At first glance at the Pionex website, you will be impressed with how everything was presented. The licensed, the number of days it has been operating, and the Bloomberg post are quite encouraging. The question is, are these features enough to say that it is a legit trading bot? We don’t think so.
We have found pieces of evidence that will prove it is a scam, and you should not trust them at all. It would help if you were wise where to trust your money. Not all good reviews are real. Some are paid to make people believe that they are legit. Read this Pionex review first and decide later.
What is Pionex?
Pionex claims to be the 1st Cryptocurrency exchange software with built-in 12 trading bots. According to them, even those who do not have experience in trading can use the app and trade successfully. The bots are added to your account, and all you need to do is set the bot and let it run to generate profits.
If you search online, you will find many great reviews about the platform, but we find some parts are suspicious. It may have an impressive website but do not deceive by its look.
How does it work?
Pionex claims to change the cryptocurrency trading system with the introduction of their built-in trading bots. The bots they provide are for free. It is good news to many new traders but is it really for free. According to them, you will need to pay a small trading fee.
Therefore, it is not free as you still need to pay the minimum amount due to trade. They are just luring people to invest by making the traders believe that you can trade for free—an act which most scammers do.
Why Pionex is a scam?
Pionex offers 12 built-in trading bots for free. We find it unusual, so we decided to evaluate the software and check if it is real or just another scam. At first, we find the website quite impressive, and it looks legitimate and reliable. But when we check deeper, there are things that we find questionable.
Below are pieces of evidence to prove that Pionex Automated Crypto Trading Bot is a scam.
Pionex claims to be regulated by the MSB of the USA. However, there are only two regulatory organizations in the USA for electronic exchanges, options markets, stock exchanges, and options exchanges – the SEC (Stock Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
FinCen issue the MSB (Money Services Business) to businesses that transmit or convert money. Pionex does not belong to this category. This only means that the software is not regulated, which means it is a scam.
Missing terms and conditions
Before signing up and investing in any company, you must read the terms and conditions so you will not have issues in the future. A legit and reliable trading platform must have the terms and conditions page and its rules and regulations.
Pionex failed to include such a vital part on their website, which only proves that it is a scam and investors should not trust them.
No contact number or address
A legal company always has a contact number and address of their offices. Pionex does not have both. If you click the customer support tab, they provide only links to their telegram and email address. So, if you have any concerns or problems, you will not contact them directly. This is what most fraud trading apps do, so people will not be able to reach them.
So without a doubt, Pionex is a scam, and the above evidence is enough to prove it. If you want to invest your money and try online trading, make sure the site is legit and safe. Some warnings and listings are posted on financial regulatory authorities to warn people about fraud sites. If you are a victim of this, feel free to comment below.
▷ Meet one of the most dangerous scams: EA Pip Scalper.
Is it safe to trade using Pionex?
No, it is not safe to trade with Pionex. If you want to try the app, you can trade at your own risk.
Is Pionex a legit trading app?
Based on our assessment, this is not a legit platform, so we don’t recommend it.
What is the minimum amount a trader can pay to start trading?
You only have to pay a 0.05% fee for the trading bots.
Who is the website owner of Pionex?
We have checked the owner of Pionex in Whois, but we were not able to get the information we need. It looks like they want to remain anonymous so no one will know whom to complain to.
⊛ Do you have any extra proofs? Please share them in the comments below ⊛