Apollo.cash Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Spreads for stocks and indices were extremely nonsense, and I felt scammed when I began to trade with it. Customer service was not helpful at all. I guess they are happy to see you lose money…
Summary: Apollo.cash is widely regarded as an unlicensed and potentially fraudulent broker, with numerous red flags indicating significant risks for traders. Key findings include its lack of regulation, dubious claims of legitimacy, and an untrustworthy trading platform.
Note: The presence of different entities operating under the Apollo.cash name across various jurisdictions raises concerns about its legitimacy. This review aims to provide an unbiased analysis based on available data.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 1 |
| Trading Setup/Experience | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user experiences, expert opinions, and factual data regarding the broker's offerings.
Founded in 2010, Apollo.cash claims to be a global trading platform, but it is primarily known for its unregulated status and lack of transparency. The broker offers a proprietary web-based trading platform, which has been criticized for its limited functionality and potential manipulation. Apollo.cash provides access to a range of assets, including forex, commodities, and cryptocurrencies, but operates without oversight from major regulatory bodies such as the Financial Conduct Authority (FCA) in the UK.
Apollo.cash operates without any regulatory oversight, a critical factor that raises significant concerns about the safety of client funds. The broker claims to have a UK address but is not registered with the FCA, which is mandatory for any broker operating in that jurisdiction. This lack of regulation means that traders have little recourse if issues arise, and their funds are not protected under any compensation scheme.
The broker accepts various payment methods, including credit cards and wire transfers, but specific details about these methods are often obscured until after account verification. Users have reported high withdrawal fees of $25 for card transactions and $50 for wire transfers, which are considered excessive compared to industry standards. Furthermore, there are claims of a 10% fee on withdrawals if certain trading volumes are not met, a tactic often used by scam brokers to deter withdrawals.
The minimum deposit for opening an account with Apollo.cash is set at $250, which is relatively standard in the industry. However, the broker offers various account types, including Silver, Gold, and Platinum, requiring higher minimum deposits for better trading conditions. This tiered structure may entice traders to invest more money upfront, which can lead to significant losses.
Apollo.cash promotes various bonuses, including a 20% sign-up bonus and a 15% referral bonus. However, such incentives are often red flags, as they can complicate the withdrawal process. Most regulatory bodies have banned such practices due to their potential for exploitation, making it difficult for traders to access their funds after accepting bonuses.
Apollo.cash claims to offer a diverse range of tradable assets, including forex pairs, commodities, indices, stocks, and cryptocurrencies. However, the actual availability of these assets may be limited, as many users have reported difficulties in executing trades or accessing specific instruments.
The broker advertises a starting spread of 1.0 pips for all account types, which is relatively competitive. However, the lack of transparency regarding commissions and additional fees is concerning. Users have reported unexpected costs that significantly reduce their profitability, a common tactic employed by unregulated brokers.
Apollo.cash offers leverage of up to 1:500, which is considerably higher than the limits set by most regulatory authorities. High leverage can amplify both profits and losses, making it particularly risky for inexperienced traders. This practice is often a warning sign, as it can lead to rapid account depletion.
The broker provides a proprietary web-based trading platform, which has received criticism for its limited features and potential for manipulation. Unlike established platforms like MetaTrader 4 or 5, which offer a robust set of trading tools, Apollo.cashs platform lacks essential functionalities that traders need for effective market analysis and execution.
While Apollo.cash claims to serve clients globally, various reports indicate that it primarily targets traders from high-risk regions. The lack of regulatory oversight means that traders from countries with strict financial regulations should exercise extreme caution when considering this broker.
Apollo.cash offers limited customer support options, with no clear contact methods provided on its website. Users have reported difficulties in reaching customer service, leading to frustration and unanswered queries regarding their accounts.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 1 |
| Trading Setup/Experience | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions: The tiered account system may seem appealing, but the lack of transparency and high minimum deposits raise concerns about accessibility for new traders.
Tools and Resources: The web-based platform lacks essential trading tools, limiting users' ability to analyze markets effectively.
Customer Service and Support: The absence of reliable customer support options is a significant drawback, with users reporting difficulties in getting assistance.
Trading Setup/Experience: The trading experience is marred by potential platform manipulation and high costs associated with withdrawals.
Trustworthiness: The unregulated status and various red flags make Apollo.cash a risky choice for traders.
User Experience: Overall user experience is negatively impacted by high fees, limited support, and a lack of trust in the broker's operations.
In conclusion, Apollo.cash review indicates that potential traders should approach this broker with caution. The overwhelming evidence suggests that it operates as an unregulated entity, posing significant risks to users' investments.
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