If you're thinking about using Pexpay to trade crypto, stop and read this first. What looks like a simple, low-fee exchange might be a trap. Multiple trusted sources - including scam databases, security analysts, and real user tests - warn that Pexpay is not what it claims to be. It's not just risky. It's flagged as a scam.
What Pexpay Claims vs. What Actually Happens
Pexpay says it's a beginner-friendly crypto exchange with Binance-level liquidity, zero fees on P2P trades, and fast withdrawals. Sounds great, right? But the reality is very different.They advertise 0% fees on spot trading for BUSD pairs and discounts for using BNB. But when users actually try to trade, the final price includes hidden spreads and merchant commissions. CashoutConsult tested this in 2023 and found that what looked like a cheap trade ended up costing more than expected. The advertised "low fees" were just marketing noise.
They also claim to offer "Binance liquidity." That’s a big red flag. No legitimate exchange can just copy another’s liquidity without a public partnership. Binance has never confirmed any relationship with Pexpay. Meanwhile, CoinMarketCap shows no real market depth data for Pexpay - meaning there’s little to no actual trading volume. If no one’s trading, how can you trust the prices?
Security Features? Barely There
Pexpay says it has two-factor authentication, withdrawal address whitelisting, and anti-phishing codes. On paper, that sounds okay. But here’s the catch: none of these features matter if the platform itself is untrustworthy.ScamAdviser scanned Pexpay’s website in February 2024 and found a "very low trust score." The site was down with a 503 error - meaning it wasn’t even accessible. And it hadn’t been scanned in over 30 days. That’s not a glitch. That’s a sign the site might be abandoned or intentionally hidden.
Even worse, the company behind Pexpay has no clear identity. No founding date. No registered office. No team names. Just a vague mention of being "registered in Seychelles." That’s not a badge of legitimacy - it’s a red flag. Seychelles is on the FATF’s watchlist for weak anti-money laundering rules. Many crypto scams register there precisely because it’s easy to hide.
Withdrawals? Don’t Count on Them
One of the biggest promises of any exchange is that you can get your money out. Pexpay claims withdrawals are quick. Real users say otherwise.CashoutConsult’s hands-on testing showed that withdrawals often get frozen by "anti-fraud checks" - with no clear reason why. Deadlines change without notice. Support responds with copy-paste messages, not real help. One user reported waiting over a week just to get an answer, only to be told to "wait for review."
And here’s the kicker: if your funds get stuck, there’s no way to escalate. Support doesn’t have access to your case details. It’s like talking to a bot that’s been programmed to say "we’re looking into it" - over and over.
Customer Reviews? Almost None
You might see a 4.0/5 rating for Pexpay on some sites. But look closer. That rating is based on just one review. That’s not a pattern. That’s a fake.CryptoGeek shows that rating - but only one review exists. Meanwhile, CashoutConsult’s own site has "No reviews yet" under complaints. That’s not normal. Legitimate exchanges have hundreds of reviews - good and bad. Pexpay has silence. Or worse, paid reviews planted by the operators.
BTCC’s site mentions "Perpay Inc." with a 2.19-star rating. That’s a different company - misspelled on purpose to confuse people. This kind of bait-and-switch is classic scam behavior.
Why Experts Say It’s a Scam
CryptoLegal.uk - one of the largest global databases of crypto scams - lists Pexpay as a "reported scam company." They include it in the same category as pig butchering schemes, rug pulls, and fake recovery services. These are not mistakes. These are criminal operations.Chainalysis’ 2024 Crypto Crime Report found that pig butchering scams - where victims are groomed into investing fake crypto - increased by 34% in the past year. Pexpay fits the profile perfectly: simple interface, big promises, no transparency, and a lack of verifiable history.
Even ForkLog, which gave Pexpay a somewhat positive review in 2023, admitted it’s only "suitable for learning" - not serious trading. And that’s coming from a source that usually gives platforms the benefit of the doubt.
What You Should Do Instead
If you want to trade crypto safely, use platforms with real track records:- Kraken - Transparent, regulated, and has been around since 2011.
- Coinbase - User-friendly, insured custodial wallets, and SEC-compliant.
- Binance - High liquidity, low fees, and verified partnerships.
- Bitstamp - One of the oldest exchanges, based in Europe with strong compliance.
These exchanges don’t hide their team, location, or financial audits. They publish regular reports. They have customer service that answers real questions. And most importantly - people can actually withdraw their money.
The Bottom Line
Pexpay isn’t a crypto exchange you can trust. It’s a high-risk platform with no transparency, no verifiable history, and multiple red flags from scam-tracking agencies. The low fees? Hidden. The fast withdrawals? Rare. The security? Superficial. The reviews? Fake.If you’ve already sent funds to Pexpay, don’t wait. Try to withdraw immediately - but don’t expect success. If you haven’t deposited yet, walk away. There are dozens of safe, reliable alternatives. You don’t need to risk your money on a platform that’s already been labeled a scam by experts.
Real crypto trading doesn’t need flashy promises. It needs honesty. And Pexpay doesn’t have that.
Is Pexpay a legitimate crypto exchange?
No, Pexpay is not legitimate. Multiple trusted sources, including CryptoLegal.uk and ScamAdviser, classify it as a scam. The platform lacks transparency, has no verifiable company details, and has been flagged for fraudulent behavior. Its website has also been offline multiple times, which is a major red flag.
Can I withdraw my crypto from Pexpay safely?
Withdrawing from Pexpay is unreliable. Users report that withdrawals get frozen by "anti-fraud checks" with no clear explanation. Deadlines change, support responds with generic replies, and many users never receive their funds. There’s no guarantee you’ll get your crypto out, even after you’ve traded.
Does Pexpay really offer Binance liquidity?
No, there is no verified connection between Pexpay and Binance. Binance has never confirmed any partnership. Claims of "Binance liquidity" are marketing tactics used by fake exchanges to appear more trustworthy. Independent tests show Pexpay has minimal trading volume and no real liquidity depth.
Why is Pexpay registered in Seychelles?
Seychelles is a jurisdiction known for weak financial regulations and poor anti-money laundering enforcement. Many scam crypto platforms register there because it’s easy to hide ownership and avoid oversight. A Seychelles registration doesn’t mean legitimacy - it’s a warning sign.
Are the positive reviews for Pexpay real?
Most positive reviews are fake. One site lists a 4.0 rating based on just one review. Other sites show no reviews at all. This is a common tactic used by scams to create false credibility. Legitimate exchanges have hundreds of reviews from real users - both good and bad.
What should I do if I already sent money to Pexpay?
Try to withdraw immediately - but don’t expect success. Once funds are sent to a scam platform like Pexpay, recovery is extremely rare. Report the platform to your local financial authority and warn others. Avoid sending more money. Consider this a loss and move to a trusted exchange going forward.
Is Pexpay still active?
As of early 2025, Pexpay’s website has been intermittently unavailable. ScamAdviser noted it hadn’t been scanned in over 30 days. This pattern of disappearing and reappearing is typical of short-term crypto scams that vanish after collecting funds. Don’t assume it’s back just because the site loads again.
