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StormFXMarkets.com is a typical offshore broker- limited and misleading information, unfinished website, lack of concern for users' safety, etc. Read the review for the full picture.
The broker is incorporated in Saint Vincent and the Grenadines, even providing us with a certificate pretty much revealing that it is registered as a limited company on the small island nation. Don't let this fool you. There are certain technicalities about Saint Vincent and the Grenadines that make this document pretty useless.
First of all, the country itself is considered as an offshore brokerage zone, with looser laws and authorities that may look the other way when it comes down to allowing certain shady practices; manners that would otherwise be punished by mainland authorities.
And second of all, the country does not have an FX regulator. Indeed, there is a banking overseer, but it has warned all that it does not issue FX licenses. This confusion creates a niche that can be easily exploited, as StormFXMarkets.com has done.
In other words, the broker is not licensed in Saint Vincent and the Grenadines, even if it is incorporated as a company there! Seeing that there are no further details, we can draw a verdict that the broker is not licensed anywhere!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Clicking on the account opening button, the user is straight redirected to the upper limit of the website. The page doesn't even refresh. God forbid it actually shows a registration form. How does StormFXMarkets.com expect to attract an audience if it does not provide a registration form? We have a theory that the client area is saved for only a chosen few users who have been previously convinced to invest. Only then, perhaps, can one access the client portal of this broker.
We don't think that we are missing out on anything to be honest, considering that the firm is unlicensed.
According to the website, the leverage is capped at 1:200. We are told that spreads start at 1.6 pips for the Mini Account users; this is a fine spread, but the little detail is that the cost of trade starts form it, meaning that the average EUR/USD spread can be higher than that, perhaps exceeding the 2 or even 3 pip mark. The broker point to forex currency pairs, commodities, shares, and indices as the tradeable assets.
The website has a whole section dedicated to the MT4, saying how excellent its services are, etc.
But, from all of this talk we get no download link to the MT4 itself, and this alone costs more than all the promises of a terminal.
Without accessing a user area, we cannot make sure that the broker even offers a software for trading. As of now, the chances seem very slim.
STORMFXMARKETS.COM MINIMUM DEPOSIT
Deposits will be lost once invested. There is no way around the truth.
The website states that the minimum deposit is $200 for the basic account type.
There are two payment types that can be made: either by a crypto wallet or by an alternative payment method.
There is a 1.5% charge for all deposits that do not exceed the $100 000 mark, and no this is not a type,; the broker actually says this.
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, oftentimes 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.
STORMFXMARKETS.COM WITHDRAW TIME AND FEES
We truly believe that all withdrawal requests will be ignored. We have seen this happen with hundreds of unlicensed brokers.
There is no mention of the withdrawal fees, but seeing that the broker is illicit we can add that withdrawals will a) probably be unavailable, or b) use the same vague payment methods as the deposit ones.
For a withdrawal requests, it take up to 24 hours to get it processed.
There is a 2% fee on all withdrawal sums.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
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!
Is it a surprise that the best advice we can give our users is to ignore StormFXMarkets.com? Well you should definitely stay away from this scam!
StormFXMarkets.com compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines