StoxDC Review: Reasons You Should Not Trust This Broker
StoxDC Review, Let us start by saying we’re astonished by the number of warnings against this bogus broker and the fact they’re still operational. It’s probably just a matter of time before this domain goes dark. But as long as they remain active, they have a chance to rob honest investors and make decent pocket money that way. That’s why we bring you this StoxDC review.
StoxDC works under the command of Heimdall Developments Ltd, an unlicensed offshore business from the Commonwealth of Dominica. Both names, the brand, and the owning company sound like they were made up by comics fans.
The lack of originality implies an absence of professionalism and seriousness that global brands have established. But let that not be your first concern. We will first point out how StoxDC is blacklisted multiple times and then we’ll talk more about the regulatory status of the firm.
|Company||Heimdall Development Ltd|
|Warning||FMA, BaFin, CONSOB, CNMV, CBR, Finanstilsynet, FSMA|
License for StoxDC and Security of Funds
The Financial Services Unit is the regulatory body in Dominica that is responsible for the supervision and licensing of financial institutions, including Forex providers. It is important to note that this is not a Tier 1 authority and therefore doesn’t enforce strict regulatory rules.
Especially in comparison to EEA bodies that have issued warnings against StoxDC, like BaFin, CNMV, CONSOB, and others. However, a license even from an offshore regulator is a better license than none at all.
Sadly, searching the FSU register won’t provide you with a pleasing result – StoxDC is not among the authorized entities. Nonetheless, this unlicensed Forex dealer is very active in EEA especially. That’s how it attracted the attention of the major regulators in that area.
All the warnings prove StoxDC not to have all the services and measures necessary for safe trading. The most important ones are segregated bank accounts for the safekeeping of clients’ cash.
Next are the risk management methods, such as leverage limitation to 1:30 and negative balance protection. Along with the compensation fund, absence of bonuses and full transparency and transaction reporting, clients can enjoy a transparent, safe and honest trading environment.
As apparently shown by the regulators, StoxDC doesn’t display the characteristics of a reputable broker, but those of a common scam. So do not fall for their tricks if you do not intend on losing your funds.
Trading Platform Available at StoxDC
Inconspicuous and unusable above and beyond any measure, the web terminal StoxDC provides is not what anyone would call reliable trading software. We’re not sure if even a beginner trader would find learning possible on it due to a severe lack of functions. The only advantage is a comprehensive panel listing all the available trading instruments.
If you don’t want to waste your time, you should not settle with anything less than at least MT4. MetaQuotes platforms have been leading trading software solutions for a number of years now. Expert advisors, custom indicators, timeframes, market depth, and other tools are just some of the numerous ones.
StoxDC Account Types
With fraudulent websites, it usually happens that you can’t open a test account with limited virtual funds to trade and try out the software. StoxDC actually allows demo account openings. You get an initial sum of $25 000 virtual cash you can trade and explore the conditions. The downside is the bogus software that is of no practical value.
The two types of live accounts are:
- Standard Traders Account
- Professional Traders Account
One attractive condition is that the trader decides how much they want to invest, as there’s no minimum deposit requirement. Spreads start from 1.1 pips, which is too good to be true, while the maximum leverage goes up to 1:100.
Options for Deposit/Withdrawal
Customers at StoxDC are not openly informed about deposit and withdrawal processes with this broker. After registering a live trading account, we weren’t able to get any significant info on transactions. Whenever we tried to deposit, the pop-up window would tell us to contact our account manager directly or the support team via chat or email at [email protected].
As if that isn’t shady enough, the website didn’t offer any instructions on available funding channels. The same goes for withdrawals. StoxDC doesn’t have a comprehensive legal document covering the relevant aspects of account funding. This leaves the fraudster just enough space to alter the conditions as they please and subject payouts to ridiculous fees and charges.
How the Scam Is Executed
Perfect anonymity is every swindler’s final target. Thanks to it, they keep their identity hidden and avoid legal consequences for their unscrupulous actions. To achieve it, they leave no traces during the monetary transactions and they reveal no weighty company info. StoxDC gives away basically zero data on their company and whoever runs them. But they’re sure persistent when it comes to extorting money from investors.
Boiler room agents can tirelessly flood you with emails and phone calls to persuade you to invest. The strategy is to use their verbal skills to manipulate traders into investing. And to, of course, keep the money coming by manipulating the trading terminal to further delude investors.
The reality slaps the moment you attempt a withdrawal, as you’re faced with unbelievable charges and fees. Be aware that you’ve probably been subjected to identity theft and exposed your entire capital to the scammer, simply by using insecure payment channels.
No, StoxDC doesn’t provide valuable trading features as a reliable Forex and CFD broker, as some of the fake online reviews say. If you read more of the honest customer reviews on TrustPilot, for example, you will be astonished by the number of negative experiences.
The official warnings stand as the most reliable proof of this broker being nothing but an online trading sham. As such, StoxDC will do its best to sell you the story about them being a reputable broker-dealers. However, they’re just another offshore, unregulated firm under no one’s oversight.
FAQs About StoxDC Broker
Is My Money Safe with StoxDC?
No, because this broker doesn’t operate under any regulatory standard or has a valid Forex license.
Is StoxDC a Regulated Broker?
StoxDC is not a regulated firm and they’re not authorized to sell their products and services. They’re also not in possession of permission to perform bank transactions.
What Is The StoxDC Minimum Deposit Amount?
The broker states that there’s no minimum amount you have to deposit. It is supposedly up to the trader to decide how much they want to invest.