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I dug a little further and looked up "Finacom Management Ltd" which is their UK address. Listed on companies house as a dormant company, and you can see the names of the people who own it.
That financial commission website is a fake. It's basically like a Trustpilot and they extort companies to remove bad reviews. On their about page it says "The Financial Commission is not a governmental regulatory body and does not purport to be. It is not licensed by any regulator."
Apex is one of the largest futures prop firms, so it's no surprise that some people have bad experiences, most traders lose money. Pull up TrustPilot and even the most reputable companies in the world will have some number of 1 stars.
The fake part about the website is that it's designed to appear like it is a government entity. It's similar to when I first registered my trading company LLC. There was tons of official looking mail for paying fees for registering the business, posters, etc. The envelopes, company names, everything were made to look and fool people into thinking it was from the State or IRS. But actually it was just a bunch of private scammy businesses scraping new company registrations and trying to fool people into paying like $500 to be listed on their "directory website" that no one has ever heard of.
I think what worries me with Apex and the bad reviews, is that they actively ban people and close their accounts for leaving them. They also fight to get any bad reviews taken down on Trustpilot. You can view this by looking through their stats on there, they've had hundreds of bad ones removed.
And the good ones look suspicious too. There's a ton by people with just a single review, and they do it because they're apparently over the moon by being allowed to buy an account lol. These aren't people that have been paid out, they are giving a 5 star review merely for the honour of being allowed to buy an Apex account.
Personally, when I write a 5 star review it's because that company has done something above and beyond. I don't jump on Trustpilot and write a good review for a shop after I bought a chocolate bar and some milk in there.
So overall it just feels like they're trying to cover something up. I might be wrong, but by the looks of their rules, they basically have any reason they choose to deny you a payout. And they accept no responsibility if there are problems with the trading software, you have to accept these conditions to trade with them.
Passing any simulation prop firm challenge is tough, the live drawdown on apex doesn't help it. I think there are 100s of people here (myself included) that have passed their evaluation, however. So it is difficult but not impossible
Yeah the trick is just to size down and take your time with it. Easy to pass with smaller size.
The problems start when people overleverage, go +$1500 in a trade then let it come back down. Then have a loser next, and suddenly they've blown the account and blame Apex.
That being said, their drawdown is pretty awful. EOD makes a lot more sense to me. You can blow an Apex account without losing a single penny due to their drawdown. You can even blow it and still be profitable. Clearly the rule is just there to trip people up and give Apex more subscription fees.
Apex seem to have changed some of their rules. Correct me if I'm wrong.
A friend of mine recently signed up for a PA account, paid the fee, then was presented with a screen they had to agree to, AFTER paying.
This new contract had a lot of extra rules, and states that stop losses must always be placed, and there is a max risk/reward ratio, that trades with just a few ticks and large stops are prohibited etc. Is this new?
They have also updated their site to say new staff are monitoring PA accounts, as if it's going to help us traders. It seems to me that they are actively making it harder to get payouts, and have employed more people to scrutinise our trades.
And after a quick read of their rules I see that their help centre has been updated 4 days ago to include yet more rules, this really rings alarm bells:
It's just a mess, so many rules to worry about. Rather than "just profit and do well in the market" which is hard enough. And having to explain my system? Er... I buy when I think it's going to go up and sell when I think it's going down.
They have also changed the wording - "potentially qualify for a withdrawal" and "simulated funds", basically even less chance that you'll get paid.
They reserve the right to set up a zoom meeting with you!? Or make you record your trading and explain each trade? Wow, I'm done with this awful company.
I can't find anything about the 3:1-rule on their official homepage, while this topic is discussed in their -channel Apex always says, that this Apex- -channel is not their official site, but announcements like that are made there. Confusing. Yes, it seems, that Apex increases the tools to stop you at the moment you start being successful continuously. Inviting with a 1-day-pass and then possibly killing you with tons of rules, which allegedly should help you is contradictory, not really credible nor trust-promoting.