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


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Stonewall Capital is a licensed South African broker with ridiculous platform and deposit requirements. They ask for $10 000 in initial funding, a laughable demand, considering the moronic trading software we encountered. As you can guess, we do not recommend Stonewall Capital, and in the following review, we’ll give you all the details you need to know about the broker.

Stonewall Capital Regulation and safety of funds

According to the legal documents, the website Stonewall Capital is a brand of FINDEXA ADVISORY (PTY)LTD, an authorized financial services provider, licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. Checked and confirmed, Stonewall Capital is legit, but the problem here is that FSCA is not a top-tier regulator, and does not provide significant customer protection.

The first thing that’s missing is account segregation. South African brokers are not forced to segregate clients’ money into separate accounts, which is a major downside. In contrast, EU and UK companies, for example, do put funds in segregated accounts, so if things go wrong, people will get their money back, as the company cannot use the funds for other purposes than trading – they are locked for the broker, so to speak.

Another problem with the FSCA license is that brokers are not required to provide negative balance protection. According to this rule, clients’ accounts cannot have a negative balance. If this unfortunately happens, brokers providing NBP should top-up the account until the balance becomes positive (zero). Or, simply put, if you trade with Stonewall Capital, you may end up indebted – you certainly don’t want this to happen!

The last, and most important issue is that FSCA does not maintain deposit insurance funds. If, for example, Stonewall Capital goes bankrupt or suddenly shuts its business, its clients may lose all of their funds, and will not get any compensation. Trading with Stonewall Capital is not a thing we would do. You’d better stay away, and find adequately regulated companies instead.

Choosing your broker may very well depend on where you are located. For British traders, it’s always best to go for a broker licensed by the Financial Conduct Authority (FCA). In the EU, the majority of companies are regulated by CySEC in Cyprus; for Australians, you’d better look for ASIC brokers; in the US, it’s best to stick to CFTC/NFA brokers. And if you live somewhere else, where, for example, the local Forex regulations are not mandatory, it’s still recommended to trade with FX providers regulated by respectable authorities. They provide segregated accounts, negative balance protection and, depending on the country, deposit insurance funds may be available. For example, clients of CySEC brokers can claim up to €20 000, while in the UK, the coverage is up to £85 000 per person.

Stonewall Capital Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Stonewall Capital platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

Stonewall Capital’s trading software is preposterous. It’s a Webtrader that looks no different from the fraudulent platforms we regularly see when reviewing scam brokers. Stonewall Capital’s software cannot in any possible way compete with MT4 and MT5, for example.

Speaking of MetaTrader 4 and MetaTrader 5, both platforms are considered the best options for retail Forex. MT5 is the newest and is considered the better version, but even if you trade with MT4, you’ll still have access to automated trading, custom indicators and plenty of analytical tools.

Stonewall Capital Trading instruments

Stonewall CapitalYesYesYesYes

The asset classes available for trading are the following: Forex, Commodities, Stocks, Indices, Cannabis and ETFs. All in all, however, there aren’t very many pairs to trade – just a couple of hundred, which is nothing compared to other brokers that offer thousands of instruments.

Stonewall Capital Spreads and cost of trading

Stonewall CapitalXMFBSFXTM
Spread EURUSD0.6 pips0.611.1
Spread GBPUSD0.7 pips1.31.21.4
Spread USDJPY0.9 pips1.31.21.4

The cost of trading is good – the EUR/USD spread is floating around 6 pips, so the trading service can be considered competitive. However, we would never trade Forex on such a platform, notwithstanding the seemingly favourable spreads offered.

Stonewall Capital Maximum leverage

Stonewall Capital brokerUp to 400:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

According to the Account Types page, the maximum leverage is 400:1. On other pages, though, Stonewall Capital claims that 500:1 is available, but in any case, both ratios are overly risky for clients, especially when trading with a broker that doesn’t have a trustworthy license.

Stonewall Capital Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Bank wire2-5 business days2-5 business days$25+
Credit cardInstant24 hoursFree
FasaPay1 hour24 hours0.5%
Perfect Money2-5 business days2-5 business days0.5%+

The funding methods are seen in the table above. Note that the variety is somewhat limited. In comparison, many other regulated brokers will offer a vast variety of options, including these and Skrill, Neteller, Crypto, plus some local payment systems, if available.

Stonewall Capital Minimum deposit

Stonewall CapitalXMFBSFXTM
Minimum deposit$10 000$5$10$5

The minimum deposit is $10 000 – a requirement that is simply ridiculous. As you can see, other regulated brokers with better platforms will let clients trade for as little as 5-10 dollars. Stonewall Capital’s service doesn’t cost $10 000!

Stonewall Capital Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Stonewall Capital / offshore brokersNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Stonewall Capital fails to provide information about withdrawals. The only thing we know is that some costs may arise, but the broker doesn’t specify when and why.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *