Exorays Reviews: Is this site a scam or legit?

Is Exorays Legit or a Scam?

The answer isn’t straightforward. While Exorays boasts of regulated licenses and sleek trading platforms, whispers of a potential scam lurk beneath the surface. Before entrusting your hard-earned cash to this broker, let’s dissect the red flags and customer complaints to unveil the truth behind Exorays.

What is Exorays?

Exorays presents itself as a multi-asset broker, offering trading in forex, CFDs, commodities, and even cryptocurrencies. They lure customers with promises of tight spreads, leverage up to 1:1000, and access to various trading platforms, including MetaTrader 4 and their proprietary web-based platform.

Exorays Details

Here are some details about this broker.

Deposits and Withdrawals

While Exorays boasts multiple deposit methods, including credit cards and e-wallets, withdrawal processes raise concerns. Users report lengthy delays, unexpected fees, and even blocked withdrawals altogether. This lack of transparency regarding withdrawal procedures is a major red flag.

Account Types

Exorays offers four account types with varying benefits like tighter spreads, dedicated account managers, and educational resources. However, many reviews suggest these benefits are minimal and fail to justify the increased minimum deposit requirements for higher tiers.

• Standard – $5,000
• Advanced – $25,000
• Pro – $50,000
• Premium – $100,000
• VIP – Special approval only

Red Flags and Warning Signs

The website may lead you to believe that you are working with a globally recognized brokerage brand, but it withholds all important business information. You will not be able to find out who owns the website or where they are based. Legal documents have also failed to include this information.

Our only starting point was a phone number from the UK, which might as well be a fake given that there isn’t a company with this name listed in the FCA, the state regulator. Since no legitimate Forex license appears to exist in any of the databases maintained by BaFin, CySEC, NFA, or ASIC. 

Customer Complaints and Negative Reviews

A quick search online reveals a treasure trove of negative experiences with Exorays. Common complaints include:

• Difficulties withdrawing funds: Users report being subjected to lengthy verification processes, unreasonable withdrawal fees, and even complete blocks on accessing their own money.
• Poor customer support: Reviews criticize unresponsive customer service agents, unhelpful replies, and an overall lack of communication when issues arise.
• Hidden fees and charges: Complaints surface about unexpected commissions, spreads exceeding advertised rates, and inactivity fees that quickly drain accounts.

Got Scammed by Exorays? We Help Victims!

If you’ve fallen victim to Exorays’ alleged malpractices, know that you’re not alone. Several organizations offer support and guidance to recover lost funds and fight against fraudulent brokers. Resources like the Financial Conduct Authority (FCA) in the UK and the Securities and Exchange Commission (SEC) in the US can assist you in pursuing legal action.

Remember, due diligence is paramount when choosing a forex broker. Steer clear of platforms with unverified regulations, negative reviews, and unclear policies. Invest your time and money wisely by opting for reputable and transparent brokers who prioritize your trading success and financial security.

By analyzing the available information and considering alternative options, you can make an informed decision about whether Exorays deserves your trust. Choose wisely, trade safely, and never hesitate to seek help if you suspect foul play.

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