StonewallFX presents itself as a top-notch forex broker that promises to be transparent in all its dealings. However, upon closer inspection, it becomes evident that the company may not be all that it claims to be. The firm is not regulated by any government entity.
Moreover, there appears to be a lack of information regarding the individuals behind the broker. This raises doubts and leaves us to question the legitimacy of the company.
Based on the lack of regulation and anonymity, it is reasonable to believe that StonewallFX may not be a trustworthy broker. Before considering their offer, it is wise to do extensive research and verify their credentials. This StonewallFX review is here to help you with that.
|Headquarters||Saint Vincent and the Grenadines|
|Spread||from 0.12 pips to 0.01 pips|
StonewallFX License and Regulation
StonewallFX claims to have a global reach. However, there is no information regarding the real location of their headquarters. The contact details on their website are an email address and a bogus phone number. This makes it difficult to determine who is behind the operation.
Moreover, the Terms and Conditions mention that the company is in St. Vincent and the Grenadines. This is a known offshore territory that houses many fake brokers and scammers who operate without oversight from local financial authorities. This raises worries about the legitimacy of StonewallFX and its dedication to transparency. Beware of that!
Tip: If you have had a negative encounter with StonewallFX or any other deceitful broker, we would be honored if you shared your story with us. Your experience can play a critical role in helping in making the world of online trading a safer place for everyone.
StonewallFX Trading Software
The StoneWallFX web trader fails to deliver anything useful. Its lackluster offerings, including a lack of chart customization and limited features, render it unfit for even the most novice trader. The “one-click trading” and basic buying-selling option do not redeem the inadequacy. Don’t waste your time or resources on this subpar broker.
Some of the most popular and well-regarded trading platforms are as follows:
- MetaTrader 4 (MT4) – a widely used platform for forex trading. It offers advanced charting and automated trading capabilities.
- Interactive Brokers – a pro-level trading platform that offers access to a wide range of markets.
- MetaTrader 5 – an advanced version of the MT4.
- Coinbase – a popular crypto trading platform.
It’s vital to do your own research and consider your own trading goals and needs.
Trading Accounts at StonewallFX
This shady broker has six trading accounts. From Bronze to VIP, you can apparently choose the one that aligns with your trading goals and investment style.
They claim that with minimum deposits starting at ‘just’ $1,000, you can take the first step toward financial freedom. For those looking to maximize their investments, the VIP account offers leverage of 1:300.
You can apparently trade a variety of assets including forex, cryptocurrencies, stocks, indices, and commodities with spreads as low as 0.01 pips. They may say that the lower the minimum deposit, the lower the leverage.
Deposit and Withdrawal Methods
Users have to contact either their account manager or the sales team in order to invest money. As far as investing is concerned, there is no direct way to do so. Keep this in mind. This way the investor is forced to contact the broker directly. Notably, this is the first major step in initiating scammer activity.
The company states that it accepts all VISA and MasterCard transactions. Apparently, the minimum deposit requirement is $1000 for the Bronze account, which is unacceptable. It’s four times the industry average! In the papers, they also claim that the basic deposit amount is apparently $250.
The withdrawal area had no relevant details, so you must search for it on the website. There are also so many fees. After all, there are withdrawal fees, which are applied to each request. The commission is one percent of each withdrawal with a minimum of $30. In addition to this, there is a mandatory dormant account fee of $99. It applies after only a short period of 30 days from the time the account becomes inactive.
How Do Offshore Brokers Implement Scams?
Scammy companies use a variety of tactics to scam you. You will see withdrawal issues almost always. Aside from that, you will encounter odd fees. Keep in mind that there are bogus high fees, regularly surpassing 20%. There will be another name for those fees – withdrawal processing fees.
Likewise, profit fees are almost always charged. Scammy websites want you to pay for them in advance.
In addition to that, there are unreasonable guaranteed returns. This one is another favorite deception method that you should be aware of. Fraudsters will always promise you massive guaranteed returns. Note that trading highly leveraged instruments carries substantial risks. Any broker fraud will try to persuade you that your returns are 100% certain.
It’s advisable to use brokers that are regulated. This is the unwritten rule, by all means!
Highly Recognized Trading Brokers
Listed below are some of the foreign exchange brokers we recommend. Let’s hop into them now!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Hopefully, this StonewallFX review was in any way helpful to you. Our goal is to save as many traders as possible from losing their funds.
StonewallFX does not have a license, and its platform is insufficient. Aside from that, the address is entirely fake, as it shows an offshore location. Also, there are way too many complaints and dissatisfying reviews about this broker.
FAQs About StonewallFX Broker
Is My Money Safe with StonewallFX?
The safety of your money with StonewallFX can only be determined by researching its regulatory status and financial stability. This is a scam.
When Was StonewallFX Founded?
The exact founding date of StonewallFX is unknown, and there is limited information available on their company history.
How Long Do StonewallFX Withdrawals Take?
The time it takes for StonewallFX withdrawals to be processed is not specified. Only invest with brokers that have a transparent withdrawal process.