ANX PRO SCAM - AVOID AT ALL COST

[ltse]

This is an honest report of my experience with ANX PRO in Hong Kong
These guys loosely fits the title of being a legitimate business, their tactics might as well be identified as a scammer.

Deposit Fees a whopping 2.5%
Withdrawla Fees another whopping 1%
Trading fees 0.3 to 0.6%

Now these fees are published on their website so you may question why did I still use their service despite the fees?/
The difference is once you decide to buy from their exchange, you can see their prices for both Bitcoin and Ethereum being extremely
illquid, meaning they are NOT giving you the market price. They bump up their Bid price by at least 5 %- 20% above market and sell
it to their clients. What they are effectively doing is being a market maker, if you are into trading stocks, you know market makers give you the WORST
possible price. Their business model is basically them buying Bitcoins from the current market price or lower then bump up the price, break the Bitcoin into many fractions
each at escalating prices giving the illusion of supply or liquidity then turn around and scam their clients.

You be better off paying 5% by purchasing with your credit card to avoid ALL id checks or use the US Gemini EXCHANGE where they charge ZERO FEES.
If you are in Hong Kong use these competitors that offer zero to low fees:


https://www.tidebit.com/

https://gatecoin.com/

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[magneto]

Deposit + withdrawal fees are unnecessarily high but that's not a scam. It's a ripoff for sure and you can probably get better exchanges for lower prices than ANX pro. It's a pretty much dead exchange anyways with much less volume than major exchanges.

The bid price is the "buy" price, and if the bid price is 15-20% above market then it means that they are actually losing out, and you're getting a great deal. So i think you meant the other way around.

Anyways, what causes you to think that the high spreads are caused by them, and not just a lack of liquidity and volume?

This should be moved to exchanges instead of in scam accusations, in my opinion.

[BTCforJoe]

Does no one read the Scam Accusations Scam Report Format anymore? https://bitcointalk.org/index.php?topic=260073.0

Technically speaking, were you scammed by this service? You're accusing them of scamming, but there is no proof that they've scammed you. If it's high fees and market manipulation that you're complaining about, they're not the only ones. This is a common practice in the private trading industry, and just because you don't agree with it doesn't make it a scam. And quite frankly, if you DID use this service and are reporting about your negative experience (still doesn't sound like a 'scam'), then you're the "mark" that decided to conduct business with an exchange with exorbitant fees.

This is just fud, in my opinion. Not a scam.

[ltse]

Does no one read the Scam Accusations Scam Report Format anymore? https://bitcointalk.org/index.php?topic=260073.0

Technically speaking, were you scammed by this service? You're accusing them of scamming, but there is no proof that they've scammed you. If it's high fees and market manipulation that you're complaining about, they're not the only ones. This is a common practice in the private trading industry, and just because you don't agree with it doesn't make it a scam. And quite frankly, if you DID use this service and are reporting about your negative experience (still doesn't sound like a 'scam'), then you're the "mark" that decided to conduct business with an exchange with exorbitant fees.

This is just fud, in my opinion. Not a scam.

You got to be shitting me right?? it sounds like you work for these ANX PRO SCAMMERS. You're saying price "manipulation" and "high fees" is common in
the private trading industry?? Are you stupid or retarded??

"Trading Industry" refers to stockmarkets and they have strict rules, regulations and guidelines, "manipulation" is akin to insider trading and that is 100% ILLEGAL, and is neither
common nor tolerated. More over as an "EXCHANGE" which ANP International claims to be, they are meant to bring together buyers and sellers to trade at MARKET PRICES,
not for them to be a market maker by buying it from the market themselves and fleecing their customers by turning around and selling them marked up prices of coins their customers could have gotten directly from the market themselves. Its like a stockbroker buying HSBC stocks at $100 at market then turning around and selling it to his customers at $110, why the fuck would they pay you for your service or need you at all??

[ltse]

Deposit + withdrawal fees are unnecessarily high but that's not a scam. It's a ripoff for sure and you can probably get better exchanges for lower prices than ANX pro. It's a pretty much dead exchange anyways with much less volume than major exchanges.

The bid price is the "buy" price, and if the bid price is 15-20% above market then it means that they are actually losing out, and you're getting a great deal. So i think you meant the other way around.

Anyways, what causes you to think that the high spreads are caused by them, and not just a lack of liquidity and volume?

This should be moved to exchanges instead of in scam accusations, in my opinion.

They trade primarily Bitcoin and Ethereum, there is no "lack of liquidity" in the real market, but in their scam ANX exchange, they are scarce as they are not a real market, but rather market makers. And yes you are right, I meant "asking price" not bidding price for buying Bitcoin.

[BTCforJoe]

Does no one read the Scam Accusations Scam Report Format anymore? https://bitcointalk.org/index.php?topic=260073.0

Technically speaking, were you scammed by this service? You're accusing them of scamming, but there is no proof that they've scammed you. If it's high fees and market manipulation that you're complaining about, they're not the only ones. This is a common practice in the private trading industry, and just because you don't agree with it doesn't make it a scam. And quite frankly, if you DID use this service and are reporting about your negative experience (still doesn't sound like a 'scam'), then you're the "mark" that decided to conduct business with an exchange with exorbitant fees.

This is just fud, in my opinion. Not a scam.

You got to be shitting me right?? it sounds like you work for these ANX PRO SCAMMERS. You're saying price "manipulation" and "high fees" is common in
the private trading industry?? Are you stupid or retarded??

"Trading Industry" refers to stockmarkets and they have strict rules, regulations and guidelines, "manipulation" is akin to insider trading and that is 100% ILLEGAL, and is neither
common nor tolerated. More over as an "EXCHANGE" which ANP International claims to be, they are meant to bring together buyers and sellers to trade at MARKET PRICES,
not for them to be a market maker by buying it from the market themselves and fleecing their customers by turning around and selling them marked up prices of coins their customers could have gotten directly from the market themselves. Its like a stockbroker buying HSBC stocks at $100 at market then turning around and selling it to his customers at $110, why the fuck would they pay you for your service or need you at all??

You fail to realize that there are no regulations in the crypto industry. So your comparisons to HSBC and other fiat currency exchanges don't merit any value in this conversation. I'm merely asking if you yourself were scammed by this service, as that's what this board is for. Otherwise, your rant belongs in the Exchanges board. Your ability to call someone names, however, is right on point. Good luck with holding any valuable conversation about anything here on the forums. And you should know better than to assume that because I disagree with you, that I'm condoning the activities of this company. You should really learn more about comprehension, rather than cursing up a storm and insulting someone for disagreeing with you. Not a great way to get your point across.

You should move this topic to the appropriate board now, and then you can talk all the shit you want. Being in the "Scam Accusations" does nothing for this subject, and no one will take the post seriously because it's in the wrong board. "Are you stupid or retarded??"