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StockFX (Stockfx.co) is another offshore broker with the same results of blocking withdrawal requests. Stock FX is also hiring online writers to post positive reviews of their scam brokerage platform. With complaints already out from investors, it is high time traders knew what was going on. The platform is operating a deposit only platform where members get their withdrawal requests cancelled. Stockfx.co is without a shadow of doubt a scam. Read this genuine and honest STOCKFX Review for more details.
StockFX is a forex broker offering access to the industry leading MetaTrader4 platform, and a choice of several account types. The trading conditions on those accounts remain largely unclear, but that seems like a minor issue when compared to the brokers regulatory status.
So, if you are wondering whether to invest with StockFX, read the following lines first. In this review, weve included everything one needs to know about this shady broker.
StockFX isn‘t a legitimate forex broker, and we’ll tell you why. On their website, theyve listed two company names: Baumont Group LTD., registered in St. Vincent & the Grenadines (SVG); and Baumont Solutions OU, with a registration in Estonia.
Well, a simple registration in one place or another doesn‘t equal a legit forex broker license. First of all, the SVG is an offshore zone, where forex businesses aren’t licensed, nor regulated. And second, financial services providers in Estonia are required to hold a license with the Estonian Financial Supervision Authority (EFSA).
In other words, StockFX is one of the many unregulated brokers in the online trading world. Trading with such brokers is basically a recipe to get scammed, for they are completely unaccountable for the way they handle your money, and quite too often are simply involved in investment fraud.
ACCOUNT AND LEVERAGE
The broker will let you open a Beginner account with $250, which is more or less standard in the industry. Also, StockFX offers three more account types: Trader-Medium where you will have to deposit $1 000 EUR, for the Progressing Trader $5 000, and for the VIP – $10 000. That said, e strongly advice traders to only deposit the minimum deposit with unregulated brokers like this one, or better yet – not deposit at all.
When You installed StockFXs MT4 platform, you will see that the broker offers leverage as high as 1:500. This might seem attractive at first glance, but in fact using leverage ratios that high is very dangerous and traders might lose their deposits in a matter of few trades.
There are four assets listed on their trading markets page. They include Commodities, Forex, Indices, and Stocks. Agricultural commodities and raw materials comprise of the commodities found on Stock FX. Others include industrial metals and precious metals such as gold and silver. The platform is mute on the currency pairs available on their Forex platform. And this leaves a lot of questions especially those dealing with leverage and spread. Do they have major or minor currency pairs？
Indices and Stocks are also not mentioned on their trading markets page. And this is a huge problem and an indicator of the brokers inability to effectively communicate. Missing information from the broker is proof we are dealing with rogue brokers. All they want is for investors to sign up without having a second glance
StockFX supports the MetaTrader4 (MT4), which is generally considered as the best forex trading platform. It rovides 24 analytical objects, such as lines, channels, the Gann and Fibonacci tools, shapes and arrows, with which you can forecast the future price dynamics. The platform is also very popular for its automated trading bots, called Expert Advisors. However, we couldn‘t test StockFX’ MT4 and considering that this broker is not to be trusted,
DEPOSIT AND WITHDRAWAL METHOD
the broker‘s Deposit and Withdrawal policy, we couldn’t find a mention of any payment methods, other than credit cards and bank wire. So, we suppose that StockFX uses those.
As a matter of fact, most brokerages also support e-wallets like Skrill and Neteller, and some allow deposits and withdrawals via Bitcoin.
And going through the brokers legal documents, we came across some disturbing provisions regarding withdrawals, which reduce even more your chances of making profit with StockFX
Their contact information is not clearly spelt out on their website. StockFX is using email and phone numbers as their only communication channels. Using live chat is more ideal as it gives direct answers to members. With emails, the broker might choose not to respond to certain emails. The case is evident when members send their withdrawal requests; the broker closes down their accounts. Emails are used by scam brokers to know when a member wants to pull out.
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