AroxCapital.com review – 5 things you should know about aroxcapital.com

Beware! AroxCapital.com is an offshore broker! Your investment may be at risk.

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We don’t really see anything special about AroxCapital.com, besides, maybe, its somewhat unique name. Everything else about it we have been witness to hundreds of times with hundreds of unlicensed and risky brokers! All the signs point to the same direction, however, we are aware that many users won’t be able to see them. That is why we have this review to help them.

We found a total of three TradingView charts in the home page alone, and if you have been reading our previous reviews you would be aware that TradingView is essentially a social network for traders that also provides graphs that are irrelevant to the liquidity provided by individual brokers.

Registering was incredibly easy, and we were given access to a user portal area in mere seconds. From there, we accessed a common offshore broker trading software, but at least we accessed something! We learn from it that the EUR/USD cost of trade stands at 0.6 pips, which is super. There is a mention of a trading commission on the accounts page, but the company never expands on this. However, we urge users to be careful nonetheless, because there might really be a hefty commission on spreads. Indexes, commodities, shares, cryptocurrencies, and forex currency pairs are what users of AroxCapital.com to expect as financial instruments. The leverage that we saw was capped at 1:200.

The website of the broker can be translated into English, German, French, Spanish, and Italian.

AROXCAPITAL.COM REGULATION AND SAFETY OF FUNDS

Aroxcapital LTD is the holding company of the firm and is claimed to be located in Cyprus. The terms and conditions have a revealing clause disclosing that the broker is governed in accordance with Cyprus laws. This immediately means that the broker must be holding a license from CySEC, the Cypriot regulator, and one of the top global FX market overseers. We checked with the Cypriot regulator for any trace of AroxCapital.com, and found no result. Thus the broker is not regulated in Cyprus, meaning that the laws do not apply to it!

And then we get the other commonly used excuse used by illicit brokers, asserting that the user must make sure that he or she complies with the laws of her/his country of residence when using the website. In other words, AroxCapital.com expects users to believe that it is the users’ own responsibility to make sure that they are allowed to access AroxCapital.com, when it’s the other way around.

An even bigger tell of the lack of a license is the short terms and conditions, which are around 2-3 pages long, not nearly enough to be able to help users when there is a conflict of interest. But shady brokers are known to adapt short and uninformative legal docs.

In the end, we are again faced with an UNREGULATED broker AroxCapital.com

We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

AROXCAPITAL.COM TRADING SOFTWARE

The trading software used here is nothing new or special. We have seen it dozens of times being used by a number of illegitimate brokers.

The main, and only, features of the web trader are pending orders, stop-loss, take-profit, time frames, and some very limited chart options. And that’s pretty much all there is to this web trader. Its reliance on visuals is its greatest and only strength.

AROXCAPITAL.COM DEPOSIT/WITHDRAW METHODS AND FEES

According to the registered user area, the minimum deposit is $250. Clients can open an account by investing by means of credit and debit cards. The payment area also reveals that bank transfers and payment through alternative methods are possible, but there is no proof of this. There are no links to a wire transfer payment line, nor to any alternative payment method. As far as we’re concerned, users can only pay through credit and debit cards.

The withdrawal section has a small accomodating text claiming that all withdrawals will be paid back into a credit or debit card, but just below this text is a bank transfer form. This inconsistency is all that we learn from the withdrawal area.

Withdrawal requests received before 1:00 pm GMT will be processed that same day. If the request is received after that time, it will take up to 24 hours to process. We learn this information in the same paragraph in which it is also said that withdrawals take up to 7 days to process. We are not surprised that AroxCapital.com contradicts itself; it is an unregulated broker after all.

There are also payment fees issued by the payment providers. The most notable one is a 3.5% withdrawal charge when using Visa or MasterCard.

Next, we come to the indemnification clause that puts the broker out of harm’s way. Through this provision, no one can hold the broker guilty of any financial damages, or otherwise. This is one of the most important pieces of text in the entire website of any illicit broker.

AroxCapital.com is a scam and a risk to all deposited funds. Do not be fooled by visuals or promises of wealth. Users are better off without this one!

How does the scam work?

Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.

The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.

Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.

The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam

There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.

What to do if scammed?

If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.

Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!

Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!

The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-04-06

Reviewed Broker

AroxCapital.com

Broker Rating

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