Seastock24 Review: Reasons You Should Not Trust This Broker

Seastock24 describes its company as a provider of first-class service, advanced technology, and exceptional value. The firm is supposedly committed to bringing nothing but success to its clients through features that equally benefit beginners and professionals. The site overflows with promises of competitive pricing, fast execution, and next-generation security. 

Since all the above are just empty words and hopeful dreams, we decided to investigate the authenticity of Seastock24. For that reason, we bring you this Seastock24 review.

Scammer or not, Seastock24 says investors will be trading CFDs on FX, stocks, crypto, indices, and commodities with the best possible conditions. We only wonder how they imagined traders to do that when they don’t allow account setup and access to the platform.

Without submitting even the basic company info, Seastock24 expects clients to reveal their own personal information to verify their accounts. This isn’t the only unreasonable demand that Seastock24 has. 

Read this review for more bizarre requests and conditions Seastock24 has in store.

License for Seastock24 and Security of Funds

Expectedly, Seastock24 doesn’t move a finger to give proof of their legitimacy. Legal documents present irrelevant data, as if it was copied from somewhere or put together by a robot. If their intention was to sound confident and professional, they have failed miserably at it. 

Seastock24 does make a mention of operating in EEA, but that doesn’t explain anything. For reference, EEA broker-dealers have to comply with the highest security and transparency rules assembled under MiFID. However, if brokerage houses want to keep their business clean and legal, they still have to get authorization from jurisdictional regulators. 

Some of the leading EEA regulators are BaFin, AMF, CONSOB, CNMV, FINMA and CySEC. Respectively, each of these financial authorities keeps records of licensed brokers. You can already guess we went through all of them and didn’t find anything on Seastock24. This means that Seastock24 is operating illegally and doesn’t have a license by any EEA institution. 

Conducting business without complying to the regulatory framework means Seastock24 doesn’t provide segregated bank accounts for the safekeeping of investments. Leverage restriction to 1:30 doesn’t apply and negative balance protection guarantees aren’t there. 

Clients most certainly don’t have access to compensational funds. Bonuses, which are banned in EEA, Seastock24 actually enables, which is another red flag. 

Without further ado, we can conclude that Seastock24 is an illicit broker and this review exposes the scammer.

Trading Platform Available at Seastock24

First, before anything, a Demo account to test the trading platform from isn’t available. We did try to open a Live trading account but without success. Just when we thought the troubles were over after confirming through email, the site directed us to support. 

There’s a complicated procedure of contacting staff, and uploading photos of your ID and other documents before you can verify the account. Only then will you supposedly gain access to the platform? 

An anonymous firm can’t possibly expect traders to give them their own personal information on a plate. Since we didn’t get to see the Seastock24 trading solution, we cannot say its existence is certain. 

Options for Deposit/Withdrawal

Seastock24 states to accept deposits via credit/debit cards and wire transfers. 

Funding trading accounts through credit cards is the safest. Chargeback is available as long as you request it within 540 days from the moment of depositing. 

Now, minimum deposit requirements got us all confused. The cheapest account type asks for a $5000 initial deposit. However, the webpage explaining how transactions work says the minimum amount to transfer from a credit/debit card is $250 while the maximum is $5 000. As for the bank wire transfers, the smallest deposit to make is an astonishing $10 000. 

You can initiate a withdrawal procedure by submitting your request. It should be handled within two business days but what scammer can guarantee that? 

Seastock24 Offers Bonuses and  Promotions

To push you into their investment trap easier, Seastock24 offers bonuses and promotions. EEA-regulated brokers can’t do that but Seastock24 can. What does it tell you about our broker? Anyhow, here’s how the attractive offer should work.

You can earn up to $100 per referral for every friend/colleague/family member you convince to open a CFD trading account at Seastock24. After the referred client deposits at least $200 and makes 3 trades you get a bonus. But that’s not all! Even your referral can get a $50 bonus as a result. 

The funny and completely irrational condition is that you have to exceed $50 000 in trades to make that credited amount available for withdrawal! What an offer, right?

How the Scam Is Executed

Every scam can start innocently and without looking like a scam in the least. Seastock24 agents will contact you, usually through social networking websites, and offer you to earn fast with their help. You may seem uninterested in the beginning, but the kind attitude and informal approach will start getting under your skin. 

Soon enough, your friendly agent will be convincing you to deposit. Have no fear about being a beginner at trading. You will have a dedicated account manager to handle your investments and make trades instead of you. Seems perfect, doesn’t it? Except that it isn’t. Soon enough you will have to invest more, the services become more expensive and your agent friend colder. 

It will turn out that withdrawals are impossible and you are already buried in debts you cannot return. Your life savings are gone in the blink of an eye and the scammer has already disappeared.

Seastock24 Summary

Complaints, withdrawal issues, unresponsive support and a defective platform are what you will find at Seastock24. Our review gives you strong reasons why never to invest with a fraudulent business that Seastock24 represents. 

Plenty of acclaimed brokerage houses can give you the safety and competitive pricing you look for. If it’s not the brokers we suggest, there’s others who might offer the conditions you ask for. But they have to be regulated. Authorization is, after all, the main advantage of licensed brokerage firms. 

FAQs About Seastock24 Broker