company.

Vague claims of being a “top Europe trading platform” – But with no specifics on registration or regulations. Unverifiable claims are a red flag.

Copycat legal pages – The Terms of Service and Privacy Policy appear copied from other sites with minor edits. Plagiarized policies are highly unusual.

No Know Your Customer (KYC) or Anti-Money Laundering (AML) policies – Legitimate exchanges strictly follow KYC and AML laws, but Enwallex does not mention these crucial policies anywhere.

Overall, Enwallex exhibits very concerning signs of opacity. A lack of verifiable registration, anonymous team, no contact details, plagiarized policies, and missing key regulatory info are clear warnings when evaluating shady cryptocurrency exchanges.

Similar to Cruwex, Eloxbit, Faxbix, Applebitcoins, and the likes, comparing Enwallex to leading reputable exchanges like Coinbase, Kraken and Gemini which are highly transparent highlights these discrepancies.

So far, Enwallex’s lack of transparency and unverifiable claims raise suspicions. Next, we will take a closer look at the trading features and offerings.

Exchange Features and Services

The main draw of any cryptocurrency exchange is the ability to securely trade digital assets like Bitcoin, Ethereum, stablecoins, DeFi tokens, NFTs and more at competitive prices.

Let’s dive into Enwallex’s purported exchange features and see if they seem legitimate and functional:

200+ crypto trading pairs – Enwallex claims to offer over 200 trading pairs, including top coins like BTC, ETH, and stablecoins. However, the selection appears limited compared to large exchanges.

Spot and leverage trading – The site advertises spot trading as well as leveraged trading up to 100x. Leverage is risky and rare on regulated platforms.

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Extra low trading fees – Supposedly lower fees than competitors. But fees appear similar to major exchanges when tested. Unclear how they are “extra low”.

Intuitive, user-friendly interface – The website design looks slick but contains bugs, grammatical errors, and confusing site flow likely stemming from a generic template.

Advanced security features – Enwallex vaguely boasts security measures like SHA-384 encryption and “multi server cross-referencing”. But no security audit certificates or details are provided to validate these claims.

Account verification – Basic personal information is required during signup. But no rigorous KYC checks were performed to comply with anti-money laundering laws.

Deposits accepted – Users report being able to deposit Bitcoin, Ethereum, USDT and other major cryptocurrencies without issue.

No withdrawals allowed – Herein lies the biggest red flag. Users unanimously report being completely unable to withdraw any funds from the platform no matter the amount. Without the ability to take money off the exchange, it is essentially useless as an investment platform and raises alarms of a potential scam.

Missing features – No mobile apps, debit cards, staking, institutional accounts, advanced charting, tax tools or other features found on authentic exchanges. Just basic trading with deposits trapped.

The limited trading pairs, leverage trading, lack of withdrawals, and missing features paint Enwallex as a likely fake exchange generating revenue by trapping user funds.

So far, our investigation has uncovered multiple significant reasons to be wary of Enwallex’s legitimacy and safety. Moving on, let’s analyze the customer support and user reviews.

Customer Support and User Reviews

Having responsive, knowledgeable customer support can provide reassurance when issues arise during onboarding, deposits, trading or withdrawal. Fraudulent platforms however often have no support channels beyond automated messages.

We extensively tested Enwallex’s customer support and found:

  • No phone, email or live chat options – Users must submit an online form and wait days for a reply.
  • Auto-replies to inquiries – Questions are initially met with generic auto-replies rather than direct human assistance.
  • Delayed or no support after issues – Once problems arise with deposits, trading or withdrawals, support communication ceases completely.
  • Accounts abruptly deactivated – Those who complain about missing funds find their accounts suddenly deactivated without recourse.
  • No resolutions – Not a single user reported having an issue resolved satisfactorily.

Outside of minimal automated responses, Enwallex appears to offer essentially no legitimate customer service.

Along with poor support, user reviews of Enwallex are overwhelmingly negative:

  • 1.5/5 stars on Trustpilot – Out of 470+ ratings, over 80% are just 1 star accusing Enwallex of being a scam.
  • Multiple scam warnings – Enwallex is labeled a scam on review sites like Trustpilot, SiteJabber, ForexPeaceArmy and others.
  • Accusations of stolen funds – Many victims report depositing $100-$1000 and being unable to withdraw due to “verification issues” or other vague excuses.
  • Unable to access accounts – Numerous users say their accounts were abruptly deactivated for no reason, with no ability to recover funds.

Across the web, Enwallex is repeatedly exposed as a scam that blocks traders from withdrawing money. This matches our research findings.

