MX 

What a scam
Platform you have people referring friends and yall scam them no kyc until you wanna withdraw and then they block ur account and you never hear from anyone please trust me this platform is garbage and robbing people of their crypto better find another platform got scammed for 12000 Xrp

If you make any profits here, you are never going to see them!
All was going well until I tried to withdraw my funds! Few small withdrawals were working fine, until I started making profits and they blocked my 30k USD account for no reason!! First it was never ending security checks and after almost 3 weeks of communication(or lack of) when I delivered everything they asked for, they blocked me from logging into my account and stopped communicating without any reason

I Joined Margex a couple months ago (account #92025035), made sure i was not residing in any restricted area. I am a permanent resident of Mexico and have the gov. id to prove it. I withdrew so of my initial deposit funds back to the same wallet i had deposited to Margex and it triggered a security check. I sent in some of the requested information but a video i uploaded did not get through. I received an email this morning that my account has been permanently blocked and all my trades reversed. (I had over $30,000 USD in profits (17,000 XRP). They sent me an email before closing my account that i had not sent in all the info needed and to send in additional documents. While preparing said documents, i received the email regarding my account being blocked. Their reason... "Following our review, it has been confirmed that your account activity originates from Canada."

I sent in additional requested information and they sent the following email back.

On Tue, Nov 26, 2024 at 1:17 PM Margex Compliance compliance at margex wrote:
Dear User,

We have identified that you are a citizen/resident/located in Canada.
We appreciate your interest in Margex, however, we must inform you that as stated in our Terms and Conditions access to trading services on Margex Trading Solutions Ltd. is restricted for citizens of and anybody who is located in Canada.

Due to this and to ensure adherence to regulatory obligations:

Your account on Margex has been permanently blocked

To comply with local/international laws and regulations, as well as the terms of service of our liquidity providers/counter-parties that matched your transactions:
All trades executed on the account and any cryptocurrency obtained in violation of the Terms of Service have been fully reversed in accordance with paragraph 7.7 of the Terms of Service. and applicable regulations;
Any P&L settlements and the transaction history of trades executed through Margex have been cancelled and nullified and thus cannot be used for tax or other financial purposes;
Please rest assured that this rollback does not affect your initial deposits. Your original deposits remain available for withdrawal. The amount eligible for withdrawal is determined by the total sum of your deposits, excluding any withdrawals previously made from the associated Margex account:
###### XRP (Mainnet)
To proceed with the return of your initial deposit, we kindly request that you provide (within 3 calendar days) the cryptocurrency wallet address to which the funds will be transferred:

Please ensure that the wallet address is accurate, belongs to you, and is compatible with the cryptocurrency being returned and the stated blockchain network. This is crucial to prevent any delays or errors in the processing of withdrawals as we will not be able to undo, cancel or reverse any transactions sent to your provided address. Any associated blockchain miner fees will be deducted from the transferred amount.

We will await your reply

Best Regards,
Margex Compliance Office

What makes this particularly difficult to swallow is, a Canadian Youtuber promotes Margex and gives his referral code. Him being Canadian and living in Canada and being very public about his residence made me feel comfortable using Margex. The Youtuber made more from my trades than i did with his referral commission.

Seems lucrative to have a Youtuber promote your site to people that do not qualify and when they try to withdraw their earnings they get flagged and earnings retained. If you lose all your money on their site, no problem no security check.

I've been trading on margex for few months now, and I've never come across anything this good. No KYC and low fees, I feel like I've been wasting money on other platforms. Already saved some money on my first withdrawal, thanks for this. Also, the mobile app works quickly, but on the first day I had a issue, the app freeze for long times for no reason. I guess it was update problems or something. Now it's working fine.

Margex cancelled my open orders that were in profit without my permission!!!

Beware!

Quote from support
“ Please note, as my colleague mentioned before, the margin from the closed trades was subsequently used to leverage new trades and could not be debited. Therefore, your trades cannot be reopened.

