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Appex Finance / KwikFlow Group LLC Review: A Scam or a Legit Broker?
If you are looking for a forex and CFD broker, you may have come across Appex Finance / KwikFlow Group LLC, a platform that claims to offer competitive trading conditions and access to global markets. But before you sign up with them, you should be aware of some red flags that indicate that this broker is not trustworthy and may be a scam. In this review, we will examine the background, regulations, customer reviews, products and services, location, and customer service of Appex Finance / KwikFlow Group LLC, and explain why you should avoid them at all costs.
Who are they?
Appex Finance / KwikFlow Group LLC is a forex and CFD broker that operates through the website https://appexfinance.com. According to the website, the broker is owned and operated by Appex Finance Ltd, a company registered in St. Vincent and the Grenadines, and KwikFlow Group LLC, a company registered in Delaware, USA. The website also claims that the broker is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, and provides an address and a phone number in New York.
However, there is no evidence that these companies are actually registered or licensed in their respective jurisdictions. In fact, the FSA of St. Vincent and the Grenadines has issued a public statement warning that it does not issue any licenses for forex trading or any other type of international financial services. Moreover, the address and phone number provided by the broker are not verifiable and may be fake.
Regulation and Compliance: FMA Issues Warning
One of the most important factors to consider when choosing a broker is whether they are regulated by a reputable authority that can protect your funds and rights as a trader. Unfortunately, Appex Finance / KwikFlow Group LLC is not regulated by any such authority and is in fact operating illegally in many countries.
For instance, the Financial Market Authority (FMA) of Austria has issued a warning against Appex Finance / KwikFlow Group LLC on its website (https://www.fma.gv.at/en/appex-finance-kwikflow-group-llc/), stating that the broker is not authorized to provide investment services in Austria and is therefore not subject to supervision by the FMA. The FMA also advises investors not to enter into any business transactions with this broker.
Another way to assess the credibility of a broker is to look at the customer reviews on various platforms and forums. Unfortunately, Appex Finance / KwikFlow Group LLC has very few reviews online, and most of them are negative. Many customers have complained that the broker is a scam that does not process withdrawals, manipulates prices, charges hidden fees, closes accounts without notice, and uses aggressive marketing tactics to lure unsuspecting traders.
For example, one customer wrote on Trustpilot (https://www.trustpilot.com/review/appexfinance.com): “Appex finance is a scam. They will take your money and never give it back. They will ask you for more money to withdraw your funds but they will never process it. They will also change your password and block your account. Do not trust them.”
Products and Services
Appex Finance / KwikFlow Group LLC claims to offer trading on various instruments, such as forex, commodities, indices, stocks, cryptocurrencies, and ETFs. The broker also claims to provide various account types, trading platforms, educational resources, market analysis, and customer support.
However, these claims are not backed by any evidence or details. The broker does not disclose any information about its trading conditions, such as spreads, commissions, leverage, margin requirements, execution speed, slippage, or swap rates. The broker also does not provide any demo accounts or free trials for its trading platforms. The educational resources and market analysis are very basic and outdated. The customer support is unresponsive and unprofessional.
Appex Finance / KwikFlow Group LLC claims to have offices in New York and St. Vincent and the Grenadines. However, as mentioned earlier, these locations are not verified and may be false. The broker does not have any physical presence or legal status in these countries or any other country where it operates.
Appex Finance / KwikFlow Group LLC claims to offer 24/7 customer service via phone, email, live chat, and social media. However, many customers have reported that the customer service is very poor and unreliable. The phone number is often unreachable or disconnected. The email responses are delayed or ignored. The live chat is offline or unhelpful. The social media accounts are inactive or deleted.
Based on our research and analysis, we conclude that Appex Finance / KwikFlow Group LLC is a scam broker that should be avoided at all costs. The broker is not regulated, has a shady background, has received numerous complaints and warnings, and does not provide any reliable or transparent trading services.