MX 

Margex is a scam company. They won't let me withdraw my kaspa or xrp. Stay away.

Margex was once a great exchange until the whole XRP debacle. They have taken $73k from my account in XRP trades and completely removed it from my account. I then tried to withdrawal some of my remaining funds and they still have yet to approve the withdrawal after 2 days of waiting. I will likely need to get lawyers involved if I at least do not get my pending withdrawals. I really put my trust into this company and recommended them to a lot of people but now I only have bad things to say unless they fix what has been done

This ain’t a fake review and I am a real trader and this is my experience with Margex. I’ve made money copy trading with Margex. They have an easy to use platform with a very smooth interface. My withdrawal process was a little slow but it went smooth and I had no issues at all. I suggest this platform to any potential new traders, but only if you aren’t a US user or from a banned county!!! All these negative reviews you see are a bunch of people they didn’t read the terms of agreement and blindly put their money on a platform that clearly states they banned their county and they also didn’t use a VPN when creating or withdrawing, so they were flagged from using the platform. Margex can not legally deal with banned territories so what can these cry baby users expect to happen? Margex to lose there license or go to jail for them? No absolutely not. So if u want to utilize this platform and make some money I suggest either not being from a banned county or stop being lazy and cheap and buy and vpn and use it. It’s that simple! Put your ip address form a non banned territory and I’m pretty sure u wont get flagged for kyc. That and don’t invest more than u can afford to lose. That’s the big one most these people giving negative reviews are not doing. Don’t listen to all the hype and accusations of Margex doing shady stuff because the research I have done shows they haven’t done anything wrong legally and if they were doing something shady then I wouldn’t have gotten my crypto. I’ve made several smooth withdraws btw not just one. Thank you Margex for being a legit platform that’s helping me make passive income with ease.

Blocked withdrawal and took 42k from closed trades after suspending xrp trading. Had been trying to take the money out for 2 days before trading suspended with withdrawals cancelled by manager each time.

I was up about $45,000 using a copy trader. Got an email from them stating they have to take back $35,000. They should not be allowed to get away with this. They have no right to withdraw my profits.

Awaiting a withdrawal for a week now. Nothing yet. Hope they can solve their problem. I will update this review if this situation turns positive.
UPDATE : As of Friday 5:10 P.M. THEY HAVE TAKEN $44,000 IN XRP FROM MY ACCOUNT. THEY SAID THEY WOULD TAKE $35,000, BUT THEY TOOK $44,000. THEY LEFT ME WITH $2600 DOLLARS, AND HAVE NOT SENT IT BACK TO ME EVEN THOU I REQUESTED A WITHDRAWL.

I WILL NOW REPORT THIS TO INTERPOLE.

Monday morning 12/9/24
Margex sent me withdrawal funds of $2,300. This morning. The PROBLEM IS I HAD ABOUT $48,000 IN MY COPY TRADE XRP ACC. $12,000 WAS MY INITIAL INVESTMENT, THEY TOLD ME THEY ARE TAKING $35,000 THAT WAS A LIE, THAT TOLD MUCH MORE, ABOUT $45,000. THEY LEFT ME WITH $2,300. I WILL REPORT THIS TO INTERPOLE, THE FBI, SECRET SERVICE.
12/10/24
Margex stated they would take $35,000 from my account, they LIED. They took all profits plus most of my initial investment, making a total of about $44/45,000 from my account.

12/11/24
If I were you I would withdraw all your funds from MARGEX , before your funds disappear as did my profits plus initial deposit.

12/13/24. These people are THIEVES and ROBBERS. STAY AWAY

12/16/24
Margex has made no attempt to refund the funds they STOLED FROM MY ACCOUNT. MAGEX BELONGS IN PRISON !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

1/3/25
I emailed them and asked if they are planning to refund the funds taken from my account. NO REPLY

I started trading on Margex a few months ago, put a little in an account and tested a withdrawal which went through no problem. I deposited more XRP and BTC and traded with good gains. When I went to withdraw part of the deposit and profits I was locked with a compliance security check. I have provided all requested documentation and have not even received acknowledgement that they are have what is needed and are reviewing my case. This is extremely stressful to not be communicated with and not get at least my initial deposit back. It was a great platform to trade on, and while fees were on the high side, they were acceptable for the ease of use of the platform BUT if they freeze or take your tokens - it is no better than FTX scammers. I hope they respond to my case. If this gets resolved, I will respond with the outcome. For now, I suggest you pull all your assets from their platform. I see a few comments were people received their deposits and many that don't.