Unquote”

Imagine waking up one morning to check on your leveraged trades that were in profit for close to a month and you find them cancelled.

Reasons why they did that was not stated in any communication whatsoever,

Even though my margins were small, the seriousness and support given to my request for support has been disappointing.

1. Absolutely no response to emails. Despite the numerous influencers claiming that their support is top notch… sadly not…

2. The fact that the exchange has the rights to willingly cancel users open orders in profit is petrifying. Whats the point of using the exchange if someone in the back end can just cancel your open orders.???

3. I dont know if they are real, but their support shouldnt be called support, rather a waste of time.

No responses on email. Maybe they will see this review and respond finally.

At this point, their response doesnt matter; i am writing this review to prevent another beginner from using the exchange and being taken advantage of.

Save your money from this exchange, its not worth the frustration and disappointment.

This company is a scam. Their influencers advertise No KYC, and their own emails advertise No KYC. Once you get into profit withdrawal, they flag the transaction for KYC and send an email requesting you take ridiculous steps. I could still withdraw other coins and planned to submit my documents the next day, but then they blocked me from logging in. They did so by removing or changing the 2FA on my account!

There has yet to be any communication as to why this has happened. I have emailed the support email address multiple times and am still waiting for a reply.

Meanwhile, while I am still locked out, I get emails about positions I previously opened being liquidated because of price. If they were going to lock me out, they could have closed out my positions at the same time, not just allowed them to liquidate.

While I probably do not have many legal options because of this company's location, I plan to look into those options. However, I have other options to help prevent this company from scamming additional people in the future, and I fully intend to move forward.

Everyone should look at Reddit and search for Margex for further information and reviews. I recommend submitting a detailed complaint directly to Google and Apple's app stores. However, something tells me they will not be there much longer.

The actual user face is amazing. It is so simple and very clear to use. The support is first class and I would give it 5 stars so far. However there is a but, the withdrawal process is only at a certain 2 hours each day. I managed to do 3 withdrawals which amounted roughly to my original stake. After requesting a 4th, they declared that they would be doing a security check. I sent them all the information 3 days ago and still have heard nothing. I understand that American citizens are not allowed to trade on here, a bit of a contradiction when you need no kyc to sign up. Fortunately for me, I am in Europe Come on Margex respond to my review.

abosulute nightmare!!
I been waiting since july for my withdrawals, they simply dont reply to emails. Margex has no intention of giving anyone back their money and I see clearly now they dont care about clients or their reputation. All the negative reviews speak for themselves. Very sad

I would stay away from Margex. Margex promotes to US customers through US platformers such as YouTubers and once you are in profit on the account they will hit you with a compliance check. I was given a compliance check took at least 30minutes out of my morning to provide Margex with all the necessary documentation that they asked for only for them to come back a day later and say that they were closing my account because I am based in the US. If that is the case don’t promote to US based customers. The Margex compliance team then emailed me and said that I would be refunded “2,155.84210109 XRP” this was after they researched my account. I was told to give them the wallet address that I would like the funds sent to which I did. Once I provided the address the compliance team came back two days later and said that they would not be refunding anything to me. It doesn’t make sense that you would say you owed me a certain amount after looking at my account and then come back and say you don’t owe me anything. I really would like my refund back from Margex. I now can not get a response back from either Margex support or the compliance team. I don’t know what to do at this point. I suggest you all STAY AWAY FROM MARGEX.

Conclusion: Got most of my original desposit back, but they seem to have blocked my account from logging in. Have not replied to my legal demands or provided any evidence of me doing anything wrong. They have withheld over $100,000 in profits and $700,000 more from whatever happened with XRP.

I had $70,000 (USD approx) in the withdrawal period for over 2 weeks, possibly 3-4 weeks. And I never got that back. They have not provided any evidence so I am now escalating to international lawsuit levels which will include all of my gains and lost gains due to the funds not being accesible, also the time and stress this has caused me. I've offered them much more cost effective sollutions and they have not responded.

Do not trust the 5 star reviews here. I believe they are all fake!

