Be aware of Stocksforex scam! Do not sign up! Learn more in this review!

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Stocksforex Scam Review

Rating:

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

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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 2020 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.

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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.

Customer Support

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

Stocksforex Scam Review

Minimum deposit

Bonus

Maximum leverage

Year founded

Regulation

Trading platform

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

Stocksforex is the broker that every Forex trader should avoid. Although the broker tries to imitate the model of reputable brokerages such as Easy-Forex or Plus500, it is naturally a does not look trustworthy. Want to know more? Read our Stocksforex Scam Review!

When preparing this Stocksforex review, we have discovered that the broker is supposed to be located in Athens, Greece. Note that the address given on the website is not always true, especially if you deal with newcomers. Additionally, Stocksforex has a license from HCMC, which is the local regulatory body. Even though this regulation allows a company to operate throughout the EU, it does not have such a great reputation as FCA or ASIC. A tricky point comes when you take a better look at Stocksforex website, the website mentions that the company is regulated in Belize. And a site of the company behind a claimed European license does not actually mention Stocksforex as one of its brands. Hence, we cannot consider Stocksforex to be legit.

A tricky point comes when you take a better look at Stocksforex website, the website mentions that the company is regulated in Belize. And a site of the company behind a claimed European license does not actually mention Stocksforex as one of its brands. Hence, we cannot consider Stocksforex to be legit.

Although there can be no trust in Stocksforex company, we still suggest discussing the services that this broker delivers. The list is as follows:

  • Trading Platform
  • Instruments and fees
  • Types of accounts
  • Customer Support
  • Funds withdrawal

Stocksforex Trading Platform

For all registered users at Stocksforex broker, there are two platforms to select. They are: MetaTrader 4 and Sirix. As MT4 is a well-known Forex platform, we would like to tell more about Sirix. Generally, Sirix is a nice choice but do not forget that any platform can go bad in wrong hands. Nonetheless, let’s see what are the properties of this trading platform.

Sirix WebTrader is the platform that works with the help of internet connection and the browser, thus not requiring any software to be installed anywhere. Sirix is easy-to-use and intuitive platform with more than 60 technical indicators and charting tools. In spite of negative opinions Stocksforex, Sirix deserves the attention.

Additionally, Sirix combines the old-fashioned trading with social trading features. As a social trading platform, it allows the trader to profit from the investment decisions of other traders. This became possible thanks to the mirror trading, which permits to copy the trades to the investor’s portfolio. Moreover, the platform has a mobile app designed for iPhone, iPad and Android smartphones and tablets.

Stocksforex Review of Instruments and Fees

The broker offers around 275 instruments trade, which incorporate Forex, Commodities, CFDs, Indices and Stocks. Stocksforex claims to offer “very low spreads” and absolutely no commissions. Its spreads on EUR/USD and other instruments start at 3 pips. If we were living in 1998, then we could call such spreads low, but this is definitely way above the current market standards.

Fixed spreads are generally considered the best deal for beginners, yet such high spreads can never be seen as a good deal. In this case, we cannot guarantee that “Stocksforex scam” is something worth saying, but we are sure that such trading conditions will not be good for traders. Just to give an example, the spread for EUR/CHF pair starts at 4 pips.

Maximum leverage is rather low. For instance, stocks traders can have no more than 1:20 leverage and 1:200 for currency traders.

Types of Accounts at Stocksforex broker

Stocksforex offers different types of live trading accounts and a demo account as well. Real trading accounts are presented in the form of packages and broker Stocksforex wants the trader to pick one out of 3. They are:

  1. Micro – min. deposit is $1000
  2. Standard – min. deposit is $5000
  3. VIP – min. deposit is $20000.

Basically, they resemble each other a lot and offer mostly the same features. At the image below you can see the VIP account:

What makes VIP slightly different from Micro account is: availability of SMS news & signals, premium daily analysis and premium customer care. Hence, there are no significant advantages offered at VIP package but it requires $19000 more than Micro. Also, we cannot say that Stocksforex scams traders, but there were quite a few traders that have used the signals supplied by other brokers and, so far, we have never seen a trader that was happy using suck services.

Stocksforex Review of Customer Support

There are not many negative Stocksforex opinions concerning the quality of client support, yet we are not sure what’s the reason behind it. Most probably it is because nobody trades with this broker as it is a rather new one. They are not very resourceful and can help only in solving some basic issues, if you check FAQ section of the broker, you are unlikely to find decent answers. Client support agents can be reached via live chat, email and phone. Besides, support agents speak only 2 languages, i.e. English and Spanish. This is a serious pitfall.

Funds Withdrawal from Stocksforex

Stocksforex offers few options for depositing or withdrawing funds. More specifically, the trader can use only credit or debit cards such Visa or MasterCard, wire transfers, PaySafe card and SOFORT Überweisung. Thus, there is a very limited choice of methods to make the transaction.

In addition, the safety of deposited funds is in question. We cannot say that Stocksforex is a fraud, but such lack of consistency on the website raises lots of questions.

Stocksforex Scam or not?

Most Stocksforex reviews seem to show distrust of this online trading broker. Despite good trading platforms and availability of the demo account, Stocksforex does not seem like it can be trusted. The brokerage does not properly disclose its regulation on its site and requires too much for the initial deposit. We recommend you to sign up with a recommended broker below.