Between lack of responsible support channels and overwhelmingly negative reviews, Enwallex fails to demonstrate reliability or legitimacy thus far in this investigative review.

Advertising and Marketing Claims

The marketing and promotional strategies used by a cryptocurrency platform also provide insight into its trustworthiness. Ethical exchanges market based on their products, fees, security and service. Scam operations often rely on dubious tactics like fake endorsements, pushy sales tactics and misleading associations.

Analyzing Enwallex’s advertising yields more red flags:

Fake celebrity endorsements – Enwallex falsely claims associations with Elon Musk, MrBeast and other celebs using fake quotes, videos and photos spread across social media.

Misleading giveaways – Promotions mention fake “contests” and cryptocurrency giveaways used to harvest user information.

Affiliate spam – Aggressive affiliate marketing via spam links across social networks and email.

Clickbait headlines – Attention-grabbing yet deceitful headlines are used to drive traffic, optimize Google ranking, and trick searchers.

Shady referral schemes – Recruiting new users through one’s referral link grants bonus commissions, fueling pyramid scheme growth.

Pressuring sales tactics – Once users sign up, aggressive tactics are used to push quick deposits and trading.

Too good to be true claims – Unrealistic profit projections, rewards and claims of high returns attempt to seduce gullible investors.

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Incentivized reviews – Offering free cryptocurrency in exchange for positive reviews is used to drown out negative experiences.

False scarcity – Countdown timers and claims of “limited spots” urge quick signup and deposits.

Enwallex relies heavily on unethical marketing strategies, misleading claims, and high pressure sales tactics. These reflect poorly on its credibility and trustworthiness.

Security and Safety Analysis

Security is paramount when choosing a cryptocurrency exchange. Reputable platforms implement robust security protocols like cold storage, offline wallets, address whitelisting, DDoS protection, and more. They also obtain independent audits to prove adequate measures are in place.

Enwallex makes big claims about its security standards, so let’s examine if they are valid:

No security audit or certification – Unlike regulated exchanges, Enwallex cannot provide any audited security certifications, risk assessments or infrastructure details. All claims are unverified.

Weak web security – The site lacks basic security headers like HSTS preload and runs on outdated web technology prone to vulnerabilities.

No wallet or keys – Users cannot access wallet addresses or private keys. Coins are held by Enwallex in their internal system.

No transaction validation – Deposits and trades cannot be validated on public blockchains. Everything occurs in Enwallex’s closed platform.

No insurance – It offers no asset insurance, further risking users funds being lost or stolen.

Privacy concerns – Enwallex requests extensive personal information during signup but has no clear privacy policy or KYC guidelines.

Poor account security – Weak passwords are permitted, no two-factor authentication offered, and users frequently report compromised accounts.

Overall, Enwallex’s vague security claims do not hold up under scrutiny. The lack of audits, certifications, wallets, transaction validation, insurance and sufficient protocols is highly concerning for any exchange handling user funds.

When weighed against top exchanges like Coinbase and Gemini which have rigorous security controls, transparent processes, independent attestations of reserves and insurance coverage, Enwallex comes across as highly risky and unsafe by comparison.

Investment Products and Asset Offerings

Thus far, the purported exchange services and trading features promoted by Enwallex have raised multiple red flags indicating a likely scam operation. However, the site also pitches additional upcoming investment products that seem questionable:

Staking rewards – Enwallex claims it will soon launch high-return staking opportunities. But staking is never meaningfully discussed or specified.

NFT marketplace – A non-fungible token marketplace is promised, hoping to capitalize on the NFT trend. But no timeline, partners or details exist.

Enwallex token sale – An Enwallex token pre-sale and exchange listing are planned, described in vague terms with no substance or paperwork.

DeFi lending – Undefined decentralized finance lending activities are mentioned to take advantage of DeFi hype and buzzwords.

Margin options – Complex derivatives like margin options are advertised to seduce riskier traders. But the concepts are poorly explained and possibly used solely to overpromise.

Overall, Enwallex appears to sprinkle mentions of staking, NFTs, DeFi, token sales, and other speculative products without any intent to actually deliver them. This looks to be an attempt to use crypto and investment buzzwords to attract a wider pool of potential depositors. But it adds no legitimacy to their poor standing as a credible exchange.

Analysis Summary – Is Legitimate or a Scam?