I was using Margex for 5 months for now, it was a great platform until a week before, that’s when I tried to withdraw part of my funds. As everyone write here , my transaction was flagged for security check and automatically my access is blocked. I didn’t receive any email why my access is revoked. I received a email from compliance, I responded with the relevant documents.
But no response after that , I was confused why my access is revoked. You know Margex is not like other platform where withdrawal and deposit happens automatically. It goes through manual route so why my access is revoked when security check is in progress , I can keep using it, after all market is good.
But no one answered my question, I was ghosted. That’s when I searched internet and come through all this scary stories. Now I’m completely paranoid. I am okay for KYC but why no response what is happening??
Is this a scam for real?

Fraudulent platform. After the XRP delisting, closing of open trades and 1 month of trading clawback this platform should be avoided at all cost!!

Margex literally robbed me today. I was up what was life changing for many on Xrp and I get an email telling me nevermind my trades won’t be honored but my original margin is safe. I was up 30k Xrp with sell orders closer to 45k Xrp. I’m appalled and disgusted. I worked years for this moment to have it stolen away probably bc the exchange simply doesn’t want to pay those who timed the market right. I’ve lost so much over the years and was finally looking forward to gaining some losses back. I have no words for the shock and sadness and anger I’m experiencing. Never ever use this corrupt exchange bc if you do get significant wins, they will not allow them to be rewarded. Absolutely disgusting.

Starting to look like a scam website. You send them all the details for their security compliance checks and then they keep telling you it takes 0-8 business days to review but then you get to the end of it and they will either say the same thing or ask for more documentation saying the documentation you provided couldn’t be accepted. There are many cases the same on Reddit, YouTube, twitter saying the same thing. I will notify authorities soon if I don’t receive funds.

I would do 0 but i can’t
Withdraws just don’t get solved,
And now all the orders of xrp liquidated while the prive is still a dollar above my entry…
Stay away people!!!

Seemed like a a great site for 12+ months, I was happy learning and losing cash, found the right moments to enter a 50x had 120+ failed trades but still had 15 trades active some at 40 cents for XRP. Invested 2-3k and had 36-40k in unrealized profits.
Then the kick in the teeth!!
Received an email telling me no liquidity and all positions have been closed and profits are gone, 12+ months of effort and investment = ZERO!!
The email includes a link which explains terms and conditions, stating that they can close your positions as they wish and you have no rights!
“I can not write what I truly believe!!”
Read T&C 4.16 and 7.8

I have been severely impacted by Margex's recent actions, including reversing trades, clawing back six-figure profits, and canceling active positions. These actions occurred without proper notification or transparency. Margex amended its Terms of Service just seven days before notifying users of clawbacks and the delisting of XRP, raising concerns that these changes were applied retroactively to justify their decisions.

They have failed to provide a clear breakdown of how funds were debited or positions closed, leaving me and others unable to verify the accuracy of these transactions. My repeated withdrawal attempts have been canceled, and my emails to their support team have gone unanswered, creating significant financial uncertainty. I have recordings and evidence to document these issues.

The lack of accountability and transparency has impacted many users, as reflected in widespread complaints across social media.

I believe it is important to share my experience to help others make informed decisions and bring attention to these concerning practices.

If you have experienced similar issues, I encourage you to report your concerns through the proper channels:

Reporting Agencies:
Financial Services Authority (FSA) of Seychelles
U.S. Securities and Exchange Commission (SEC) (for U.S.-based investors)
International Organization of Securities Commissions (IOSCO)
Federal Trade Commission (FTC)
Raise Awareness:
Google Play and Apple App Stores: Report unethical practices.
Trustpilot: Share your experiences to warn others.
Crypto Community Forums: Reddit (e.g., r/CryptoCurrency), BitcoinTalk, CryptoCompare.

By working together, we can raise awareness, hold platforms accountable, and ensure fairness in the cryptocurrency space. Margex users deserve transparency, fair practices, and the ability to verify their funds and transactions.

