Apel4x welcomes you with a strange message that says you canít hold them responsible for any losses. It is a very weird way to welcome any new users (or old ones) to your website.
Whenever I reviewed a broker that welcomed its users like this, they turned out to be a scam. So things arenít looking good for Apel4x right now.†
Moreover, the website (apel4x.com) of this broker is filled with bugs. It looks as if the broker didnít put much effort or funds into its development. This means the broker doesn’t really care about its customer experience. Regulated and reliable brokers donít treat customer experience lightly.
In my Apel4x review, I have discussed more reasons why this broker doesnít seem like a reliable one. Letís begin:
Apel4x License and Regulation
First of all, I must say that Apel4x has a very sloppy website. Finding any piece of information there is quite a challenge.†
Apel4x claims to be based in Florida, US. Considering that the US has many strict rules for forex brokers and houses very few brokers, Apel4x seems like a liar right away.
All the brokers based in the US have become reputed service providers and are excellent at their trade. Apel4x is no match to those brokers. So itís very difficult to believe that Apel4x is based in the US.
It got clear that they are lying when I didnít find any regulatory information on their website. They donít have a license thatís why they arenít offering any information in this regard.
Apel4x lies about being based in the US. It doesnít provide any regulatory information indicating that it’s an unlicensed and unregulated broker.†
You shouldnít trade with unlicensed and unregulated brokers. There are many scams in the forex industry and so, financial regulators exist in many regions such as the US and Europe. These regulators impose heavy restrictions and laws on forex brokers (and similar service providers) to ensure that the broker doesnít act against the interests of its client.
However, an unregulated and unlicensed wouldnít have to follow those restrictions. They can act against your interests (such as steal your data) and get away scot-free.
On top of that, regulators like FCA offer insurance compensation in case the broker steals the funds of their clients. For example, FCA can give you up to £85,000 if a FCA-regulated broker steals your funds. You donít get such facilities with unregulated brokers. This is a strong reason why I donít recommend trading with an unregulated forex broker.
Apel4x Trading Conditions
You should always check the trading conditions of a forex broker before doing business with them. Letís see what are trading conditions of this broker:
Apel4x doesnít have a trading platform. They show a screenshot of the notorious TradingView software on their platform page. TradingView is quite popular among shady brokers to show that they have a legit trading platform.
To be honest, the best trading platforms available in the industry are Metatrader 4 and 5. Almost all reputed forex brokers use these platforms because they offer a ton of features. It would best if you traded with a forex broker that offers a reputed trading platform like Metatrader 4.
On the other hand, Apel4x doesnít have any trading platform for you to try. Itís another proof that this broker is a scam.
The minimum deposit requirement with Apel4x is $500. They donít provide any other information regarding their minimum deposit.
Their minimum deposit requirement is considerably high in comparison to the industry standard. Reputed brokers keep their minimum deposit requirement around $100, and Apel4xís demand is five timers higher than that.
Many forex scams keep their initial deposit requirement high which allows them to grab a lot of funds immediately. Such brokers are aware of their pathetic services and so, they donít give you a chance to test out their services beforehand. Instead, they force you to make a big financial commitment. In case you decide to discontinue availing their services, they will steal the huge deposit you had made.
Itís a common strategy among shady forex brokers and thatís why I donít recommend trading with such brokers.
Leverage and Spreads
Apel4x doesnít provide any information about its offered leverage and spreads. Reputed brokers tend to offer a lot of information about their spreads and leverage as they help you in determining whether you should trade with a specific broker or not.
However, it seems Apel4x doesnít care about any of that. They donít tell you what leverage ratios they offer and what are their offered spreads.
It is a big red flag. And I donít recommend trading with such brokers who donít tell you their spreads and leverage ratios before signing up.
Apel4x Payment Methods and Charges
Apel4x doesnít provide you with many deposit options. You can only add funds to your trading account through bitcoin transfers. To withdraw funds from your trading account, you can only use Bitcoin, Litecoin or Ethereum wallets.
Note that many scams have started using bitcoin transfers because they donít leave traces and are easier to hide from authorities.
So, if a forex broker only accepts cryptocurrencies, I donít think they would be trustworthy.
Unsurprisingly, Apel4x doesnít give you any information about its fees and charges. This is another sign that the people behind this company donít have the right intentions.
When a broker doensít give you any information regarding its fees, it can steal your funds from the trading account through hidden fees. Regulated brokers strive for keeping things transparent with their clients.
With Apel4x, you face the risk of losing your funds through hidden fees and charges because this broker doesnít specify its fees anywhere on its website. You should avoid trading with Apel4x!
Apel4x doesnít give any information about its offered bonuses. So far, it seems this broker is adamant on keeping things inaccessible for its clients.
Is Apel4x a Scam? Yes!
The forex industry attracts a lot of scams and they are of various sorts. Some scammers tend to give an unsolicited call and claim that youíre eligible for a random bonus. Others would run ads on the internet claiming to offer attractive deposit bonuses or easy profits.
Creating a website and filling it with lies is very easy. And these scammers target inexperienced traders too. Usually, these brokers operate from offshore areas such as St. Vincent or the Commonwealth of Dominica. They operate from such areas because these places donít have financial regulators like the US or the UK. So they don’t have to follow any strict laws and can easily steal the funds of their users without facing any legal repercussions.
You should always check a brokerís regulation and T&Cís before trading with them.
Apel4x Review: Conclusion
Apel4x ticks all the boxes of a scam. They donít have a trading platform, a license, or any regulation. Moreover, this broker doesnít give you any information about its trading conditions and fees, making it easier for them to charge hidden fees and steal your funds.
There are many scams in the forex industry like Apel4x. And they keep growing. The best way to combat these scams is to spread the truth about them so their schemes would fail before they even start.
If you know someone whoís interested in forex trading, share this article with them. They should know the truth about such scammers.This review has been syndicated from The Skeptic Tank To read the full review, go to – www.skeptictank.org/apel4x/