Unique Exchange review – Stay away [Blacklisted!]

Unique Exchange review

In this review we explain why you should not trade cryptocurrencies nor invest money with the Unique Exchange.

What is Unique Exchange

Unique Exchange is a cryptocurrency exchange. It will let you trade cryptocurrencies like Bitcoin, Dash, Ethereum and XRP.

It also can manage your crypto investments, there is a portfolio that includes the Unique Coin that you can invest in for a duration of at least five years.

But is Unique Exchange legit?

Stay away

There are several reasons for avoiding Unique Exchange, one of them being a link to a proven investment scam. We go through all the main ones in this review.

Blacklisted by a regulator

The first thing you should know about Unique Exchange is that it has been blacklisted by a financial regulator, namely by the FINMA in Switzerland.

The Swiss regulator said that Unique Exchange is not registered in Switzerland. It means that according to the regulator, the exchange is offering financial services in Switzerland without being authorized to do so.

Such warnings should not be taken lightly, because it means that the exchange is not respecting the laws and procedures in Switzerland, so it had to be blacklisted by the local national financial regulator.

High fees and withdrawal limits

One aspect of every crypto exchange that you always have to consider is the fees. And with the Unique Exchange there are very high, at a level that is not competitive at all.

2.5% on smaller deposits, including SEPA, is just too high. But what is really outrageous, is the fees for cryptocurrency transfers, namely for XRP.

Because a transaction fee in the XRP Ledger usually is 0.00001 XRP, but Unique Exchange asks for 50 XRP! It is thousands times more than what is the real fee.

On top of that, the exchange imposed a withdrawal limit of 5000 EUR/USD per week and person, which is not a good sign. It suggests that the exchange ran into liquidity problems. They don’t limit deposits but they limit withdrawals? What does it tell you?

Withdrawals fees and limits

Beware of the Unique Coin

The exchange is selling its own Unique Coin to its users within the investment package called the Big 5. The problem is that Unique Coin is not traded on any real exchange.

Basically it looks like Unique Coin is traded only on the Unique Exchange, so they are selling you something for a price that they decided without any real supply and demand forces that normally work everything out in the open markets.

So if Unique Exchange goes down, you will not be able to sell your Unique Coin anywhere, it will be completely worthless. It probably already is worthless, because the exchange clearly is connected to a scam.

Weird investment portfolio

We’ve already touched the subject, the Unique Exchange offers an investment portfolio called the BIG 5 that you can invest in.

Not only it includes the problematic Unique Coin as explained above, but it also shows weird projections for two years to come.

It is suggesting that you will make 380% on your investment if you started in 2019 and will end in 2024. It is difficult to understand what the exchange means by this presentation, but it goes to show how unprofessional this whole project is.

Investment portfolio BIG 5

Paraiba Connection

Perhaps the biggest red flag that we found during our Unique Exchange investigation, is its connection to the Paraiba scam.

Paraiba World is an investment scam that has been running a failing Ponzi scheme. A lot of people are complaining that they have lost money in it and several financial regulator from different countries have already warned against Paraiba.

The Unique Exchange platform obviously is integrated with Paraiba, as you can see in our picture below. So it is directly connected to a confirmed scam, which is the biggest reason for staying away from it.

In fact, Unique Exchange seems to be an integral part of the Paraiba scam ecosystem that includes the unregulated Unique Private Bank and its Hybrid Certificate.

Exchange and Paraiba

Unique Exchange review – Conclusion

Unique Exchange is a crypto exchange with high fees that is linked to the Paraiba scam and it has been blacklisted by at least one financial regulator. That is why you have to stay away from it.

If you are interested in cryptocurrency investing, we suggest trying it on a demo account with a regulated platform.

You can invest real money only when you are sure that you understand the risks and when you have a real strategy.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 71-78% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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