Tipitek

Investigating Tipitek: A Comprehensive Review

Tipitek is a somewhat controversial cryptocurrency exchange with relatively few online reviews, but according to information on the official website, it has over 1 million users. The company is legally based in Singapore, with someone named Yee Seah serving as the CEO. The platform is owned by Cryptoves LLP, registered in 2017. Additionally, impressive statistics are presented: support for 176 countries and an average daily trading turnover of 312 million dollars. However, no license was found. The organization requires a detailed investigation to determine whether it is a scam or not.

Overview of Tipitek

Before opening an account and depositing funds here, it’s necessary to conduct a thorough analysis: study the platform’s operation and its trading conditions. This is especially important when planning to trade on a cryptocurrency exchange, where the potential risk is higher than with other types of companies.

Exchange History

So, Tipitek began operating in 2017. The legal entity Cryptoves LLP is registered in Singaporean jurisdiction, where it should have obtained a license. The CEO of the firm is Yee Seah, and the rest of the management team can be reviewed on the website, where the history of the crypto exchange’s development is also detailed. It has more than 1 million clients from 176 countries, with an average daily turnover of about 312 million dollars.

Tipitek.com Website

The official website does not resemble a cryptocurrency exchange, but more closely resembles a brokerage company. If you compare the websites of the top 10 popular centralized crypto exchanges, you’ll notice significant differences in their structure. Tipitek, on the other hand, offers a typical and template resource, where the top of the page features a standard panel with basic information:

• Products.
• Services.
• Info about the company.
• Prices.
• Affiliate program.
• Contacts.

Despite confident statements about a multimillion-client base and support for 176 countries, the site is only in English. Although the team and the organization are based in Singapore, suggesting a possible focus on Asian countries, no other language translations are seen. Tipitek shares extensive information about itself and its trading conditions, which is undoubtedly a plus. However, much of the text is meaningless, consisting of clichéd phrases and empty statements.

Registration Process and Personal Account

Creating a personal cabinet on Tipitek begins with providing a name and contact details, as well as creating a password. There was no need to confirm the provided phone number and email, as the dashboard interface opened immediately.

Instead of a standard client portal, where a user sees a list of their cryptocurrency in the wallet and can perform various operations, Tipitek has presented a trading platform into which the personal account is integrated. This two-in-one approach is unlikely to be convenient for traders. As practice shows, it’s more practical to separate the personal cabinet and the platform.

It’s noteworthy that besides English, another language is supported – Russian. Why is there Russian but not a single Asian language, even though the exchange is related to Singapore? Tipitek allows only a limited set of operations in the client portal: depositing funds, withdrawing funds, editing personal information, and uploading documents for KYC.

Many options are simply not available on Tipitek. Notably, users can supposedly change the color theme of the interface, but the button doesn’t work, making it impossible to switch from the dark version to the light one. How many more such shortcomings can be found here?

Tipitek does have a verification procedure, with a small area dedicated to uploading photos/scans of documents. The platform requests identity confirmation and a bank card. Firstly, how to upload documents for address verification? What if a client is a U.S. resident, which could later cause serious problems with the SEC for the exchange? Address verification is a standard process in any KYC procedure. Secondly, why does a cryptocurrency exchange need a bank card if it supports deposit/withdrawal using digital currency?

The KYC policy is strange, and the primitive, limited-functionality personal account and platform integrated into the client portal are quite a few negatives, even if we only consider the account interface.

Trading Platform

Tipitek offers trading on a relatively primitive platform. It’s a classic WebTrader with an interface from the popular TradingView service, so traders can use various tools for technical and graphical analysis, indicators, and other functions. Additionally, the platform supports pending orders, including stop-loss and take-profit. Market depth, an order book, and a transaction feed are available. Notably, some screenshots of the terminal on the website don’t resemble the platform presented in reality.

The website also has a section dedicated to the mobile version of the platform, with icons leading to the official Play Market/AppStore for downloading the app on smartphones. However, these icons are unclickable, so it’s unclear how to download the terminal. We suspect that there is no mobile version at all. Tipitek also supposedly developed a separate crypto wallet, which cannot be downloaded on smartphones either. A desktop version is not available.

Contacts

The crypto exchange Tipitek shares a large number of contact details. There are several emails, each oriented towards specific tasks:

• Financial Department – financial@tipitek.com.
• Technical support – tech@tipitek.com.
• Analytical Department – analytical@tipitek.com.
• Affiliate – affiliate@tipitek.com.
• Development – develop@tipitek.com.
• HR – HR@tipitek.com.
• PR – PR@tipitek.com.

