Caution Investors ApolloX – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
ApolloX is a company that claims to offer trading services in various financial markets, such as forex, commodities, indices, stocks, and cryptocurrencies. It also claims to provide educational resources, market analysis, trading signals, and account management services. However, the company is not registered with the ASC or any other regulatory authority in Canada or elsewhere. This means that it is not authorized to issue, offer, or sell securities or derivatives in Alberta or to report its activities to the ASC. The ASC has issued a warning to investors about ApolloX and advised them to exercise caution when dealing with this company.
Regulation and Compliance:
ApolloX is not regulated by any reputable financial regulator in the world. It does not have a license from the ASC, the Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Securities Administrators (CSA), the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Europe, or any other authority that oversees the financial markets. This means that ApolloX does not comply with any rules or standards that protect investors from fraud, manipulation, or misconduct. It also means that ApolloX does not have to follow anti-money laundering (AML) or know-your-customer (KYC) policies that prevent criminal activities. Furthermore, ApolloX does not have to segregate its clients’ funds from its own or participate in any compensation scheme that would reimburse investors in case of insolvency.
Customer Reviews:
ApolloX has received mostly negative reviews from its customers on various online platforms. Many customers have complained about poor customer service, delayed or denied withdrawals, hidden fees and charges, false promises and guarantees, aggressive marketing tactics, and unauthorized transactions. Some customers have also reported that ApolloX has blocked their access to their accounts or deleted their accounts without any explanation. Some customers have even claimed that ApolloX is a scam and that they have lost their money to this company.
Products and Services:
ApolloX offers trading services in various financial markets through its web-based platform. The platform has a simple and user-friendly interface, but it lacks some advanced features and tools that are available on other platforms. The platform also does not support automated trading or social trading. ApolloX claims to offer competitive spreads and leverage, but its website does not disclose the exact values of these parameters. It also does not provide any information about the execution speed, slippage, requotes, or order types on its platform. ApolloX also offers educational resources, market analysis, trading signals, and account management services to its customers. However, these services are not verified by any independent source and may be inaccurate or misleading. Moreover, these services may involve additional fees or commissions that need to be clearly stated on the website.
Location of:
ApolloX does not provide any clear information about its location or contact details on its website. It only provides an email address and a phone number that are not toll-free. It does not have a physical address or a postal address that can be verified by customers. It also does not have any social media presence or online chat support that can be used by customers to communicate with the company.
Customer Service:
ApolloX has a poor customer service record according to many online reviews. Customers have reported that ApolloX’s customer service representatives are rude, unprofessional, unresponsive, or unavailable. Customers have also reported that ApolloX’s customer service representatives do not answer their questions or resolve their issues satisfactorily. Customers have also reported that ApolloX’s customer service representatives pressure them to deposit more money or upgrade their accounts without providing any benefits or guarantees.
Is Your Money Safe in an unregulated company?
Investing with an unregulated company like ApolloX is very risky and may result in losing your money. Unregulated companies are not subject to any oversight or supervision by any authority that can ensure their fairness and integrity. Unregulated companies are also not bound by any rules or standards that can protect your rights and interests as an investor. Unregulated companies are also not required to segregate your funds from theirs or participate in any compensation scheme that can reimburse you in case of insolvency. Unregulated companies may also engage in fraudulent or illegal activities such as manipulating prices, executing trades against you, charging hidden fees or commissions, stealing your identity or personal information, laundering money for criminals, or disappearing with your money.
Defensive Measures Against Fraudulent Brokers:
If you are considering investing with a company like ApolloX, you should take some defensive measures to protect yourself from fraud and scams. Here are some tips that can help you:
– Do your research. Check the background and reputation of the company and its owners, directors, managers, and employees. Look for online reviews, testimonials, complaints, and warnings from other customers or investors. Verify the company’s registration, license, and authorization status with the ASC or any other regulatory authority in your jurisdiction or the company’s jurisdiction. Check the company’s website and contact details for any red flags or inconsistencies.
– Be cautious. Do not trust any unsolicited offers or promises that sound too good to be true. Do not fall for any pressure tactics or emotional appeals that urge you to act quickly or urgently. Do not sign any documents or agreements that you do not understand or that contain unfavorable terms or conditions. Do not share any personal or financial information with the company or anyone associated with it unless you are sure of their identity and legitimacy.
– Be vigilant. Monitor your account and transactions regularly and report any suspicious or unauthorized activity to the company and the ASC. Keep records of all your communications and dealings with the company and its representatives. Seek professional advice from a lawyer, accountant, or financial planner before making any investment decisions.
Conclusion:
ApolloX is a company that claims to offer trading services in various financial markets, but it is not registered with the ASC or any other regulatory authority. The company has received mostly negative reviews from its customers and has been warned by the ASC to investors. The company does not provide any clear information about its location, contact details, products, and services, regulation and compliance status, or customer service quality. Investing with an unregulated company like ApolloX is very risky and may result in losing your money. Therefore, it is advisable to avoid this company and look for other alternatives that are regulated and reputable.
