The distinctive feature of all scam brokers is making empty promises. Such frauds offer great trading conditions, ultra-low spreads and quick withdrawal of funds. Stocksforex broker scam is no different from them. It says to offer premium services, though in its true nature this company is only looking how to make money by deceiving traders. Want to know more? Read our full Stocksforex Scam Review!
Min. Deposit: $1000 Demo: Yes
Platform: Sirix Bonus: N/A
Regulation: N/A US Clients: N/A
Sign up with IQ option Instead
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
The only info that the trader can learn about this company is that it was founded in 2010 and is located in Athens.
Stocksforex Review: Registration
Some frauds try to act like proficient brokers when it comes to account registration. Whether it is a demo account or real trading account, the broker asks to give the following information:
- General account information
- Financial & Employment information
- Choose the currency for the account – there are 6
Looks like a great approach, but in fact this is a trap. When you provide so much of your personal data to the unregulated and irresponsible broker, you risk a lot. You can read many Stocksforex opinions and see that the broker is not fair with its clients.
However, let’s still see what happens next after the account is created.
Trading with Stocksforex
As you can see on the image above, broker Stocksforex immediately asks you to deposit funds. Expecting the welcome cash bonus or extra percentage on your deposit? Do not waste your time, because Stocksforex does not offer anything to reward its new clients.
Additionally, we can learn from the image that Stocksforex offers 3 platforms. They include MT4 as a standard desktop platform, Sirix WebTrader and mobile applications for Android and iOS devices that allow trading on the go.
The platforms can be accessed only when you finally select one of the account packages. As they are very similar, we can make a short summary of the features further in this Stocksforex review:
- Daily Briefing & Research
- Desktop, Tablet and Mobile Trader platforms
- Video tutorials
- Customer support 24/5
- Webinars and Seminars
- Dedicated Account Manager
That is basically it. The accounts are named Micro, Standard and VIP. More expensive packages such as Standard and VIP are supposed to offer first-class service and special analysis, but they actually do not. Instead, Stocksforex requires $5000 deposit to open Standard account and $20000 for VIP. You can see clearly that the game is not worth the candle.
Additionally, Stocksforex fraud offers wide spreads and low leverage (up to 1:200 Forex trading). Some traders might consider low leverage as not a huge problem, because the risk is mitigated. However, advanced traders, which use strategies that require considerable leverage, will not be satisfied. If you want to trade with low leverage as a beginner – better do it with Plus500.
Deposit and Withdrawal Information
Although we do not recommend to open any account at Stocksforex, we would like to present some information about making the deposits. The minimum deposit requirement is $1000, which is the requested amount for Micro account. However, in FAQ they claim this amount to be $100 or the equivalent in other currencies. When you read various opinions Stocksforex, you will mostly see that the conditions for making a deposit are poor, if not worse. Below you can view them personally:
This is interesting, because Stocksforex actually tells that it accepts Visa, MasterCard, Diners Club, Webmoney, Wire Transfers and local payment methods. We think that this not what you can actually see on the screenshot. Deposits made with credit/debit cards take around 1-2 days to be processed, which is very slow. As for the wire transfers, the time is 2 or more business days.
The max amount of days for the money to arrive at your bank account depends on the transfer method. On average it takes about 7 business days but can be longer. There are much better conditions at other trading brokers than Stocksforex scam.
As specified in account features, Stocksforex offers 24/5 customer support. As the matter of fact, you may have troubles with reaching them. The agents simply do not respond immediately, even if you contact via live chat. Other methods include email and phone. Since Stocksforex is the scam that does not have international offices, there are no local phones. Support speaks only English and Spanish.
The Bottom Line
We tried to prepare one of the honest Stocksforex reviews. In conclusion, we would like to advise to avoid this broker. What Stocksforex promises and what the traders actually have are completely different things.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK