Beware! ST24online 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.
ST24online is a dirty scam pretending to be a licensed broker- it even created a fraudulent imposter website that’s replicating the CySEC one to mislead customers and trick them into the scheme. You can find all the details you need to know about this scam in the full ST24online review.
ST24online REGULATION AND SAFETY OF FUNDS
ST24online is an exposed scam that’s blacklisted by the British regulator FCA, meaning that you will waste money on fraud if you deposit. You can see the warning issued here. Now, let’s discuss the scam in particular.
First of all, it falsely claims to be CySEC regulated and to prove itself legit, it even put a link to a license. However, the page we came across is fraudulent as the domain name is cysec.digital, not cysec.gov.cy (the original one). So, the fraudsters created a CySEC clone to falsely authorise fraudulent brokers. For more info, have a look at the screenshot at the bottom of this section.
Then, while closely inspecting the Terms, we found ST24online claiming to abide by the Vanuatu governing laws, indicating it probably originates there. Well, we can’t prove that’s the case as each scam is indeed shrouded in obscurity, but scammers most usually deploy companies and bank accounts in offshore countries to accept deposits. When people fund the accounts, their capital disappears in shady tax havens like Vanuatu, Seychelles, SVG, Dominica or the Marshall Islands, to name a few, where it’s literally impossible to track the money down. Some of the countries mentioned already undertook specific measures to polish their facades, but the progress is still of very little importance.
Now, we need to note that every Forex scam scheme like ST24online is effectively an unregulated brokerage. That’s why we endorse regulated brokers only, as these entities are bound by law to follow many rules and regulations, ensuring that clients will be treated fairly. For example, EU licensed companies should store deposits in segregated bank accounts, which guarantees that funds won’t be misused or misappropriated. What’s more, if a brokerage goes into trouble, people won’t lose their money but will get it back as it’s kept segregated by solvent banks.
That being so, why don’t you check the high-rated EU brokers and British brokers. The companies on top of both lists also participate in deposit insurance funds- if you trade with a CySEC broker, you can get up to €20 000 in compensation, while FCA brokers guarantee up to £85 000 per person. The money protection schemes provide another layer of security, and it’s a no brainer if you can open an account with European companies.
ST24online TRADING SOFTWARE
ST24online has a Webtrader, but we couldn’t access it due to registration issues- at the bottom of this section, you can see what the actual problem was. Anyway, as ST24online is a proven scam, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We recommend MTs as they feature sophisticated trading tools such as reliable indicators, easy-to-use charting tools, Expert Advisors making automated trading possible and even a marketplace with more than 10 000 trading apps.
As there was no platform to play with, we can discuss neither spreads and trading costs nor the actual leverage. Nevertheless, ST24online claims to offer leverage of up to 1:500, which indeed breaches the CySEC regulations imposed for brokers registered in Cyprus. In fact, many other countries also restrict leverage, and that’s only due to the massive risks involved. Namely, licensed British, EU, and Australian brokers must limit retail clients to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In contrast, most of the high-leverage brokers are either poorly regulated or not at all, so you should be careful with their offers.
ST24online DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250 allegedly via Credit/Debit cards and Wire Transfers, but we can’t validate this as we couldn’t test the deposit system because of the sign-up failure. Anyway, as the broker reviewed is a scam, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated and won’t take you for a ride if you deposit.
In this case, discussing withdrawal conditions is pointless as these fraudsters won’t send a penny back. Nevertheless, we’ll pay attention to the offensive dormancy clause. So, an account becomes dormant after only 60 days of inactivity (licensed brokers let at least 6 months pass) and will be charged 50 USD per month. Well, at least on paper, that’s around 10 times more than the industry standard. Indeed, ST24online may use this clause to pillage your account while rejecting withdrawal requests for whatever other reason.
HOW DOES THE SCAM WORK
ST24online was officially exposed, and below, we’ll concisely describe how scams like this usually happen. We are certain that the broker reviewed highly likely deploys the same or very similar tricks to rip people off their hard-earned money.
In a nutshell, you get enticed by an offer that sounds too good to be true, deposited as instructed by scammers and eventually get ripped off. Actually, the Forex scam is a process that significantly differs from ordinary fraud, which is usually a one-time event. In contrast, in Forex fraud, you are in constant touch with scammers who will manipulate you to deposit over and over again. For example, they will pretend to manage your accounts and will show you incredible profits. Or, if you trade by yourself, they’ll distort market prices to make your account look profitable, thus luring you to put even more money in the scheme.
The scam becomes obvious as soon as you start insisting on getting your funds back. Scammers will reject withdrawal requests for whatever reason they choose and even instruct you to pay taxes first. It’s 100% a scam if you are required to send money when you want to withdraw. When it’s obvious that you won’t send money again, the cons will simply cut the communication, leaving you with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!
Then, it would be best if you were careful with your attempts to recover funds because fraudulent chargeback agencies and individuals would be happy to take you for a ride again. They usually ask for upfront payment but will do nothing in exchange.
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