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

Stocksforex Review

Minimum deposit

Bonus

Maximum leverage

Year founded

Regulation

Trading platform

This is not a verified broker!

We do not recommend you trading with this broker. Its regulation and reputation is doubtful.

The first question that we would like to answer in this review is whether Stocksforex is transparent. Unfortunately, Stocksforex failed our credibility test.

Most brokers try to look legitimate by posting a broad description of their activity in the “About Us” section. However, Stocksforex is just telling the clients why its services are great without giving any specific information about their experience or a total number of customers.

In addition, this broker has provided on its website the list of fake partnerships and awards. Does this tell us that Stocksforex scam is a true statement? Not really, but it kind of points the direction.

This trick is aimed at showing the high status of the firm or being ECN broker. Well, the icons of the world’s leading brands are actually clickable, but the link points to nowhere. How does Stocksforex relate to such major financial companies as UBS or Barclays? There is no information at all.

Stockforex Website Overview

When entering the website, the potential client will definitely notice a great design. Yes, the website is well-designed and everything is structured. In reality, the broker looks nice only on the exterior.

The broker Stocksforex will immediately show you real-time quotes and the activity stream of traders. In addition, on the front page, one can use extra features such as the trading calculator and the economic calendar. We do not object using these tools, but they are commonly available and should be found elsewhere. Again, this does not tell us that Stocksforex is a scam, but it clearly shows that it does not walk an extra mile to deliver any sort of supreme trading experience.

Afterward, the broker shows you the list of financial instruments. They include Forex, Stocks, Commodities, CFDs and stock Indices. Their overall amount is around 300, which is not so big when comparing Stocksforex with its legit competitors. Then the traders will notice 3 different account packages, but we will return to this a bit later in our Stocksforex review.

Generally, the website is available only in 2 languages – Spanish and English.

Stockforex Review: No bonus offers

Reliable online trading brokers always try to help the newcomers by providing welcome bonuses or offering several promotions to already registered users. The bonus is designed to provide clients with additional capital and helps the trading brokers build good and long-term relationships with their customers.

Speaking of Stocksforex, it does not offer any trading bonus and it does not seem like any promotions are promised to be available in the nearest future. By neglecting this important part of brokerage services, the broker is risking to be avoided even more often than now with many negative Stocksforex opinions.

Actual trading at Stocksforex

To start trading at Stocksforex, the client has to open one of the suggested accounts. There are three of them.

As you can see the initial investment required for each account is unjustifiably high, because there are transparent online trading brokers that offer much better conditions and lower costs. The spread charged at each trading account starts with 3 pips for major Forex pairs, but can change. It does not mean that Stocksforex fraud is a true statement, but it certainly shows that trading with this broker is not cheap at all. Although experienced traders can handle the variable spread, for beginners this can be the end of the game. Overall, the accounts offered here are not friendly both to newbies and advanced traders.

Stocksforex platforms

Now let’s see what platforms are offered. When making our research for one of the honest Stocksforex reviews, we have encountered two platforms provided at this website. They are MetaTrader 4 and Sirix Webtrader. In technical terms, the trading platforms are good enough to ensure pleasant trading experience. Both platforms have a comprehensive list of charting tools, indicators and other features to support the trading activity. There are 2 main distinctions between these platforms. Firstly, MT4 allows automated trading and use of custom indicators. Secondly, in order to exploit MetaTrader 4 the software has to be installed on the computer. On the contrary, Sirix is a web-based trading platform and the client can use it straight from the website. However, we strongly advise trading on these platforms only with reliable brokers, not Stocksforex brokerage.

Customer Support

Generally, we cannot claim that customer support is great because this will not be true. Support agents can provide some assistance, but do not expect them to understand the issues which professional traders might have. Why is that? Well, by looking at the Stocksforex website content we can clearly see lots of errors. How do you expect a company to help you when they don’t seem to be able to fix their own bugs? Clients can contact client support by using the live chat on the website, write an email or call support by a given phone number. The thing is, the website lists different contact numbers (and in different countries) depending on the site page that you visit.

If you would like to check info about deposits and withdrawals, you can open their FAQ and gain some information. However, we recommend you to avoid making any deposit as there are way better broker alternatives.

Who stands behind Stocksforex?

Is there a possibility that Stocksforex is just a company that starts out and we are just giving it some hard time? Even though Stocksforex.com review found that the website claims to inform the visitors that the company was founded in 2020, it actually seems to be a lie. First of all, Stocksforex.com domain was only registered in 2020. The footer of the website tells that Stocksforex brand belongs to a greek company named Nuntius brokerage & investment services s.a. However, the website of this company has no mentioning of Stocksforex. This might be actually a sign of the scam. However, even though there might be some relationship between Nuntius and Stocksforex, look up the optionions about Nuntius brands to learn more if this company can be trusted. You will be surprised.

Stockforex Scam Review Verdict

Is Stockforex a scam? So far this is a very new brand that has appeared on the market just in 2020. Nevertheless, we cannot rate this broker positively. Stocksforex is not interested in impressing favorably with its brokerage services. It does not offer promotions, requests relatively high initial deposits and it is especially not suitable for those who just start out.

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