We Looked Into Quickxtrade: Scam or Trustworthy? The Verdict

Recently, Quickxtrade.com site popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable supporting information that clearly reveals it is, in fact, a deceptive site.

Despite the promises of the most convenient, reliable, and customer-centric service, Quickxtrade.com does not follow any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your money and never returns them. Any tales about bonuses, backing from celebrities etc are non-existent as well.

Quickxtrade Scam Overview

Originally, Quickxtrade poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals employ AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Quickxtrade Scam

To begin with, Quickxtrade shares the layout of multiple equivalent online platforms. There are quite a few examples, like Solarxalt, Sypeks or Sefava. They are entirely identical in terms of graphic elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive websites are managed by the same gang of scammers.

Cryptocurrency Scam Summary

How the Quickxtrade Scam Works?

Quickxtrade is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the same overall layout. Another mutual element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply complex psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the scam, criminals set up and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and sponsored promotions (when feasible), fraud actors intensify the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Quickxtrade in TikTok. Most of these videos are AI-generated deepfakes

Users obtain a stimulus to enroll, enticed by the promise of receiving cryptocurrency rewards valued at thousands of dollars, all free of charge. To augment the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promotions, targets end up on a page filled with enticing offers. “Crypto starts with Quickxtrade”, “Your crypto savings are secured with Quickxtrade, “Start earning with Quickxtrade – they look rather authoritative. To heat up users and make them proceed to step 3, crooks say that claiming the promoted bonus requires registration. And since nothing questionable happens at this point, unaware users happily proceed – especially as the gift appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal data, rascals will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks into signing up to get bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any crypto purchases require you to have capital on your account. With Quickxtrade, users are also compelled to top up to use the bonuses. And these top ups is what creates most of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the credited funds and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels are naught on intentions to return your money. But to make the fraud look more legitimate, they’ve made up a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but for the Quickxtrade.com they are here exclusively to make the withdrawal impossible.

By asking for your personal info, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And each of these checks will share more and more information, which – you guessed it right – will be then sold on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Quickxtrade.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Quickxtrade often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Quickxtrade.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Quickxtrade raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Quickxtrade.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Quickxtrade preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Quickxtrade as a scam.

What Should I do as a Victim?

If you had to deal with Quickxtrade site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional financial setbacks.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the duration of the scam, rascals may reach out to you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we already determined, these scammers have no plan of restoring your capital. So, what can these emails and browser extensions represent? You guessed it right – that is another element of the scam designed to throw you into willingly running destructive applications onto your system.

Both plugins and attachments included to emails can serve as a shell for various malicious software. In this situation, I expect the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of little concern, and their reputation is already seriously marred. They have no scruples to give up and strive to maximize gains.

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