Crypto Exchange Scam: How to Spot Fake Platforms and Avoid Losing Your Money

When you hear crypto exchange scam, a fraudulent platform designed to steal your cryptocurrency by pretending to be a legitimate trading site. Also known as fake crypto exchange, it often looks just like Coinbase or Binance—but it’s a trap. These scams don’t always scream "fraud." Many use real-looking logos, fake customer support, and even fake trading volume to trick you into thinking it’s real. They’ll promise low fees, high returns, or exclusive access to new tokens. Then, when you deposit, your funds vanish—along with any hope of getting them back.

Most fake crypto exchange, a platform that mimics legitimate services but has no real infrastructure, team, or liquidity. Also known as scam DEX, it often appears on social media ads or Telegram groups. Some, like Coinbook, a known fake exchange that collected deposits but never allowed withdrawals, were exposed after users couldn’t access their funds. Others, like SharkSwap, a decentralized exchange with no public team, audits, or trading volume, exist only to generate taxable events for unsuspecting users. These aren’t glitches—they’re designed to disappear.

How do you tell the difference? Look for three things: First, check if it’s listed on CoinMarketCap or CoinGecko. If it’s not, that’s a red flag. Second, search for user reviews outside the platform’s own site. If you find zero real people talking about it, that’s not a coincidence. Third, see if there’s a clear team behind it. Scam exchanges hide their founders. Legit ones don’t. And if the site asks you to connect your wallet without explaining why, walk away. No real exchange needs you to give full control of your funds just to trade.

These scams don’t just target beginners. Even experienced traders get fooled when a platform looks polished and sounds convincing. That’s why you need to treat every new exchange like a stranger—verify before you trust. The crypto security, the practice of protecting your digital assets from theft, fraud, and unauthorized access starts with knowing what to avoid, not just what to use.

Below, you’ll find real reviews of platforms that turned out to be scams, ones that barely work, and others that are just too risky to touch. We don’t just list them—we explain why they failed, what the red flags were, and where to go instead. No fluff. No hype. Just what you need to keep your crypto safe in 2025.