Traders begin suing Apex Trader Funding over Consistent Payout Denials with no Explanation
Summary
TLDRThe video script discusses traders taking legal action against Apex Trader due to denied payouts, despite a history of approvals. It details a friend's case and a Reddit user's experience, highlighting issues with Apex's payment process and customer service. The speaker questions Apex's liquidity and PR strategy, suggesting a pattern of denials for long-term, high-volume traders. The script also touches on Apex's history of FUD (Fear, Uncertainty, and Doubt), censorship of negative feedback, and the potential impact on their reputation and business.
Takeaways
- 🚨 Traders are taking legal action against Apex Trader, alleging non-payment of approved payouts.
- 🤝 Apex Trader had a history of positive relations with traders, but recent events have soured these relationships.
- 📉 A trader, who was once a fan and advocate of Apex, has turned negative after experiencing payout denials and lack of communication.
- 🗣️ Apex Trader's customer service, including Daryl and Chris, have been unresponsive or provided generic responses to payout issues.
- 📊 There's a pattern of payout denials after the fourth month of uncapped payouts, suggesting a potential issue with Apex's liquidity.
- 📜 The contract between Apex Trader and traders may heavily favor Apex, potentially making it difficult for traders to claim their earnings.
- 🏦 Concerns are raised about Apex Trader's liquidity, drawing parallels to a bank run and the potential for a self-fulfilling prophecy of failure.
- 🛑 Apex Trader's response to criticism has been to deny issues and censor negative press, which may further damage their reputation.
- 🔒 There's a perception that Apex Trader is more likely to pay out smaller or newer traders, while longer-standing traders face payout denials.
- 📉 The reputation of Apex Trader has been on a decline for three months, with no clear efforts to address the underlying issues or restore trust.
Q & A
What is the main issue traders are facing with Apex Trader?
-Traders are facing issues with Apex Trader denying payouts, which has led some to consider legal action.
Why have some traders decided to take legal action against Apex Trader?
-They have not been able to get payouts approved since July, despite a history of successful payouts over a year.
What was the initial reaction of the community when Apex Trader started delaying payouts?
-Initially, there was concern, but since everyone eventually got paid, the community largely dropped their concerns.
What changes in Apex Trader's policies in May and June led to increased concerns among traders?
-In May and June, the delays in payouts increased, and a rule known as DCA was reintroduced or actively enforced, causing dissatisfaction among traders.
How did Apex Trader's response to the DCA rule enforcement affect trader sentiment?
-Most traders adjusted to the DCA rule, but the enforcement led to further dissatisfaction and an increase in 'fud' (fear, uncertainty, and doubt).
What happened in July that marked a significant change in Apex Trader's operations?
-July saw the closure of the Discord server, mass denials of payouts, and an increase in investigations and probations, leading to two months without payouts for many.
What concerns are raised about Apex Trader's liquidity issues?
-There are concerns that Apex Trader may have liquidity issues, as they have not been paying out traders as expected, leading to a potential 'bank run' scenario.
How has Apex Trader's response to negative press and trader concerns been characterized?
-Apex Trader's response has been characterized by denial, censorship, and a lack of transparency, which has further damaged their reputation.
What is the role of NDAs in the situation with Apex Trader?
-Non-disclosure agreements (NDAs) are mentioned as a potential barrier to traders speaking out, but it's also suggested that NDAs may not protect Apex Trader if they engaged in fraudulent activities.
What historical precedent is drawn to understand the potential collapse of Apex Trader?
-The script draws a parallel to the collapse of the Forex firm Photot Trader, which also started denying payouts without justification before its downfall.
What actions are traders taking to address the situation with Apex Trader?
-Traders are reaching out to each other on platforms like Reddit and Discord, sharing their experiences, and some are pursuing legal action.
Outlines
🚨 Legal Actions Against Apex Trader
The paragraph discusses the initiation of legal actions by traders against Apex Trader, a funding platform. It details a personal connection who has not received payouts since July, despite a history of consistent approvals. The narrative shifts to a Reddit post from a user who had a positive relationship with Apex but was denied substantial payouts. The user, after being personally assured by Daryl that the payouts would be approved, was left unpaid. This has led to the user actively pursuing legal action and engaging on Reddit and Discord. The paragraph also touches on Trustpilot removing a negative review and the user's changed perception of Apex, moving from a fan to a critic due to unresolved payout issues.
