Although they welcome you to trade smartly, investing with Arrexpro would not be a smart idea. This broker leaves much to be desired. They claim that millions of users have trusted this firm.
However, that’s questionable because they are scammers. They have also not provided any evidence to support this claim. As a trader, you should always look for honest and transparent crypto brokers to avoid losing your hard-earned money through shady means.
You can trade shares, indices, CFDs, cryptocurrencies, and forex on this broker’s platform. They claim to have over 600 assets to trade and that customers are happy with their services.
Some of the reviews on the website are questionable because one of them is from a “John Doe.” When we clicked to read more about the reviews, they were inactive. It’s obvious that they were fake and just one of the broker’s tricks to scam people.
On whois.com, we found something rather disturbing. The broker’s domain was registered in 2022 and will expire in 2024. The broker has hence been online for less than two years at the time of writing this review. It is therefore impossible for them to have accumulated millions of customers as they claim. No business can grow that fast unless it is illegal. Furthermore, the forex trading business is very competitive.
An explanation of the company's background, ownership structure, and history demonstrates that the broker is open to sharing all relevant information with clients. The broker's credibility can be enhanced by providing a background about the founding team, their involvement in the financial markets, and any noteworthy accomplishments.
Emphasizing distinctive facets of the business's heritage or core principles might make the broker stand out from the competition. Despite the importance of this background, Arrexpro has not provided it, leaving many to speculate about its origin.
The broker claims to have headquarters on Canton Road, Tsim Sha Tsui, Hong Kong. They also have a phone number and an email. All this is good if it is reliable. Just because the broker has given this seemingly reliable information does not make them legit. They could just be doing this to earn traders’ trust. It’s possible that the phone number does not even work.
Also, although the firm has given a physical address, it is incomplete. Simply giving the name of the street and city is not enough. The broker should include the name of the building where their office is based as well as the room number. This way, the clients can easily access them if necessary. It also makes it easy for the investigating authorities to reach the broker.
The spread for major currencies on Arrexpro is 1.5 pips. This is the standard number for many brokers. However, the broker is mum about the leverage and commission charges. These are important parameters that traders consider when choosing a broker.
We also noted that the broker only allows two deposit and withdrawal methods, namely: cryptocurrency and wire transfer. Worryingly, however, these methods don’t allow you to request a refund or chargeback, making them suitable only for scammers.
After our thorough investigation, we realized that Arrexpro is not what it seems. The dubious broker claims to be operating a legitimate business in Hong Kong, but all these are lies.
The Hong Kong Securities and Futures Commission (SFC) has not licensed them. Disturbingly, the Australian Securities and Investments Commission (ASIC) has sent a strong warning about the broker, advising traders against working with them.
We also found no information about the parent company behind the broker. Also, the links to the Terms and Conditions are inactive. It is hence impossible to register an account with the broker. The lack of legal details makes the broker illegitimate.
Arrexpro is a scam broker. This shady firm has provided misleading information about its operations with the aim of defrauding people. There are, however, many other honest and trustworthy brokers in the market today.
All is not lost, therefore, and you can still trade freely and seamlessly in the forex market. It is, however, advisable to research properly before trusting any broker, despite what they may promise on the website.
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