FxstockTrades

FxstockTrades (fxstocktrades.com) gives a vibe of reliability, and as such can seem appealing at first. However, the further you spend time with it, the more the facade disappears, and the true face of FxstockTrades is revealed. Read on to find out more.

We went through the website multiple times, and can say that this brokers holds no license from anyone. Not only does it hold no information on a regulation, but is also claims to be located in the most severe forex broker environment in the world: the United States. What’s more is that there aren’t any Terms and Conditions to fill in the regulatory gaps. All these facts account fro one UNLICENSED broker.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

Our registration went effortlessly, and we were promptly given access to both the client area and an alleged trading terminal. We say alleged because, as we shall see, the platform is not an actual trader, meaning that users cannot really buy/sell (more in the login section). For this reason, any spreads, leverages, and assets are technically non-existent.

The only available language is English.

FXSTOCKTRADES LOGIN

There is no trading platform here. Instead, the broker, although we shouldn’t call it a “broker”, uses a third party chart widget to create the illusion that it offers a trading terminal.

What’s more is that there is no option to place trades. As you can see from the snap above, the widget/chart is the only available thing; there are no sell/buy button.

What this means, essentially, is that FxstockTrades does not have a trading platform, in turn greatly contributing to the fact that not only is FxstockTrades a fraud, but also not a broker at all.

FXSTOCKTRADES MINIMUM DEPOSIT

The minimum deposit is $300, as per the Client Portal.

There are two ways to fund an account: by means of bitcoin or ethereum.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

FXSTOCKTRADES WITHDRAWAL TIME AND FEES

Forget about any withdrawal information from the website. The fact of the non-existent legal documents speaks for itself. Furthermore, certain sections of the website, once clicked on, lead directly to the Home Page, the biggest example of this being the “Terms of use” and the FAQ pages; clicking on them will just scroll you up to the top of the Home Page.
Unfortunately, the Client Portal gives us only the withdrawal methods – Wire Transfer, and bitcoin – and nothing more.

ADDITIONAL FEES AND TAXES

We have nothing to add here because of the non-existent legal documents.

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

FxstockTrades is not a broker. There is nothing about it that speaks the forex language. This website will only take your deposit and never return it to you. Do not invest here!