ApexFXMarkets – Are They Safe?

Website URL: https://apexfxmarkets.com

Founded: 2021

Regulations: No Regulation in Place

Languages: English

Deposit Methods: Crypto Wallet

Minimum Deposit: $1

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Digital Currencies

Trading Accounts and Conditions

There seem to be two types of trading accounts offered by ApexFXMarkets:

• Starter Account: The lowest possible deposit here is $500. The information on their website also states that you can expect to make a minimum profit of $2,500 and a maximum profit of $3,000 by investing in this account.
• Classic Account: The lowest possible deposit here is $10,000. With this account, the minimum expected profit is $35,000 and the maximum expected profit is $55,000.

The broker claims that its spreads are competitive, but does not provide a number. We also do not know what the payment conditions are, but the leverage is advertised as 1:500.

ApexFXMarkets – Advantages

There is nothing we could find on ApexFXMarkets’ website that could be called an advantage. Everything we investigated pointed to a scam.

ApexFXMarkets – Disadvantages

Here are the numerous reasons why we believe that trading with this broker would be disadvantageous to all traders:

• Lack of Regulation

The first indication of a scam is a lack of regulation. This broker over sells its regulation status, claiming that it regulated by not just one, but 3 regulatory bodies!

According to ApexFXMarkets’ website, the broker is regulated by the ASIC (Australian Securities and Investments Commission), the FCA (UK’s Financial Conduct Authority) and the FSCA (South Africa’s Financial Sector Conduct Authority). Each of these are very highly regarded regulators that have very strict policies around granting brokers licenses. All regulated brokers are listed on their online register, so that anyone can go online and check if the broker they want to do business with is regulated or not.

So, we checked the online registers for all three of the regulators, and found that this broker is not listed with any of these financial authorities.

Which means that this broker is not regulated and therefore an illegal entity.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Issues with Address Provided

ApexFXMarkets has provided a UK address – Wenlock Road 20-22, N1 7GU, London, United Kingdom. This, on the surface of things, looks pretty legitimate. However, when we researched this address, we found out that there are other online brokers – ones already flagged off as scammers – with the same address. These scam brokers are: SwiftPayOptions, SpringPayOptions and ShiningTradersForum.

The fact that this broker shares the same address as previously revealed scammers shows that it cannot be trusted.

• Promises of Guaranteed Returns on Investment

According to the information provided on its website, this broker promises that if you invest with them, you will be guaranteed a minimum profit, no matter what. So, if you invest $500 in their Starter Account, you are promised a minimum profit of $2,500. And if you invest in their Classic Account, with a minimum deposit of $10,000, you are guaranteed a return of at least $35,000!

No legitimate broker would ever make such a promise. The nature of the forex market is such that traders tend to lose more money than they gain. In fact, regulated brokers are mandated by financial authorities to publish the percentage of their clients that have lost money while trading in the forex market. This percentage range from a minimum of 75% to as high as 85%. Brokers also place a warning on their websites that trading can lead to losses.

Therefore, the fact that this broker promises high returns shows that it is a scam.

• Misleading Information about Minimum Deposit

In its account types section, the broker states that the minimum deposit required is $500. However, elsewhere on its website, the broker states that a trader can open an account with them for just $1. Such extremes are another red flag for us. A $1 minimum deposit is well below market rates, and a $500 deposit is well above industry standards.

• No Trading Platform

The broker does not mention the kind of trading platform it offers its clients – and for good reason. When we accessed the client area, we found out that ApexFXMarkets does not have any trading platform at all!

All we found was a simplistic dashboard that showed quotes from other major brokerages such as FSCM. The only thing that traders can do is deposit money in their account – they cannot trade at all.

• Cryptocurrencies Only Payment Method

Yet another sign that things are not right with a broker is the fact that they only offer one payment method – cryptocurrencies. Payments made in cryptocurrencies are completely anonymous and irreversible. This means that once payments are made via a crypto wallet, there is no way that you will be able to trace your money – or get your money back, for that matter.

This is the reason why cryptocurrency payment options are so popular with scam brokers.

• Very High Leverage

Another issue that we have with this broker – which also points to a scam – is the very high leverage offered by ApexFXMarkets. This broker offers its clients a leverage of 1:500. This is wrong for two reasons. First, trading with such high leverage is extremely risky for the trader. Second, it is illegal to offer such high leverage to clients if the broker is based in the UK (as this broker claims to be). The UK (and a large number of jurisdictions around the world) have placed a cap on how much leverage a broker can offer their clients, and in this country, that limit is 1:30. So, a 1:500 leverage is simply illegal. 

Conclusion

Everything that we have investigated about ApexFXMarkets unfortunately points to the fact that this broker is a scammer. If you invest your money with this broker, you will lose all your funds. It would be best to simply stay away from this scammer.

ApexFXMarkets

2.5

User Experience

3.5/10

Payment Options

2.0/10

Security

2.6/10

Support

2.0/10

Reputation

2.2/10

Pros

• None

Cons

• Lack of Regulation
• Issues with Address Provided
• Promises of Guaranteed Returns on Investment
• Misleading Information About Minimum Deposit
• Cryptocurrencies Only Payment Method