Shiny apps and slick dashboards can fabricate a phony crypto portfolio that looks profitable while siphoning real money. This guide explains how counterfeit trading sites mimic legitimacy, manufacture false balances, and pressure victims to hand over funds or private information—and what you can do to stay safe.
A fake cryptocurrency exchange is a fraudulent website or app that pretends to let you trade, invest, or custody crypto but is designed to steal deposits, credentials, or sensitive wallet access information.
Key Takeaways
- Imposter exchanges copy trusted brands to capture logins and drain wallets through phishing pages, bogus yields, exit scams, and pyramid schemes.
- High-profile frauds such as PlusToken, Bitconnect, and Mtfe touted trading bots, counterfeit mining hardware, and referral payouts to extract billions from investors.
- Guaranteed or fixed returns.
- Lookalike or suspicious domains.
- Requests for seed phrases or private keys.
- Stalled or blocked withdrawals.
- Unlicensed operations with unverifiable teams.
- Verify licensing with recognized regulators.
- Never share private keys or recovery phrases.
- Start with small test amounts.
- Choose transparent platforms with published ownership and compliance details.
Promises of fast gains are magnetic. In digital assets, though, a single misstep can vaporize savings. Fake cryptocurrency exchanges pose as real marketplaces but exist solely to intercept deposits, credentials, or recovery phrases. They do not execute trades, safeguard custody, or reconcile balances; their entire purpose is misdirection.
Some counterfeits mirror popular sites down to logos and color palettes. Others invent fresh brands, pitching ai trading tools, special plans, or locked-in yields. The moment you fund an account or submit sensitive data, the con is effectively complete.
These schemes can run for years, often halting only after they’ve emptied thousands of accounts.
Below is a tour through notable scams and the tactics they deploy, followed by practical steps to protect your assets.
Fake exchanges don’t need a real market to look real; they only need a convincing interface, a steady stream of deposits, and enough delay tactics to stop withdrawals.
| Scam Type | How It Usually Works |
|---|---|
| Phishing clones | Lookalike sites or apps capture logins or wallet access details and then drain funds. |
| Ponzi and pyramid schemes | “Returns” are paid from new deposits; referral incentives keep the loop going until it collapses. |
| Fake giveaways | “Send one, get two” promotions push victims to transfer crypto to a scam address. |
| Impersonation scams | Fraudsters pose as executives, influencers, support staff, or “mentors” to build trust and direct deposits. |
| Rug pulls | Teams hype a token or project, then pull liquidity or abandon the project after raising funds. |
| Pump-and-dump groups | Coordinated buying inflates a price, then organizers sell into the spike and late buyers eat the losses. |
List of Fake Crypto Exchanges
Here are widely reported sham platforms that relied on polished interfaces, fabricated performance, and hollow claims. If any of these names or domains surface while you research, give them a wide berth.
| Fake Exchange Name | Scam Tactics | Reported Outcomes |
|---|---|---|
| Ael Exchange Wealth Management Ltd | WhatsApp “signals,” guided deposits, and fabricated trading results | Withdrawals blocked unless additional fees were paid; sites later went dark |
| Ainow Exchange Ltd | High-return contract pitch and escalating “commission” demands | Withdrawals denied; victim paid more and still lost access before the site vanished |
| Small starter deposit followed by repeated “verification” or “upgrade” charges | Operators cut contact; balances became unreachable | |
| CoinWpro | Daily-return staking/mining claims and invented “tax” or “fee” hurdles | Large withdrawals frozen; losses reported as entire balances |
| CryptoMms Exchange Ltd | Extreme daily return claims and “security/system freeze” excuses | Withdrawals blocked; communication stopped and the site shut down |
| Ftx Dex / Solanaftx / Bybit | Brand spoofing plus shifting “verification” fees to unlock withdrawals | Victims trapped in an endless payment loop before accounts were locked |
Ael Exchange Wealth Management Ltd
Operating through domains such as , , and , the group recruited victims in WhatsApp rooms that shared supposed insider signals. Newcomers were told to open accounts, deposit funds, and mirror “expert” trades. Some were told their capital had been lost; others were blocked from withdrawing unless they paid steep fees. The sites later went dark, and funds were not recovered.
Ainow Exchange Ltd
A California user joined a WhatsApp circle run by “Mr. James” and “Edwina” and was steered to Ainow Exchange. After seeing an on-screen balance of $30,000, they signed a 15‑day “high-return” contract. When the term ended, withdrawals were denied. Edwina demanded a $24,000 commission, then support demanded new payments. Despite paying, the victim never regained access, and the site disappeared.
Apyeth Gifts
Framed as a free NFT drop, this trap convinced people to enter wallet recovery phrases to claim a collectible. Attackers immediately emptied affected wallets. The “freebie for secrets” angle proved effective with newcomers unfamiliar with seed phrase security.
