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StockFX Review: Stockfx.co Broker Scam Unveiled

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StockFX Review: Stockfx.co Broker Scam Unveiled

StockFX (Stockfx.co) is another offshore broker with the same results of blocking withdrawal requests. Stock FX is also hiring online writers to post positive reviews of their scam brokerage platform. With complaints already out from investors, it is high time traders knew what was going on. The platform is operating a deposit only platform where members get their withdrawal requests cancelled. Stockfx.co is without a shadow of doubt a scam. Read this genuine and honest STOCKFX Review for more details.

StockFX Review

About StockFX

According to their about us page, the broker hopes to become the next generation broker for online trading. They offer automatic trading with a record 99.35 percent guaranteed profit margin. And this is where we draw the line as the broker is using false information to entice sign ups. In light of the many complaints that reached our help desk, we had to investigate. And this is why it is best to use recommended and trusted brokers with a proven reputation. Having a world class broker is the best and safest way to trade online.

StockFX is using terms such as being the best international company that helps traders. They are also posting false information in form of customer review on their website. These are well-known scam tactics meant to entice newbie traders. Experienced traders know well than to trust an offshore broker. With claims of being registered in St. Vincent and the Grenadines, it is a warning to stay away. These are offshore brokers who are hell-bent to steal from anyone who signs up.

Asset index

There are four assets listed on their trading markets page. They include Commodities, Forex, Indices, and Stocks. Agricultural commodities and raw materials comprise of the commodities found on Stock FX. Others include industrial metals and precious metals such as gold and silver. The platform is mute on the currency pairs available on their Forex platform. And this leaves a lot of questions especially those dealing with leverage and spread. Do they have major or minor currency pairs?

Indices and Stocks are also not mentioned on their trading markets page. And this is a huge problem and an indicator of the broker’s inability to effectively communicate. Missing information from the broker is proof we are dealing with rogue brokers. All they want is for investors to sign up without having a second glance. It is best to ask your broker questions regarding the assets and features available. StockFX is going to take advantage of the missing information soon.

Business Owner

Baumont Group Limited is the company listed as the owner of the website. A thorough check was conducted and revealed some damning information. These scam brokers are trying to clone a real company named Beaumont Group Limited. The real company deals with banking, finance, and private equity. What their website fails to mention is the founding members’ names which is a sign of anonymity. Scam brokers will never want to reveal their actual names. And this is another reason to stay away from Stock FX.

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Domain Details

There is lack of information regarding their domain details. Most of the online registers deal with the address dot com and not the dot co used on the platform. And this is another reason to stay away from this broker. Their address is synonymous to online trading scam websites. Without proper data, it remains unclear when the website was actually created. Most of the websites with such domain names don’t last for a year before shutting down. And this is what will happen to this broker’s website.

License and Registration of StockFX

The only registration details posted is for their company which is false data. Scam brokers will post false company registration details as most members don’t bother checking. Luckily for our readers, we have to confirm the license and registration details. And these scam brokers are using a false company registration number. Their company is not found on any register, even in St. Vincent and the Grenadines. These are false registration details meant to throw off any prying eyes.

StockFX IS NOT LICENSED OR REGISTERED to offer any trading services to anyone. Most of the regulatory institutions we reached out to claim the broker is about to get a warning. An alert will be issued by most European regulators as most victims hail from Europe. Some of the regulators planning to warn investors include CNMV, CONSOB, and the FCA. Thanks to these financial watchdogs, the broker is about to get exposed. Traders who deposit funds with Stock FX should know the broker does not insure any deposits made.

Limitations of StockFX

Account Details

StockFX Account Details

StockFX is furnishing traders with four account types. Accounts listed include Beginner, Medium, Progressing, and VIP. They all come with a deposit bonus starting at 25 percent for the beginner account. VIP account holders are not offered a welcome bonus which is odd. They get an account insurance of 75 percent which is another false claim. The account insurance is not covered by industry standards as the broker is not fully licensed. Where do they bank the funds and get the deposit insurance?

Account Insurance

Medium account holders are receiving 15 percent account insurance. Progressing trader account holders are promised 30 percent account insurance. Just as with the VIP account, these are false claims. The broker is incapable of offering account insurance knowing too well they are not regulated. They also fail to mention their depository bank which is an alarming feature. Most members are actually depositing funds straight to owner’s bank account. More information on this will be revealed on the depository channels.

Contact and Customer Support

Their contact information is not clearly spelt out on their website. StockFX is using email and phone numbers as their only communication channels. Using live chat is more ideal as it gives direct answers to members. With emails, the broker might choose not to respond to certain emails. The case is evident when members send their withdrawal requests; the broker closes down their accounts. Emails are used by scam brokers to know when a member wants to pull out.

False Reviews

StockFX is hiring web masters to post positive comments on their behalf. They are also posting random reviews on their homepage. It should be noted that these reviews have been posted by unknown persons. The broker comes up with names and downloads stock images to match the names. One will not find any social media platforms with profiles matching their names. Most social media platforms don’t have any followers of the platform. And this is proof we are dealing with a scam.

Funding Accounts

The problem with this method is members don’t know whose account they are funding. Once they deposit funds, they expect the amount to reflect on their trading account. And this does not happen as the broker takes all the money. It is best to use brokers who openly state their depository and withdrawal procedures.

Trading Platform

StockFX Trading Platform

StockFX is claiming to use MT4 trading platform on their homepage. These scam brokers have used images of MT4 trading terminal on their website. And this is evident as more and more complaints center on slow execution speed. Another important feature missing with their trading terminal is security software. Lack of DDoS protection and SSL encryption is proof we are dealing with a hoax.

Safety of funds with StockFX

Complaints from lack of withdrawing funds are another reason to stay away from this broker. StockFX is pooling funds in one account which is contrary to set industry regulations. And this is what members need to know before signing up. It is best to stay away from the broker to avoid any further complications.

Scam or Legit StockFX

The evidence is showing StockFX is a scam whose intent is to steal from anyone who signs up. Make sure to warn your family and friends from joining this trading platform. Mark their emails as spam and stay away from their affiliate programs.

Verdict

Adding this broker to our scam blacklist will ensure no one else falls for their trap. There are indeed ways to earn a decent profit margin with Forex trading. Use approved and vetted brokers for memorable trading experience.

We wish all traders a safe trading experience.

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