5 Top Scam Schemes with Cryptocurrency Exchangers – and possible solutions


The more popular cryptocurrency becomes – the more fraud is happening in this industry. Most scammers are attracted by cryptocurrency exchangers, as they are places with the highest concentration of cryptocurrency.

A cryptocurrency exchanger is a service where users can exchange traditional money into cryptocurrency and vice versa, along with exchanging cryptocurrencies into other cryptocurrencies, such as BitCoin into Ethereum, or LiteCoin into Ripple, for example.

There are classical crypto exchangers and P2P exchangers:

  • A classic exchanger is an exchange service that charges a fee for its services in the form of a commission.
  • A P2P exchanger is a cryptocurrency exchange directly between users.

Five most common scam schemes with cryptocurrency exchangers:

1.     Inattention to commas
The scheme is designed for P2P exchanges. The fraudster promises that he will be the first who transfers money. But, for example, instead of $1007, he transfers you $1.007. Fraudster hopes that you will be inattentive, confuse comma with a point and send the whole amount to him.

2.     Fake exchangers
Scammers create a site that imitates an exchanger, most often it consists of just a couple of pages. They attract users with incredibly profitable rates.

3.     Phishing
In this case, fraudsters already create a site that completely imitates a well-known exchanger and advertise it through search engines, crypto user forums, currency sites, etc. Phishing creators often communicate with victims on behalf of the support team.

4.     Address spoofing
The scheme is used for P2P exchangers. The profile information of the exchanger’s user is hacked and false addresses for accepting cryptocurrency or a false Telegram contact are placed. Usually, the user does not immediately notice that the addresses have been spoofed.

5.     Money laundering
You are paid the full agreed amount, let’s say $10,000 with an electronic payment system. But this amount is sent in parts at $500, $600, $1500. In most of the cases, it is a sign of “money laundering” from the drug trade. As a rule, payment systems consider such transactions as suspicious and block the account.


AxiCash is Aximetria’s proposed solution to put a stop on illegal and life threatening ways to dealing with cryptocurrencies. AxiCash is developed with a mission to provide the people of the world, the freedom to choose what they wish to do with their money. People with government restrictions or unstable economies suffer more than anyone else because they can’t use their fiat money to buy into crypto easily.

There are multiple hindrances in cross-border remittances and to buy/sell crypto in Argentina, Brazil, India, etc where you pay huge commissions. There are also limits in South Africa on cryptocurrency transactions that can also be blocked by some banks.

P2P services like AxiCash solve these problems. AxiCash enables people to buy and sell cryptocurrencies without the use of bank cards, and most importantly – without the risk of running into scammers!
The Mechanism

AxiCash is unique from other similar peer-to-peer financial services as it ensures the security of cryptocurrency transactions due to KYC procedures and secure blockchain technology. The main link in transactions through AxiCash are the ‘Agents’ – Aximetria users who are willing to make transactions with other users with restrictions on the use of bank cards.

The user interaction algorithm in AxiCash is extremely simple:

– The buyer registers in the Aximetria application and goes through the authorization process.

– In the AxiCash section of the app, the buyer indicates the type of transaction (exchange, purchase, sale or transfer) and the amount, and then selects on the map the nearest Agent. Each Agent has a rating, which Aximetria makes based on scoring by peers.

– After filling out the application, the buyer receives a confirmation from the Agent about the possibility of a transaction. The size of the commission, available currencies and maximum amounts for exchange with different Agents may vary.

– The buyer transfers the funds to the Agent – for example, in cash at a meeting or transfers the agreed amount to an electronic wallet.

– As soon as the Agent confirms the payment, Aximetria automatically transfers the cryptocurrency to the buyer’s account.

AxiCash beta testing is scheduled to be completed in February 2020, after which the service will work in full mode.


· Works with all banking cards – top up and withdraw funds to any bank card worldwide

· Native crypto, with full control over the funds

· 5-7% cheaper than other services

· Zero-fee environment, i.e. no commission on exchange

To survive and evolve in this system, it is important that assets can be spent within the service and Aximetria is continuously working on developing functions in this direction which blends right with AxiCash

· AxiDrop – Integrates with Axicash and provides remittance service to anyone in the world just by knowing a phone number.

· Access to Aximetria Marketplace, where users can spend their crypto on goods and mass consumption services.
Growth Through Numbers

Founded in 2018, Aximetria is one of the world’s fastest growing startups, evolving from product idea to product launch in just 11 months. The company has already earned the trust of more than 100,000 active users worldwide, with a 30% onboarding rate in selected regions, such as Brazil and Argentina.

Based on customer data, Aximetria’s turnover consists of 68.3% of BTC from Brazil, 53.2% from LATAM and 96.2% globally along with 25.9% ETH from Brazil, 39.4% from LATAM  and 2.6% globally.

Number of transactions in BTC are: 

Brazil – 57.4%

LATAM – 49.3%

World – 71.5%

And for ETH 

Brazil – 35.7%

LATAM – 45.4%

World – 24.9%.


Average ticket size of 487$ from Brazil, 162$ from LATAM and 1838$ globally:

· AxiCash Projections for 2020 are $40 million.


About Aximetria

Aximetria is a crypto-friendly mobile finance service that helps overcome economic restrictions. It combines the capabilities of payments using a bank card and the technological advantages of cryptocurrency to ensure fast, secure and easy cross-border payments, transfers and savings. The application supports transactions and exchange operations both in fiat (US dollars, euros and rubles), and in digital currencies. Aximetria provides all the advantages of a local bank, including cashback, bonuses and other expected features and benefits, plus the ability to easily convert fiat to crypto (and vice versa) and much more. Aximetria creates the best experience of using cryptocurrency as a technology and strives to make the financial system more open, transparent and effective for everyone globally.