Exploiting confusion around Bitcoin forks, this site promised free Bitcoin Gold if users supplied their private keys. Once entered, attackers moved assets from the real Bitcoin wallet to addresses they controlled.
Branded as an automated ai investment portal, BitcoinPrime solicited a small starter deposit, then kept asking for more as “verification” or “upgrade” charges. When the inflows peaked, the operators cut contact and balances became unreachable.
Bitconnect
Marketed as a lending marketplace with proprietary bots, Bitconnect collapsed overnight in 2018, stranding users with tokens that had no value. Authorities worldwide pursued promoters, and copycat schemes later piggybacked on its brand notoriety.
Bitmain Option Trade
Unrelated to the legitimate mining firm Bitmain, this site claimed to offer crypto, forex, stocks, commodities, and real estate products. It recycled executives’ identities, borrowed registrations from real brokers, and pretended to be regulated. Unrealistic yields, vague funding flows, and unverifiable addresses echoed patterns seen in Quantum TradexPro. The website remains active.
Bond Finance Ltd
After replying to an Instagram pitch promising sure‑fire profits, a Californian was guided by “Grigory” and “Alexander” to fund a Bond Finance account. On-screen trades appeared to earn $47,000, but withdrawals were blocked due to a supposed overdrawn position. The platform then demanded $13,000 for “insurance.” Unable to pay, the victim lost all deposits. The site later closed.
One fraudster offered to “teach trading,” then introduced a second accomplice to “manage” the account on . After deposits landed, withdrawal attempts triggered endless “under review” notices. Access never returned, and the site eventually vanished.
B2mp
impersonated a known platform and dangled ultra‑short investments with huge upside. A recruiter pushed victims to pool capital, citing deals with regulated United States venues. Small early withdrawals built confidence. Larger withdrawals were blocked by invented “risk premium” fees, and balances were seized. The site is offline.
Pretending to be tied to CoinW, this operation used cloned pages and fake social accounts to win deposits. The lookalike branding fooled users who didn’t verify domain ownership or registration status.
CoinWpro
pitched mining and staking with daily 2% returns. It allowed small cash-outs to build trust, then froze significant withdrawals unless “taxes” were paid. Later, it demanded “electricity fees” even for smaller amounts. Reported losses totaled entire balances.
Cjb Crypto
Promising 1.3% a day via cloud mining, Cjb Crypto listed a residential United Kingdom address and falsely claimed a decade of results under Cjb Finance Ltd, a tiny company. It also misused a third party’s business data. With no oversight, inflated testimonials, and no real support, deposits effectively disappeared.
Clfcoin
Clfcoin posed as an ai-driven trading platform. A WhatsApp group run by a supposed expert fed “signals” that showed steady wins, urging members to keep adding funds. Later, the group pushed a sham Ipo funded from platform balances. Withdrawals required a “donation fee” and were never processed.
This portal imitated a pro interface but had no real order book or live market data—only a static front end and a deposit address. Funds sent in never returned.
CryptoMiningMachines
By stealing photos of real mining rigs and promising stunning return on investment, this site sold equipment that never shipped. Some buyers received fake tracking updates or empty parcels. The pitch targeted users unfamiliar with mining economics.
CryptoMms Exchange Ltd
Promoted in WhatsApp groups by “experts” with fake credentials, CryptoMms promised 60%–70% daily returns. Although dashboards showed rising balances, withdrawals were blocked due to “security” checks and “system freezes.” Communication stopped, and the site shut down.
Crypto Networks
drew users with promotional videos. Small deposits looked fine, but larger ones triggered frozen accounts. The platform demanded $10,000 for “Titan Status” to unlock funds. After payments, access was still denied, and the site went offline.
Built to mimic a familiar wallet provider, this phishing clone captured logins and private keys, then drained holdings. In Web3, a private key controls the asset itself; sharing it is equivalent to handing over a vault code.
Dahua Top Vip / Dahuag Vip
Using domains including , , and , operators invited users to deposit crypto. Withdrawal attempts triggered emails claiming the request hit a “taxable limit,” demanding repeated tax payments. No assets were returned.
Double Xrp:
A YouTube stream impersonated Brad Garlinghouse and promised to double any Xrp sent to a qr code, with “instant” returns for 1,000–500,000 Xrp. One reported wallet: rsCDuehTSB4eCscrFBByR2W1VuuU4s21fE. As with all “send one, get two” cons, funds were unrecoverable.
Ftx Dex / Solanaftx / Bybit
Scammers spoofed major brands with domains such as , , and . Dashboards displayed fake profits to keep deposits flowing. Withdrawals were conditioned on “tax,” “service,” and “address verification” fees with ever-shifting rules, trapping users in an endless payment loop before accounts were locked.
