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Stern Options Review: Yet Another Scam Brokerage

Stern Options Review: Yet Another Scam Brokerage

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Stern Markets at Sternmarkets.com is a brokerage that offers Forex, CFD and Cryptocurrency instruments for trading. The website is also operating under the name of Stern Options with a different domain (Sternoptions.com). Now, this domain cannot be accessed from all locations in the world since Stern Markets is claiming that they are improving security on their website and are not able to allow traffic from all locations in the world. That’s a weird excuse. But we will see what they have for us as far as their legitimacy is concerned.

Note: For the sake of convenience, we will go with the name Stern Options because that is the name they have given their other site which can be accessed on a global scale

Stern Options Review

This brokerage is very new as the site was registered in October 2017. Stern Options is also working hard to promote their brokerage platform. They are portraying an image of dependability and legitimacy of their brokerage platform. All they want is for us to trust that they are a good brokerage.

Stern Options will obviously fail the test because we always conduct rigorous scam checks before publishing reviews.

The first scam check has to be done on the company which Stern Options claims to be affiliated with. They claim that a corporation by the name GUM Ltd is the ownership entity behind this brokerage platform. GUM Ltd is allegedly a Bulgarian corporation. However, when a brief internet search is conducted to ascertain whether or not a corporation with such name exists in Bulgaria, no credible results are returned. So this makes us believe that Stern Options is actually making up the whole GUM Ltd story.

sternoptions

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But the drama isn’t ending here yet. Stern Options has also given us their alleged physical address which is Stern European Support Center, 5th and 6th Floors, Landmark Building, 14 Tsar Osvoboditel Blvd., Sofia, 1000, Bulgaria.

It is easy to confirm the problem here now that we have free Google maps that can pinpoint the exact location of that address. A closer look would reveal that the said address is fake and cannot be located in any map. So what does this mean? It simply means that Stern Options took us for a ride. They are quite deceptive indeed. Even their visitors are likely to believe this fictitious physical address given that most people don’t conduct due diligence before opening an account with internet brokerages.

In addition to this, we should note that Stern Options is not a licensed entity and is in no way authorized by any governing body to offer instruments of trading such as Forex, CFDs or Cryptocurrencies. It is an illegal business. But most importantly, this tells you that this website is untrustworthy and will definitely steal your money since lack of regulations means your funds are not insured. That’s a risky preposition to take. We don’t know about you. But for us, if the broker is not licensed, it does not matter what other features they are offering that most brokers do not. We will shun them like the plague.

The platform

They added Cryptocurrencies because Cryptos trading is quite a thing right now. It should be noted that their Cryptocurrencies are CFD-based.

This brokerage originally started as an options broker but has since expanded to accommodate Cryptocurrencies given the surge in Crypto trading last year. It was only fair for most brokerages to jump into the bandwagon to make money off newbies. By the way, Stern Options appears to be fashioned towards new Cryptocurrency investors with little to no experience in trading these markets.

Obviously this will favor the broker as opposed to the trader. After all, no trader has ever reported a good trading experience in the hands of this broker.

Another thing we’d like to mention is that Stern Options brokerage is supporting Visa/MasterCard deposits alongside wire transfers. Making a deposit to this broker is as easy as ABC. However, to get money out of their platform, customers are subject to KYC procedures, of which many customers say they followed the procedures and were still not successful in having their withdrawal requests honored.

The current minimum investment is $250. There seems to be less than 60 investable assets in this platform. The other problem that this broker subjects us to is that they did not disclose their employees or corporate identity. This information is not available because Stern Options is not overseen by any corporation. They do not have a license for offering CFDs too.

That would be a risky place to trade your money at given that the broker is not making any move to assure the safety of our funds in their hands. Perhaps they should have obtained a license and made sure that they were making the necessary steps needed for customers to trust them.

More red flags

The fact that Stern Options has not managed to attract a large number of victims yet, it does not mean that their platform is completely free from the usual red flags.

The first thing you have to know is that the FCA has been releasing statements periodically telling us which scam brokerages are out there targeting naive investors. The FCA recently released another statement warning us that Stern Options was unregulated and was risky doing business with.

Now that we know, we can also remember that this site just disclosed a fake physical location, which is a bad sign as far as trusting them is concerned. In addition to this, they have fabricated the name of the alleged entity behind their operation.

Now, if you couple these findings with the fact that the FCA has mentioned them as an unregulated broker, the legitimacy of this broker goes into trouble. Apart from this, many review operations have cited the fact that this brokerage is scam.

Our best advice for you

You do not stand a chance of ever making money with this cheating broker. But of course we have a solution here. Please explore those options and start trading safely.

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5 Replies to “Stern Options Review: Yet Another Scam Brokerage”

  1. As i said that they are thieves on facebook, they have removed most of my comments and stopped me from saying the truth. They will steal your money. Be Warned, stay away from sternmarkets.

  2. I certainly agree with this review. They are thieves. The sad thing is that the banks are not cooperating with the victims to obtain “charge back” with the excuse that we signed and approved the payments.their refusal to take responsibility and to avoid fraud is not only disappointing but is unethical and unacceptable.

  3. Yup, total scam. They were caught, which is why they suddenly changed their name to “SternMarket.” A rose by any other name smells the same. So does a scam. I was able to get my deposit back through a firm called Mychargeback. Highly recommend them to anyone else in my shoes.

    1. Reggie, how much did they charge upfront if any and how much was your deposit? Was it the standard £250?

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