Additionally, the company has kindly provided phone numbers from different countries:

• +19178096981 – USA.
• +35319610006 – Ireland.
• +6531590299 – Singapore.

The company’s headquarters are supposedly based at 194 Bishan Street 13, #03-537, 570194, Singapore, a location that still needs verification. However, based on photos from Google Maps, this address seems more like a residential building rather than an office space.

We decided to check the provided contact details, and here’s what we found interesting. Not all emails are real. For example, the analytics department’s email is fake. The phone number from the USA also looks strange. Is Tipitek fearless of the strict SEC and other American regulators, who would go to great lengths to track down the platform’s founders if even a single U.S. citizen is harmed? It’s no coincidence that almost all cryptocurrency exchanges refuse to work with U.S. residents. Even the most popular exchange, Binance, set up a separate legal entity, Binance.US, for this purpose.

Analysis of Services Offered by Tipitek

Let’s examine the trading conditions and opportunities available to clients.

Funding and Withdrawal

It’s not surprising that a cryptocurrency exchange supports digital currency for transfers. However, the absence of fiat transfer methods, such as bank cards or electronic wallets, is a significant drawback for those who prefer to legally purchase cryptocurrency directly on the platform. Another clear shortcoming of Tipitek is the limited list of cryptocurrencies for deposits and withdrawals. The platform only supports BTC, ETH, TRC, and USDT (TRC-20 or ERC-20).

Tipitek Trading Conditions

The firm offers six different types of accounts, a unique approach as crypto platforms usually offer a single rate, while Forex brokers often provide various tariffs. The higher the account type in Tipitek, the more additional services are available:

• Analytics in the form of emails and transaction history.
• Consultations from experts.
• Personal manager.
• Educational materials.
• Signals.
• Auto-trading.
• Risk-free trades.

A minimum deposit of $500 is also a strange condition for a crypto exchange. With each detail, it seems more likely that it is not a cryptocurrency exchange but rather a CFD broker. Typically, crypto platforms require minimal amounts for deposits. Additionally, Tipitek offers clients leverage ranging from 1:5 to 1:20, depending on the tariff.

Is the trading here actually conducted on the spot market? Or at least with futures contracts? We suspect that Tipitek allows trading exclusively with CFDs. Moreover, the user agreement also mentions specifically CFDs.

Unique Features

The cryptocurrency exchange offers unique services. Firstly, there are investment opportunities. Tipitek pays a monthly return of 1.5% to 4% to owners of account types from START+ and higher, with a deposit placement period of up to 180 days. Secondly, there’s an affiliate program offering rewards of 3% to 7% per referral, depending on the level. Thirdly, users can get a debit card with up to 9% cashback. Fourthly, there’s the service of a personal manager. Finally, options such as auto-trading and algo-trading, signals, analytics, and many other opportunities are available.

Is Tipitek Trustworthy and Reliable?

Now, the most interesting part – how safe is the platform, and can it be trusted? Let’s find out.

Assessing Legitimacy

At first glance, the conditions offered by this cryptocurrency exchange are atypical and more reminiscent of a CFD broker. Most likely, we are dealing with a CFD platform rather than a real platform where clients can buy and sell spot cryptocurrency. So, the first red flag with Tipitek is misleading its users.

The exchange is owned by CRYPTOVES LLP, registered in Singapore. This needs verification. Indeed, such an organization exists there, but it was struck down in 2021.

Additionally, the user agreement mentions two more jurisdictions: Estonia and the United Kingdom. It’s unclear why they are involved, and CRYPTOVES LLP is not found in either jurisdiction. It seems as if Tipitek gathered information from various places and combined it into one user agreement.

Furthermore, it’s noteworthy that the cryptocurrency exchange is not listed on popular crypto-monitoring sites like Coingecko or Coinmarketcap. Is it possible that it wasn’t added there in its 6 years of operation?

Established Track Record

Is it really true that the platform has been operational since 2017 and has more than one million clients? This is hard to believe. The domain of the official website was only registered in 2020, that’s one thing. Secondly, it was updated in July 2023. Thirdly, there are too few online reviews, and the name itself has never been mentioned either in business media or on social networks by major influencers and bloggers in the crypto industry. It simply cannot be that Tipitek has been operating since 2017 and has 1 million clients. Evidently, the company was only launched recently.

Implications for Traders

The exchange is not what it claims to be. It is an illegal organization that started operating very recently. We assume that Tipitek’s main goal is to deceive traders and investors, as well as to swindle them out of their money. The firm blatantly lies, showing a legal entity that was removed from the registry in 2021 and is unlikely to have any connection to this platform. We do not recommend opening an account or funding a deposit. It is very dangerous.

Strengths and Weaknesses of Tipitek