As claimed by its website, Myblockx.com represents itself as a cryptocurrency trading and investment platform designed to enable individuals to generate online income through cryptocurrency trading. This platform provides a range of investment plans that purportedly enable users to achieve a percentage return on their investments within a brief timeframe. But all these claims and offers not to be true. Read this complete MyBlockX review to know why we added this broker to our Scam Broker list.
Website – https://www.myblockx.com/
Address – Fifth Floor, Zephyr House 122 Mary Street, George Town, Cayman Islands
Warning – Ontario Securities Commission (Canada)
Regulated? Unregulated, Blacklisted, Offshore
Is MyBlockX legit or a scam?
MyBlockX operates under the MyBlockX LLC brand and is registered in the Cayman Islands. Despite its offshore location, the Cayman Islands has a regulatory body overseeing cryptocurrencies known as CIMA. However, upon investigating their register, we were unable to locate any records related to the MyBlockX exchange.
Furthermore, MyBlockX does not provide essential information such as fee structures and commissions, a concerning lack of transparency. Additionally, they actively promote ICOs (Initial Coin Offerings), a risky venture in the cryptocurrency sphere.
To compound matters, MyBlockX has incurred regulatory warnings. Specifically, the Canadian OSC (Ontario Securities Commission) exposed the MyBlockX scam in a notice issued in May 2023. According to this notice, the company lacks authorization for engaging in securities trading activities. This warning was subsequently disseminated nationwide by the Canadian Securities Administrators.
MyBlockX Review: Trading Platform
The presentation concerning the trading platform leaves much to be desired, seemingly lacking attention to detail.
Furthermore, they market the presence of AI bots seamlessly integrated into the platform, but the reality is a far cry from this promise. Instead, users encounter a rudimentary WebTrader interface. Moreover, there is no mention of mobile applications, leaving uncertainty about the feasibility of MyBlockX login via Android or iOS devices.
MyBlockX Review: Trading Accounts
Two distinct account categories exist, labeled as Basic and Dragon Rider plans. The Basic plan encompasses features such as a 5x single-trade volume multiplier, a stop-loss function, and complimentary updates. In contrast, the Dragon Rider plan provides users with a fully automated trading bot, a low-risk portfolio, and entry to premium price spreads.
Additionally, participants in this plan should anticipate receiving 1 NFT, which can be enhanced through various trading activities.
MyBlockX Review: Withdrawal Issues
To initiate the withdrawal of your cryptocurrency, you have the option of utilizing the following payment methods: debit/credit cards and PayPal. It’s worth noting that this selection is somewhat restrictive, as it excludes the use of bank accounts and alternative e-wallets. However, a positive aspect is that both of these methods offer specific protections to their users. Within a specified timeframe, you can request a chargeback or refund, and it is advisable to do so promptly.
According to customer reviews, MyBlockX’s customer support may not be particularly helpful in cases where withdrawal requests are declined. Moreover, due to the firm’s lack of licensing, there is no regulatory authority available to address such issues or provide assistance.
To recap the information we have gathered, MyBlockX lacks accessible contact information, and the company is registered in an offshore location. Additionally, the absence of CIMA regulations raises concerns about resolving potential issues and seeking refunds.
In light of these circumstances, it is strongly advisable to promptly request a payout. If your request is unjustifiably denied, you can reach out to our chargeback specialists. We are committed to assisting you in the recovery of your funds. Schedule a free consultation with our experts today to explore your options further and receive expert guidance.
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