StoxDC review – 5 things you should know about stoxdc.com

StoxDC review – 5 things you should know about stoxdc.com

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Beware! StoxDC is an offshore broker! Your investment may be at risk.

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StoxDC introduces itself as a broker offering forex, CFDs, indices and commodity trading. However, fact-checking shows that much of the information on this website is false, which calls into question whether StoxDC really offers the services it claims. StoxDC exhibits many of the typical symptoms of a scam, which is why we recommend avoiding it.

STOXDC REGULATION AND SAFETY OF FUNDS

Immediately noticeable is that the index page of the website makes no mention of which company is behind StoxDC. The Terms and Conditions state that the website is operated by Heimdall Developments Ltd. This company is said to be based in the Commonwealth of Dominica.

That in itself is reason enough not to trust your money to the StoxDC. This offshore zone is popular with financial fraudsters. Although this country has a financial regulator – Financial Services Unit (FCU), It does not license or supervise forex brokers. This means that if you deal with a brokers registered there, they are completely unaccountable and you have no guarantees about the safety of your money – in fact, it is almost certain that they are scammers. The Commonwealth of Dominica also allows incorporation of totally anonymous International Business Companies (IBCs) which is very convenient for these scammers.

It should be noted that no company named Heimdall Developments can be found in the FCU database. Therefore, it is not certain that the StoxDC even has such an offshore registration or that this company even exists.

If you have decided to start investing in financial instruments, it is wisest to use the services of a broker based in a jurisdiction with high standards and strict regulation, such as the European Union or the United Kingdom. The activities of such brokers are overseen by respected regulatory institutions such as Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA).

As their customer you will enjoy negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

STOXDC TRADING SOFTWARE

The StoxDC website claims that the broker offers the most widely used trading platform in the industry, MetaTrader 4 (MT4). It states that the software is available in desktop, browser and mobile versions. However, in reality the StoxDC only has a simplified web platform, which is not the browser version of MT4. Here’s how it looks:

This discrepancy between the information on the website and reality is indicative that we are dealing not with an offshore broker but with scammers. While the platform has the basic features for placing orders, customizing charts and application of technical indicators, it lacks the more advanced functionality found in MetaTrader 4 and newer MetaTrader 5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

STOXDC TRADING CONDITIONS

The StoxDC website lists two types of trading accounts, Standard and Professional. However, their descriptions lack specific information. It states that there is no maximum deposit limit, but it does not state what the minimum deposit is. The deposit menu itself, which is accessed after registration, accepts a minimum of 252 EUR. In comparison, many regulated brokers allow the creation of micro accounts with much lower amounts, often under 100 USD.

For the two account types, a spread of “from 1.2” and “from 1.1” pips is specified. In the trading platform we see a much lower level of 0.2 pips. Most genuine brokers only profit from the spread, or offer accounts with a raw spread close to 0 pips that have a fixed commission per lot traded.

In the StoxDC case there is a commission to the spread, but no exact values are given, but the following confusing description: “Volume/Lot invested x Commission x Internal instrument risk level/value = Paid/Received commission or displayed at our website”. Nowhere on the website, the legal documentation or the trading platform can one find specific information about the commission rates.

No information on leverage is given on the website either. The Trading Platform has a leverage level of 1:100. These are levels that can only be seen with offshore brokers and scammers. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same restrictions apply in the United Kingdom.

STOXDC DEPOSIT/WITHDRAW METHODS AND FEES

The StoxDC deposit menu accepts Visa and MasterCard credit cards, as well as the AdvCash e-wallet. Deposits can only be made in EUR and the minimum amount accepted is 252.

There is no information about fees and withdrawal conditions. The Terms and Conditions specify fees for inactive accounts. They start to be charged after 6 months of inactivity and amount to 5 EUR /GBP per month. There is also a ”handling fee” of 5 USD per month if the account is not verified by providing identity documents.

HOW DOES THE SCAM WORK

Trading in financial instruments is a risky business even for experienced investors using the services of reliable brokers. For newcomers, there is also the risk of being deceived by the many scam websites posing as brokerages. These websites are operated by skilled and cunning scammers who lure you with promises of easy profits. Usually these scammers promise to take care of all the bits and pieces of investment for you, but many even use real trading platforms to fool you that your money is really being invested. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.

But your money is not invested and you will never see the promised returns. When you ask to withdraw even a portion of your money, you will be surprised by impossible to meet minimum trading volume requirements and hidden fees that amount to tens of percentages of your funds. Scammers hide behind fake names and offshore companies that are uncontrolled and unregulated, so it will be impossible to hold them accountable.

WHAT TO DO WHEN SCAMMED

If you find yourself in a similar situation, you can request a chargeback. However, this option is only possible if you have used a credit or debit card for the transactions. Visa and MasterCard allow this to be done within 540 days. But if you have provided the scammers with proof of identity, such as an ID or proof of address, these claims can be disputed. Bank wire transfer or cryptocurrency transactions are non-refundable.

In any case, you should inform the relevant authorities in your country about the activities of the scammers and warn other potential victims online. You should not trust offers to return your money for an upfront fee. This is also a known scam and all testimonials from satisfied customers are fake.

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7 Comments

  1. thanks a lot im save because this infomation.

  2. Thanks for sharing this. I nearly signed with this company but had a feeling it was a scam so I told the guy whom name is David that I won’t receive my visa card until the next 2/3 days , he’s said he would hold my spot and call me back within those days at 8pm NZ time ? I found that very odd and after I hung up I immediately googled the company!!! And glad I did. Thank you I have saved my money !

  3. Thanks for the warning

  4. Yes thanks from me to as Ive already been scammed over $10000 from another offshore company! I to had a gut feeling when I had many different numbers ringing me several times and even a nz mobile number of which was odd!

    1. I got a call from these people last night. I was told at first there was no cost. After I pressed for the actual investment cost I was told $75.00AU. I told the woman to email me the info so that I had an address or name to search reviews on. I always search reviews. As I suspected, this is just another scam. Once bitten,twice shy.

    2. Fraud! If you invest money, you will never see it again. If you ask for a refund, they will invent various reasons not to return the deposit you invested.
      ——————-
      Prevara! Uložite li novac više ga nikada nećete vidjeti.Ako tražite povrat izmisliti će razne razloge da vam ne vrate depozit koji ste uložili.

  5. I was reading an article related to Elon Musk, about Quantum AI, i clicked on Qantum AI and it took me the Bit IQ website, the article itself said that the Quantum AI is now available for testing but first few will be free so that it can be tested. The article seemed genuine. https://latesttrend.club/l/EN_musk_quantum/money.html? – so i clicked and that lead me to BitsIQ, asked me to register, nothing just name, email and phone No. so i input waiting to see what email i ll get, then i got a call from +44 No. long chat, repeated calls, pushing to open the account with minimum amount of USD280/- which will be in my account only and i can use them to trade in stocks or Crpyto. I asked him how to trust that whether i ll get my back or not on withdrawl. All same words we are regulated words best and newest AI user etc etc. so i told him about this page and another that i found by searching StocDx on google, he said such pages are put up by other trading platform to stop stocDX from growing and giving power to normal ppl…. wow!!… gotta say, they r experienced in getting such remarks… but there is no way to confirm otherwise. so any bad remarks about any platform will scare away newbies like me…. ofcourse i didnt put in any money, especially when you get a call that pushes you to put in money. But i did some with Tiger traders in Singapore, havnt taken the money out yet. but will see 😀

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