If you’re searching for an IQFinex crypto exchange review, you’re probably wondering if it’s safe to use. The short answer: IQFinex is not just inactive-it was a scam that disappeared in 2020, taking users’ money with it. There’s no way to log in, no customer support, and no way to recover your funds. This isn’t a case of bad service. This is fraud.

What IQFinex Claimed to Be

IQFinex presented itself as a Swiss-based cryptocurrency exchange launched around 2018. Its website promised a clean interface, advanced trading tools, and low fees-everything a new trader might want. Some early users on forums like Bitcoin Talk praised the design. One wrote, “In my opinion, in principle, an excellent exchange, there are prospects! I liked the design, trading platforms, everything is clear and…” That post, with over 4,600 views, was one of the last signs of life from the platform.

But here’s the catch: none of those claims were real. No Swiss regulatory license. No verifiable team. No published whitepaper. No API documentation. No security audits. Legitimate exchanges publish these things. IQFinex didn’t even try.

The Red Flags Were Everywhere

Most scam exchanges hide their flaws behind flashy websites and fake testimonials. IQFinex did that-but it also made other classic mistakes:

• False location: Claimed to be based in Switzerland, but Swiss financial regulator FINMA had no record of it.
• No regulatory compliance: Didn’t register with FinCEN (U.S.), FCA (UK), or any other major financial authority.
• Zero transparency: No fee schedule, no deposit/withdrawal limits, no proof of reserves.
• Marketing to beginners: Used forums like Bitcoin Talk to build trust with new investors who didn’t know what to look for.
• Similar name to legit exchanges: The name “IQFinex” was clearly meant to sound like “Bitfinex,” a real, regulated exchange founded in 2012.

It Shut Down-And Took Everything With It

On October 1, 2020, IQFinex vanished. Its website went dark. Its support tickets stopped being answered. Users who tried to withdraw their Bitcoin, Ethereum, or other crypto found their accounts locked. No emails returned. No phone calls connected. No updates posted.

This is called an “exit scam.” The operators collected deposits, built fake trust, then disappeared. It’s one of the most common ways crypto scams operate. According to the Cambridge Centre for Alternative Finance, 68% of failed crypto exchanges between 2017 and 2020 followed this exact pattern.

Official Sources Confirm It’s a Scam

You don’t have to take our word for it. Here’s what trusted sources say:

• Cryptowisser: Listed IQFinex as “down and no longer accessible” and explicitly labeled it a scam.
• Cryptolegal (UK): Included IQFinex in its 2025 “List of Reported Scam Companies,” alongside other known frauds like 7ebit Exchange and 7exchange.lidonft.info.
• Chainalysis: Their 2020 report showed that only 15% of the 3,200 crypto exchanges operating at the time were legitimate. IQFinex was not one of them.

Why People Got Hooked

It’s easy to see why people trusted IQFinex. It looked professional. The interface was simple. The promises were tempting: low fees, fast trades, advanced charts. For someone new to crypto, it seemed like a safe bet.

But here’s what they didn’t see:

• Real exchanges like Kraken and Coinbase are registered with government agencies. IQFinex wasn’t.
• Legit platforms use cold storage for 92% of user funds. IQFinex had no public proof of how they stored assets.
• Top exchanges offer 24/7 customer support. IQFinex’s support vanished with the website.
• Even newer exchanges like MEXC publish API docs within months of launch. IQFinex never released a single technical document.

What Happened to Users’ Money?

No one knows exactly how much was lost. But hundreds, possibly thousands, of users had funds locked in IQFinex accounts. There was no insurance. No recovery process. No legal recourse.

Unlike major exchanges that carry third-party insurance (76% of top platforms do), IQFinex operated like a shell company. When the operators pulled the plug, the money was gone-moved to wallets they controlled, never to be seen again.

How to Avoid IQFinex-Style Scams Today

The same tactics used by IQFinex are still out there. Here’s how to stay safe:

1. Check regulatory status: Look up the exchange on official sites like FinCEN (U.S.), FCA (UK), or FINMA (Switzerland). If it’s not listed, walk away.
2. Look for proof of reserves: Reputable exchanges regularly publish audits showing they hold enough crypto to cover all user balances.
3. Read independent reviews: Don’t trust forum posts from 2019. Check Cryptowisser, CoinGecko, or Finder’s latest ratings.
4. Never trust names that sound like big exchanges: IQFinex, BitFinex, CoinBase, Kraken-scammers copy names to trick you.
5. Start with well-known platforms: Coinbase, Kraken, Binance, Crypto.com-all have years of public records, regulatory compliance, and user protection policies.

Bottom Line: IQFinex Is Dead. Don’t Look Back.

IQFinex isn’t just a failed exchange. It’s a warning. It used the same tricks that still target new crypto users today: a clean website, fake praise, and the promise of easy profits. But behind the scenes? Nothing. No infrastructure. No legal protection. No accountability.

If you’re thinking of trying a new exchange, ask yourself: Is this registered? Is this transparent? Can I verify it? If the answer is no, then you’re not investing-you’re gambling with your money.

IQFinex is gone. The money is gone. The only thing left is a lesson: never trust a crypto exchange you can’t verify.