If you want to keep your money safe and profit from trading Forex online in the long-run, then you should definitely avoid scam brokers. Forex frauds are hunting for your money, so it is important to be vigilant. In our Stocksforex review, you will learn the reasons why you should cross out this broker from your list.
Leverage: 1:200 Licences: IFSC
Min. Deposit: 100 USD Bonus: N/A
Spreads: from 2 pips US Clients: No
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Stocksforex Review: About the company
As we have identified, the website is owned by Nuntius Brokerage & Investment services. Stocksforex company is located in Dragatsaniou 6 Athens 10559, Greece.
The company is said to be regulated by the Hellenic Capital Market Commission under license number 1/46/10.7.1990. However, there is a direct contradiction to this information, because in the “About Us” section Stocksforex scam claims that they are under IFSC regulation.
In addition, the website is available only in 2 languages – English and Spanish. Same refers to customer support, although the broker obviously lies by telling that the support speaks more than 10 languages. We have personally tested their client support quality and were quite dissatisfied that Stocksforex provides false information.
This scam broker accepts the clients from the US. However, do not consider this an advantage, as Stocksforex is just here to make money.
Stocksforex offers 3 live account packages to choose, namely Micro, Standard and VIP. The accounts do not differ much from each other, although the minimum deposit requirements vary significantly.
Trading with Stocksforex broker scam is risky and costly, because the minimum deposit requirement for Micro account is $1000. As this account is meant to be picked by beginners, such investment barrier is rather high for them.
We suggest taking a look at the comparison of the trading accounts at the image below:
Another aspect worth mentioning is the currencies available for real trading. There are 6 currencies to select, e.g. USD, EUR, GBP, AUD, PLN and JPY. This might seem a good choice by many Stocksforex reviews, however there is a discrepancy that we should inform you about. If you are coming from Poland and wish to select PLN as your trading currency, Stocksforex simply will not allow you to do so. Why? The broker does not accept clients from Poland but still offers PLN. We leave this to your own judgment.
Demo account is offered at Stocksforex as well, but we advise you to ignore this feature as you are dealing with the fraud.
Stocksforex Trading Platforms Review
There are 2 platforms accessible at Stocksforex website – MT4 and Sirix WebTrader. The platforms are pretty good if we talk about the trading software features exclusively. MT4 is the top-notch Forex trading platform and the most popular one. Automated trading is considered one of the strongest aspects of the MetaTrader 4, presented by EAs and the MQL4 programming language.
The second platform at Stocksforex is Sirix WebTrader. Sirix is a web-based platform that uses HTML5. Although charting is quite basic at Sirix, it is still not a bad choice. When preparing one of the most honest opinions Stocksforex, we have discovered that the broker has introduced social trading powered by Sirix. Sirix social trading allows you to copy other traders either manually or automatically. Moreover, you can trade on the move with mobile Sirix applications for Android and iOS.
Despite all the pros of utilizing these platforms, Stocksforex remains a scam and it is better to benefit from using MT4 or Sirix only at trusted online trading brokers.
There are 5 asset classes at Stocksforex: Forex, Stocks, CFDs, Indices and Commodities. The total number of tradable currency pairs is 49. As the majority of honest Stocksforex opinions admit, the maximum leverage seems to be very limited, i.e. up to 1:200 for FX trading. Although the broker tries to convince that spreads are tight, they are not. For instance, variable spread for EUR/USD starts from 3 pips per trade.
Deposits and Withdrawals
When preparing our review about broker Stocksforex, we were quite disappointed about the transfer methods available. To make either deposit or withdrawal, you can only use credit/debit cards, Sofort banking or use paysafe card.
Although Stocksforex has described the fees policy concerning wire transfers, it is still better no to deposit any money.
In addition, they also require you to upload the documents in order to be eligible for the withdrawal. This might seem a regular practice, but we strongly recommend you to avoid giving your personal information to Stocksforex fraud.