Stocksforex Scam Review
Stocksforex is the broker that every Forex trader should avoid. Although the broker tries to imitate the model of reputable brokerages such as Easy-Forex or Plus500, it is naturally a does not look trustworthy. Want to know more? Read our Stocksforex Scam Review!
When preparing this Stocksforex review, we have discovered that the broker is supposed to be located in Athens, Greece. Note that the address given on the website is not always true, especially if you deal with newcomers. Additionally, Stocksforex has a license from HCMC, which is the local regulatory body. Even though this regulation allows a company to operate throughout the EU, it does not have such a great reputation as FCA or ASIC. A tricky point comes when you take a better look at Stocksforex website, the website mentions that the company is regulated in Belize. And a site of the company behind a claimed European license does not actually mention Stocksforex as one of its brands. Hence, we cannot consider Stocksforex to be legit.
A tricky point comes when you take a better look at Stocksforex website, the website mentions that the company is regulated in Belize. And a site of the company behind a claimed European license does not actually mention Stocksforex as one of its brands. Hence, we cannot consider Stocksforex to be legit.
Although there can be no trust in Stocksforex company, we still suggest discussing the services that this broker delivers. The list is as follows:
- Trading Platform
- Instruments and fees
- Types of accounts
- Customer Support
- Funds withdrawal
Stocksforex Trading Platform
For all registered users at Stocksforex broker, there are two platforms to select. They are: MetaTrader 4 and Sirix. As MT4 is a well-known Forex platform, we would like to tell more about Sirix. Generally, Sirix is a nice choice but do not forget that any platform can go bad in wrong hands. Nonetheless, let’s see what are the properties of this trading platform.
Sirix WebTrader is the platform that works with the help of internet connection and the browser, thus not requiring any software to be installed anywhere. Sirix is easy-to-use and intuitive platform with more than 60 technical indicators and charting tools. In spite of negative opinions Stocksforex, Sirix deserves the attention.
Additionally, Sirix combines the old-fashioned trading with social trading features. As a social trading platform, it allows the trader to profit from the investment decisions of other traders. This became possible thanks to the mirror trading, which permits to copy the trades to the investor’s portfolio. Moreover, the platform has a mobile app designed for iPhone, iPad and Android smartphones and tablets.
Stocksforex Review of Instruments and Fees
The broker offers around 275 instruments trade, which incorporate Forex, Commodities, CFDs, Indices and Stocks. Stocksforex claims to offer “very low spreads” and absolutely no commissions. Its spreads on EUR/USD and other instruments start at 3 pips. If we were living in 1998, then we could call such spreads low, but this is definitely way above the current market standards.
Fixed spreads are generally considered the best deal for beginners, yet such high spreads can never be seen as a good deal. In this case, we cannot guarantee that “Stocksforex scam” is something worth saying, but we are sure that such trading conditions will not be good for traders. Just to give an example, the spread for EUR/CHF pair starts at 4 pips.
Maximum leverage is rather low. For instance, stocks traders can have no more than 1:20 leverage and 1:200 for currency traders.
Types of Accounts at Stocksforex broker
Stocksforex offers different types of live trading accounts and a demo account as well. Real trading accounts are presented in the form of packages and broker Stocksforex wants the trader to pick one out of 3. They are:
- Micro – min. deposit is $1000
- Standard – min. deposit is $5000
- VIP – min. deposit is $20000.
Basically, they resemble each other a lot and offer mostly the same features. At the image below you can see the VIP account:
What makes VIP slightly different from Micro account is: availability of SMS news & signals, premium daily analysis and premium customer care. Hence, there are no significant advantages offered at VIP package but it requires $19000 more than Micro. Also, we cannot say that Stocksforex scams traders, but there were quite a few traders that have used the signals supplied by other brokers and, so far, we have never seen a trader that was happy using suck services.
Stocksforex Review of Customer Support
There are not many negative Stocksforex opinions concerning the quality of client support, yet we are not sure what’s the reason behind it. Most probably it is because nobody trades with this broker as it is a rather new one. They are not very resourceful and can help only in solving some basic issues, if you check FAQ section of the broker, you are unlikely to find decent answers. Client support agents can be reached via live chat, email and phone. Besides, support agents speak only 2 languages, i.e. English and Spanish. This is a serious pitfall.
Funds Withdrawal from Stocksforex
Stocksforex offers few options for depositing or withdrawing funds. More specifically, the trader can use only credit or debit cards such Visa or MasterCard, wire transfers, PaySafe card and SOFORT Überweisung. Thus, there is a very limited choice of methods to make the transaction.
In addition, the safety of deposited funds is in question. We cannot say that Stocksforex is a fraud, but such lack of consistency on the website raises lots of questions.
Stocksforex Scam or not?
Most Stocksforex reviews seem to show distrust of this online trading broker. Despite good trading platforms and availability of the demo account, Stocksforex does not seem like it can be trusted. The brokerage does not properly disclose its regulation on its site and requires too much for the initial deposit. We recommend you to sign up with a recommended broker below.