planetkill 

So basically just another business acting as a forex B-Book broker (unregistered), the founder must have thought swapping deposits with eval fees would protect him. I suspect they chose the wrong tech for their ops. They must have chosen one of the white label broker as a service techs, like B2Broker. At this point, I feel like B2Broker is actually a honeypot.

Exactly, another forex b broker, except this time they mixed it with the eval/signup game.

If they set it up as signup fee, sim only, using trusted brokerage (like tradovate) they would have been good, because they couldn't manipulate the fills or spreads, and they wouldn't be the counterparty.

And it looks like B2Broker is owned by a guy in the UAE, so I doubt its honeypot. The UAE and FBI / interpol don't get along that well

jlabtrades 

I was responding to the post where you said And that I agreed with the other poster that just because you trade poorly I don't think you should leave a bad review. Shouldn't the review reflect if the company is good or not, instead of if you had good trade ideas? Im not arguing they put you in sim, I've even said so a few times myself. I also don't feel the sim puts me at a disadvantage in my trading, and I have made 5 figures so far from trading with Apex. Also to spend thousands at apex is a lot, I haven't even reached that myself until I had 20 accounts with them Anyways, this is a thread about the MFF fraud fiasco and legality of prop firms, so I guess my stand is that putting you in a sim isnt illegal, and having requirements for payouts isnt illegal (but not the best deal either). If the sim prop firms do similar things that MFF did (adjust orders, adding undisclosed spread) I would consider that crossing the line of course and possibly illegal. I would be incredibly interested in seeing the revenue split from any prop firms. And if the revenue from new user fees is over 50% then I would definitely start to worry the company

Again you are twisting what I am saying. I did not say "anyone who trades badly should leave a negative review".

What I did say is that I personally wouldn't write a great review for a company when I don't earn anything out of it, and don't see why others would. Maybe some people do but for me they have a suspiciously large amount of positive reviews, almost like they're paying for them. Apex don't support you when you trade, they don't do anything other than collect fees and provide you with an account. So why the huge amount of positive reviews?

So what I like to do is to filter out the noise and check out what the bad reviews are saying, and quite a few of them claim their accounts were blown once they'd built up a large balance, and whilst they weren't even logged on. That was my point.

Their replies are also quite petty and vindictive - they usually respond by blaming the unhappy customer and telling them they are no longer welcome at Apex. Doesn't look good to me.


But yes I agree, we've gone a bit off topic here.