This glossy site, complete with charts and glowing reviews, was a credential harvester. Rather than asking for direct deposits, it stole logins and two-factor authentication details to drain other wallets tied to the victim.
These domains promoted a “send 1, get 2” giveaway using deepfake livestreams featuring fake celebrity endorsements and countdown timers. After transfers, no rebates were sent and the pages vanished.
Goo Market Llc
A WhatsApp contact persuaded a family member to join Goomarket. On-screen gains ballooned to a supposed $5.3 million. Withdrawal attempts triggered “tax” demands and then “anti–money laundering” hurdles. Despite paying, access was revoked, the site went offline, and losses exceeded $540,000.
Gsg Forex International Limited
Fraudsters posed as expert traders in online groups (including Skype), then guided targets to a counterfeit platform branded as Gsg Forex. Accounts showed rising values, but withdrawals required “commissions,” “taxes,” and “withdrawal deposits,” followed by fresh demands. The platform later closed and cut contact.
Hedges Enterprises
Claiming New Zealand roots and “guaranteed return on investment” with instant payouts, Hedges used stock photos for its team and the same template seen on Quantum TradexPro and Nova FX Plus. Registration and regulatory claims did not check out. The site remains live, raising ongoing concerns.
JessicaPTrades
Impersonators of a trading coach named “JessicaPTrades” used hacked social profiles and fake testimonials to win trust. Victims funded wallets and opened accounts on . The site advertised quick profits, then required fees and “taxes” before any withdrawal. Victims were redirected to a sham bank portal and pushed to submit documents, leading to money loss and identity theft. Both sites are now offline.
Promoted through a romance con, combined emotional manipulation with investment promises. Early small withdrawals were allowed, then users were urged to deposit more and even borrow. Larger withdrawal attempts failed, and pressure tactics escalated. Losses mounted before victims realized the ruse.
Mobile
Scammers befriended targets on WhatsApp and Telegram, then steered them to a counterfeit “marketcap” site to trade Usdt under the guidance of a supposed finance insider. After showing big wins, the platform demanded a large “tax.” Refusals led to frozen accounts and threats of seizure.
Monarch Capital Institute
After seeing an Instagram ad, a user joined a WhatsApp group run by “J. Robert,” “Jay,” and “Emma,” and was invited to test a new algorithm. A linked site showed gains exceeding $100,000. When the user tried to cash out, the platform became unresponsive and later shut down.
Nova FX Plus
Nova FX Plus pitched multi‑asset investing alongside research and training. The domain was newly registered, and claims of regulation in multiple jurisdictions were unsubstantiated. The site reused layouts and executive profiles seen in Quantum TradexPro and Bitmain Option Trade. High returns, opaque handling, and mismatched legal statements point to a likely fraud.
Introduced via WhatsApp and Telegram by a contact named “Caroline,” a victim opened an account on and submitted personal details including a driver’s license. After a small trade, the balance fell, and subsequent withdrawals failed. Despite assurances, access was lost and the site later closed. Note: This is unrelated to Energi (Nrg), the legitimate blockchain token.
A TikTok pitch promised a 20% return in short order. The victim moved $3,000 via a wallet service and linked it to . Although the on-screen balance appeared active, withdrawals were blocked and the scammer ghosted on WhatsApp. The site is now offline.
PlusToken
Among the largest crypto Ponzis, PlusToken amassed more than $2.25 billion by advertising high yields for stored assets. Compounded “returns” and referrals fueled growth until organizers vanished with the funds.
Quantum TradexPro
This live website presents itself as a full-spectrum investment platform. Reviews uncovered fake regulation claims, copied registrations, virtual addresses, and fabricated executives. It promotes extreme returns, keeps communication narrow, and lacks proper legal terms—hallmarks of a high-risk fraud.
A California trader used for over a month. A $400 early withdrawal seemed legit, but when a larger payout was requested, the site demanded $48,215 in fees. More than $41,000 was lost before the platform went inactive—classic small “test” payouts paving the way for large fabricated charges.
Treasure NFT
Styled as an ai-driven NFT marketplace with daily payouts and referral income, this program froze or rejected withdrawals once balances grew. Support vanished, and the aggressive recruitment structure matched a pyramid scheme rather than a genuine market.
Masquerading as a crypto casino, this site took deposits, offered nonfunctional games, and never credited winnings. It typically disappeared within months and resurfaced under new domains.
Wealth Alliance Group
Although marketed as a global wealth manager, the firm showed no verifiable licenses. Its site featured stock-photo “advisors,” and multiple users reported frozen balances and blocked redemptions. The brand appears to trade on confusion with a legitimate-sounding name while remaining active.
Wealth Bax Finance
Deployed through a romance playbook, this outfit moved conversations to WhatsApp, collected sensitive details during sign-up, then displayed growing balances. When users tried to withdraw, hefty “taxes” were required, and payouts never arrived. The site is now offline. This entity is not related to Saxo Bank.