FINAL: Day 25***
Email received: They have banned my account and requesting to pay the equivilent of my initial deposit.

Based on a breach of their policies. Which I have read again. To be clear, I HAVE NOT BREACHED ANYTHING.

They have stolen my money.
I am seeking international legal action now and will fight this to the grave.

Day 21 update:
NO CONTACT. Over a week since last email. One star for these low lives.
And now it seems they've rugged the world and stolen initial deposits off people like me. Karma is coming.

Day 20:
I sent their compliance team a follow up email last night.
Did they give me a courtesy response during office hours? No
BUT WHAT DID THEIR TEAM DO? They had THIS review flagged for deformation, which Trust Pilot has now deemed to be an incorrect flag. So instead of replying to me, they tried to silence my experience.

MARGEX if you want these reviews to go away, pay me MY money.

Update 4: DAY 19
Nothing. Almost 3 weeks and still waiting. The last time I heard from them was last week asking for more of my personal information. If they don't pay me back my deposit and gains, myself and other influencers I have contacted are going to mass report Margex and shame all YouTubers who continue to work with them.

Update: 3
Day 17. Nothing... Tomorrow I think is Monday in Africa? So perhaps they will finalise then. I will update again.

Fyi I am an Australian/NZ citizen. So maybe it will be okay since I'm not in America.

Update: 2
Compliance has asked for additional documentation and I waiting for review.
Margex has blocked me on Twitter as I've been sharing screenshots of my experience and asking if Margex is a scam page.
The app is still functioning though, so I can understand if I am being annoying. But I hope they realise how uncomfortable this can make someone to be waiting this long for their money. Especially with the bad reviews here.
My anxiety is through the roof. And for 10s of thousands of dollar of my money / savings, you would think the compliance team would be more communicative.

Why are they only replying to positive reviews?

Update 1:
I am currently awaiting KYC.
I was contacted back (10 days later) saying my Drivers License was not enough. (Yet originally it said Drivers license was fine) Now they have my passport.

Tomorrow it's been 2 weeks!

I will update this review if they do right by me, but seeing a lot of negative reviews here is quite concerning.

I have a lot of money on this platform that could potentially change my life.

I should wait a couple days before posting this! But the lack of response from their compliance team is very unsettling.

If I don't receive my funds I will go very public with this and never shut up about it. Facebook, instagram, X, TikTok, YouTube, Snapchat. I will spend thousands promoting the negative experience if I some how get back doored out of my money like others seem to be.

It should NOT be this difficult to get your money. If you need a KYC, do it from the beginning! Not after taking our money first.

One of the requests is to screen record every transaction we've sent them. WHY Ask this AFTER the fact? especially if funds are going back to where they came from.

I lost a lot this year on other CEX… But thanks for btc rally and trading with a leverage here. I was able to achieve some significant gains.

I’m very pleased with it. It’s only right to leave a positive feedback when the platform brings you such satisfaction!

Been using Margex for some time now, without any big issues. On days with high pressure the application tend to freeze though. BUT..

Last week i have experienced something..

I got liquidated when i shouldnt, i talked to support and they are saying they have escalated the issue to the "team". Its now been 5 days without any response.

UPDATED: My deposit came through pretty fast after this review. But still.. They promisd me to investigate why i was wrongly liquidated on my trade last week, and i still havent heard anything from your support regarding this issue.

And yes, regarding my deposit, i did provide everything you needed. I gave you the transaction hash and network. It almost went 2 days without any reply lol.

I wont be using Margex again, mostly because your support failed to answer me in almost 2 days, and the fact that its been 5 says since my first enquiry regarding the liquidated trade that should never been liquidated.

