Fake Crypto Exchange: How to Spot Scams and Avoid Losing Your Crypto

When you hear fake crypto exchange, a fraudulent platform pretending to be a legitimate place to trade digital assets. Also known as sham exchange, it's not just a bad website—it’s a trap designed to steal your coins before you even realize you’ve been scammed. These aren’t glitches or minor bugs. They’re full-blown operations built to look real: fake customer support, cloned logos, even fake trading volume. And they’re getting smarter. In 2025, over 60% of new crypto scams start as fake exchanges that vanish within 30 days, taking users’ funds with them.

How do you know if an exchange is fake? Look for three things: no audit, no users, no history. Real exchanges like Binance or Kraken have public security reports, thousands of active traders, and years of transaction history. A fake crypto exchange, a fraudulent platform pretending to be a legitimate place to trade digital assets won’t have any of that. Check if it’s listed on CoinGecko or CoinMarketCap—if it’s not, that’s your first warning. Even worse, some fake exchanges copy the names of real ones, like "CoinBase" instead of "Coinbase," hoping you’ll miss the typo. And don’t trust testimonials. Most are AI-generated or stolen from other sites.

Then there’s the unregulated exchange, a trading platform operating without oversight from any financial authority. These aren’t always scams, but they’re dangerous. Pearl v1.5 and CoinSwap.com are examples—no regulation, no audits, no real users. They might not steal your money outright, but they’re so unstable that your funds could disappear during a hack or sudden shutdown. And when you try to withdraw? Silence. No replies. No refund. That’s not poor service—that’s fraud.

And don’t fall for the "free airdrop" trick. Scammers love to lure people in with fake promises of free tokens from projects like VikingsChain or DOGGY—both dead projects with zero trading volume. They’ll ask you to connect your wallet to claim the "airdrop," and that’s when they drain your account. A real airdrop doesn’t need your private key. Ever.

If you’re new to crypto, stick to well-known platforms with clear security practices. If you’re exploring niche DEXs, always check the contract address on Etherscan or BscScan. Look for locked liquidity, verified code, and community discussions on Reddit or Twitter. If no one’s talking about it, that’s a red flag.

Below, you’ll find real reviews of platforms that turned out to be ghosts, scams, or barely alive. Some were once popular. Others were fake from day one. Each one teaches you something—about trust, about verification, about how fast crypto can turn from opportunity to loss. Learn from these cases. Don’t let your next trade be your last.