In this review we explain why you should not trade cryptocurrencies with the PTEX Global Exchange.
What is PTEX
PTEX or PTEXGlobal or Planet Exchange is a cryptocurrency exchange. It will allow you to trade with various cryptocurrencies, such as bitcoin, ether and XRP.
According to the official website, you can either trade cryptocurrencies directly or indirectly through (binary?) options.
PTEX supposedly has offices in many countries in the world, like the US, UK, Brazil, Hongkong or Singapore.
But is PTEX legit, is it a trustworthy exchange?
The PTEX exchange obviously is a scam as we’ll explain in this review. You should not trade with it at all.
Full of lies
The main reason why PTEX is a scam is that it is lying on its official website. For example, it says that has a Coinmarketcap certified rank, which is not true. In fact, PTEX is not even listed on Coinmarketcap!
This means that it really is a shady project, when the largest crypto monitoring website in the world is not even listing it.
Another lie featured on the PTEX’s website is that the exchange is three years old. Because the ptex.pro domain was registered only in May 2021 (see our picture below).
So you can be sure that all the other stats are fake too, the exchange certainly does not have more than 5 million users. And forget about bank-level security or a high-performance matching engine.
In the world of cryptocurrencies, it is usual, although not welcome, that exchanges do not publish the address of their offices. But all legit exchanges will provide you with ways to contact them, to contact support.
When you look at the PTEX website, you will see that there is no contact information whatsoever, not even a valid e-mail address or a contact form. This is highly suspicious and another red flag to be aware of.
Shady mobile app
PTEX is supposed to allow you to trade through a mobile app. But the app is not available in Google Play nor Apple App Store. You have to use a special link with a script that will want to install things on your device, which is highly dangerous.
Legit exchanges have their mobile apps approved and listed in official app stores. PTEX is trying to sneak suspicious things into your mobile device, which is another red flag. Don’t install anything from PTEX in your mobile phone or tablet!
PTEX say they will let you trade cryptocurrencies with options, presumably binary options. This means trading with financial derivatives, which is subject to regulation.
But as we have already established, the PTEX Global Exchange is completely anonymous, so it for sure is not regulated.
This means that it has no authorization to provide investment services such as options trading. Which makes it an illegal service in a lot of countries.
How PTEX really works
The PTEX exchange is an obvious scam. Which means that all you can expect form it is a complete loss of your funds that you deposit with this exchange.
There is a lot of fake crypto exchanges on the internet, they will promise favorable trading conditions, bonuses etc. But when you try to withdraw anything from them, you will see that it is not possible. The same thing will happen with PTEX, it is only a one-way street, they will let you deposit but not withdraw.
This is why you should not trade with the PTEX exchange.
PTEX exchange review – Conclusion
PTEX is a big scam, a fake cryptocurrency exchange. Every deposit will be lost with this company, you have to avoid it!
If you are interested in cryptocurrency trading, use a legitimate exchange or broker that will provide you with a demo to try everything out with virtual money.
Should you decide to invest real money, please make sure that you understand the risks.