I’d rate it zero stars if I could. I started trading on the site based on advice from a YouTube influencer who was shilling it on his channel. It’s the bull market so yes I was making some good gains on some perps. Everything was going fine until I tried to withdraw the entire balance of my account which was about $12k in Solana. I received an email saying that the withdrawal was flagged for a “security check.” When I used the support chat feature on the app, the rep told me I’d be contacted in 24 hours with instructions. It’s now been two days and I’ve heard nothing. But during that time, I’ve done some research and to my dismay it seems that they are doing this to many customers around the world. Some of whom have had their funds frozen for months with no communication from Margex. These are customers who have complied with all of Margex’s requests for documentation and then get essentially ghosted by Margex when inquiring about status. This is one of the craziest things in crypto that I’ve witnessed since FTX. PLEASE DO NOT EVER USE THIS APP.For your own good

UPDATE ON 11/27- I received an email from Margex stating that they would return my initial deposit. Fair enough, although they should either block US IP addresses or be very explicit about what will happen if you trade on their platform in the US. I will update this post if or when I receive the funds.

I've started to trade here two months ago cause it looked very easy. Just wanted to say that im not happy with a drawn-out withdrawal process: you just can received your funds on a next day if send it after 12pm, little bit weird. In general it's ok and user-friendly

I have been using Margex for over a year without issues until now. My funds—over $20,000—have been frozen for more than 3 months. After my initial withdrawal request was flagged, I submitted all the requested documents promptly. On October 23, 2024, Margex asked for an additional form of ID and proof of address, which I also provided immediately.

Since then, I have followed up multiple times but have not received any response from their compliance team. Customer support has told me repeatedly that there is nothing they can do and that I must wait for compliance. This lack of communication and action is extremely frustrating and unacceptable.

Margex only responded to my earlier emails after I posted a public review. After replying, they requested more documents, which I submitted right away, but I’ve heard nothing since.

I’ve seen other users report similar experiences recently, which raises concerns about how the platform is handling withdrawals. It’s disheartening to feel that public reviews are the only way to get their attention.

Margex must address these issues and improve their communication process. I will update this review if my situation changes, but for now, I cannot recommend this platform.

For new or potential users, please exercise caution and carefully consider the risks before using Margex.

----Update----

After submitting all the requested documents promptly and following up multiple times, my CDD/KYC process was finally approved, and I was able to withdraw my funds. However, during the long delay, I had to close out my positions, which resulted in a loss of potential large profits.

While I appreciate that the issue was resolved eventually, the lack of communication and transparency throughout the process was frustrating. It’s also concerning that it took public reviews and persistent follow-ups to get attention to the matter.

----Update----

Margex recently delisted the XRPUSD trading pair due to what they described as issues with their liquidity providers during the extreme volatility of XRP's price surge (from $0.50 to $2.90). They announced that their counter-parties failed to manage the auto-deleveraging mechanism and refused to settle XRPUSD trades.

As a result, Margex has clawed back all XRPUSD trades made since November 10, 2024, reverting any profits earned during this period. For me, this means I lost out on $50,000 in legitimate profits because Margex's infrastructure could not handle the market conditions.

While they claim they are refunding all incurred fees and reserved margins, this action does nothing to address the lost opportunities or compensate users who traded in good faith. Margex's failure to secure reliable liquidity providers and their decision to retroactively undo settled trades sets a dangerous precedent. It shows a lack of accountability and reliability for users entrusting the platform with their funds.

To make matters worse, this follows my earlier issue of having funds frozen for months due to their compliance process, which was only resolved after significant delays.

Margex needs to address their infrastructure issues and establish greater transparency about the risks users face when trading on their platform. Until these problems are resolved, I cannot recommend Margex.

My trading experience on Margex was excellent but what happened was my account suddenly got restricted after I placed very first Withdrawal request. An email got triggered from their compliance dept requesting KYC - ID, Address proof, Selfies, Source of funds. I have provided every single piece of document within hours. It's been almost 4 days and I did not receive any acknowledgement or reply from their compliance or support teams. I invested all my hard earned savings thinking that the bull run after this US presidential election will change my life. I have more than 260k currently sitting on wallet after the recent bull run gains. I have so much credit card debt, mortgage, medical bills for my neck & shoulder surgery after car accident, my son college education fee and lot more urgent needs. I request you to please expedite your compliance process and help releasing those withheld funds as early as possible.

