Comprehensive Review of Fenovax

Cryptocurrency exchanges are multiplying daily, but this industry is rife with scammers. In this Fenovax review, we’ll take a closer look at a new player on the field, one that already raises serious suspicions because its claims of reliability don’t align with reality.

Highlights

Key Trading Features

Fenovax calls itself a cryptocurrency exchange. There are no tiered account plans; instead, users get a single standard account. However, a premium plan is offered, supposedly unlocking additional features and options. The issue? The company provides no details on how to activate it or what specific benefits it offers.

Let’s examine each aspect of the trading conditions in more detail. The goal is to determine whether trading here is profitable and whether there are signs of a scam.

Overview of Available Trading Instruments

The company only offers spot trading. Surprisingly, there are no futures or margin trading options. While the homepage mentions derivatives trading with a leverage of 1:100, this functionality is absent from both the user’s account and the trading terminal.

The number of available trading pairs is limited, with many currently popular assets missing. The platform doesn’t seem interested in listing trending coins to attract new users. While established exchanges offer hundreds or even thousands of assets, Fenovax has, at most, around 100.

Trading Platform Analysis

The trading platform on Fenovax is a basic WebTrader. There are no mobile or desktop versions, only web access. Features are limited to basic tools: levels and lines, indicators, various chart types and timeframes, and pending orders.

In essence, the platform is solely for opening and closing trades. While you can perform basic technical analysis, that’s the limit. We also doubt the company has its own liquidity, meaning the order book likely comes from another platform, although the source is not disclosed. This allows Fenovax to “paint” any charts it wants, manipulating data at will.

Additional Services

Fenovax doesn’t offer many additional features. First, there’s a standard referral program where partners earn between 10% and 30% of the commission paid by their referrals. Second, there’s a peer-to-peer (P2P) service for buying and selling cryptocurrency using fiat. Third, there’s the elusive premium plan, which remains completely unexplained.

However, Fenovax lacks many features found on more well-known exchanges, such as staking, copy-trading, auto-trading, DeFi services, and other advanced tools. Overall, the platform’s offerings are rather unexciting.

Fee Structure

There’s no dedicated section on the official website for fees and charges, making it difficult to determine exact rates. Fees are mentioned only once, likely to ensure not all clients notice them. Fenovax claims to offer 0% for spot makers, 0.1% for spot takers, 0% for futures makers, and 0.1% for futures takers. However, again, how can they advertise futures trading when it doesn’t actually exist?

While these fees might seem attractive, you shouldn’t trust unknown companies. Scammers often lure users with favorable conditions to steal their money. The focus should always be on reliability guarantees, which we’ll examine next.

Legitimacy of Fenovax

Overall, we couldn’t find anything interesting about this platform. On the contrary, it looks extremely suspicious, so it’s important to investigate its legitimacy and finally determine whether it’s a scam or not.

Where is the cryptocurrency exchange registered, and does it have any licenses? These are crucial questions, and Fenovax provides no answers. The only clue is a mention of California state law. However, the user agreement document seems to be copied from elsewhere, so its content shouldn’t be taken seriously. How can a company operate in the U.S. without a license from a U.S. regulator? That’s simply impossible in this country, where such illegal activities are strictly prohibited.

Essentially, it’s unclear where the company is based. It has no licenses, which means it operates illegally. Moreover, there are other concerning factors: it doesn’t appear on popular cryptocurrency monitoring platforms like Coingecko or CoinMarketCap. Additionally, the exchange has no social media accounts, which are essential for any company in the crypto space. Social media is where services are promoted, and client interaction takes place.

Company History

If you trust the claims on the official website, you might get the impression that this is a leading cryptocurrency exchange. It boasts of millions of clients, billions in turnover and assets, and thousands of employees. However, all of this is a lie, easily debunked by checking the domain.

The official website was created just a few days ago — on December 18, 2024. How can a platform achieve results in less than a month that would take years for established exchanges? Clearly, it’s fake.

Conclusion

So, the conclusion of our review: it is an unknown cryptocurrency exchange that lies extensively to lure in clients with attractive conditions. Its registration location is unknown; it lacks licenses, and its founders are anonymous. All of this points to Fenovax being a scam. We strongly advise against risking your money with such dangerous websites.

Weighing the Pros and Cons

Common Questions