Stellarfx Review: Details About the StellarFX.Io Broker
Stellarfx is a scam broker, which said on its website that it is a credible trading company that provides its financial services to traders across the world. Besides being a bunch of unscrupulous liars, they also have two warnings issued against them.
We found out that Stellarfx is the latest in a list of frauds run by the scam company Eudaimon Consulting LLC. This company has created many fake brokerage houses, which we have encountered on blacklists and warnings from regulatory bodies.
Read the Stellarfx review to the end and pay attention to the critical points in which this shady brokerage turns out to be contradictory. You will benefit, because when this illicit organization goes bankrupt, the said company will probably create a new one, with a different name.
Should You Trust Stellarfx? Regulation and Safety of Funds
Stellarfx is headquartered in St. Vincent and the Grenadines. This is one of the favorite sites of scam brokers because the SVG regulatory body does not oversee the forex market.
This means that the brokers who are regulated there can do whatever they want, because there is no one to supervise their business, nor to impose a legal framework inside which business should be conducted.
We have already mentioned that Stellarfx has two warnings issued against them. One was issued by the German regulatory body BaFin and the other by the Italian regulator CONSOB.
When such strong and stable regulatory bodies issue a warning against a company, it is clear that it is a fraud and you should not do business with such a broker.
In addition, the unregulated nature of the company is a burden that will fall on the customer, as they will have no one to turn to for help, in case they are scammed or in case the company shuts down the website or closes down.
Trading Platform Available at Stellarfx
Stellarfx gives access to a web trader that has nothing to make your trading experience more exciting or improve your skills. It is a poorly equipped trading platform. All it can offer is the execution of basic TA, using the built-in panel. No automated trading.
This web trader is far from the industry standards such as MetaTrader4 or MetaTrader5. But even if the broker offers these platforms, do not forget that you are dealing with fraudsters and that, simply, any investment carries too much risk.
The Stellarfx Deposit and Withdrawal Method
Stellarfx accepts deposit methods in cryptocurrencies such as
The company says on its website that it accepts both credit cards and bank transfers, but we believe they will direct you to pay in one of the cryptocurrencies. Crypto transactions are irreversible, and it is also impossible to prove the payment, i.e. the ownership of the e-wallet, so this shortcoming is gladly used by fraudsters.
The minimum deposit is $250. Also, Stellar gives bonuses to its users, which is a regular part of the scam. Usually, the bonus comes with certain conditions under which you can withdraw it together with the deposit, which are almost impossible to fulfill. This allows scammers to deny your withdrawal request.
How Is The Fraud Carried Out?
As we have already mentioned above, Stellarfx uses cryptocurrency to get deposits and gives clients bonuses that require an impossible trading volume. That would also be the main part of the fraud.
Cryptocurrencies make it impossible to cancel the payment, and the bonuses serve the fraudulent broker to buy time and have an excuse to refuse withdrawal requests from clients while withdrawing deposits from new clients.
In addition, Stellarfx has a lot of fake information on the website, that is used to manipulate users so that the fraudsters can make money easily and quickly. Therefore, be careful where you invest your money because in this case you will neither be paid nor returned.
Stellarfx is a confirmed scam. The company behind it was already running the same scam under a different name.
It may seem to you that it is worth the risk and that you will find a way to protect your funds, but keep in mind that the other parties are professional scammers and have developed their scam strategy just as legitimate brokers develop customer-friendly conditions.
The best thing you can do for yourself is not to invest in the Stellarfx company, and if you are a victim of a scam by this company, report it to your local regulatory body so that they can also issue a warning against the Stellarfx scam broker.
FAQs About Stellarfx Broker
Is Stellarfx Broker Authorized?
Stellarfx is not a regulated broker and enters the market illegally.
What Kinds of Assets Can I Trade with a Stellarfx Broker?
The company offers to trade in forex, commodities, indices, and shares.
What are the Available Methods of Withdrawal?
The methods of depositing and withdrawals are VISA, Mastercard, Maestrocard, Bank transfer, Wire transfer, and e-wallets.