Concerns About Exorays’ Authenticity
The Exorays website gives an impression of a globally recognized brokerage, yet it lacks transparency in revealing vital corporate information. Details about the company’s name and operating location are conspicuously absent, even in legal documents.
A UK contact number is provided, but its authenticity is questionable, as there is no registered firm by this name with the FCA, the UK’s financial regulatory body. Moreover, there’s an absence of a valid Forex license in the databases of key regulators like BaFin, CySEC, NFA, and ASIC.
Given these findings, it’s reasonable to suspect that Exorays might be an illegal online operation, targeting inexperienced Forex traders without ensuring fund safety. Similarly, Ksonex also lacks the necessary licensing to legally offer its services.
Operational Tactics of the Scammers
Exorays.com, launched in June 2023, follows a pattern common among fraudulent websites. Countries particularly targeted include the United Kingdom, France, Belgium, and Sweden. The strategy involves boiler room tactics, also used by Ovax Global, where agents pose as financial experts and harass potential victims, sometimes resorting to threats and extortion.
These fraudulent activities lead to fund theft, making recovery a challenging legal battle.
Misrepresentation of Public Perception
On platforms like TrustPilot, Exorays has polarized ratings: exclusively 5-star or 1-star reviews. The 5-star ratings are suspected to be fabricated by review-selling networks to obscure the reality of the scam, as evidenced by the consistent pattern of complaints in the critical reviews.
Dubious Trading Conditions
Exorays and similar fraudulent online trading platforms often promise enticing trading conditions that, in reality, lead to faster losses. The platform hints at “standard and higher” leverage options, with observed ratios of 1:100 for Forex and 1:2 for crypto trades.
There’s also a lack of clarity on trading costs and commissions. The website claims zero trading costs, boasting of the lowest market spreads, yet these claims lack substantiation.
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