RiseX is this a scam? Review and Customers Reviews

RiseX is a product of the company of the same name registered in Estonia. The exchanger was opened in January 2019, as noted in the register of the Estonian registrar E-Business Register. The fundamental difference of the resource from most others is that it is necessary to register in order to perform any action (look through the course, buy/exchange, participate in the referral program, etc.).

Is such secrecy an indicator of bad faith or is it, on the contrary, a way to protect users? Is RiseX a swindle or a useful platform? We will draw our own conclusions.

Why RiseX

RiseX offers an accelerated BTC exchange, which has its advantages. You quickly register and make transactions, you do not confirm payment requests and can trade with other users of the trading platform. However, the risks are also high: you will not be guaranteed any success in transactions. Yes, it is written on the website risex.net nicely that all processes are automated, and the translation system, which includes 4 nodes that are in contact only with related nodes, virtually eliminates fraud, as the effort when attempting to steal is disproportionate to the funds received. But there is no actual confirmation of this.

Funds must be placed on the company’s wallet – this is stipulated in the user agreement. Support is carried out through the feedback form, by e-mail, multi-channel phone (for each country is different) and a special portal support.risex.net (built on the principle of FAQ).

There is a separate resource where information about cryptocurrencies, blockchains and coin trading is placed (how to get money out of cryptocurrency?).

There are no other reference, analytical or training materials on RiseX. But the referral program is times more profitable than in other exchangers: you can earn up to 90% of the spread of each referral (the user who came on your recommendation).

How to purchase the cryptocurrency on the platform risex.net

As mentioned above, any actions with the platform risex.net are available only inside the account. If you want to know the trading conditions or to make an exchange – we will register. To begin with, we invent a login, specify an email address and, if there is a telegram account, agree to the rules of the service (Terms and Conditions). Then we create and confirm the password. And we enter the code of the partner, if any. Here there is a reference to the referral program. Important point: registration is available through the confirmation of Facebook and Google+ accounts. Refill your wallet with a key or by scanning a QR code.

Once the currency is credited, you can move on to making transactions. In section «Exchange» we choose the action: buy bitcoins for dollars or dollars for bitcoins. We set the payment method. And click «Sell». Another way to buy cryptocurrency is to choose one of the offers of other clients of the platform (so-called ads). All transactions are reflected in the section «Transactions».

Verification on RiseX platform

Verification on the platform risex.net is not provided. Anyone can trade: the only thing you are required to provide is your email address, as you can see from the registration process overview above. And this is due to the need to identify you later, rather than security issues. However, the terms of the user agreement specify that you can verify your identity at any time. And it can be fundamental.

Chyptocurrency purchase conditions by RiseX

RiseX supports only one cryptographic currency: bitcoin. Fat contingent units that you are able to use are determined based on your location. For users in Belarus, for example, Belarusian rubles, American dollars and euros. For Ukrainians – the same, only «bunnies» are replaced by hryvnia. The deal is executed within 5 minutes. If this does not happen, the innocent party receives compensation: the return of interest, written off for the execution of the offer.

Deposit and withdrawal limits

The recharge limits are set in the service quite clearly: the minimum amount of money can be recharged is 0.0001 BTC. As for withdrawal limits, they are not specified either in the user agreement, or in the personal cabinet, or in any of the sections of the official resource. Perhaps, they are defined individually.

Commission of risex.net

In August 2019 at the official forum bits.media RiseX representatives announced that they don’t charge any more fees for replenishment and withdrawal. And for comparison, they presented the rates of other exchangers. For transactions, the service provider takes 0.4% of the amount.

RiseX bonuses

The reward system in RiseX is limited to the referral program – the company does not conduct promotions. Most likely, it is connected with already favorable conditions: absence of charges for replenishment/withdrawal, compensations in case of violation of terms of transactions, a wide choice of providers. And, maybe, the young age of the service (at the moment it is less than a year).

Referral program

Affiliate (referral) program of the service, called RiseXChain, assumes the receipt of cashback from the transactions of each user who came to your link. The link is individual for each client and can be placed on your website, blog, social networks page and other legal resources. However, unlike most exchangers, RiseX offers quite good interest at the beginning: up to 90% within six months of registration in the program and up to 50% from six months to one year. Further conditions are not so favorable – up to 25%. And if you calculate the average, then for all the time of long-term cooperation you get the same amount of interest.

