Cryptocurrency and online trading have become the dream ticket for many people looking to grow their wealth fast. With flashy ads, promises of huge returns, and testimonials that seem too good to be true, it’s no wonder people are drawn to these platforms.
One such platform that’s been making the rounds is BuddyX, a crypto and forex trading app. But here is the real question: is BuddyX crypto app legit, or is it just another Ponzi scheme that could burn your hard-earned money?
In this blog, we’ll break down everything you need to know about BuddyX, its founders, operations, red flags, and how to stay safe.
Is BuddyX Crypto App Legal in India?
At first glance, BuddyX looks like a modern cryptocurrency and forex trading platform.
It promises AI-powered trading bots, social trading features, and even a multichain wallet where you can store your digital assets.
The platform claims that investors can earn huge returns with minimal effort.
Sounds great, right?
But here’s the catch. Despite all the fancy tools and claims, there is no verifiable evidence that BuddyX actually makes money through real trading.
In reality, the payouts that some users do receive are most likely funded by new investors, which is the hallmark of a Ponzi scheme.
BuddyX also promotes its own cryptocurrency token, BDYX, which supposedly has high potential.
But according to available data, BDYX is ranked very low in the crypto market and has a negligible real-world value.
In short, the returns users are promised are not backed by legitimate trading or a strong token economy.
So, at this stage, it’s already clear: the platform is not operating like a normal, legitimate investment company.
Modus Operandi of BuddyX App
BuddyX claims to generate profits through AI trading bots and social trading networks. However, investigations show no real trading is happening. Its operations rely heavily on:
- Continuous inflow of new investors to pay old investors
- Aggressive marketing tactics
- Lack of transparency on actual profits or trades
This is why the platform is widely recognized as a Ponzi scheme in the crypto space.
BuddyX Crypto App Ponzi Scheme
To understand why BuddyX raises so many red flags, it’s important to recognize the Ponzi scheme model it follows.
Founders and Key Individuals
- Mahesh Sharma is the mastermind behind BuddyX. He’s reportedly an Indian national operating from Dubai and has a history of running Ponzi schemes, including Buddy Corp, BuddyX, Intellexa, and BuddyEx.
- David White acted as the former head of business for the UK and Europe at BuddyX, helping promote the platform internationally.
These individuals have been associated with platforms that collapsed after defrauding investors, showing a pattern of fraudulent activity.
Evolution and Rebranding
BuddyX has undergone multiple rebrands to avoid scrutiny:
- Buddy Corp: The original platform.
- BuddyX: Promised crypto and forex trading returns.
- Intellexa: Marketed as an AI trading bot platform, similar to operations.
- BuddyEx: Rebranded again to continue operations.
- BuddyDex: Decentralized exchange linked to the ecosystem, now inactive.
Each rebranding helped attract new investors while distancing the platform from prior complaints and collapsed schemes.
BuddyX Scam
If you’re considering investing in BuddyX, here are some serious warning signs that prove that it is a scam:
- No Regulatory Registration: BuddyX is not registered with any regulatory authority in India or abroad. Investing in unregistered platforms is extremely risky.
- Unrealistic Returns: The platform promises high, guaranteed returns. In legitimate trading, no one can guarantee profits, especially in volatile markets like crypto.
- Opaque Operations: There is very little information on how money is actually being made. The company doesn’t provide verifiable financial reports.
- Aggressive Recruitment: Investors are encouraged to bring in new members, creating a pyramid-like structure.
- Previous Platforms Linked to Fraud: BuddyX is part of a pattern of schemes, including Buddy Corp, Intellexa, BuddyEx, and BuddyDex, all of which collapsed.
- Rebranding to Evade Detection: Frequent changes in names and domains suggest the operators are trying to avoid legal scrutiny.
- Regulatory Sanctions: Intellexa, one of the previous entities, faced sanctions for involvement in illegal activities, highlighting the risks.
All these signs together strongly suggest that BuddyX is part of a Ponzi scheme and should be treated with extreme caution.
How to Report a Ponzi Scheme?
If you’ve invested in BuddyX or suspect it’s a scam, you can take the following steps to report cryptocurrency complaints in India:
- Report to SEBI
- File a complaint online through SEBI SCORES, the official portal for investor grievances.
- Provide details of your investment, including screenshots, transaction IDs, and communication records.
- File a Cyber Crime Complaint
- Visit your local police station or cybercrime cell to complain.
- You can also file a complaint online by visiting the portal.
- Bring all relevant documents, such as payment proofs, emails, and chat conversations with the platform.
- Document Everything
- Keep copies of all transactions and communications.The more evidence you provide, the stronger the case for investigation.
Reporting promptly increases the chances of authorities taking action and helps prevent others from falling victim to the BuddyXcrypto app scam.
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Conclusion
The BuddyX crypto app is not a legitimate platform. Operated by Mahesh Sharma, it follows a Ponzi scheme model, promising high returns funded by new investors instead of real trading profits.
Frequent rebranding and opaque operations are major red flags.
Investors should avoid such platforms, report any involvement to authorities, and stay cautious; if it sounds too good to be true, it probably is.
