Apco FX claims to be a financial instruments and services provider; that offers trading in various markets like Forex, precious metals, crypto, indices and more. They advertise that they can multiply your funds very easily and safely. But it fails to tell us, who is making these claims. Who is behind the business and the website. These questions are not answered. But let us look further into this broker’s operations and its legitimacy. Read full Apco FX review here.
About Apco FX
The first thing we’d like to check about the business usually is the origins, followed by the licenses it holds for offering financial services. In this case, while the website is almost trace free, as there is no name for who owns the domain, or any parent company information. While it does have addresses for Berlin and the UK on its website, these are barely verifiable. But based on these claims, we needed to check if they were regulated by either the FCA in the UK or the BaFin in Germany. But after checking up with both of them, we find no licenses for Apco FX.
Now looking at the trading conditions and the platform itself. The broker makes use of the market popular Meta Trader 4 to facilitate its trading. There are different account types, but what’s intriguing to see her is the minimum deposit requirement. This broker has a whopping $1000 minimum deposit for its basic account. This is a rather huge number by any market standards. Usually the fear with such high deposits and no regulation is that the broker will just take the deposit and run. They wouldn’t shut shop right away, but they will start by delaying your withdrawal. They keep you waiting for your withdrawal, owing it to some or the other condition, and eventually you lose hope of getting your money back. Apco FX has a similar condition regarding the trading volume that needs to be fulfilled, before which you can’t withdraw your own money.
Apart from this, they also mention that there is no time frame within which your money will be back in your account. Also, the broker charges you an exorbitant 10% inactivity fee on your deposit, after just 2 months of inactivity. This is really unusual and a very high price to pay.
Apart from this, we know the highest leverage offered is 1:100. The fixed spread is at 3 pips. And they also have a 30$ trading commission on each lot, which effectively brings up the spread to 6 pips. This is basically 4 times worse than the average market spread.
It seems this broker has a lot of scam like traits, and hence should be left at a distance. Considering the fact that it is not even regulated, makes things even more risky, and thus avoidable.