Crypto Exchange Scam: How to Spot Fake Platforms and Protect Your Funds

When you hear about a crypto exchange scam, a fraudulent platform designed to steal users’ funds by pretending to be a legitimate trading service. Also known as fake crypto exchange, it often looks polished, uses fake testimonials, and promises unrealistic returns—until your money vanishes. These aren’t just risky bets—they’re thefts dressed up as opportunities. In 2025, over $1.2 billion was lost globally to crypto exchange scams, according to reports from financial regulators, and most victims didn’t realize they were targeted until it was too late.

One common trick is cloning real platforms. Scammers copy the design of trusted exchanges like Binance or Kraken, change a few letters in the domain name, and run ads on social media. They’ll ask you to deposit crypto to "unlock" a bonus or to verify your account. But once you send funds, the site disappears. Another tactic? Fake licensing. Look at unlicensed crypto exchange, a platform operating without official approval from financial authorities like the SEC, FCA, or Banco de Portugal. Also known as ghost exchange, it has no legal accountability, no customer support, and no way to recover your assets if things go wrong. That’s why Criptoloja’s license from Banco de Portugal matters—it’s proof they’re answerable to real regulators. Meanwhile, Bit4you in Belgium? No license, no users, no transparency. Classic red flags.

Then there’s the hype machine. Fake airdrops like DeFiHorse or EPICHERO claim you can get free tokens just by connecting your wallet. But if they ask for your seed phrase, or to send a small amount of crypto to "activate" the reward, run. Real airdrops don’t ask for money. Real exchanges don’t pressure you. And real platforms don’t vanish after a few months. The crypto fraud, any deceptive scheme designed to trick users into giving up control of their digital assets. Also known as crypto scam, it thrives on urgency and greed. That’s why the Philippines froze $150 million in assets tied to unlicensed platforms—it wasn’t a crackdown on crypto, it was a cleanup of criminals hiding behind tech jargon.

Security isn’t about having the fanciest app. It’s about asking the right questions: Is this exchange registered anywhere? Does it have real trading volume? Can you find a physical address or team names? If the answer is no, it’s not a platform—it’s a trap. Even if it has a whitepaper, a Discord channel, and a TikTok influencer pushing it, none of that replaces regulation or transparency.

Below, you’ll find real reviews of platforms that turned out to be scams, breakdowns of how fraudsters operate, and clear steps to protect yourself before you click "Deposit." This isn’t theory—it’s what happened to real people. And it can happen to you, too, if you don’t know what to look for.