Apollofinances: scam or reliable broker?Dwain Ross 10 / April / 21 Visitors: 86
What traps the scammers have prepared for traders: focus on the currency market.
Experts from Apollofinances scam avoiding team state that scam companies most often look for victims among currency traders who are unexperienced.
Foreign exchange transactions remain a favorable environment for various kinds of speculation and deception. After all, the Forex is one of the most profitable and highly advertised markets. Today brokerage companies offer various conditions allowing you to start trading with a minimum amount of two hundred dollars or euros. For this reason, many traders choose currencies as their first assets with small entry point, because there is quite a chance to get a good profit quickly (given that most transactions are carried out with leverage).
Apollofinances.com: scam and its scale in trading
You really don’t need any strong law background in order to detect fraudsters. All you need is a basic knowledge of the most popular scam schemes. By the way, they also have a kind of trend thing: some scammers introduce a new type of scam, others repeat after them - and all this continues until most users stop falling into the trap, or until the cyber police harshly stops such activity. However, information works best against fraud: the more traders know how they can be cheated, the less chances that it will actually happen.
In this review, we will briefly talk about the popular fraudulent traps that are used specifically in the Forex market. For advice, we turned to a company with many years of experience in Forex, the Apollofinances brand. The company works with traders from all over the world.
Apollofinances.com contact details:
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960
According to data obtained from Apollofinances review, scam is something that about 10% of traders face in one way or another. Forex traders with little experience report cases of fraud more often than others. And of the fraudulent schemes, the most common is a scam scheme of selling paid signals or trading bots (that is, traders make deposits, but then they cannot take their money back because they are engaged in trading algorithm which has already spent all their money).
Ways to cheat an investor in the foreign exchange market
We asked Apollofinances what kind of scam is more common among foreign exchange brokers. There are many different methods of deception, but they can be conditionally grouped into five main areas.
1. The pyramid. The scheme, in which, in fact, trading does not take place at all.
Primary targets: beginners.
How it works: a trader deposits money before even seeing the trading platform (in fact, there can be no trading platform at all). No surprise that investor cannot start making deals, but broker keeps trader from thinking that something is wrong. Manager explains this by technical problems with the platform, problems with crediting funds to the account and other reasons. In fact investor never starts trading and just sends money to fraudster.
2. Ready-made strategies. The trader is offered to pay for a particularly effective strategy. However, this may be a non-working strategy or no one will provide it at all in any form.
Primary targets: those who do not understand that the strategy must be developed gradually, those who look for easy money.
How it works: a false broker collects fee for his "effective methods of making money on Forex", and provides some low-quality non-working strategy. Apollofinances.com scam preventing department informs that there’s almost no chances that such strategies will ever do any good to their buyers.
3. Powerful leverage. The case when a company offers leverage 1:1000 with no explanations of risks involved.
Primary targets: traders with little experience and big ambitions.
How it works: a real company with a real statute of work “forgets” to show the client all the documents, including the one that contains a notification about the risks of trading with leverage. Also, the trader does not receive information about the margin call - situation when his trades can be canceled and the account frozen.
How to prevent scam
You can detect most of these schemes in advance by simply reading the documentation on the brokerage company's website.
For example, as we see on the website Apollofinances.com, all the details of cooperation are clearly visible before opening an account and signing an agreement. All information about the services, rights and obligations of the parties is spelled out in the company's documentation