The Globex Crypto Scam Uncovered

Globex is a crypto exchange that also introduces its cryptocurrency, GEX. This broker allows you to make trades with cryptocurrencies. Though the GEX token's value is not quite impressive, the project has gained popularity among investors. However, there are concerns about a Globex crypto scam.

However, many users have also raised concerns that the exchange is running a scam. Besides, its website (globexcrypto.com) is not currently accessible. Moreover, other resources like its whitepaper and Medium account are also unavailable.

This article considers some of the major questionable indicators and uncover the Globex crypto scam.

What is Globex crypto?

It is a cryptocurrency exchange that deals with only digital asset trading. However, some sources suggest that it may include fiat currencies in its offerings in the future. The exchange also introduced its native token, GEX, through an initial coin offering. At the time of writing, the token's worth is $0.00001365, and its market cap is $512,933.

CoinMarketCap suggests that the GEX reached its highest value of $0.00008286 two years ago, in August 2020. Since then, its price has been down by more than 83%. Currently, it is not listed on many exchanges; only Mercatox offers the trading pair of GEX/ETH.

Globex crypto scam: The indicators

Various indicators suggest that Globex crypto could be a scam. Let's take a look at them.

1. One of the primary reasons is its website's inaccessibility. Since the project does not give any verifiable information, it concerns the users.

2. It is unavailable on most of the top-ranked and trusted exchanges.

3. The exchange is not licensed by any country’s financial regulatory body.

4. There is no whitepaper or other documentation available for the users.

5. There is a lack of information about the founding members of this project.

6. Most scam-detecting sites give it a low trust rating.

7. The platform is not present on any social platform, so there is no way users can get updates about it.

There are many red flags that validate the view of GEX being a scam.

Is Globex crypto a scam?

It is not possible to rule out it being a scam when so many indicators exist. The platform has almost no online presence currently. Therefore, it seems like a serious rug-pull scheme, where scammers disappear after getting their clients' funds.

Moreover, user reviews also hint toward its deceptive scheme. Reviews on Trustpilot point out that the platform claims to give free Ethereum. Yet, later it asks about depositing an initial amount. Also, some reviews say that scammers contact you and offer free Ethereum. But, it is only to get information about you, and later they might use it against you.

Besides, no regulatory authority like the FCA, SEC, or others has registered this platform. Plus, the token is not listed on any of the trusted exchanges.

Final thoughts

Cryptocurrency scams vary and Globex seems to be one of them. After gaining popularity, the platform has disappeared from the internet, which seems to be a potential rug pull.

That’s why it’s advisable to avoid dubious projects like these. Therefore, always ensure to carry out comprehensive research and read the reviews online before investment to reduce the chances of falling prey to such