📉 The Downfall of Apex Trader's Reputation
This paragraph delves into the historical progression of Apex Trader's reputation and its impact on payout approvals. It starts from March, noting initial signs of delayed payouts, and progresses through May and June where the introduction of the DCA rule caused discontent but was eventually accepted by traders. The situation escalated in July with mass denials and investigations, leading to a two-month payout drought. The paragraph questions Apex's liquidity, drawing parallels to a bank run and the importance of reputation in financial services. It critiques Apex's lack of proactive communication and their handling of criticism, suggesting that their silence and denial of issues might be indicative of deeper problems.
🛑 Apex Trader's Response to Criticism and Payout Denials
The focus of this paragraph is on Apex Trader's approach to addressing negative press and trader concerns. It highlights the company's tendency to deny or ignore legitimate issues rather than providing clear explanations or solutions. The paragraph discusses the company's history of censoring negative comments on social media and their heavy-handed moderation on Discord, where traders were silenced for asking about payout issues. It also points out the company's practice of only approving payouts for those who speak positively about Apex and comply with their rules. The paragraph concludes with examples of traders who have been denied payouts despite meeting the platform's criteria, suggesting a pattern of unfair treatment and a lack of transparency from Apex Trader.
🚨 The Collapse of Photot Trader and Parallels to Apex
In this paragraph, the speaker draws a comparison between the collapse of Photot Trader, a Forex firm, and the current situation at Apex Trader. They note that Photot Trader began denying payouts without justification, which eventually led to their downfall. The speaker suggests that Apex Trader is following a similar path, with a pattern of payout denials and a lack of transparency. The paragraph also addresses the company's gaslighting tactics, where they dismiss traders' concerns as 'fud' (fear, uncertainty, and doubt) instead of addressing the underlying issues. The speaker calls for Apex Trader to provide clear and honest communication to restore trust and prevent further damage to their reputation.
Mindmap
Keywords
💡Legal action
💡Payout approvals
💡Chargebacks
💡Trustpilot
💡FUD
💡Liquidity issues
💡NDA
💡Probation
💡Influencer's Discord
💡Gaslighting
Highlights
Traders are beginning to take legal action against Apex Trader, signaling a serious escalation in the dispute over denied payouts.
A friend of the speaker has not received any payouts approved since July, despite a history of consistent approvals.
The friend has contacted a lawyer to review the contract with Apex, considering legal steps due to denied payouts.
A Reddit post details a user's sudden denial of tens of thousands of dollars in payouts after a previously positive relationship with Apex.
Daryl from Apex reviewed the case and agreed that the payouts should be approved, but the money never arrived.
The user from the Reddit post is pursuing legal action and is active on Reddit and Discord discussing the issue.
Trustpilot removed a negative review of Apex, raising questions about the authenticity of reviews on the platform.
The user who was once a fan of Apex and praised it on Reddit now has a negative view after experiencing payout denials.
A pattern is detected where Apex is more likely to pay out smaller or new accounts, but not larger or older ones consistently.
Proof of denied payouts is shown, with generic Apex emails stating account investigations as the reason without specifics.
Chris, a top employee at Apex, promised to approve a payout that never came, despite an NDA contract.
The speaker discusses how NDAs may not protect Apex if they engaged in fraudulent activities.
Evidence is presented showing the user's high-profit account levels and screenshots of their profit balance.
The history of Apex's fud, or false information, is reviewed, starting from March and escalating through the year.
The DCA rule was reintroduced by Apex, causing initial adjustments and discontent among traders.
July marked the peak of fud with mass denials, investigations, and probations, leading to two months without payouts for many.
Questions are raised about Apex's liquidity issues and whether they can fulfill their legal obligation to pay traders.
Daryl Martin's sincerity in wanting to pay people is acknowledged, but his silence since June raises concerns.
Apex's approach to bad press is criticized for denial and censorship, rather than addressing legitimate concerns.
The speaker calls for Apex to provide real reasons for payout denials to resolve the ongoing fud and restore trust.
