Apolo Trade – Checking the Issues with the Broker

Apolo Trade

With the massive amounts of money being made in the financial markets, it is no wonder that people are jumping in to tap into the opportunities. This obviously means that they have to open an account with an online broker, due to which the demand for these companies is very high. Their numbers have also increased to facilitate anyone who wants to explore, but this does not mean that you can sign up with just any platform to get the job done. This Apolo Trade review will tell you that not every broker is what it appears to be and there are a lot of considerations you have to make.

The world of the internet is open and diverse and has given made things possible that you couldn’t have imagined before. Online trading is one such phenomenon because today you can trade from anywhere and everywhere with the internet. But, brokers have remained vital to the process, with the difference being that they also operate online. Since it is the internet, scams and frauds are easier to execute and posing as brokers is one of the top tactics that cybercriminals use to entrap people and take their money.

It is not difficult to find stories of people who were eager to start trading, but ended up opening accounts with these fraudsters and lost their money. You can avoid the frustration and devastation, only when you exercise caution in choosing an online broker. Not all of them are fake and impostors and you can find genuine ones, as long as you are ready to make the effort. This means ensuring that the online broker you are considering does not have any glaring issues and can offer quality services. Bear in mind that the first glance will tell you nothing because the scammers can be quite convincing.

Thus, when you come across Apolo Trade, you need to understand that you cannot just sign up because you like their website as it appears to offer everything. You have to check for issues in order to make the right decision. Let’s see what they may be:

Licensing and Regulation

When you begin looking for issues in a brokerage, it is best to start with their licensing and regulation. You should take note that every broker worth their salt will have a license to offer its services. This is issued by the regulatory body of the jurisdiction they are based in. There are certain requirements they have to fulfill in order to get the license, which ensures they are a legitimate business and can offer transparency, quality and security. Hence, you need to know if Apolo Trade is licensed and regulated before taking things forward.

This can be ascertained by looking at where Apolo Trade is based and you will find that it seems to be operating from Saint Vincent and the Grenadines. This offshore island nation has become renowned for being a scam haven because the Financial Services Authority (FSA) has issued a clear notice about not monitoring the forex industry there. This essentially means that anyone can set up a company there without worrying about accountability, since there is not any.

Therefore, a registration in Saint Vincent and the Grenadines does not help Apolo Trade establish any credibility at all because it could simply exist on paper. Most offshore brokers are downright scams and this could just as well fit the category.

Trading Conditions

Signing up with any online broker without checking their trading conditions is never a good idea. After all, your whole purpose of deciding to trade online is to make money and these conditions play a vital role in your overall profits. They determine the kind of flexibility you will have and the costs you will incur, so it is best to know what to expect. You need to check Apolo Trade’s trading conditions as well, and when you do that, you will find them to be truly terrible.

When you check out the spreads that Apolo Trade is offering, you will come to know that they start at 1.6 pips, which is already quite high. Most professional brokers offer 0.5 to 1 pip, which is quite competitive, but you will find that Apolo Trade does not offer the same. As a matter of fact, their spreads go as high as 3 pips to 5 pips, which is downright absurd.

Secondly, you also need to take a look at leverage that Apolo Trade offers because this affects your flexibility. While you will definitely want to enjoy as much leverage as possible, it is known that leverage can also be quite risky. It is why regulatory authorities in various jurisdictions have imposed a cap on the amount of leverage that can be offered. This cap does not go beyond 1:30 or 1:50, yet Apolo Trade is offering leverage as high as 1:500, which is another major issue.

Payment Methods

As deposits and withdrawals have to be made as part of the online trading process, you need to check the payment methods that Apolo Trade supports. This is when you will find that they only allow you to make deposits via cryptocurrencies. They do not offer any other conventional methods, such as debit and credit cards, and neither do they have any online payment options like PayPal, Skrill and Neteller.

Why is this an issue? It is an issue because this means that the payment method offered by Apolo Trade does not offer you the opportunity of filing for a chargeback. Crypto deposits are final and irreversible because of which they are favored by scammers. There can be no chargebacks, which means there is no possibility of you getting a refund and your money will be gone.

Closing Thoughts

Along with these issues, you will find that Apolo Trade also has some excessive withdrawal fees and lacks a decent trading platform too. All of these show that it is not the kind of broker you want to sign up with for your trading needs.