Fxstocktrades Review Is Fxstocktrades.com A Legit Or Scam Broker

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Fxstocktrades Review: Is Fxstocktrades.com A Legit Or Scam Broker?

Fxstocktrades.com Review: this is the name of a Forex, CFD and Binary Options broker that claims to be located in the United States of America. Is Fxstocktrades a legit Forex broker or scam?

The location provided for the broker on the page is one in which Forex trading is regulated by a top commission. All Forex brokers that operate in the US like Fxstocktrades are expected to have a license from the Commodity Futures Trading Commission. When we checked, we did not find the broker among those regulated by the CFTC.

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Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

On the page we are shown some level of professionalism in the information presentation. The broker claims to have a “Perfect Investment Platform” that runs trades for Binary options, Forex, and CFDs on stocks, ETFs, cryptocurrencies.

Most of what the broker mentions on the page as their key advantage is the provision of “high-touch” customer support. They also mention that they have a team of specialist controlling the investment portfolio.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Fxstocktrades Trading Platform

We do not find mention of the trading platform used by Fxstocktrades broker. It looks like it would be a web-based platform and not a MetaTrader one. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: Binary options, Forex, and CFDs on stocks, ETFs, cryptocurrencies. This is an impressive asset portfolio but we are unsure if it is true as no demo account exists to test this.

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We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them. Maximum leverages offered is not stated. We find this to be fishy.

Traders are to understand that some leverage offers may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not disclosed on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Fxstocktrades

The means of making payments and withdrawals are: Bank wire, VISA, MasterCard, Western Union, MoneyGram, and Bitcoin. The exclusion of e-wallets from the list of payment options is not appreciated.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $300 and we find this to be above the obtainable average of $100 – $250 among brokers. Withdrawal fees are not stated and the whole terms and conditions page cannot be found. We do not find this encouraging and prefer fees to be mentioned upfront if they apply to avoid roping unsuspecting investors in.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Fxstocktrades Licensed?

No. Fxstocktrades is not a licensed Forex broker. On the page we find a claim that it is licensed but since it is not among the companies registered under the Commodity Futures Trading Commission, we can say the claim is false.

Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To reach the broker via telephone, dial: +1(267)-725-1299 or send an email to: [email protected]

Conclusion

Fxstocktrades is not licensed and the minimum requirement is higher than what we expect from brokers. Many details are left out on the website and we find this fishy, the company should fix up these details before they can be considered legit.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Fxstocktrades review – Is fxstocktrades.com scam or good forex broker?

Fxstocktrades says to be a fully certified and licensed US company offering binary options, forex pairs and CFDs on stocks, ETFs and crypto currencies with a wide range of platform and service options. And Fxstocktrades also says that their team of specialists “who have been working in the market of currency exchange for about 12 years and above” will control your investment portfolio.

Account type Min. deposit Max. leverage Spread s/ Payout
Standard Account $300 n/a n/a

Well, there are a number of problems with Fxstocktrades and their offer – first, we do not know the name of the company behind the website, they do not have a legit license to provide financial services as they claim, they are offering to manage your funds while actually acting as market makers and finally they do not bother to disclose what their terms and conditions are. All of that makes us rather suspicious about Fxstocktrades. Be sure to read this review before depositing any funds with them.

Fxstocktrades Advantages:

We do try to list all the positive sides about a broker we investigate in the beginning of our reviews, but here with Fxstocktrades we were not able to come up with anything that can be of any benefit to a trader.

Fxstocktrades Disadvantages:

Anonymous website, falsely claims to be regulated

Fxstocktrades displays a contact address in Chicago, Illinois but we can not be sure which is the company that runs the whole operation and where it is based. And as we mentioned, they claim to be a fully certified and licensed financial company, but that unfortunately turned out not to be true.

All forex brokers in the U.S. should hold a license from the U.S. Commodity Futures Trading Commission (CFTC) and should be members of the National Futures Association (NFA).

So we diligently checked the NFA and CFTC registers, but where unable to find Fxstocktrades or a company associated with them there. And besides, obtaining a NFA membership is a rather demanding task – all brokers licensed to operate in the U.S. should maintain at all times operational capital of no less than 20 000 000 USD – the same amount as required for the registration of a Swiss bank. So it is not a big surprise that only a handful of brokers are licensed to operate on the U.S. market.

So basically Fxstocktrades is a unregulated, anonymous website which lacks credibility whatsoever.

Market maker offering managed accounts

Fxstocktrades ensures you that their team of specialists will control your investment portfolio. The problem here is that like virtually all forex, CFD and binary options brokers, legit ones included, Fxstocktrades akts as a market maker, which basically means they are making money whenever their clients lose. So obviously, if a market maker offers to manage your account it will be in a conflict of interest.

Terms and Conditions missing

The client agreement or the Terms and Conditions is a key legal document defining the contractual relations between the broker and the trader. When you deposit your funds and open a trading account you will have to agree with the broker’s terms. The problem here is that the link to the Fxstocktrades Terms and Conditions was not functional, so basically when registering with them you will have to agree with something you have not read.

No demo account

We were not given the option to open a demo account with Fxstocktrades so we can not comment on their spreads. Just bear in mind that spreads are generally considered attractive with a standard account, only if they start below 1,5 pips. Here you may check our list of brokers, offering tighter spreads:

Fxstocktrades is a unregulated, anonymous website, which offers managed accounts, while acting as a market maker – a clear sign that what we are talking about here is a scam. Once again here we will repeat our general advise to trade only with properly regulated brokers, licensed and authorized by a well known and well respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). Here you may check our list of brokers licensed and authorized by the FCA:

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Fxstocktrades Review: Is Fxstocktrades.com A Legit Or Scam Broker?

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