Transcripts
chunky trade here with a report that
Traders are beginning to take legal
action against Apex Trader
funding I actually know somebody in real
life this is not somebody I met through
social media but some but a friend of
mine who has not been able to get any
payouts approved since July and this is
after over one year of payout approvals
every single month and I don't want to
speak too much about their situation but
they've already begun contacting a
lawyer having the lawyer review the
contract and just and considering what
steps that they should take so these
denials that Apex is doing are not going
to come without some type
of some type of Retribution anyway I
don't want to talk about my friend I
want to talk about this post I saw on
Reddit so this individual this is from
two months ago they previously had a
great relationship with Apex they were
getting payouts all of a sudden they got
denied tens of thousands dollars of
payouts Daryl actually was a this
individual got got in contact with Daryl
directly and darl reviewed his case and
said oh yeah these should all be
approved the money never came and he's
left just posting about it on Reddit he
doesn't hear anything back I think this
person did a lot of chargebacks to Apex
and has stated that they are pursuing
legal actions moving forward this person
is very active on Reddit in Discord if
you message him he'll reply to you and
I've actually been able to exchange some
messages with him um funny enough trust
pilot removed his negative review and I
bring that up here because I know we've
all noticed how trust pilot has a lot of
five star reviews for Apex and we're all
kind of curious hm you know how you know
what happens to the negative reviews
well we know that at least this guy's
one review got
deleted as recently as may this person
was a fan of Apex now this this person
participated in the Discord that I'm in
and this is the same user who wrote that
Reddit post and he provided a screenshot
of of of proof that back in May when he
was getting all his payouts he loved
Apex and he said man Apex it's hard for
any new platform to compete with Apex
because Apex has built so much trust
with the community but my oh my how
things have changed uh this person does
not have that tune anymore and is uh is
very negative towards Apex just because
this person's been screwed now it's easy
to be a fan of Apex when you're getting
paid I see a lot of people who get paid
maybe you know one payout a month saying
hey Apex paid me what's the big deal you
must have done something wrong well it
seems to be Apex is more likely to pay
you if you're only requesting one or two
payouts but if you're requesting you
know more than seven accounts or if
you've been consistent for several
months especially if you're on your four
fourth month uncap payout that seems to
be the pattern that we've detected they
stop paying
out now this is proof of their payouts
being denied 57 days 31 days 48 days
denied deny deny
deny uh Apex email generic autogenerated
response nothing specific your payout
was denied for account investigation
okay well okay you want to investigate
the account investigate it and then tell
us what's going on well in this case
they don't respond and actually when he
did get a response from darl Dr said oh
yeah it's going to be approved but never
got the money this is a a screenshot he
sent of Chris Chris is is one of the top
employees at apex not sure if he's part
of the payouts Department he seems to be
he does seem to have some Sway and I've
heard of people contacting Chris before
when their payouts got denied he looked
into it and is able to get them reversed
and actually get them approved so Chris
is is he is somebody there and he said
hey we're going to go ahead and get this
approved but has to stay between you and
us well this guy keeps saying you know
he they approved it but I never got it
and especially mentioning per the NDA
contract you signed as well well you
know heck you know I mean I you know if
I I I'll keep my mouth shut but you got
to pay and another thing ndas don't
protect you don't protect the the person
if they don't protect the company if the
company engaged in some type of scam so
ndas are not totally unbreakable you
have to provide what you say you're
going to
provide um here's some proof from this
person that they actually built up their
accounts to a you know high-profit
level and just more more screenshots of
their profit balance now I think I've
talked talked about this individual
Trader enough but in a nutshell this
person is owed a lot of money they they
Daryl said you were going to get paid
the payment payout never came and they
don't respond to this person but when
you look on it on the surface it this
looks like the trader that they claim to
want but in all these cases of people
being denied payouts it's all it's not
people with like hey I'm on my 11th day
getting a payout my first payout request
yeah they'll give you your first payout
request for sure sure but what about
these people you know we all aspire to
that fourth month UNCA payout just like
Trader Kane did well well you're you're
but all these people with problems
they're all like 30 40 days into their
account you know what's going
on so enough about that Trader who said
he's pursuing legal action I just want
to briefly review the history of Apex
fud starting from March in April is when
we started to know notice that payouts
approvals were being were were okay may
they might have been one or they might
have taken one or two days longer than
normal but the payouts being slower is
what people noticed and a lot of that
was due to an unforced error on apex
Traders fault where they would send out
this autogenerated email saying oh your
payment's been sent you should get it
between five and seven business days
when it didn't come at the end of the
seventh business day people complained
and then the mods princess B if you can
remember would get so upset and say hey
you guys we have until the end of the
cycle to pay you ignore what that email
said well why just send out that email
who are we supposed to trust but anyway
because everyone got paid people really
dropped their concern that is until May
and June came where the next level of
fud was introduced with the DCA rule
being reintroduced or being actively
enforced uh DCA ultimately this was not
a real big deal breaker for Traders most
people just adjusted they were not happy
but they said okay we understand you got
to have some rules so we're going to
abide by them we're going to we're going
to do it and for me I was actually back
in June for DCA and I just adjusted my
trading right even the quote unquote
great trades by Matt claimed he was
denied for DCA okay that's fine but
people made adjustments and moved
forward and um people ultimately and and
also want to mention one thing Daryl
also chimed in and said hey this rues
for you so I was like okay fine July
that's when fud really started to Peak
the Discord was closed right after the
Discord was closed Mass denials and
inves vations and probations began and
this started a a timeline of 2 months
without payouts for many people and then
when August came Mass video
requests and Apex is just let letting
the fud simmer so that begs the question
is there liquidity issues at Apex right
think about a bank run Banks rely on
their reputation just like these prop
firms do and they rely on new people
participating in their
service as soon as their reputation is
broken whether it's true or not there's
a bank run that leads to the
self-fulfilling prophecy of the bank
failing now Apex has always allowed you
know now Apex has allowed their
reputation to be damaged for three
months straight and I specifically use
that term they've allowed their
reputation to be damaged because for the
past three months they've been almost
doing the opposite of what any PR
strategist would tell them to do why
don't you get out there you know don't
call your customers scamers and scammers
you know go out there introduce new
rules that benefit the trader instead of
introducing one rule that hurts a Trader
probation and encount investigation you
know why don't you try and do that but
instead they they just all the all they
do is just say hey you know everything's
fine here and that may be because that
is their only legitimate course of
action you know be it could be and I and
I don't want this to be true but because
you know I have accounts with Apex still
that their only course of action is to
deny everything because there's nothing
else they can do because their
reputation has hit such a bad
hit um but yeah it's sad that they don't
offer real reputations to legitimate
criticism they just deny that anything
is wrong now Apex has a legal obligation
to pay all Traders so their in their pa
contract it it is heavily skewed to them
they say that you don't have a right to
any of the profits made I might and this
is based on a lawyer reviewing the
contract um I may do a video on that
depending on it just let me know if you
want me to make one but you know yes the
contract says that but you know you we
can take you to court and and challenge
that and a lot of people are getting
ready to do that but all in all Apex has
a legal obligation to pay Traders and if
they cannot pay because they have
liquidity issues they have to pay
everybody evenly so if Apex has 20
million in the bank but they owe Traders
40 million instead of paying one Trader
1.9 million and denying everybody else
they should pay everybody 50 cents on
the dollar that's how these bankruptcies
are supposed to happen right and Daryl
Martin even if he you know I think we
all believe that when he started Apex he
was sincere wanted to pay people out he
did it for over a year paid people out
paid several people million dollars I'm
not denying that I'm not denying that he
didn't pay people out I think everybody
knows they were good up until May every
they were good up until June but in
three months they've destroyed what they
spent three years building two years
building and they just let it happen so
fast I mean none of these guys can stay
on I mean I'm just amazed at how fast it
happened even if Daryl Martin is sincere
and wants to pay people if he doesn't
have money how's he going to
pay um and why has he not spoken since
June despite the massive fud when people
were upset about DCA in may he chimed in
he defended DCA and he and because we
had so much trust in him because of his
good reputation at the time we believed
him and said okay your heart is good you
want people to stop blowing accounts and
you notice DCA leads to blown accounts
okay fine but he has not said anything
since June and only the John guy who
calls us schemers and scammers he's the
one that keeps making the videos and he
doesn't seem to relent in calling us
schemers and scammers in fact he's he
keeps promise promising us faster payout
approvals and improvements he has not
delivered on anything which is
concerning how does Apex address bad
press they deny it right all the Apex
employees and official Discord says
there no issue nothing to nothing to see
here but how could they know because if
I were to go ask one of these Apex
employees to help me look at my payout
request they say hey that's the payout
Department I'm only in support I can't
help you so if you can't help me with my
payout request why why are you chiming
in and saying Apex is okay cuz obviously
you you don't have any insight to
anything besides your world right so you
actually don't know whether it's good or
bad and you know cuz it's so funny
because you ask them for help they say
oh that's compliance I can't help you oh
that's payout I can't help you okay all
you can help me do is uh you know
activate an eval or something you know
like what's going on um oh how El does
Apex address bad press they censor it
right you can't post anything negative
or even neutral on The Unofficial or
official Facebook groups if somehow it
slips by they'll just delete it right
their Discord was heavily moderated they
deleted and timed out people for just
asking like hey question about my payout
now I know some people were annoying on
Discord and that's fine if you want to
time those people out but you know when
it comes to money like this is a service
we pay for you know I think we
definitely I think better service should
be
expected um and the other thing is it
became pretty clear quickly that in
order to be to get a payout you had to
like speak very positively about aex be
very obedient can't cause trouble and
then maybe you'll get your payout like a
good good boy you are um but if and if
you join an influencer's Discord they'll
ban you for asking about Apex like I was
banned from trades by Matt Matt's AP
Discord because I asked like Hey how do
you get off of apex's Probation and I
got I got um banned immediately you know
and that that was a sincere question
it's not like I'm saying anything but
I'm like hey I'm just I got this problem
can anybody help me uh you go to their
Twitter page they don't allow you to
comment and even with a
non-disparagement clause you're still
allowed to speak the truth if your
experience is negative right like they
can't you know I mean you're not allowed
to like you know you you can't lie you
can't lie and said that they scammed you
if they didn't scam you but if they if
they didn't pay out that's not
disparaging them if they actually didn't
pay you out so here's an example of
another Trader this is again this is
another Trader this is not the same
Trader as I mentioned in the beginning
of the video these examples are all over
all over social media and and the the
the gaslighting is so real they keep
saying oh any body who didn't get paid
out they must have done something wrong
hey look at this person you know the
balances are double the threshold I
didn't DCA once but I've been denied
without any any answer and my wife's
account's been denied 11 times look at
this why why are you denying this person
wow this looks like somebody you'd won
right don't you want to copy their
trades they're and they're probably at
uncapped payouts but they're only
requesting like 2,000 1,000 3,000 750
why can't you just pay them out this is
uh very very sketchy
because especially because we all that
that's the promise a that that's why
people spend so much money on apex
because we've been promised these
uncapped payouts once we get to month
four and then it sucks that all these
people made it to month four a lot I
mean these people that I've spoken with
a lot of them are on month four and and
they're having issues now it's it's
really a shame it it it it's a rug pool
uh this is another example of a Trader
getting paid they they've requested a
six figure payout and they've been
denied four times in a row no response
it's very sad it's very sad um because
we all wanted Apex to work out but it
seems to be they're not I mean I I don't
I mean what are they what are the real
steps they're take doing to repair their
image and to actually pay people out all
we hear is hey don't spread fud well
these are this is not spreading fud this
is a leg legitimate concern so I just
want to bring up this this is um you
know the full tweet is going to be in
the description but this is somebody who
talked about the uh this is somebody who
called the funded Trader rug pool before
it happened he called the collapse of
the funded Trader and now as you know
photot Trader was a Forex firm that that
got um that closed a few months ago but
there were warning signs one of the
warning signs were they started denying
payouts without justification because in
their mind if they if they deny your
payout they don't owe you that money
right because then then that won't be on
their balance sheet so they they started
doing that a lot and you know once once
that reputation is damaged who's going
to keep buying evals from you who's
going to keep buying challenges from you
then you're you're you're finished for
sure because now you're not going to
have money to pay out the people you do
owe and so they just had to
collapse um meanwhile the gaslighting
continues um unfortunately Chris he
seemed like a good guy at the beginning
he but now he keeps I mean he will you
know Silence You time you out in the
Discord if you bring up legitimate
concerns about Apex he said oh don't
spread fud don't give into the fud you
know Lord black right here he he he's
saying oh all this fud is another prop
from trying to stir up some fud okay
like why don't you guys give real
reputations as to what's going on you
know hey just say hey this person the
reason why they got denied is because
they're part of a trading ring okay that
would help resolve some fud but instead
you just say they probably broke a rule
well you don't know that they broke a
rule you know so um the gaslighting is
is is too much um I don't think it's
fair at all now if you um thank you for
watching if you've got any stories
please feel free to reach out to me and
send me some stories that you want me to
discuss thank you
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