On May 2nd, 2024, cryptocointrace encountered a potential scam through its CRM. The SEC also cautioned that this might be a fraud case. After careful review, it appears that Hcoinrex is a platform that deals with cryptocurrency. Based on user reports, withdrawing funds is very difficult. This is a major flag because legitimate exchanges allow easy access to your crypto. Hcoinrex also charges a 15% personal income tax fee to withdraw funds which is very strange. Reputable exchanges have transparent fee structures, usually based on trading volume.

Due to the red flags, It is best to avoid this platform. 

What To Do If You Were Scammed By This Broker

Make sure you gather all information and records of communication, including bank statements. File a complaint with local authorities or financial regulators in your country. Consider reporting to the SEC, FCA, or ASIC. 

Report the scam to Cryptocointrace, an organization dedicated to investigating online scams and tracing lost funds to help victims in the process of fund recovery.