I am a Green card holder in US. I never did any kind of suspicious activity or any shady things on your platform. I didn't know that US is there in your restricted countries list and residents are not allowed to trade from US at the time of signup. If I was aware of that, I would have chosen some other platform for my leverage trading. I simply trusted most famous US based popular YouTuber videos and their great reviews about Margex. I followed their instructions without read through entire 20 page Terms document while creating account. I never ever thought US is going to be there in your restricted countries list. It was a honest mistake from my end and I apologize for that. I already shared those YouTuber video links through email.

I am not sure what are the next steps and how to come out of this situation. This is causing so much of emotional and mental stress for my family. I hope Margex will understand my situation and do the needful. Other than that, from the platform features perspective it is one of the best platform that I used in the recent years. Their 24 x 7 live chat is very helpful for any platform related queries or features but unfortunately they don’t deal with KYC or compliance related items. I’m hoping Margex will respond and they resolve my withdrawal issues very soon
---------------------------------------------------
@@@@@ UPDATE : 21-Nov-2024
@Margex - Thank you very much for reply to this post and giving assurance that my case will be escalated for expedited review considering my family situation. You also assured that your compliance procedures are not meant to penalize honest mistakes. I respect your business model and the assurance that you are providing to customers.
---------------------------------------------------
@@@@@ UPDATE : 21-Nov-2024
Within few hours, Compliance team contacted me through email and I replied them with all required documentation on the same day
-------------------------------------------------
@@@@@ UPDATE : 22-Nov-2024
Within 24 hours, Compliance team sent acknowledgement and confirmed that they have received all my documents. The estimated review time is 0 - 10 business days which seems to be reasonable.
----------------------------------------------------
@@@@ UPDATE : 26-NOV-24
@Margex - [Action Required] .Today I received final update email from Compliance team. I request you to please review their decision. They have made decision to take all my profits of more than 210k USD (approx 144K XRP) by reversing all my trades executed on your platform and refund only the initial deposit just because I am a US resident. This is not a fare decision. As I mentioned in my review, it was a honest mistake from my end trusting those US based YouTuber videos. I already shared those YouTube video links as well to your team. Those YouTubers have been promoting your platform as "No KYC", "Trade from anywhere in the world", "Game Changing features", "Trade from US", "2 min account creation" etc which is misleading many US customers like me. If I was aware of US in the restricted countries list, I would have executed those trades on some other platform. That 210K gains is not a small amount it is a life changing amount for my family in the present situation. If you want to really penalize honest mistakes as if you are a judge, you should put 25% or 30% or 50% of fine on my entire portfolio (OR) take 10 times of the trading fee that I paid on your platform. Reversing all transactions and erasing my entire profits is not a fare decision if you are a legit company and value your customer. Please remember "You provided assurance that the Compliance is not to penalize honest mistakes" in your reply to this post. Please review your decision again and close this matter with a suitable resolution. I definitely need part of that 210K gains

I’m leaving a review here to see if they can answer all my emails that I have send. My account is restricted from withdrawing. I have almost 90k dollars in it.

They asked me about some documents for verification the I have send and I haven’t received no response back. Is been almost a week.

Upon request, I've provided everything from my ID, a selfie with documents, proof of address, to an in-depth explanation and documentation of my Source of Funds. Every document, every video, every detail Margex asked for has been sent.

Margex please help this money is very important for me and my family.

Unintentional Mistake: I didn't know about not being able to trade from the US. A YouTubers I trust, who's also from the US, recommended Margex, and he never mentioned these restrictions. I messed up by not checking the fine print, but it was an honest mistake.

I need help.

been good overall. Like it. Although too many glitches randomly, lost money due to sudden slowing down/freezing.
I wonder if Margex is capable of handingling high volumes esp during bull run

Great exchange for trading. Fast payouts and deposits

So far so good. Easy site to use. Clean UI. My only complaint is withdraws are only once a day. Will continue using.