In this review we prove that Swmok is a scam cryptocurrency exchange that you have to avoid.
What is Swmok
At first sight, Swmok looks like an ordinary cryptocurrency exchange that will let you trade with digitals assets such as Bitcoin, Ethereum, XRP or Polkadot.
The exchange might look attractive because it has low fees, starting at 0.10% and 0.20% (maker – taker fee). Which is similar for example to what Binance is offering.
Swmok has allegedly been founded in 2014, which would make it one of the oldest crypto exchanges in the world, thus seemingly reliable. It is available in more than 246 countries, so basically everywhere in the world.
But is Swmok legit, can you trust it with your money?
The truth is that Swmok is a scam that you have to stay away from it in order not to lose money. Here is why.
Swmok claims that is has been online since 2014. Seven years in the crypto business is a lot, especially for an exchange. The problem is that it is not true.
When you dig deep, you will first find out that the Swmok.com domain exists since 2009, so you might be thinking that the exchange is telling the truth.
But when you look in the internet archive, you will find that the website has been empty all those years, see an example in 2019.
So Swmok was not a functional cryptocurrency exchange two years ago, let alone in 2014.
Another striking fact is that Swmok is not listed on Coinmarketcap.com among exchanges even today!
The conclusion is simple, Swmok is not an established exchange, it started sometimes this year and not in 2014 as it claims on its website, so it is a scam.
By the way, it also means that the statements about being trusted by 100K+ traders and trading billions in cryptocurrencies are also completely false.
Cryptocurrency trading is not regulated. Which does not mean that crypto exchanges can’t be licensed – they can, it’s just not mandatory.
And Swmok claims that it is licensed and permissioned to operate in many countries including the EU and US. Which again is not true.
Swmok is not licensed anywhere. You can make a search in registers of any regulator that comes to your mind, and you won’t find Swmok anywhere.
You can start in the company registers of Delaware, Malta, Singapore and Hong Kong, because Swmok claims to be registered in all these jurisdictions, and you will see that you will find nothing at all.
So, the statement about regulation is just another lie presented on the website of the exchange.
Anonymous and dangerous
The only contact information that Swmok provides on its website is an e-mail address. And that is a red flag. The company claims to be registered and regulated in several countries, so they should provide addresses of their offices.
But we know that the exchange is not registered nor licensed anywhere in world. We know it is a scam. This is why people who run it are doing their best to stay anonymous. They are here just to take your money and run away with it.
You can’t expect anything else from a crypto exchange that is lying almost about every important aspect of its business. There is a clear pattern of lies with the aim to mislead the public.
How Swmok works
We have seen and reviewed hundreds of scams, so we can have a good guess about how Swmok really works.
The exchange is working with cryptocurrencies only, you can’t make a deposit with any method that is reversible. So when you make a deposit, that will be it, you will never get anything back.
Swmok is just a black hole where money will disappear. And since we don’t even know who is running the exchange and where they are located, it will be extremely hard to recover any money send to this dishonest project.
This is why you have to stay away from it.
Swmok review – Conclusion
Swmok is an obvious scam because the exchange is lying about its history, performance and regulatory status. Stay away from it!
If you want to try legit crypto trading, you can start on a free demo with a regulated company. You will get virtual money to practice.
If you then decide to invest real money, please make sure you understand the risks of investing.