Apex24Trade review – 5 things you should know about apex24trade.com

Apex24Trade review – 5 things you should know about apex24trade.com

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Beware! Apex24Trade is an offshore broker! Your investment may be at risk.

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Apex24Trade presents itself as a broker established by veterans of the financial industry that trades cryptocurrencies, stocks, commodities, currency pairs, indices and CFDs. But if there are any veterans behind this website, they are veteran scammers. Apex24Trade is a completely anonymous website that is clearly trying to capitalize on the excitement surrounding cryptocurrencies and the general public’s ignorance of how capital markets actually work.

APEX24TRADE REGULATION AND SAFETY OF FUNDS

Apex24Trade Limited claims to be a UK registered company. A check of the Financial Conduct Authority (FCA) records quickly shows that there is no UK registered broker with that name, nor with the supposed registration number shown on Apex24Rrade’s website.

Nowhere on the website can one find information about which company is actually behind the site and under whose jurisdiction it is regulated. It is highly recommendable to turn to some of the many brokers who actually work under the supervision of the Financial Conduct Authority (FCA).

There are many advantages to working with an FCA regulated broker. UK-based brokerages have to hold a minimum of EUR 730 000 in net tangible assets in order to prove their good financial standing. Customer money is segregated from company money in separate bank accounts and the broker has limited access to them. All FCA regulated brokers participate in the Financial Services Compensation Scheme, and in case any of them goes bankrupt, clients can receive up to GBP 85,000 of their trading capital.

The blatant lie about the registration in the UK in itself is indicative enough that with Apex24Trade we are talking about scammers, whom you should never trust with your money. But there are many more clues.

APEX24TRADE TRADING SOFTWARE

After logging into the client system we are greeted by an unusual looking web trading platform. By default, multiple technical indicators are turned on, that make the interface look overwhelming and confusing for the inexperienced wannabe trader – and probably this is the purpose.

 

On the same toolbar there is a label “MT4”, which should probably suggest that this is the most popular trading platform in the industry – MetaTrader 4. But it definitely isn’t.

There is also a button for “Bitcoin mining”. Combined with the link to create a bitcoin wallet on the main page of the website, this suggests that perhaps part of this fraudulent scheme is to trick people into using their computers to remotely “mine” cryptocurrency for the benefit of Apex24Trade.

APEX24TRADE TRADING CONDITIONS

On the Apex24Trade’s website are listed five types of accounts with minimum deposit from USD 500 for the Basic account to USD 5000 for the VIP account. The usual entry level at legitimate brokers is more affordable – around USD 100 minimum deposit for a micro account.

There is no data for key trade indicators such as leverage and spread. From the trading platform, it can be seen that the spread is set at around 0.2 pips, which would be very competitive if this was a real broker.

Apex24Trade also offers bonuses, which is another signal that this is not a legitimate broker operating from the UK. Like all major regulators, the FCA no longer allows bonuses and promotions.

APEX24TRADE DEPOSIT/WITHDRAW METHODS AND FEES

According to the text of the Terms and conditions, the minimum deposit is different from the one specified for the different accounts – USD 250. The stated minimum withdrawal amount is USD 500 by wire transfer and USD 100 by other methods. However, the link to the withdrawal menu leads to a non-existent page.

Multiple deposit methods are listed, including PayPal, Skrill and Bitcoin, but all links lead to a contact form for technical support.

The Terms and conditions include common traps used by scammers. An account that has received any bonus cannot withdraw any funds until it has met high minimum trade volume requirements – 25 times the value of the bonus plus the deposit.

HOW DOES THE SCAM WORK

Scammers who promise easy money without any effort are nothing new, especially on the internet. But given the excitement around bitcoin and cryptocurrencies in recent years, malicious actors have run rampant more than ever, capitalizing not only on people’s desire to solve their financial woes with a magic wand, but also ignorance and misunderstanding of how blockchain and complex financial instruments actually work.

If your curiosity is stirred by one of the many flashy websites promising easy riches, and you provide your contacts, you will soon be contacted by skillful and persuasive scammers who will convince you to start with a relatively small and “risk-free” investment. If you agree to this, you will be transferred to even more skilled at convincing scammers, who will persuade you to invest even more. Any money you give to such people is money you are unlikely to get back.

Any attempt to withdraw deposits or alleged profits will be hampered by numerous and significant fees, as well as harsh and often prohibitive conditions written into the terms and conditions – such as high trading volume requirements, unexpected “taxes”, or withdrawal fees as high as 10% or even 20% of your funds.

WHAT TO DO WHEN SCAMMED

Recovering money you have given to fraudsters is difficult and often impossible. Fraudsters always want you to provide them with documents such as a copy of your ID and proof of address so that they can claim that it is a legitimate transaction, agreed voluntarily between both parties. If the transaction is made by credit or debit card, you can request a cashback and hope for the best, but transactions via wire transfer or cryptocurrencies are not refundable. It is important not to trust online offers from people who offer to recover your money in exchange for an upfront payment, because this is also a well-known scam.

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