ApetPro – What Makes this a Shady Broker?

ApetPro

Choosing an online brokerage is the first step you take in your trading journey and it can have lasting consequences. This is because they have to provide you with all the essentials you need and if they are lacking in even one aspect, you are the one who will have to pay because it is your money. It is of the utmost importance that you be diligent when making your choice because some of the companies out there can be downright dangerous. This ApetPro review can shed some light on how some of these brokers can be lacking and can take you down.

When you decide to enter the financial markets, it obviously with the aim of making profits and you do not want one bad decision to result in losses. Thus, it is best for you to not make this decision in a hurry, as many do, and then end up regretting it. It is vital to remember that this is how a lot of traders have ended up opting for fraudulent platforms because they just were not attentive enough and in their eagerness to begin, they missed the obvious indicators hinting that the brokerage was shady.

You do not want to be one of these traders, so it is better for you to be diligent from the beginning. It is understood that no company will warn you itself; you have to look for the signs yourself and the good news is that it is not that complicated. You just give the broker a closer look and you will be able to see for yourself. The same happens with ApetPro that may seem like a decent broker on the surface, but if you are diligent and check its claims, you will come to see that it is not a legitimate company at all.

What makes ApetPro shady? You can check out the issues here.

Absence of regulation

One tip for avoiding scam and fraud brokers is to choose those that are regulated because this offers you security and peace of mind. If there is one lesson you can learn from the experiences of others, it is this because most of the scam brokerages are unregulated and unlicensed. Hence, it makes sense that you avoid those that are not regulated. The issue is that shady brokers can lie about their regulatory status, so you have to check their claims.

This applies to ApetPro too because what you will find on their website is rather curious. They have an entire page dedicated to the different regulatory authorities in the world. You will find the AMF of France, the SFC in Hong Kong, the CFTC in the US, BaFIN from Germany, SCA from UAE, the FCA in the UK, the MiFID of the EU and CySEC from Cyprus all listed.

The curious thing is that ApetPro has just listed these regulatory authorities and provided a basic description of each. It does not state that it is licensed by any of these, but it is the implication, which shows that it is misleading its clients. There are no license numbers mentioned with these authorities, but ApetPro does claim to be licensed by the Financial Conduct Authority (FCA) in the UK, the International Financial Services Commission (IFSC) in Belize and the Financial Services Commission (FSC) of Mauritius.

You will find license numbers given for these authorities, but when you search the online registers of these regulatory bodies, you will not find ApetPro listed. This means that it is not a regulated brokerage and is lying about its license. Would a genuine broker do that? Only a shady or scam company would.

Basic trading platform

The most crucial feature that online brokers offer is their trading platform because it is the actual key needed for unlocking the markets. You will spend most of your time using this platform, so you obviously one that has the best tools and technology to assist you. An authentic and reliable brokerage would offer you one of the best platforms available like the MetaTrader4 (MT4) or the MetaTrader5 (MT5).

But, this is not what ApetPro can give to you because it has a very basic and rudimentary trading web trader that does not add anything to your trading experience. A number of shady brokerages offer the same platform, so it will certainly not impress you. It is certainly not worth your attention because there are much better options available.

Unacceptable leverage

Even though it may not seem like much, leverage ratios like 1:100 that ApetPro offers should send alarm bells ringing in your head. Such high leverage can be quite dangerous for retail traders, due to which regulatory authorities like the FCA, have imposed a cap on the leverage that can be offered. They have restricted it to 1:30, but ApetPro is offering thrice more, even though it claims to be regulated by the British financial watchdog. This is yet another indication that you are dealing with a shady broker because a genuine one cannot break the rules without dealing with repercussions.

Risky deposit policy

The deposit policy of an online broker is also worth your attention because you want to ensure that your funds remain safe at all costs. No one wants to trade in order to lose money, certainly not to a scam brokerage. Therefore, you need to ensure that the payment options that a broker offers give you the option of filing for a chargeback. This way, you can get your money back in case of any issue.

This is where ApetPro shows it is shady because you can only make payments in the form of Tether and Bitcoin. These are crypto assets that are not eligible for a chargeback because these payments tend to be final. Plus, they are also anonymous and this is also beneficial for criminals because they can get away with the money easily.

Ending thoughts

All of these issues can help you ascertain that ApetPro is undoubtedly a shady brokerage that is not a suitable choice for anyone.