Complaints against RiseX

There are very few references about RiseX. That is not surprising, because the resource exists less than a year. The ones we found tell you about the benefits of the exchanger, but they don’t look particularly plausible, because they don’t contain specifics (what trades did the users make, in what terms, etc.). However, we can certainly not claim that the comments are fictitious.

Regulation of risex.net

The issues of regulating operators of transactions with crypt-currency are very complicated. Not every country has clear legislative decisions on their account. Therefore, not all companies are regulated. Let’s see how RiseX Corporation OÜ (the owner of RiseX) will prove itself in these circumstances.

RiseX regulator

Risex Corporation OÜ is regulated by Estonian legislation – the operator is entered in the register E-Business Register under the number 14644451. You can check the status of the permit at the link below. Disputed issues are resolved in accordance with the user agreement. It is hidden to ordinary users: until you start registration, you will not be able to see the link to it, although the link itself is also available to unauthorized visitors of the resource, if known to the latter.

• Check RiseX license on the website of E-Business Register;
• Read RiseX User agreement on the company website.

RiseX’s Terms and conditions

Terms and Conditions define the rights and obligations of the owners of the service and its users to each other. Let’s look at a few conditions. For example, it notes that during registration, you must provide all necessary information for identification. Besides the basic information, requested in the form, it can be something else. In case of rejection, the account is blocked. We think it is not necessary to explain that all your assets in the crypt currency will be lost in this case. You may be refused to create a profile if the information you have provided appears to be inaccurate or incomplete.

You are allowed to create only one account. Mediation (when you are acting, say, as a broker for others) is prohibited. Also, you are prohibited to open a RiseX account for minors or for criminal purposes.

For security reasons, you may be requested to proof your identity at any time (including when you place ads for transactions, reach new limits, etc.).

When you send a request to another market participant in the section with offers, you automatically agree to his terms of trade. And you have no right to change them (exception: violation by an Offeror of requirements of law or agreement).

When you sell the cryptocurrency, you must check and confirm that you have received payment in full, even if the buyer assures you that everything is in order. You will not be able to cancel or challenge the transaction.

All communications between the parties of the transaction should be conducted only in a trade chat, so that the support team has the opportunity to intervene if necessary.

In case of disagreement, both the buyer and the seller and the operator have the right to open a dispute, which is considered solely by the support. This rule applies only to paid trades.

The transaction will be approved if one of the following criteria is met:

• The buyer made the payment in accordance with the seller’s instructions in the trading chat room and provided sufficient proof of this.
• The Seller did not reply.

And it’s disputed if:

• The Buyer does not reply.
• Payment from the Buyer was delayed/frozen/ suspended by the payment provider.
• The Purchaser has not made the payment according to the instructions.
• Payment is made by a third party in the transaction or from an account not registered in the buyer’s name.
• The buyer/seller of a disputed transaction is providing false information or attempting to influence the decision on the transaction in bad faith.

Access to the account may be restricted when:

• There are suspicions of the legality of your actions or the materials you have posted.
• You are making transactions for fraudulent purposes.
• You have provided false information about yourself to a service provider or other member.
• Your actions may interfere with the functionality of the service.
• You are advertising third party resources.

RiseX — is it a scam?

ReiseX is convenient because it is possible to exchange the fiat for crypt currency and back here in the fastest possible time: registered within a couple of minutes, chose a deal, made a deposit from a card / wallet and met the conditions. On the other hand, it increases the risk of getting caught by the fraudsters. After all, verification here is carried out in a private manner (at the request of the provider to a specific client) – when creating a profile you do not provide anything.

The control of transactions is carried out by Support in a special trading chat, but no one will guarantee that everything will be successful. And after the completion of the transaction funds can no longer be obtained back. One of the advantages in favour of the reliability of the service is that it is regulated by the Estonian legal authorities, compensation is available if the other party fails to perform its obligations if the transaction has not been completed yet, and mandatory registration is required. RiseX is not a swindle, but we recommend to use the platform with care and without major injections at first.

Summary

RiseX is quiet a good option for those who do not have much experience in cryptocurrency trading. Beginners, we thought it would be a bit difficult to navigate the rules if it comes to transactions with other users. Otherwise, the platform is quite convenient. We would like to see more fiat and virtual currencies. The authors of comments also speak about it. Let’s hope that the service will develop, and it will not affect the quality of services provided.