When speaking about Stocksforex, it is easier to count disadvantages of trading with this broker rather than stressing out positive aspects. Nevertheless, we encourage you to read our Stocksforex review when we will study all ins and outs of this online trading broker.
Stocksforex Scam Review
Opening an account
Live account registration is done in 3 long steps, where the broker requests a lot of your personal information, including trading experience, net worth and source of income. Basically, this is not bad, since brokers usually try to learn more about their new upcoming clients and the regulator actually requires them to do so. However, you can find many pessimistic Stocksforex opinions and reviews across the web, hence, we would not recommend disclosing any personal data to them.
Once you are done with account registration, the broker will then ask you to make a deposit in order to access the trading platforms. Stocksforex offers MT4, Sirix WebTrader and Sirix mobile versions for iOS and Android devices. The platforms are generally nice, but it does not worth to go for them at Stocksforex. There are better brokers that offer same set of the trading software, while they also come with unstained reputation.
Although we do not say that “Stocksforex fraud” is a true statement, we strongly advise against this broker. Let’s find out why.
Stocksforex Account Packages Review
At Stocksforex, you are given the choice of 3 real trading accounts to pick – Micro, Standard and VIP.
Micro account is the smallest account provided at this broker. It requires the initial deposit of $1000 in order to start trading. Stocksforex assigns a dedicated account manager to owners of Micro account. In fact, account managers there are not professionals and can only assist in the most basic issues. In addition, Micro account provides an access to the video tutorials and webinars.
The second account is Standard. Stocksforex offers here the same features as in Micro, but the minimum deposit here is $5000. What features are offered for such a generous deposit? Well, not really exciting. Standard account comes up with SMS News, trading signals, and daily analysis. Does it tell us that Stocksforex broker scam? We do not necessarily say so, but have you ever encountered FX signals that work? Well, we don’t, and we also do not understand why would a broker supply signals.
Lastly, the third account is VIP. In fact, this is the biggest disappointment. The only extra feature you can get for depositing $20000 is “premium customer care”. That’s it. In our opinion, it is better not commit any money to Stocksforex as even VIP clients don’t seem to get more favorable trading conditions. Yes, let’s find out more about those.
It is important to mention the trading conditions at this broker. Firstly, advanced and professional traders have nothing to look for. One of the reasons is the availability of very low leverage for all instruments, e.g. from 1:100 till 1:200 for FX trading and 1:5 up to 1:20 for CFDs on stocks traders. Hence, if you are a day trader who prefers trading with high leverage, you will be disappointed.
Another aspect to mention is a very wide spread. As one of the honest opinions Stocksforex, we have discovered that this broker offers the extensively huge spreads on all major instruments. Spreads to seem quite high here. In addition, the broker tries to ensure that it does not charge any extra commissions, but who needs to charge commissions when a broker charges 3 pips on EUR/USD and on some instruments over 50 pips spread. We do not recommend you to test it on your own.
Perhaps the only positive feature offered at broker Stocksforex is trading education. The website has a lot of educational materials to deliver, including video tutorials covering the majority of different trading basics, trading strategies, trading tools, MT4 tutorials and much more. Furthermore, there are many video tutorials that can be immensely useful for beginners.
Although the quality of trading education might seem great from the first sight, when we were composing this Stocksforex review it was not even possible to preview any of the content. It does not mean that Stocksforex is unreliable and fraudulent, but how can a financial organization have contents on its site that do not really work?
The website is only provided in English and Spanish, and it does not really tell what language do support officers speak. Hence we assume the support is also offered in two languages only. In order to reach customer support, the trader can use the following contact information:
As for the indirect support, Stocksforex scam has FAQ where the questions must be explained. In fact, FAQ is mediocre and does not present real value. Nevertheless, it still might provide with some info on why you should not sign up with this broker. Browse through the answers and see if they can resolve your doubts. We tried, and it didn’t help.
Stocksforex Review Conclusion
The majority of Stocksforex reviews seem to be dissatisfied when describing this online trading broker. The reason for this is simple – the broker does not seem like it can be trusted. It is fails to mention its regulation properly(it mentions both EU and Belize on its site!), does not offer favorable trading conditions and the number of client support languages is low as well. Also, the website cannot be useful for beginners as the education section at Stocksforex does not seem to work. WNonetheless, we would not advise you to sign up.
If you want to profit from trading various assets online, it is certainly better to deal only with reputable brokerage firms.