Apptrader

BASIC INFORMATION

AppTrader is an offshore Forex broker that sells financial goods and services on regulated markets without being properly licensed. The fact alone does not necessarily make a broker a scam scheme, but a violation of financial regulations indicates that the company is engaging in unlawful activities, so you should avoid it. The fact that AppTrader has previously been scrutinized by European financial regulators makes us strongly advise traders to avoid it.

AppTrader REGULATION AND SAFETY OF FUNDS

AppTrader is an offshore Forex broker that‘s purportedly owned and operated by an SVG company. It’s a problem for the traders because St. Vincent and the Grenadines is one of those offshore jurisdictions thats known for the shortage of adequate financial control. In fact, SVGFSA- the financial authority in the Caribbean island do not even issue Forex licenses, which makes the SVG brokers risky to trade with. The lack of rules and regulations means lack of customer protection, and the clients might even lose their money to scam. Not surprisingly, SVG is filled to the brim with scammers, and the absence of control is the single most important factor that attracts fraudulent enterprises.

AppTrader TRADING SOFTWARE

AppTrader offers some web-based trading platform that‘s seemingly developed by themselves. It’s a problem for the traders because such platforms are unstable and unreliable, but most importantly, these might be prone to fraud and price manipulation. Have a look at their platform at the end of this section. Beware!

We recommend the regulated MetaTrader4 or MetaTrader5 Forex brokers to the traders because MT is the best retail Forex platform available on the market and it‘s free to use. It’s stable and also feature sophisticated trading tools such as Expert Advisors, Algo trading, Complex indicators and even a marketplace where the traders can buy or use for free third-party-developed trading solutions.

AppTrader DEPOSIT/WITHDRAW METHODS AND FEES

The minimum initial deposit is $250, which is in line with the offshore brokers but more than twice higher than the regulated brokers standards- $100 on average.

The single funding method possible is Credit/Debit card. Standard payment methods such as Wire Transfers, Skrill, Neteller or Bitcoin are not available to make a deposit, and this fact certainly limits the traders.

No minimum withdrawal requirements set and also there are no fees specified, but the company reserves the right to impose transfer fees. Its an unfair clause because they might invent all kind of fees that they want on the run. Most of the legit brokers in comparison do not charge any transfer fees.

An account becomes dormant after 12 months of inactivity, but no inactivity specified either. In the same manner, AppTrader reserves the right to introduce fees and they even state that the traders will be informed explicitly about the charges that should be paid!

Bonuses are abundant, including Deposit Bonus starting from 30%, e-mail verification bonus, phone verification bonus and others. The Deposit bonus bounds with separate terms and conditions. It‘s said that the trader should execute a minimum trading volume of 10 times the amount of the bonus in 30 days, which is yet another unfair clause! If the requirements are not met, the bonus and the profits gained will expire, which means that the traders might end up losing its time to gain profits that the broker’s going to pocket!