Apple Forex

Apple Forex or as it is widely referred to in the website, Treasure Bay Capital Pty Ltd is a broker that does not do much to impress us. There are many misdoings that add up to the dishonesty of the broker.

What strikes us most is not the sloppy website that needs a lot of work still, but the lack of a mention of any regulatory body that governs this broker. We scoured the website and found no evidence of a license and /or license issuer. There is mention however that the broker is located in China

This piece of information is casually dropped, and one must dig into the website to find it.

In China legitimate international brokers with proper license from the agencies such as the FCA or ASIC can strike an accord with the Ministry of Public Security and the Chinese regulator of foreign exchange, the State Administration of Foreign Exchange (SAFE), to provide forex and CFD trading within China.

However, Apple Forex has no international license, in fact it has no license at all, including one with SAFE. And, judging by the looks of the website, this broker is most certainly UNREGULATED.

It claims to have a copyright registration certificate from the National Copyright Administration of China, but even if this is true, this by no means give it the legal right to trade with Forex and CFDs.

Before continuing on, we are inclined to say that we could not log in, for the confirmation email we received was complete gibberish. After a while we received a pass and user name that were not correct, and so we can’t login with the details that the broker provided us. Furthermore there are no legal documents. Thus, any information that we lay out on taken from info on the website.

The leverage that the broker offers us is 1:100. That is the value we got in our email. The same leverage was offered to us when we opened a live version of the trading platform.

The spread we got from the Live trading platform is 0 pips for the EUR/USD pair which is impossible.

Trading instruments as seen on the platform are Forex Pairs, Gold, Indexes, Oil and Bitcoin.

The languages available here are English and Chinese.

APPLE FOREX LOGIN

The MT4 has been included here, but not without its problems.

METATRADER 4

The platform offers some, by now, essential tools for every trader if he or she wishes to survive today’s online trading industry: Expert Advisors, plenty of technical analysis tools, fast execution speeds, customizable trading indicators and more.

However, here the MT4 does not function properly. Traders cannot make orders for one. And each time one tries to open an order from any of the forex pairs, they are redirected to the USD/CHF order screen.

The most vital function of any trading platform is unavailable at Apple Forex’ MT4. Need we say say more?

The leverage is 1:100, while the EUR/USD spread is 0 pips.

The trader we opened is a desktop one. There is also talk of a mobile version hidden behind QR codes.

APPLE FOREX MINIMUM DEPOSIT

As mentioned the broker has denied access to its dashboard, by sending us the wrong log in details. So any information concerning deposits (and withdrawals) is taken directly from the website.

The minimum deposit is non existent. Instead the broker gives the following vague explanation:

Depositing methods are just as obscure. The website claims them to be Wire Transfer, Bank Card or “other payment method”,

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

APPLE FOREX WITHDRAWAL TIME AND FEES

Just as with the deposits, withdrawal information is limited to only what is written on the website. And it isn’t much at all. There is no minimum withdrawal amount pointed out anywhere.

According to the website Bank Card and Mobile payments arrive “in real time” (see the above snap).

Since there are no legal documents, and there is no dashboard nor any withdrawal info whatsoever, we could not find any withdrawal fees. However, seeing as this is an unregulated broker, there is no guarantee that Apple Forex will not launch incoming fees.

ADDITIONAL FEES AND TAXES

Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the king from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Apple Forex is faulty and sloppy and not licensed. The entire thing stinks to high heaven, and he definitely do not recommend this one.