Why Doesn’t StoxMarket Suck in 50 Words
I like that there was a live chat available. She did answer a few of my questions such as not accepting US traders which is actually a good thing considering they are not allowed due to a lack of regulations. Another plus is that, they actually do mention that once you deposit through one of the crooked robot services, you are stuck to trade with them.
Why Does StoxMarket Suck in 50 Words
The amount the client was given PLUS the client’s deposit amount. The volume needed to withdraw the bonus is to trade 50x the bonus amount once you have accepted the terms. If you wish to withdraw, a 5% fee will be deducted from your total balance. Finally, it should be mentioned that StoxMarket is already been warned against for acting as a fraudulent company. There are many complaints from their clients which we will discuss below.
Is StoxMarket a Scam?
What comes into my mind whenever I hear the name StoxMarket is all the times I have noticed them being used with an robot scam such as: 1k Daily Profit, Freedom Circle and the Binary Option Auto Trading scam – just to name a few. Furthermore, they are not regulated and are already warned by many regulators. The strange part is that, unlike other brokers, they actually admit working with autotraders and that once you deposit through one such “get-rich-quick scheme” you can NOT withdraw your money unless 20 trades are taken. It’s needless to say that by the time you let the software run 20 trades there won’t be any money left to withdraw. If that was not bad enough they also offer the standard scam types of bonuses which tie your money up unless you pay a fee.
Should I Open an Account with StoxMarket?
StoxMarket is owned by Marketier Holdings Limited located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. Clearing and billing services are processed by InOut Capital LP, Suite 2 5 St Vincent Street, Edinburgh, Scotland UK, EH3 6SW. StoxMarket is not regulated and the addresses mentioned above are virtual offices. StoxMarket has been warned by various authorities and known to operate with robot scams. Find out more below.
The website itself comes off as shady from the start. Why? Because one of the first things we see when we scroll down is fake testimonials where images of random people are taken from other websites. This is unprofessional and feels scammy. We expect these things from get-rich-quick robot schemes that try to lure in unknowing clients but not a broker. However, having reviewed so many such robot scams, we didn’t need to dig much deeper to recognize StoxMarket from operating as a shady scam broker.
They often appear to be a recommended broker that works together with autotrader that promises easy and quick cash. In fact, this is even mentioned under their “General Fees”. It says that in cases when a client comes to StoxMarket through an autotrader, they will NOT be allowed to withdraw their own deposit until they let the robot run for 20 trades minimum! If you still wish to withdraw, a 100$ fee will be deducted from your balance. It’s needless to say that these autotraders will not place successful trades as our reviews have already exposed them as scams. StoxMarket is also not regulated and only offers an offshore address in Marshall Island and a virtual address in the UK where they not so surprisingly are warned against by the FCA.
The StoxMarket platform is powered by Panda Systems for Binary Options, a platform provider we rarely hear of. They also offer trading in FX, CFD’s through MetaTrader, Mobile, and a web-based platform. The Panda Platform falls short when compared to most other proprietary platforms we have seen lately by other serious brokers. You can trade Binary Options on Hyper which ranges from 30 seconds, the 60s, 2M, 5M, and 10 Minutes. You can also do High/Low options where expiries are in the range of 15, 30, and 60 minutes. There is One Touch and Range. Under the platform, there is a constant stream of “latest winners” which I believe are fake or being produced by an autotrader. You can copy those trades.
There is a dormant account fee of 75$ after 60 days of inactivity as stated under “General Fees”. Interestingly, in the terms and conditions, it states that the dormant fee will be at “a time period and rate decided by the company”. Therefore, I am not sure which rule will apply to a dormant account. It seems this fee can be as much as they desire since they left room for changes in the terms and conditions by stating they get to decide the amount they like.
You don’t have to look far and beyond to find negative complaints and scam accusations on StoxMarket. The very first place you will come upon multiple comments saying they are a scam is in the comment section below their own video on their YouTube channel. They all share the same story: “It’s a scam, you won’t get your money back”. If that’s not enough, there are also multiple reviews on Forexpeacearmy telling similar stories of withdrawal issues and an outright scam. There are even more horrible reviews on Trustpilot.com. The stories sum up the following picture: price manipulation, impossible to withdraw, got tricked to deposit through a scam robot, account manager harassments, and more headaches.
StoxMarket Regulatory Warnings And Announcements
25.09.2017: CNMV adds StoxMarket to their public warnings list. Source: CNMV.es
12.06.2017: FCA warns against Marketier Holdings/StoxMarket for carrying on activities with lack of regulation and authorization. Source: FCA.org.uk
02.10.2017: Consob adds StoxMarket to their list of warnings. Source: Consob.it
16.12.2016: BCSC warns against StoxMarket for offering services in the country with lack of regulations. Source: BCSC.bc.ca
StoxMarket offers bonuses but you may not be able to withdraw any money until you have met the requirements to release the bonus. The bonus quantity differs but currently for the Holiday offer there is a 100% bonus. You must trade at least 10% Lot of the total bonus + deposit. Bonuses and risk-free offers are there and come with terms and conditions as follows: 50x times the bonus must be traded in volume in order to unlock the cash for withdrawal. Any attempt at withdrawal prior to this and you will be charged 5% on your total balance and the bonus will be canceled. For CFD trading, the required trading volume is even higher, about 25%.
According to their terms and conditions, withdrawal requests are not accepted if there are open positions on your account. This is a strange rule. Withdrawal fees are 25 USD per transaction. If you deposited through a Robot/Autotrader website affiliated with StoxMarket, you will be charged 100$ for a withdrawal unless you reach a trading volume of 20 trades using the robot.
Trading Bitcoin With StoxMarket
They offer a large list of Cryptocurrencies for trading. The leverage for all of them is 2 and the spread varies from asset to asset. Most of the coins can be traded vs USD but also vs EUR and GBP. Some popular coins that are available are: Bitcoin, Litecoin, Ripple, and Ethereum.
User Friendly 15/20
The Panda Trading Systems platform is simple to use, it’s pretty straightforward and The website itself is easy to navigate through. For FX and CFD trading, they offer MT4 or Web platforms. The website comes in English, Italian, Russian, Arabic, and German. Charts and an economic calendar are included on the website which is a plus.
Range of Markets, Spreads and Leverage 10/20
You can trade FX, CFD, Stocks, Commodities, Indices, and Cryptocurrencies. There is a 3 pip fixed spread for all accounts except for the Classic account. This is considered high in comparison to other FX brokers. Leverage is 25% of the account’s leverage for Commodities and Indices but 1:500 for Forex pairs. For Stocks, the leverage is 1:10 and 2 for Cryptocurrencies.
Deposits and Withdrawals 12/20
The minimum deposit is very high – an amazing 3000$. To get the fixed 3 pip spread, you need to deposit at least 5000$. Accepted payment methods are as follows: WebMoney, CashU, Wire, Visa, and Master card. Other than the 25USD withdrawal fee, additional fees may occur depending on the payment method.
Fees and Support 14/20
There are no commissions for trading. The support was live and managed to answer our questions at first but was reluctant to mention the % on bonuses and instead asked about a phone number to an account manager could contact us.
There are however multiple fees: Fees are as follows: 25$ transaction fee for withdrawals, 100$ fee if depositor came through a robot and did not let the robot do 20 trades minimum, and a dormant account fee of 100$ or more if the account is inactive for above 45 days.
Website Extras 15/20
A feature called “Autochartist – receive automatic notifications when emerging and completed chart patterns such as triangles, wedges, tops, and bottoms are identified”. This seems to be an interesting tool that can also teach traders about patterns and charting.
StoxMarket Overall Ratings: 71/100