Got scammed here too, stay away from them

STOLE funds from my wallet on closed profitbale trades due to "errors" in their system. SCAM! Avoid at all costs

I was trading XRPUSD on Margex with some big gains and Today at the 4/12/24
Margex cancelled all the orders,profits and losses. all of those who trade XRPUSD lost their profits and gains. Very sad day today, and I will not take a part of Margex anymore sense it’s not a relatable app no more.

All these 5 star reviews are absolutely fake. I got hit with CDD today. And they blocked my login right away. Why blocking the login if this is legit compliance check? When I try to login now it says some 2FA error. Luckily I saw all these reviews and issues people reported on time and was able to get more than what I deposited through small withdrawals. Still have money there through. But I am not bothering to even send my ids and all those crap they are asking as part of compliance. You are not going to get the money no matter what you send. Is there anyone here who got through CDD and got their money after successful CDD check?

What a scam
Platform you have people referring friends and yall scam them no kyc until you wanna withdraw and then they block ur account and you never hear from anyone please trust me this platform is garbage and robbing people of their crypto better find another platform got scammed for 12000 Xrp

If you make any profits here, you are never going to see them!
All was going well until I tried to withdraw my funds! Few small withdrawals were working fine, until I started making profits and they blocked my 30k USD account for no reason!! First it was never ending security checks and after almost 3 weeks of communication(or lack of) when I delivered everything they asked for, they blocked me from logging into my account and stopped communicating without any reason

I Joined Margex a couple months ago (account #92025035), made sure i was not residing in any restricted area. I am a permanent resident of Mexico and have the gov. id to prove it. I withdrew so of my initial deposit funds back to the same wallet i had deposited to Margex and it triggered a security check. I sent in some of the requested information but a video i uploaded did not get through. I received an email this morning that my account has been permanently blocked and all my trades reversed. (I had over $30,000 USD in profits (17,000 XRP). They sent me an email before closing my account that i had not sent in all the info needed and to send in additional documents. While preparing said documents, i received the email regarding my account being blocked. Their reason... "Following our review, it has been confirmed that your account activity originates from Canada."

I sent in additional requested information and they sent the following email back.

On Tue, Nov 26, 2024 at 1:17 PM Margex Compliance compliance at margex wrote:
Dear User,

We have identified that you are a citizen/resident/located in Canada.
We appreciate your interest in Margex, however, we must inform you that as stated in our Terms and Conditions access to trading services on Margex Trading Solutions Ltd. is restricted for citizens of and anybody who is located in Canada.

Due to this and to ensure adherence to regulatory obligations:

Your account on Margex has been permanently blocked

To comply with local/international laws and regulations, as well as the terms of service of our liquidity providers/counter-parties that matched your transactions:
All trades executed on the account and any cryptocurrency obtained in violation of the Terms of Service have been fully reversed in accordance with paragraph 7.7 of the Terms of Service. and applicable regulations;
Any P&L settlements and the transaction history of trades executed through Margex have been cancelled and nullified and thus cannot be used for tax or other financial purposes;
Please rest assured that this rollback does not affect your initial deposits. Your original deposits remain available for withdrawal. The amount eligible for withdrawal is determined by the total sum of your deposits, excluding any withdrawals previously made from the associated Margex account:
###### XRP (Mainnet)
To proceed with the return of your initial deposit, we kindly request that you provide (within 3 calendar days) the cryptocurrency wallet address to which the funds will be transferred:

Please ensure that the wallet address is accurate, belongs to you, and is compatible with the cryptocurrency being returned and the stated blockchain network. This is crucial to prevent any delays or errors in the processing of withdrawals as we will not be able to undo, cancel or reverse any transactions sent to your provided address. Any associated blockchain miner fees will be deducted from the transferred amount.

We will await your reply

Best Regards,
Margex Compliance Office

What makes this particularly difficult to swallow is, a Canadian Youtuber promotes Margex and gives his referral code. Him being Canadian and living in Canada and being very public about his residence made me feel comfortable using Margex. The Youtuber made more from my trades than i did with his referral commission.

Seems lucrative to have a Youtuber promote your site to people that do not qualify and when they try to withdraw their earnings they get flagged and earnings retained. If you lose all your money on their site, no problem no security check.