Beware! StanfordFinanceGroup 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.
In this review, we’ll show you a broker with a rather intimidating name suggesting services of the highest quality. Well, the story is indeed different because it’s a fraudulent entity that was officially exposed as a scam by European financial authorities. The regulator’s warning aside, our assessment found way too many discrepancies and alarming signs, undoubtedly showing it’s a fishy enterprise and a scam. Find out more details about this broker in the full StanfordFinanceGroup review.
StanfordFinanceGroup REGULATION AND SAFETY OF FUNDS
StanfordFinanceGroup is apparently trying to present itself as an Australian entity by displaying an address in Sydney. However, the information found in the legal documentation suggests the broker legally originates in Bulgaria. Nevertheless, they fail to specify anything about the company. They do not even mention its name, which is fishy and an argument enough to put StanfordFinanceGroup on the scam suspects list.
We reckon it’s a scam because, as an EU member, Bulgaria must strictly control the Forex brokers operating there, and the country have already adopted the MiFID 2 guidelines. Part of the regulations includes transparency procedures, and StanfordFinanceGroup’s reluctance to share corporate information strongly indicate it’s a scam.
The Spanish financial authority CNMV thinks the same, and they even blacklisted StanfordFinanceGroup, confirming it’s a scam. Your funds are in danger if you deposit with this fraudulent broker. Check the screenshot at the bottom of this section for more information.
Avoid StanfordFinanceGroup and see the high-rated EU brokers and British brokers if you are interested in trading and investing. The clients of those regulated companies are covered by the European deposit insurance funds laid down to enhance customer protection. For example, CySEC brokers’ traders can request up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Overall, Europe offers high-grade security, so you can trust the FX companies operating there.
StanfordFinanceGroup TRADING SOFTWARE
StanfordFinanceGroup’s trading software is browser-based, ugly and limited in functionality. Many standard features MetaTrader offers are missing, and we can’t recommend the StanfordFinanceGroup’s impractical platform to anyone.
Instead, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers. We recommend these because MetaTrader is a stable software featuring advanced trading tools such as Expert Advisors, Algo Trading and many complex indicators. The platform also maintains a marketplace with more than 10 000 apps you can successfully deploy in your strategy.
The EUR/USD spread usually floats around 5 pips, which is at least 5 times worse than the industry standards- 1 pip and below. Such an unfavourable Buy/Sell difference is a reasonable argument to reject StanfordFinanceGroup’s offers. The spread forms part of the trading costs, so lower rates benefit traders and improve trading conditions. The FX market is highly competitive, and it’s not challenging to find a better broker by following the links provided throughout the review.
The leverage is fixed at 1:200, which puts traders at a disadvantage, pushing them into an overly risky environment. Also, this is a level the regulated Bulgarian brokers are disallowed to offer, which itself confirms that StanfordFinanceGroup is a scam. 1:200 notably enhance profit potential, but the risks involved are enormous.
In fact, the leverage is so risky that many financial authorities enforced regulations to restrict its usage, seeking to protect customers further. As a result, EU, British and Australian brokers are limited to 1:30, while the Canadian brokers and the US brokers can’t provide higher ratios than 1:50. Most of the brokers offering greater leverage are poorly regulated offshore businesses, so be cautious.
StanfordFinanceGroup DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with StanfordFinanceGroup is 2500 EUR, more than 25 times more than the regulated industry standards- $100 on average. In fact, many leading brokers offer micro accounts with even lower deposit requirements, so it’s not worth wasting your time with a proven scam such as StanfordFinanceGroup.
Allegedly, the funding methods are Credit/Debit cards, Web Money, Qiwi, Yandex Money, Wire Transfers and cryptocurrencies, but we can’t validate this information. Still, if you have a preferred payment system, check the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers.
Seemingly, there are no withdrawal requirements, and traders can pull out as much as they want. However, StanfordFinanceGroup is an exposed scam, so do not expect any withdrawals to take place whatsoever. The request processing time is allegedly 5 days, free of charge, but we can’t validate this either.
The inactivity fees are also seemingly favourable. After 12 months of inactivity, the account becomes dormant and will be charged $25 per year. The dormant account policy meets the industry standards, but as you already probably suggest, we can’t confirm it’s trustworthy.
StanfordFinanceGroup offers trading incentives, but the bonuses effectively lock traders’ accounts, making it impossible to take funds out. According to the Bonus Policy, traders need to execute a minimum volume of 30 times the bonus plus the deposit to become eligible for withdrawal. That’s unfair.
Overall, StanfordFinanceGroup is an exposed scam, so stay safe and avoid this sham enterprise.
HOW DOES THE SCAM WORK
Internet is filled to the brim with scammers’ fraudulent ads and deceitful Instagram and Facebook profiles displaying dreamy lifestyle, yachts, cars and so on. They promise get-rich-quick schemes, and it’s tempting to have a look at least.
If you click there and submit your e-mail and contact number, they’d ring you at once. You’ll be offered bonuses, insider information, managed accounts and guaranteed profits and so on. Most scammers are seasoned manipulators, and before you know it, they’d be waiting for you to provide them with your bank card details over the phone. However, that indicates urgency, and that’s a treacherous sign, so if someone pushes you to start trading ASAP, then it’s most probably a scam.
However, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!