Fake Crypto Exchange UK: Spot a Cloned Trading Platform
A UK-facing crypto firm should appear on the FCA's relevant register, but even registered crypto firms are high risk and usually outside FSCS protection.
What a fake crypto exchange looks like
This scam is a website or app built to closely copy a real, established cryptocurrency exchange — matching its branding, layout, and even its customer-support pages — to convince you to create an account and deposit money. An example of the style: Your exclusive early-access account is ready — deposit now to lock in this week's bonus rate. Some fake exchanges let you make small, genuine-looking withdrawals early on specifically to build your confidence, before the platform stops responding once you deposit a larger sum.
Warning signs to look for
- The web address is close to, but not exactly, the real exchange's domain — check it character by character, not at a glance.
- It promises guaranteed returns or bonus rates well above anything a genuine exchange advertises.
- You found it through an unsolicited message, social media ad, or a "personal account manager" who contacted you first.
- Customer support only exists through WhatsApp or Telegram, not the ticketing system or verified channels a genuine exchange publishes.
- You're asked to send cryptocurrency directly to a personal wallet address rather than through the platform's normal deposit flow.
- Under the FCA's rules for cryptoasset promotions aimed at UK consumers, firms must show prominent risk warnings and cannot use incentives such as "refer a friend" bonuses — a platform doing neither is a red flag. The introduction usually arrives in a messaging app rather than on the exchange itself — see our WhatsApp investment scam guide.
How this scam works step by step
Contact usually starts with a social media ad, an unsolicited message, or a "trading opportunity" from someone who reaches out first. The linked site looks convincing, sometimes copied wholesale from a real exchange. You create an account, deposit funds by bank transfer, card, or by sending existing cryptocurrency, and the balance shown in your account rises accordingly — some platforms even allow a small withdrawal at this stage to build trust. A "personal account manager" then encourages a larger deposit, often citing a limited-time bonus.
Once that larger sum is sent, the account freezes, support goes silent, and the site typically disappears within days.
How to verify an exchange is genuine
Type the exchange's web address directly into your browser rather than following any link sent to you, and compare it character by character against the address you know independently. Check the FCA Firm Checker (fca.org.uk/consumers/fca-firm-checker), the Financial Services Register (register.fca.org.uk), and the FCA's cryptoasset register where relevant — a UK-facing exchange handling cryptoasset business should be registered, and if it isn't listed, don't deposit. Registration is not the same as FSCS protection: the FCA warns crypto is high risk and you should be prepared to lose all the money you invest.
Genuine cryptoasset promotions aimed at UK consumers are required to carry prominent risk warnings and to apply a 24-hour cooling-off period before a first-time investor can proceed — the absence of either is a red flag, not a neutral sign. For further steps, see Is This Website a Scam? A Practical Checklist Before You Buy.
What to do if you've already deposited
Stop sending any further money immediately, including in response to a request for a larger deposit to "unlock" a withdrawal. If you paid by card or bank transfer, contact your bank straight away to explain what happened. If you sent cryptocurrency, note the receiving wallet address — recovery is very difficult once confirmed, but the address is still useful to investigators. If you uploaded identity documents to the platform, treat your details as compromised and watch your accounts and post for signs of identity misuse.
How to report a fake crypto exchange in the UK
Report it to Report Fraud at reportfraud.police.uk or 0300 123 2040 if you're in England, Wales, or Northern Ireland, with the platform's web address, any messages, and transaction details. In Scotland, report to Police Scotland on 101. Report a suspected unauthorised firm to the FCA on 0800 111 6768, forward a phishing email to report@phishing.gov.uk, and forward a text to 7726.
Frequently asked questions
How do I know if a crypto exchange is genuinely FCA-registered?
Check the FCA Firm Checker (fca.org.uk/consumers/fca-firm-checker), the Financial Services Register, and the FCA's cryptoasset register where relevant — search by the firm's name, not a name or link the platform itself gives you. If it is not listed for the activity it claims to carry out, do not deposit; even registration does not mean crypto holdings have normal FSCS protection.
The platform let me withdraw a small amount — doesn't that prove it's genuine?
No — this is a known tactic. Some fake exchanges deliberately allow a small early withdrawal specifically to build confidence before asking for a much larger deposit, at which point the account is frozen and support disappears.
Can I get my money back if I've already deposited with a fake exchange?
If you paid by bank transfer or card, contact your bank immediately and explain what happened. If you sent cryptocurrency, it's very difficult to recover once confirmed, though reporting the wallet address to Report Fraud, or to Police Scotland on 101 in Scotland, still helps investigators trace the network.
How do I report a fake crypto exchange in the UK?
Report to Report Fraud at reportfraud.police.uk or 0300 123 2040 (Police Scotland on 101 in Scotland), and to the FCA on 0800 111 6768 if it claimed to be authorised. Forward phishing emails to report@phishing.gov.uk and texts to 7726.
Sources checked
- FCA — Cryptoasset firms marketing to UK consumers
- FCA — Registered Cryptoasset Firms register
- Report Fraud — reporting a fraud, and who the service covers
- Police Scotland — contact us: non-emergencies on 101