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Lockedmex.exchange – Is it a scam or is it legit?
Lockedmex.exchange is exactly what it sounds like. It was built to give people the possibility to trade the main Elrond tokens, EGLD, MEX, LKMEX, and now also ITHEUM. You can read more about the Elrond ecosystem in a separate article.
LKMEX represents LockedMEX which is given out as a reward for staking with a locking period of 1 year for the profit instead they offer higher APR and even some farms have a nice multiplier. They are shrinking over time, indeed but it’s still an amazing APR and with a good strategy, even if the MEX price is going down, the tokens received can put you in profit. Do your research with diligence and stay away from scammers to be safe.
As you can see in the image, you can notice the unlocked APR for the basic MEX farm is 20% and for LKMEX is 98%. In the liquidity providing, we can see even bigger numbers and a multiplier of 7.4%. I remember the beginning when the APR was flying around 1000%, good days.
If you would like to find out more about the Elrond ecosystem and Maiar Exchange, you can do so by reading Review: Elrond Ecosystem – Maiar Wallet & Maiar Exchange.
And also as a boot, if you want to sign up on Maiar and use my affiliate link you will 10 get a 10$ cashback reward in EGLD with my referral link.
To access the lockedmex.exchange you just have to put in as an URL. Simple as that and easy to remember. The website is also very minimal, clean, and straightforward. Easy to navigate for a simple job. I haven’t found another website yet that allows you to swap LKMEX with MEX or EGLD on the Elrond Blockchain.
After going on the website you have to connect your wallet to it. This is the part where your heartbeat might rise like I did the first time. You might be wondering, is it a scam? Or maybe should I use a spare wallet for testing? Well, here on Digital Earth Federation we test and experiment with our own personal data, our own time, and our own finance so you can have the best and most updated information about the products and projects out there, keeping you safe and informed.
In the right top corner, there is the connect button and by pressing it the above pop-up shows up and asks you to choose how will you connect your crypto wallet to the exchange. I used my Maiar app on an android phone. Connected as you would connect to maiar.exchange, by scanning the QR code and everything went fine and smooth. We have done a couple of transactions previously so I am not at the first one, all 5 transactions so far went fine. You can see the other 4 in the screenshot below. In total I transaction 0,7 EGLD for 1,055,000 LKMEX, not a bad deal if you think of it in the long term.
To trade on lockedmex.exchange head over to Swap in the top-right menu and as in every DEX, a simple interface where you can trade the 4 kinds of cryptocurrency. EGLD, MEX, LKMEX, and ITHEUM. The rates change and are reported to EGLD, we will not be talking about that today but in essence, you get two LKMEX for the price of one.
I chose to trade EGLD for LKMEX, not a big amount, just for demonstration purposes. To be honest, I heard about this exchange kind of late but hey, better late than never.
Then you just have to click on SWAP, sign it, and you are done. The transaction will be processed in seconds. For proof that we actually did try it and they are not just some edited photos, here is a screenshot of the transaction confirmation on blockchain and the Hash of it: fbbfa3bc6f326d0386630d85ae85852c7340591c37e2504463b3a42151b543d2
That is not all. Of course as with any crypto project these days, they have an interesting referral system in which you will get rewards. It works pretty simply with clear instructions so nothing too hard and everybody can benefit from it. Even we use affiliate links and earn a commission if you register or purchase through our links.
One, Two, Free, simple as that. They even have a lord of the rings themed level system to reward the ones that really help the community out and spread the word. I like the simplicity of the idea and presentation of it, even the characters. To be honest, it’s a really good job.
All the information and reward system is clearly and transparently shown on the website, the wallets can also be freely seen on the Elrond Explorer.
In conclusion, Lockedmex.Exchange has passed our tests and has been introduced to the investment tools that I use personally from day to day. It is a good way to take profit on the LKMEX high staking rewards but you have to do your own research financially so that this tool could or not sustain your strategy.
If you are going to use the exchange, you can use my referral link and help me grow my level to a mighty Dragon “ramisoboh”. Stay safe and always double-check before you connect your crypto wallet anywhere.