Ayrex used to be a respectable broker, but no more. It is now a blow-out scam. Following we are going to review it and understand how it scammed traders for so long.
- About Ayrex
- What Does It offer?
- Blacklisted by FCA
- Manipulates Market
- Blocks User Account
Ayrex is a Forex and Binary Options Broker. Advanced Binary Technologies Limited owns it. Ayrex first came to the scene in 2014. It had a prolific start and quickly built a massive user base. It offered various unique options at the time, but it seems like the company is trying to milk every dime out of its users now.
During its early period, Ayrex offered a Propriety Trading Software with live chat and 85% max payout rate. The min deposit and investment were $5 only (separately). There was a free demo account, and the broker was regulated by (PRS) of the United Kingdom. It dealt in over 70 assets including commodities, stocks, and indices.
However, this streak broke as soon as the outcry about blocked accounts and payment start emerging. We will discuss that below.
During our initial research, we found several problems with this broker. Ayrex is a full-blown scam that serves no purposes besides looting its user. After digging deep, we finally understood how it scams the user, and we will share it with you guys. Take your time to read it, and make sure you practice precaution in the future!
The Financial Authority Conduct has Blacklisted Ayrex (See Proof). The FCA released a list of unauthorized or unregulated brokers in early 2018. Ayrex happens to be one of the 94 brokers FCA blacklisted and advised traders to stay away.
Ayrex Manipulates the Bid and Ask Spread. Spreads of major currency pairs with regulated brokers in normal conditions range from 1 pip to 3 pops. But they can reach six pips under volatile market conditions.
Most scammers, like Ayrex, have 4-8 pipes and they may reach ten pips. Wait, that’s not it, Ayrex also uses Stop Hunting. The broker always know where the client will place their stops, they make a run for it and closes the client’s position.
The forex forums are full of former users complaining that Ayrex blocked their accounts. The broker did so without giving them a proper justification. Naturally, the users lost all their balance and earnings. Many have shared a screenshot of their messages to the broker and replies, but no one succeeded to get their funds back.
It is a common practice in Forex Marketplace, and Scammers use it to keep the user’s balance.
Ayrex is a scam. It offers nothing but a chance to lose your hard earned money. We do commend it for the sophisticated scheme, but it was about time that somebody blew the whistle. Ayrex carries out some of the finest malpractices introduced in the forex rulebook. It does a great job of manipulating the market and prices to rob the user.
In the end, we will suggest you stay away from it.