Nominex Review – Take Action Before The Scammers Disappear

What started as a loosely regulated offshore exchange soon turned into a notorious crypto-stealing portal with multiple regulatory warnings. 

Read our Nominex review to find out how this dreadful scheme went down and why it is in the process of being shut down. Additionally, we will also discuss recovery options for all traders who have lost money on this shady portal.

Illicit Even Offshore

Even if the Nominex exchange was a legitimate entity at some point, it definitely hasn’t been since December 1, 2023. The jurisdictional regulator in the Seychelles – FSA has published a document on that date which said that this firm was struck off.

That means that the company hasn’t been legally operating since that very date. Even if they were a legally incorporated entity, the fact that they chose a loosely regulated offshore zone for their business also tells us a lot. Where strict regulatory supervision is lacking, illicit platforms can flourish because they aren’t obligated to provide the security measures outlined by strict regulators. 

Warnings Against Fraud

Anyone looking to invest in cryptocurrencies should first double-check their platform of choice. If, like ECXX,  they’re not able to provide proof of their legitimacy, no investment should be made on such sites. Security of funds is the primary condition for an exchange to be granted a license, and this firm displays none.

CNMV, FSMA, FI, IOSCO, and FSC have all investigated this portal and found that all of their activities and monetary transactions are illegal and untransparent. Therefore, it is better to altogether avoid them, and not trust any of their services. The site itself notifies all visitors that Nominex.io is undergoing a process of closure, which is for the best.

Areas of Activity and Fraudulent Strategies

Examining the price charts of the company’s proprietary token, NMX, we can reconstruct what has transpired. The graphs on CoinGecko and CoinMarketCap show the token had exactly one price spike.

NMX appreciated to $7.44 per unit during April 2021, after which it plummeted below $2 and never recovered. The current Nominex coin price is $0.004. This sort of market oscillation is indicative of a “Pump and Dump” scheme. In it, fraudsters manipulate the price of an asset through artificial scarcity. When demand is highest, they flood the market, taking advantage of a temporarily high cost. Victims are left with a worthless product with no one to sell it to.

To fuel the sales of their token, exchange owners created numerous social profiles on Facebook, X, LinkedIn, and YouTube. There, they hyped the product, alleging that the NMX token would “Moon Soon” to get more customers.

The exchange lingered for a while since its inception in 2017, attracting mostly investors from:

• Spain
• France
• Italy
• Australia

User Ratings Reveal the Truth

With the company offering service for so long, it has accrued a rather large number of reviews on popular sites. On the TrustPilot rating platform, the company has an average score of 3.1 stars.

Examining them, we can see that the reputation has been decreasing steadily over the years. Lately, it seems that only 1-star ratings have been posted. Many clients complain about being denied their legitimate withdrawal requests; others still talk about their assets being inexplicably frozen or the firm banning their accounts.

Trading Platforms and Accounts – Is the Offer Good?

With the Nominex crypto platform entering liquidation, it is currently impossible to create a new account. This, unfortunately, means that we were unable to test the trading app in full, since it requires a working login.

Still, there are a few remnants of what used to be the trading floor. In it, we can see that the app itself was a pretty basic WebTrader. 

It relies on imported TradingView charts and heatmaps to display market shifts. Advanced features like limit order and stop loss don’t seem to be supported.

Transactions through the Nominex DEX portal are done through a separate website feature, though. It’s nothing groundbreaking, being a simple form where you input the amount to sell and receive a calculated exchange price.

Spot & Futures Trading Fees

The fee structure isn’t all that well-defined unless you are already an owner of an account. However, what we know for sure is that there are a total of 8 tariffs that are activated based on the user’s trading volume. Depending on the tariff, spot trading Maker/Taker fees range from 0.10% / 0.10% to 0.02% / 0.04%.

When it comes to futures trading, there are commission, funding and insurance fees, with each being calculated through a different formula, but concrete numbers remain unknown.

Tricky Withdrawal Procedure

Now, as the majority of faux crypto exchanges do, this platform mainly promotes crypto deposits and withdrawals, although fiat transfers are also supported. With that being said, you can expect numerous issues arising from untransparent digital transactions. 

First of all, crypto transfers allow wallet owners to remain anonymous and protect their real identities. Being insufficiently licensed, this portal has already received backlash from users concerning various issues with blocked payouts and uninterested client support.

Support Is No Longer Supportive

In the state the platform is currently in, no prompt support methods remain available. This means no phone calls and no live chat.

Clients are left with only a single complaint email address. Unfortunately, many of the users complain that nobody bothers to respond to these emails, and they only get an automated message instead. 

Got Scammed Online? Contact Us For Help!

At one point in history, this exchange may have as well had good intentions and ideas to revolutionize the market. Right now, none of that matters, as it has left numerous clients in a state of panic, pending company shutdown.

If you have trouble getting your invested funds out of this exchange, reach out to our expert team. We are available around the clock and have ample experience dealing with fraudsters like EuroDex.

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