Warning! StockFx is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Will StockFx be a legitimate brokerage firm, or is this one doomed to a fate similar to that of many illicit firms? Read the review to find out.
StockFx is a trading name of Baumont Group LTD, which is registered in St. Vincent & the Grenadines. The other alleged parent company is Baumont Solutions OU, incorporated in Estonia. This is the only info that the broker provides on the topic of its alleged regulation and location. Let’s see how legitimate it is.
St. Vincent and the Grenadines does not regulated the financial market, and thus has no license issuer for brokers. This means that any broker claiming to be operating from this location is most certainly unregulated, even if it incorporated in the country.
In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. We went through the online registry and found no results for either parent companies, so we can conclude that StockFx is not regulated in Estonia. Even if a company is registered in a country that does not make it licensed by its appropriate body which is crucial for any forex broker to be.
We can easily conclude that StockFx is UNREGULATED.
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).
The trading platform gave us a EUR/USD spread of 3 pips. This is typical unregulated broker spread; it does not the user profit, not one bit! The leverage we were set was 1:100, while the trading assets are Forex Pairs, Commodities, Cryptocurrencies, Indices, and Shares.
The available languages are English, Spanish, and Russian.
The user’s dashboard gives us two options; the MT4 and Status WebTrader. However, the MT4 cannot be accessed because we did not receive any log in information. With the Status WebTrader we had no such problem.
Nevertheless, the Status Webtrader is decent, incorporating all the basic things that a trader needs, but doesn’t really go any further to impress. There are options for customization, pending orders, multiple chart indicators, time frames, and a decent amount of trading information.
STOCKFX MINIMUM DEPOSIT
The minimum deposit is $250, as per the payment terminal.
Also according to the payment place, the methods for depositing are Credit Card, Paytrio, and Crypto.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
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.
STOCKFX WITHDRAWAL TIME AND FEES
Withdrawals are said to be processed within 24 hours.
Withdrawal fees are as follows: $50 for Wire Transfer, $35for credit cards, as $25 for e-payments. There is also a 10% levy for a withdrawal amount that has not traded more less than 200 times the original deposit.
However, one thing ruins the entire experience and solidifies this broker as completely illicit. And that is the fact that profits cannot be withdrawn, or the so called Non-Deposited Funds.
ADDITIONAL FEES AND TAXES
There is a 20% commission on something that we are not sure what it is. It’s basically a n excuse to take more of your money.
Any bonuses being used are required to be turned over 25 times in order to be withdrawable.
The dormant account fee activates after 3 months of inactivity. It’s 10% per month.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common 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.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
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 choose 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!
StockFx is a complete scam. There is nothing for you here!