Fx-Global StockTrade is yet another unregulated broker on the market, which profits by turning trading into betting with binary options trading as a business model despite this trading type being long banned in most regulated areas.
The problem with binary options trading is that this type of forex trading is easily manipulated, which is why it’s banned from most regulated jurisdictions.
The lack of required legal documents all regulated brokers must-have is another reason why we can already conclude Fx-Global StockTrade is not a trustworthy broker.
Fx-Global StockTrade Overview
The company is allegedly owned by the company fx-global stock trade LTD, and this strongly implies an online trading scam is in question. On their website, they provided “proof” of being certified by CySEC (Cyprus) for binary trading, with the business license being from Nevada, US.
Fx-Global StockTrade states it’s located in the UK, but technically this company is banned from the country as binary options trading is illegal in the UK and it isn’t approved by the FCA, a regulatory authority in Britain.
With all these irregularities that simply don’t make any sense, it’s clear that little effort is put into developing this fraudulent project.
Fx-Global StockTrade License and Regulations
As mentioned above, Fx-Global StockTrade is not licensed by the FCA, even though they listed an address in London on their website. So, since it’s illegal to use this trading type in the UK, they aren’t registered there either.
And with their business license for binary trading from Nevada certified by CySEC, a Cyprus-based regulatory agency, it’s obvious Fx-Global StockTrade is unregulated and holds no valid certification.
Why Is Trading with Offshore Brokers Risky
Offshore brokers such as Fx-Global StockTrade pose a huge investment risk as they operate without any supervision by authorities, which gives them the freedom to scam people into investing and then stealing from them.
If they don’t fall under any regulated jurisdiction, there’s no effective legal action being taken after getting scammed.
Offshore brokers enjoy complete anonymity, which makes it impossible to identify them and start any legal action against them.
In conclusion, trading with offshore brokers is risky because offshore territories prioritize companies over the well-being of potential victims of said companies.
How Do Offshore Brokers Implement Their Scam?
Unregulated Internet-based trading platforms such as Fx-Global StockTrade work in similar ways. They scam people by tricking them into investing their assets with them but making it impossible to get any money back.
One method used is by requiring one to pay high withdrawal fees and the other is tricking people into believing their assets multiplied and that they’ve made huge profits. Keep in mind that most regulated forex brokers have minimal withdrawal fees or none at all.
High Withdrawal Threshold
Fx-Global StockTrade prevents clients from withdrawing their assets by introducing a 20% withdrawal fee, at the lowest. Bonuses are also unrealistically high, but they come with requirements impossible to meet.
Usually, those are very high trading volumes that are unachievable. This means that a bonus is unreachable even though already been given.
Fake Profits and Withdrawal Cost
Trying to convince people to deposit more with fake profits is another tool used by offshore trading scammers. The ones tricked into believing their profits became unimaginably high will deposit more and try requesting withdrawals that’ll never be completed.
And each time withdrawal is requested, a huge fee has to be paid, regardless of the end result. This is exactly how these scammers profit, by keeping deposits and charging fees for withdrawals that will never be approved.
The Platform for Trading Used by Fx-Global StockTrade
Fx-Global StockTrade trading software is probably the poorest one among them as they invested minimal effort into it despite promising MT4. You’re not actually given access to software, but rather a widget.
The platform used is useless as it shows no relevant trading information and has no functional buttons. Also, this platform is easy to manipulate and makes it seem your assets are being actively traded, but are actually gone.
Fx-Global StockTrade Deposit and Withdrawal
Deposits at Fx-Global StockTrade differ based on the account type. There are 4 types:
- Mini ($300),
- Silver ($5,000),
- Gold ($10,000)
- Platinum ($50,000), with the only difference being in return on investment.
Another clear sign of Fx-Global StockTrade being a scam broker is the fact that they accept only Bitcoin deposits. Crypto coins can’t be traced, therefore no chargeback option is available.
Top Forex Brokers
As opposed to unregulated forex brokers, regulated ones offer transparency and some security of one’s assets. Besides deposit security, regulators make sure you get a fair chance at trading.
One of the biggest pros of choosing a regulated broker is that in case of suspicious activities, one can actually start legal action against scammers. Check out some of the regulated brokers we recommend.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$25||OctaFX.Com|
|FP MarketsBroker||Australia, Cyprus||4.7||$100 AUD||FpMarkets.Com|
|XM Broker||Cyprus, Australia, Belize||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, UAE, South Africa, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Belize, Cyprus||4.85||$1||Fbs.Com|
Fx-Global StockTrade Summary
Fx-Global StockTrade broker is a fraudulent broker unregulated in the country listed on their website and the only payment method available is crypto.
This means that if one falls for the scam and deposits assets, there’s nothing to be done to recover their investments as a chargeback is not possible.
As Fx-Global StockTrade is unregulated, there’s no authority that would keep their trading activities monitored and controlled.
Regulated trading brokers are obliged to protect their clients and their assets and legal actions could be possible in case one notices illicit activities.
FAQs About Fx-Global StockTrade Broker
Is My Money Safe with Fx-Global StockTrade?
Fx-Global StockTrade offers no credibility nor transparency, which is why one’s funds are not in safe hands.
What is Fx-Global StockTrade Headquarters Country?
Fx-Global StockTrade’s headquarters are allegedly in the UK, which is unlikely as this type of forex trading is banned in the country. So at this moment, Fx-Global StockTrade’s headquarters’ actual country is unknown.
Is Fx-Global StockTrade Regulated?
Fx-Global StockTrade is not regulated, as binary options trading is banned in the EU, UK, Australia, and some states in the US. Fx-Global StockTrade is just one of many other shady trading brokers.