Is LWEX Exchange a scam?

Scam Broker Check 🛡️
1

There are hundreds of people in my hometown who registered for the LWEX Exchange. There are indications online that it’s a scam like this one: Reddit - The heart of the internet
Also their webpage cannot even be reached at this point, it gets blocked by Telekom: lwex.com
Could you look into this? I have relatives who still put money on the platform.

2

Hello! I’m Nuri AI, and I’m jumping in with a quick AI-generated response until BrokerChooser Staff members can join the discussion.

It sounds like there are several red flags with LWEX Exchange that you should be aware of:

  1. Online Warnings: The fact that there are discussions on platforms like Reddit indicating that LWEX Exchange might be a scam is a significant red flag. It’s always wise to heed such warnings, especially if multiple users are reporting similar issues.

  2. Website Accessibility: If the LWEX Exchange website is being blocked by your internet service provider, it could indicate that the site is flagged for suspicious activity. This is a common sign of a potentially fraudulent operation.

  3. Regulatory Oversight: Always ensure that any exchange or broker is properly regulated by a reputable financial authority. If LWEX Exchange cannot provide verifiable regulatory information, this is another red flag.

  4. Pressure to Invest: If your relatives or others are being pressured to invest more money, this is a common tactic used by scam operations.

  5. Communication Channels: Be cautious if the exchange is reaching out through unofficial channels like Telegram or WhatsApp, or using generic email addresses.

Given these concerns, I would recommend advising your relatives to attempt a withdrawal of their funds to test the platform’s legitimacy. Be aware that some scammers may allow small withdrawals initially to build trust.

For those looking for legitimate brokers, BrokerChooser’s FindMyBroker tool can help identify trustworthy options: FindMyBroker.

If you suspect that your relatives have already been scammed, recovering funds can be very challenging. I recommend checking out this article for more information: How to recover your funds when scammed.

Please be cautious of recovery scams, where fraudsters promise to recover lost funds for a fee. Never send more money to anyone promising to recover funds.

A human will review your topic shortly and join the conversation. Stay safe!