Beware! StateHills 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.
Somehow StateHills nails the look of a simple broker, but not entirely. It lacks the necessary legal details that could legitimize the broker. And that is what matter after all. Because if StateHills can open a site out of nowhere, then so can any one, no matter his or her intentions. And that’s why there are so many online scams nowadays. But for now let us focus on StateHills and its schemes. Read the review for more information.
We were able to register within secodns, telling us something very important. That this broker has taken the laid-back approach, meaning that anyone can access its services, and can consequently invest, which is what the broker is after. So the registration process is simple on purpose.
On the user area, we accessed a web trader. There we were given the chance to trade with forex currency pairs, cryptocurrencies, equities, and commodities. However, the EUR/USD spread was at 5 pips at all times, meaning that really there is no purpose to trade with StateHills, and everything is a scheme. Such a cost of trade is not beneficial to anyone, not counting the broker of course who will greatly profit from it.
Th leverage is capped at 1:100.
STATEHILL REGULATION AND SAFETY OF FUNDS
StateHills is pretty much a liar when it comes down to its legal details, but to some of our readers it may not be so obvious. Here’s what we learn.
First of all, in the legal documents wea re told that the users has to abide by its local laws in order to access the website of StateHills. But this basically applies to everything one does in his or her own jurisdiction. So, the broker really isn’t saying anything of value. Perhaps it attempts to convince the user that he/she is in charge of being licensed? In this case – an occasional claim made by scammers – the user is greatly deceived. But obviously this is not so, because it ‘s the broker’s sole responsibility to be licensed wherever.
Afterwards, we found a Swizz contact address which suggests that the broker is based in one of the most tightly regulated jurisdictions in Europe and the world. Therefore, StateHills must also be licensed by the local FINMA, right? If you believe this then you have some learning to do. Aside from the United States-based NFA and CFTC, the Swiss FINMA regulator is the follow up in terms of austerity. In other words, there is no reason to believe that StateHills is regulated in the Switzerland, not even located there.
StateHills is not licensed and is a scam to all!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
STATEHILL TRADING SOFTWARE
The software used for trading is the biggest surprise of all. To us it seems like a waste using it on the likes of StateHills.
It was actually quite good, but way too simple. But we do see it being used by novice or rookie traders that have no trading experience. However, it is wasted on this broker.
STATEHILL DEPOSIT/WITHDRAW METHODS AND FEES
StateHills’ user area reveals the distressing fact that it only accepts Bitcoin-based payments. The BTC wallet doe snot require a minimum deposit, and encourages users to directly send money to one very suspicious looking wallet. We think that the users are not funding their account, but are directly funding the scammer’s own lifestyle.
The withdrawal area was not helpful at all.
The website states that the minimum deposit is $250, even though the user area’s crypto wallet does not have a specific deposit requirement.
We have no further information for you today. Best keep away from this broker since it can and will scam you and still all funds! It is a risk to all!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.