Apollofinances is not a good broker, and you shouldn’t trade with it. Check out the following review to learn more about why we gave this harsh verdict:
Apollofinances is in charge of rules and keeping money safe
Apollofinances is not regulated and runs out of the Marshall Islands. Here’s what the broker says about that:
The Marshall Islands have a problem because the government of the republic does not regulate its Forex markets. This makes the country very appealing to scammers. We recommend that you stick with licensed brokers because, depending on the group that regulates them, they will offer you different protections. For instance, brokers in the EU have to follow a policy called “Negative Balance,” which says that no one can lose more money with them than they put in. Even more reasons exist to trade with an EU broker.
Apollofinances software for trading
Apollofinances gives you access to a copy of Metatrader 4, which is a well-known trading platform with many advanced features, such as automated trading. Apollofinances also gives you access to a web trader, but we couldn’t use it.
So, we don’t know how it compares to the broker’s MT4 distribution.
One thing we have to say about Apollofinances’ trading conditions is that the spreads are bigger than the generally accepted 1 pip for FX majors like the EURUSD. Also, the leverage is too high—1:400 is a lot more than what most regulatory bodies think is safe for retail traders. Apollofinances seems to be doing what many unlicensed brokers do, which is to offer such high amounts to get more clients.
Apollofinance’s deposit and withdrawal options and fees
Only credit cards can be used to make deposits of at least $250 to Apollofinances. And even though this minimum deposit is too high in a world where brokers can open accounts for as little as $10, the way you can make the deposit is a good one: cards let you file a chargeback within 540 days of any transaction.
Apollofinances does not let you take out your profits.
It looks like all accounts that get a bonus have to spend a fourth of that bonus in standard lots. A standard lot is worth 100,000 currency units. Apollofinances gives the example of a client who needs to make $5 million in sales before they can get a $200 bonus. Because of how people abused these promotions, they are now against the law in a number of important places.
How does the scam work?
It should be clear by now that Apollofinances is a scam. We think the broker is using the same trick as the ones below:
First, the scammers will buy some ads on social media. These ads might be different, but they will all promise some kind of amazing investment opportunity. The ads will always lead to a website like Apollofinances, where visitors are asked to sign up for an account and leave their phone number. Once they’ve done that, the scammers will call them around the clock and only ask for one thing: deposits. More and more money will be asked for under different pretexts, but once the victim figures out what’s going on and stops giving the scammers money, the scammers will just stop talking to them and leave them high and dry.
What to do when scammed?
If you’ve been scammed by Apollofinances or a similar scheme, here’s what you should do to keep from losing more money:
First, you need to get rid of all the software that the scammers made you install. Without your permission, programs like TeamViewer will be used to look around your computer. Also, you will need to get new IDs, credit cards, and any other documents that the scammers were able to get their hands on. This is how you can get your privacy back after it has been broken.
Then it’s time to try to get your money back. The best way to do this is to call your bank and explain your situation. They can help you figure out what your choices are. But whatever you do, don’t fall for the recovery agency scam. That is, if a recovery agency contacts you and asks for money up front for its services, you should know that it is just another scheme.
Lastly, if you have fallen for a scam like Apollofinances, don’t feel bad about it. It can happen to anyone. Also, don’t be afraid to talk about your experience in the comments section below. By making more people aware of how the scam works, we can stop other people from falling for it.
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