Polaris Ex is one of the latest crypto trading platform scam sites that claims to offer Bitcoin options together with an exchange.
The website states that it’s ‘Asia’s Top Exchange’ yet there’s very little about the platform online.
One thing that’s clear though is that it’s a total scam and not a legit exchange.
I heard about Polaris Ex by a would-be investor who’d been approached by someone on social media claiming they could guarantee a 3x return on a deposit of 5,000 USDT.
This tells you it’s a scam straight away.
No legitimate financial institution or platform, whether crypto or not, would ever make such a promise, in fact there’s no crypto/stock market investment that can guarantee returns.
How the Polaris Ex scam works
Unsuspecting investors are usually contacted through a social media platform such as WhatsApp or Telegram by someone who then befriends them.
The conversation moves to crypto investing and the victim is shown a ‘sure thing’ where they can realise huge profits.
After depositing funds the victim will see their account balance soar, but when they come to withdraw their money their account will be blocked.
The scammers will then demand a fee or commission to unlock the funds, which is just another way of getting more money from the victim.
Paying this additional fee will only prompt further demands of cash or crypto until the victim runs out of funds.
This is very similar to the way crypto romance scams work.
Accounts from Polaris victims
Here are first-hand accounts from people who’ve fallen victim to the Polaris Ex scam.
"I was added to a Telegram group and then they started showing in the group trading instructions by MSW asset management Ltd and that by following it, it was showing an increased income. I deposited USDT then by following the trading instructions my USDT increased. But I can't withdraw any of it. All the transactions would be pending. I now know it's a scam and I've lost my money." "I also got scammed by this polaris exchange. 1st I got into a group named as msw trading gp then they started sending messages on it which shows huge profit and it's a group of people which make u believe it's true, so I got trapped and deposit USDT in the account. After that they seny me to a different group where after trading my profit increased substantially but when I wanted to withdraw they asked me to deposit 30% of profit first only after that I can withdraw money. Then only I realize that they are scammers but it's too late. I lost my hard earned money." How to tell Polaris Ex is a scam crypto trading site
Fortunately, the person contacted us first before losing any money. But there are plenty of tell-tale signs that show Polaris Ex to be a scam.
They include:
- At the time of writing the domain name was less than two months old.
- The returns promised were completely unrealistic and unattainable.
- The site is poorly designed with broken English throughout.
- Other content appears to have been scraped from other sites and doesn’t relate to the platform.
- The app links are direct downloads rather than official Android and Apple apps.
- Legitimate financial institutions don’t approach people through social media promising them 3x returns.
- There is no information about the company, team or registration address/contact details on the site.
For more, read my ultimate guide to spotting a crypto scam.
If anyone contacts you claiming to represent this site, do not engage them in conversation and block them straight away.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.