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ApolloFX Review - is it scam or safe?

ApolloFX Review - is scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz ApolloFX
ApolloFX is an offshore broker. Your money is not safe.


Trading Accounts


Account types Min. deposit Minimum trade size Maximum leverage Spreads  Platform
Silver Variable (MT4) N/A 0.01 1:200 1.9 pips + $10 commission MT4
Silver  Variable (Sirix) N/A 0.01 1:200 2.4 pips Sirix
Silver fixed N/A 0.01 1:200 fixed 2.4 pips MT4 & Sirix
ECN N/A 0.01 1:200 2.8 pips MT4
Gold ECN N/A 0.01 1:100 0.6 pips +1.5 pips commission Sirix


ApolloFX offers its clients a myriad of account types on two trading platforms. We almost got lost in the number of PDF files with spreads and trading conditions uploaded on the broker’s website, so we didn’t list all account types in the table above. For example, there is a Platinum account with spread fixed at 1.8 pips for the EUR/USD available on both Sirix and MT4 platforms, and there is also Platinum ECN account with spread of 0.6 pips involving a commission of 0.6 pips. Nonetheless, we suspect that these account types require a very high minimum initial investment.


The Company. Security of Funds





Leverate Financial Services Limited




Apollo FX offers trading in a wide variety of financial instruments, such as forex and various CFDs on both Sirix and MetaTrader 4. This is a brand operated by Leverate, which targets investors in the UK. The company also has a brand intended for German investors, called Direktbroker-fx, and operates the Vinci Capital Markets brokerage brand. Besides, Leverate is a famous provider of software solutions for the forex sector.


The company is headquartered in Cyprus, Limassol, and has offices in Tel Aviv, Hong Kong, Kiev, Shanghai, and Berlin. It provides the forex trading platforms Sirix, as well as a social trading platform, integrated into it. Leverate Financial Services Ltd. is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). It is also registered with the German Federal Financial Supervisory Authority – BaFin and with the British Financial Conduct Authority – FCA.


Brokerages licensed by CySEC are required to report to the Commission on a regular basis and to hold at least €730 000 as a proof of their financial stability. They also must keep client funds in segregated accounts.


Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.


Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States. 


Trading Conditions


Minimum Initial Deposit

We could not find information about the minimum deposit amount, required by ApolloFX. Most brokers require initial investments of around $200 (which is the case with the other brand of the company VinciCM).


Spreads & Commissions

Unfortunately, we find trading costs with ApolloFX high on all above listed account types. Fixed spreads above 2 pips are not competitive ones, and there are even some brokers offering spreads fixed at 1 pips for the EUR/USD pair.


As regards variable spreads, most brokers offer such within 1.0 – 1.5 pips on EUR/USD, while ApolloFX’ s spread on Silver Variable account (Sirix) is 2.4 pips. Even the Gold ECN accounts are not a good offer, because, if we add the featured commission, the trading costs are above 2 pips on EUR/USD per standard lot.


For purposes of comparison FXTM provides spreads averaged 0.7 pips on EUR/USD and charges a commission of $2 per lot. For more information, you may check out real-time spreads of 15 leading brokers here.



The maximum leverage level offered by ApolloFX is 1:200, which average for the market, and the default level is 1:50 (in line with CySEC’s guidelines)

Many jurisdictions introduce restrictions on leverage, because the higher the leverage, the greater the risk of losses in excess of initial investments. CySEC has proposed 1:50 as default leverage, but many Cyprus-based brokers still offer high leverage levels - for example, FXTM provides leverage up to 1:500.


Trading Platforms


As we have already explained above, ApolloFX supports the renown MetaTrader 4, as well as Sirix trading platforms. In fact, the all-in-one forex and social trading platform Sirix is developed by the company behind the brand, Leverate.


The Sirix platform is easy to use and equipped with useful tools such as built-in indicators and advanced charting options. Charts can be displayed in various timeframes and traders can add their own lines, measures and annotations. Its main advantage is that investors can copy the trades of other traders directly from the “Social Stream” section of the platform. The "Copy" function enables them to have positions opened, updated and closed without any explicit action or confirmation on their side.


On the other hand, the MetaTrader4 (MT4)remains the preferred choice of most traders worldwide, as it provides a full range of trading tools and features: more than 50 built-in technical indicators, advanced charting package, numerous Expert Advisors (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.


Methods of Payment


ApolloFX supports a small range of payment methods - bank wire transfer, Credit/debit cards, and eWallets.


The broker says it does not charge any fees for client deposit or withdrawals.




Judging from the domain of its website, ApolloFX is a forex brokerage brand intended for UK traders. The company behind the brand, Leverate, operates several other brands, and is licensed by CySEC. According to us, the main disadvantage of this broker is the high trading costs. To sum up the above, here are the Pros and Cons with regards to this broker:


Pros  Cons
Well-regulated High spreads
Brand of popular FX software solutions company Initial investment required not disclosed
MT4 and Sirix platforms offered       
STP execution available  


Latest news about ApolloFX
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