ApproxFinance Evaluation 2021 – Is This Web site A Respectable Dealer?
Website URL: https://approxfinance.com
Regulations: Not regulated
languages: English, Italian, Spanish
Deposit methods: Bank transfer and credit card
Minimum deposit: $ 100
Free demo account: N / A
Number of assets: N / A
Types of assets: Indices, commodities and metals
Trading accounts and terms
ApproxFinance offers a total of 4 account types as this is a crucial way to offer a “first class trading experience”. Each tier they offer is conveniently tailored to the standards of different vendors, and as we see on their website, we see the variety that each tier offers.
The first tier on the list is called Standard ECN. It has a high minimum deposit of $ 100, a minimum lot size of 0.1 and offers a spread of 4.5 pips. Almost all of the other features like leverage, scalping, stop-out levels and availability for an Islamic account are exactly the same as the levels that ApproxFinance has provided on their website. The second tier is called Classic ECN and has a minimum deposit of $ 1000, a very high and strange jump from the $ 100 that a standard ECN account offers. Additional features include a minimum lot size of 0.05 and an offer of 3.5 pips.
The third level is known as the expert account and is apparently only recommended for wealthy investors and those who already have sufficient knowledge of online investments. The Expert Account has a minimum deposit amount of $ 5000, a minimum lot size of $ 0.010 and offers of 2.5 pips. Eventually they call the Pro account which has a ridiculously high minimum deposit amount of $ 25,000. The rest of the features include: minimum lot size of 1.00 and offers spread out from 0.5 pips.
Other than a risk disclosure statement, there is no legal documentation available on the website, which means ApproxFinance definitely has something to do. Never connect with brokers who don’t provide their terms and conditions because you don’t know what you are signing up for. You will only be shocked someday if you do something with your money without knowing it, because they changed the agreement to further their interests.
ApproxFinance – advantages
One thing that caught our eye is the website design. It’s flawless and we can safely say that the people behind it spent a lot of time making the website look legitimate. However, since there are more important things than design, we decided not to see this as an advantage. The website design itself is also a way to attract people and make them believe that the website is professional.
ApproxFinance – Cons
Anonymous operation and unregulated service
A quick tour of their website has already led us to the conclusion that the people behind ApproxFinance are doing their best to become anonymous. Because of this, they have never given a name or company associated with the website. They provided an address to be fair, but that information isn’t enough to determine whether what they’re doing is legitimate.
We assume ApproxFinance is an offshore broker too shy to admit its origins. They have also claimed to have physical office locations in the UK and Canada, and even if they do, there is no license to operate their business. Given that both areas are strict with brokers, they don’t make such a website work for a long time.
Plus500 is a FTSE 250 listed broker providing online trading services for CFDs in more than 2,000 stocks and multiple asset classes.
The company was founded as a combination of finance professionals and web commerce experts with the goal of perfecting the online retailer experience.
Misleading claims on trading platforms
Everything ApproxFinance does is overwhelming. They strive to make their website legitimate as it can attract people without prior knowledge of online investments. One of their tactics is to use the MetaTrader4 branding to highlight their service and gain the trust of strangers and potential customers. However, when you click on one of the alleged trading platforms it just brings up a website that says “Page Not Found”. It is a very suspicious find and we believe that people who invested money in ApproxFinance never had the opportunity to use MetaTrader4 and that they may have introduced some important web trading software.
Risky deposit and withdrawal method
It is important to discuss the ridiculous minimum deposit amount that ApproxFinance has implemented, the lowest being $ 100 and the highest being $ 25,000. Such amounts are very suspect as legitimate brokers only charge a low minimum deposit amount which is usually only $ 5 or even $ 10. Letting go of these amounts is very risky and we recommend not transferring any part of your money to ApproxFinance as they may have a different plan for them.
Since we have already established that ApproxFinance is not regulated, there is one more reason why depositing into their service is seen as a risk. Without regulation, you will not be protected by any tax authority in the region. You are free to take your money and never have an amount withdrawn.
The spreads that ApproxFinance offers vary from each account level on their website. The first account type has a spread of 4.5 pips which is considered a very large amount, especially for those who have not tried to trade. While the Pro account tier has a small spread of 0.5 pips, you still need to spend a lot of money to access it. Given the minimum Pro account deposit of $ 25,000, this will never happen.
Always look for legitimate brokers who offer reasonable spreads that both sides can benefit from and that make trading a lot more fun and rewarding.
The people behind ApproxFinance are really trying hard. Because they know that many people can easily be deceived in advance, for example with a website, they have done their best to make theirs look legitimate. However, these efforts will not go against us as we know what we are doing and we are confident of where to look for it. While it is commendable to publish a website with such a design, we still condemn ApproxFinance with their activities and every lie they have made with their claims.
In conclusion, ApproxFinance is a scam website that only works to make more and more money over time.
- Anonymous operation and unregulated service
- Misleading claims on trading platforms
- Risky deposit and withdrawal method
- Very high spreads