Beware! CryptoApexFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CryptoApexFX does a good job of presenting to us, and all other users, a website that, at first glance, does a good job of presenting the broker and giving clients a generalized picture of its services. However, sooner or later users will start finding rough edges which will inevitably ruin their experience. Read on to find out all there is to this one.
The first disappointment came in the form of the registration procedure, which seemed a little too easy for a broker claiming to be offering legit FX training services. The user area did not require of us additional documents, nor any KYC docs for that matter. So, we were able to access the trader portal without any issue.
The leading area was the second disappointment of the day, with its scammer looks, most notably due to its array of third party charts acting as the trading software. All the charts we saw in the client area are in fact owned by TradingView, a company providing its charts as widgets for free. Thousands of unregulated brokers have been using these charts claiming them their own personal trading software. Of which they are absolutely not!
These charts do not represent real trading conditions for brokers. What this means for CryptoApexFX is that there is no trading platform here, and so none of the trading conditions that are advertised on the website are not applicable. In other words, none of the spread or leverage works with CryptoApexFX. All of the assets on the websites are illusory!
The website can be accessed in English only.
CRYPTOAPEXFX REGULATION AND SAFETY OF FUNDS
CryptoApexFX is one of those brokerages that has not included any regulatory information anywhere on its website. This is a very concerning but not so surprising aspect of the broker.
The closest thing we can work with is a supposed address in the UK. There the FCA is the regulator, and through it must pass all wanna-be brokers in order to be legitimized. It goes without saying that CryptoApexFX is not regulated by the FCA, for the sole reason that such an authority would never allow such a ludicrous broker under its wing.
Moreover, there are no real legal documents. The legal section of the website is nothing more than sheer none-sense, with one section written in what we think is Latin. Without legal documents, there is nothing to keep the broker at bay, legally. There is no legal bond between it and the users, and so CryptoApexFX can do as it pleases with its clients, which is exactly what cammers want to be able to do.
It seems that CryptoApexFX is UNLICENSED, a risk to investments, and probably a poorly executed scam!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
CRYPTOAPEXFX DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the minimum deposit is… is not known. All the payment methods, except for the crypto one, have to be approved by the live agent in the support chat. So, in a crafty way, users are encouraged to deposit through the crypto wallet. The other alleged deposit gateways are Skrill, Western Union, and MoneyGram.
The withdrawal section reveals that the processing times for requests is up to 5 days. The methods for withdrawing are the same as the depositing ones, plus wire transfer. Since there were no legal documents we cannot know for sure if there are any withdrawal fees or any other charges for that matter. Furthermore, the website offers no insight whatsoever.
Overall, CryptoApexFX is your typical scammer broker, with most of all the common tropes. Be sure to stay away from this one!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.