Wotoken
A PlusToken look‑alike that hyped “smart” trading systems, Wotoken simply rerouted deposits to the operators’ wallets. Investigators later tied it to the PlusToken circle. Losses exceeded $1 billion before arrests.
posed as a legitimate exchange brand clone. A recruiter offered mentorship and introduced Bitcoin options “opportunities.” Small early wins and withdrawals led users to scale deposits. Eventually, withdrawals stopped, the site went dark, and remaining balances were taken.
Biggest Fake Crypto Exchange Incidents
The cons above weaponize trust, and the fallout often extends beyond individual victims. Here are headline events that rattled the crypto community.
Jpex Exchange Fraud (2023)
Despite influencer deals and polished public relations, Jpex was an unregistered platform. Hong Kong authorities received more than 2,300 complaints, with losses estimated around $178 million. Investigations continue, with arrests and asset seizures reported.
WazirX Hack (2024)
India’s largest centralized exchange suffered a major breach in July 2024. Attackers linked to the Lazarus Group exploited backend gaps and siphoned roughly $235 million. While not a fake platform, the episode is often cited in cautionary lists because post-incident transparency was questioned.
Bkex Withdrawal Freeze (2023)
Bkex, registered in the British Virgin Islands, suspended withdrawals citing a probe into “user fund laundering.” Millions remain locked with no clear repayment plan, stoking speculation the platform fronted money-laundering activity.
Mtfe App Exit Scam (2023)
Mtfe styled itself as an ai‑powered trading app with glossy reviews flooding app stores. When it vanished mid‑2023, an estimated $1 billion in deposits disappeared, with heavy promotion reported in West Africa and Southeast Asia.
Upbit Apt Token Mishap (2023)
A legitimate venue, Upbit faced a serious glitch when a token name collision led to roughly $3.4 billion in bogus Apt credits. Some users briefly cashed out before the issue was detected—an example of how fragile even real systems can be.
Coinbase Pro Phishing Clone (2023–2024)
A lookalike of Coinbase Pro captured logins and two-factor authentication details, stealing more than $20 million. Investigators used blockchain analytics to follow the money to off-ramps before making an arrest in late 2023.
How to Identify Fake Crypto Exchanges
Highly produced websites can still be traps. Slow down and inspect for these red flags before moving any funds.
| Red Flag | Description |
|---|---|
| Opaque fees and terms | Pricing, custody, and account terms are missing, inconsistent, or only revealed after you deposit. |
| Support routed through personal chat accounts | “Customer service” insists you move to direct messages and refuses normal help-desk channels. |
| Fake or recycled reviews | Testimonials look templated, overly similar, or tied to accounts with no credible history. |
| Unclear custody and withdrawal process | The platform can’t explain how assets are held, how withdrawals are processed, or what happens if something goes wrong. |
| Frequent address or account changes | Deposit instructions and wallet addresses shift often, creating confusion and reducing traceability. |
Closing Thoughts
Making $1,000 a day in crypto is possible in rare cases, but it usually requires substantial capital, high leverage, exceptional timing, or concentrated risk—conditions that can just as easily produce fast losses. If someone claims you can reliably hit a fixed daily profit, treat it as a major warning sign rather than a strategy.
Starting with $100 is feasible, but it’s also easy for fees and minimums to eat into a small balance. Beginners are typically better served by focusing on basic risk management (position sizing, avoiding leverage, and limiting how much they can lose) and learning how transfers, confirmations, and custody actually work before scaling up.
To check your crypto portfolio, combine what you hold with what it’s worth: review balances on the exchange or in your wallet, confirm transactions and token holdings using a block explorer, and track performance over time with a portfolio app. Common tracking tools include CoinTracker, Delta, CoinStats, Zerion, and Zapper; most let you connect exchange accounts (read-only) or add public wallet addresses for monitoring.
To find legitimate crypto projects, start with reputable listing databases and research platforms such as CoinMarketCap, CoinGecko, Messari, and DeFiLlama, then verify the project’s official website, documentation, and code repository. Look for basic transparency signals: clear ownership and disclosures, a team with a verifiable background, consistent communications, and a track record that matches what the project claims.
Before putting money into any exchange, token, or “managed” trading service, slow down and do due diligence: confirm the exact domain, verify the operator’s legal entity and status where you live, search for independent reporting of withdrawal issues, and run a small end-to-end test (deposit, trade, withdraw) that proves you can exit.
In practice, most investors end up using a small tool stack: a research layer (block explorers and listing databases), a trading layer (well-known exchanges with clear policies), a portfolio layer (tracking apps), and a security layer (hardware wallets and authenticator apps). The goal isn’t to chase every new opportunity—it’s to make sure you can verify what you’re using, track what you own, and leave whenever you choose.
