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Is StoxMarket a scam broker?
Forex broker StoxMarket offers three types of trading accounts. It also provides an unpaid demo account. The assets provided are a variety in numbers and include stocks, indexes, commodities and more. In this scam broker review, we will tell you everything about this broker.
The three accounts provided are namely Silver, Gold, and VIP. The minimum deposit exceeds the average market value and is $1000, $2000, and $50000 respectively. The maximum leverage offered on all three accounts is the same as 1:500. The offered spreads also vary according to the types of accounts from 1 pip to 3 pips. According to the sources the broker is the property of Marketier Holdings Limited situated in Dominica. So far we have seen the Dominican Government is very reluctant in providing licensing to the forex brokers. This means the investments made in this broker are not in safe hands. Dominican Island is one of the hotspots of the scam brokers. All traders are advised to choose a regulated and licensed broker for trading. This offshore Dominica based broker does not fall under any regulation. it.
Also checking with many financial regulators around the world we failed to trace anything about the broker. The two trading platforms are provided by this broker. One is web-based and well-known MetaTrader, another is self-developed StoxMarket. The platform itself is unreliable compared to MetaTrader platform and misses on every aspect of it. According to StoxMarket, it provides all sorts of payment options. But uncertainty about PayPal payment option is there.
Is StoxMarket scam or legit?
The case of StoxMarket is very clear. The broker has offshore nature and It is also an unregulated entity. Furthermore, it requires a very high initial deposit. There are several scam accusation on this broker. Also, the trading environment is unimpressive and makes it an unattractive forex broker. Hence we are convinced to put this broker in a scam broker category.