Warning
Warning: Millionero Cryptocurrency Exchange
Millionero, founded in 2021 under CEO Syed Suleman Kazim, operates in Europe and Asia. The platform offers trading on two markets:
• Spot market – trading at current cryptocurrency prices.
• Perpetual contracts – derivative instruments with no expiry date.
Key red flags:
1. Hidden and extreme holding fees
The platform does not clearly disclose a $86 USD fee for every 8 hours of holding a position, which can quickly erode invested funds. This is a predatory cost structure typical of unregulated exchanges.
2. High volatility and leverage risk
Perpetuals with leverage can wipe out positions even with minor price movements. Additional unpredictability comes from fluctuating funding rate fees, which may further increase losses.
3. Weak or no regulatory oversight
Without supervision by a reputable regulator, there are no safeguards against manipulation, misuse of personal data, or fraudulent trading practices.
4. Manipulation and psychological pressure
Brokers create a false sense of friendship and trust, pushing clients to continuously increase deposits. Statistics suggest that up to 75% of clients end up losing their funds.
5. Aggressive behaviour when faced with complaints
Clients who complained about unprofessional or severely mishandled customer service reported being threatened with lawsuits. Such intimidation tactics are used to deter public criticism and formal complaints.
Risk summary
Risk Details
Hidden fees $86 USD/8h, undisclosed, rapidly depletes investment
Liquidation & leverage risk Small price moves can destroy positions; funding rate increases losses
Lack of regulation No oversight by the Czech National Bank (CNB) or other reputable authority
Manipulation & pressure Continuous push to add more funds, false trust-building
Security threats Hacks, data leaks, irreversible losses
Client intimidation Legal threats when complaints or negative reviews are made
Legal Notice: Slovak firm cold-calling Czech clients – when is it legal?
• Slovak companies offering financial or investment services to Czech residents via telemarketing must have a CASP licence from the Czech National Bank (law effective from 15 February 2025).
• Without this licence, active marketing to the Czech market is illegal and exposes the company and its representatives to sanctions.
• The only exception is reverse solicitation – when the Czech client initiates the contact without any prior marketing activity from the firm.
Consumer Alert: Millionero Cryptocurrency Exchange
We strongly warn against trading on the Millionero platform!
Founded in 2021 by Syed Suleman Kazim, Millionero operates mainly in Europe and Asia and offers cryptocurrency trading on spot and perpetual markets.
Main risks:
• Hidden extreme fees – holding a position can cost $86 USD every 8 hours, undisclosed in advance.
• High probability of loss – up to 75% of investors lose their money; the business model resembles gambling.
• Aggressive marketing and cold-calling – the firm repeatedly contacts Czech residents without a CNB licence.
• Psychological pressure – brokers push clients to increase investments, often under the pretext of “securing the account”.
• Threats when complaining – clients report being threatened with lawsuits if they give negative feedback or file a complaint.
• No regulation or protection – funds on this platform are not supervised by any reputable authority, with no guarantee of recovery.
Recommendation:
Avoid any contact with Millionero. Investments on this platform are high-risk and can lead to a total loss of funds.
Legal note:
A Slovak firm offering financial or investment services to Czech residents by phone must have a licence from the Czech National Bank. Without it, the activity is illegal under Czech law.
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