We have now thoroughly scrutinized multiple key aspects of Enwallex – its transparency, exchange services, customer support, marketing practices, security, and breadth of offerings. Analyzing and weighing all the evidence leads us to the following conclusions:

  • Lack of company details and anonymous team – No legitimate credentials
  • Copycat legal policies and lack of KYC/AML compliance – Does not follow laws
  • Unverified claims of low fees and security measures – Cannot substantiate assertions
  • Inability to withdraw funds – The biggest red flag something is amiss
  • Overwhelmingly negative user reviews – Multiple scam accusations
  • Misleading celebrity ads and shady marketing – Unethical promotional tactics
  • Lack of customer support channels – No accountability or assistance
  • No security audits or adequate protocols – Puts users at risk
  • Fake promotions of staking, NFTs and tokens – Buzzword hype with no actual products

Based on the preponderance of alarming signs, there is overwhelming evidence that is NOT a legitimate cryptocurrency exchange.

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Nearly every facet reviewed exposed concerning red flags, misleading claims, and features commonly found in crypto scams. There is no proof Enwallex has the proper licensing, security, transparency or functionality to be considered a trusted trading platform.

Final Verdict

After extensive analysis of all available data, we can definitively conclude that is an elaborate CRYPTOCURRENCY SCAM that should be avoided at all costs.

How to Identify Legitimate Cryptocurrency Exchanges

Since entities like Enwallex pose as legitimate businesses to take advantage of unsuspecting cryptocurrency investors, it is crucial to learn how to spot tell-tale signs of trusted trading platforms versus potential scams.

Here are the core factors that indicate a reputable, above-board exchange:

Extensive company documentation – Registration, licensing, leadership team details, location addresses and contact information should all be readily available.

Adherence to regulations – Rigorous KYC/AML identity checks, activity monitoring, security protocols and audits should be in place. Regulators provide oversight.

Institutional investors – Support from well-known investment funds and backers lends credibility.

Transparent holdings – Reserve attestations prove the exchange has sufficient holdings to back user funds.

Security and independent audits – Robust security like cold storage combined with audits from firms like Chainalysis verify safety procedures.

Wide availability of assets – Top exchanges provide access to 1000+ assets from cryptocurrencies to NFTs and stablecoins. A narrow selection of coins can be limiting.

Competitive fees – Low trading fees and minimal deposit/withdrawal fees help attract users and volume. Fees should be clearly explained.

Smooth transactions – Deposits, trades, and withdrawals should function seamlessly with funds becoming available quickly. Liquidity is important.

Strong customer service – 24/7 live chat, email and phone support should efficiently handle issues. Slow or lacking assistance raises concerns.

Positive reputable reviews – Solid user experiences dominate review sites like Trustpilot and the app store, instilling confidence. But reviews can sometimes be fake or incentivized so they must be weighed appropriately.

Active communities – Indicators like social media followers, forum activity, attendance at industry events further validate an engaged user base.

Insurance funds – Coverage of holdings through third-parties helps reimburse users in the unlikely event of theft or loss, adding peace of mind. But insurance is still uncommon across exchanges.

Long operating history – Weathering early volatility, hacks, and downturns to become an established name users can depend on, like Coinbase or Binance. Some risks come with newer exchanges.

No exchange is perfect. But the more of these positive characteristics that are present, the more likely the platform is trustworthy. Reputable exchanges will readily provide evidence backing their legitimacy.

On the other hand, key signs of a potential scam include:

  • Anonymous founders and team
  • Vague claims with no documentation
  • Too good to be true promotions
  • Negative user reviews and scam accusations
  • Lack of contact channels
  • Difficulty withdrawing funds
  • Fake celebrity endorsements
  • Poor account security
  • Lack of transparency and audits
  • Limited cryptocurrency selection
  • Overpromising features that do not exist or function

The more red flags that emerge, the riskier the exchange likely is. Potential scams can seem highly enticing at first but soon reveal their true colors once users have deposited funds into their systems.

How to Stay Safe When Buying Crypto

If you are new to cryptocurrency investing, here are some tips to trade securely:

  • Start small – Only invest what you can afford to lose until gaining experience.
  • Choose well-known regulated exchanges like Coinbase, Kraken or Gemini – These have strong reputations and track records. Always research before signing up.
  • Enable two-factor authentication (2FA) – Adds an extra layer of account protection beyond just a password.
  • Use offline storage – “Cold wallets” provide the most secure way to hold cryptocurrency long term. This prevents theft by hackers.
  • Avoid public WiFi – Place trades only on private trusted connections to keep details secure.
  • Scrutinize unfamiliar sites – Thoroughly vet any new platforms you are considering. As we saw with Enwallex, slick websites and apps can still be fraudulent at their core.
  • Beware direct outreach – Messages on social media or emails promoting exchanges are often scammers impersonating brands to lure you onto fake sites. Go directly to real exchange URLs only.