Beware! AdvanceStox is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There is nothing advanced about AdvanceStox, except maybe for its attempt at trickery and its cunning endeavor to scam users. It took us one look at this broker to decide this, and as the review will show, we were right. We have gone through hundreds, if not thousands of illicit broker, and we can say that many of them, share the same characteristics.
As we had expected, the registration was reminiscent of a process that we have encountered dozens of times before. In fact, we already know what the user area will look like, even before signing up. The process of creating an account is simple, if not too simple. After we registered, we were redirected to a familiar landscape, and another thing that happened to us that has occurred before.
The client portal offers two main trading software, however only one is actually available for users of AdvanceStox. The alleged MT4 and MT4 web-terminal come under a different name, meaning that the trading servers on them are not owned by AdvanceStox. Users are left with a popular trading web-based software used mostly by scammer brokers.
There we were able to read the EUR/USD cost of trade: 3 pips. This is not at all lucrative for anyone, except for the broker. Our leverage was capped at 1:100 with no way of changing it. Users can trade with forex currency pairs, commodities, crypto assets, indices, and world shares. A decent enough list, but this trading platform always offers the same financial instruments, and most of the time the EUR/USD spread is 3. Which begs the question, are these AdvanceStox’s actually trading conditions, or are they “borrowed”? The answer to the question should not worry you because we advise against depositing here!
The website can be translated into English, Russian, German, Spanish, and Italian.
ADVANCESTOX REGULATION AND SAFETY OF FUNDS
The website of the broker is said to be operated by Malarkey Consulting LTD, a company that operates under the laws of the Commonwealth of Dominica. That’s final and all, but the nation does not have an FX regulator. Thus Domica cannot legitimize forex brokers, even if it did want to.
So any brokers with an address in Dominica are not regulated, making them illegal. Furthermore, it does not matter if they function under local laws. Most of such claims are there solely to mislead.
So the broker is UNREGULATED, and a big risk to all deposits!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
ADVANCESTOX DEPOSIT/WITHDRAW METHODS AND FEES
According to the deposit section available to registered users reveals a minimum deposit of $250. Payment gateways are credit card, PayTrio, wire transfer, and a bunch of cryptocurrency options.
The withdrawal area in the dashboard only reveals that requests will be processed within 24 hours! The Deposit and Withdrawal Policy reveal undisclosed fees. The provisions claim that they are to be found on the website, but there aren’t any indications of withdrawal fees. Further, the Non-Deposited Funds clause has been included, meaning that users cannot withdraw their funds from trading. This is perhaps the most controversial of all scammer broker clauses:
In the end, as we predicted AdvanceStox is nothing but a scam in the shape of an average broker. We assure you that any investment made in this broker will be forever lost!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.