Review of StellarFX – 5 things to know about this recurring scam
This is a company that wants to put your success as a priority. Unfortunately, they fail to deliver that. The most trustworthy data, tools, and rewards are provided, but without regulations, just like StellarFX.
Besides all of that, they are an offshore-based company from St. Vincent and Grenadines. That is telling for itself. On top of that, the company doesn’t provide any contact number.
|Broker status:||Unregulated / Offshore Broker|
|Regulated by:||No regulation|
|Blacklisted as a Scam by:||BaFin & CONSOB|
|Owner:||Eudaimon Consulting LLC|
|Headquarters Country:||St. Vincent and Grenadines|
|Supported Platforms:||Web-based trader|
|Minimum Deposit:||250 EUR|
|Types of Assets:||Forex, Indices, Commodities, Shares|
|Free Demo Account:||NO|
|Accepts US clients:||Yes|
So, if you need any assistance along the way, you can only send an e-mail. And hope that they will reach out.
That’s exactly why we will cover all the signs in this StellarFX Review on how to avoid these scams.
StellarFX – Is Not a Legal Scam Broker?
Legal companies disclose their license for trading on Forex and CFD markets. That is not the case with StellarFX broker. The license would regulate their trading conditions, which are now insane.
Leverage goes up to 1:600. Those are not allowed according to ESMA and Tier 1 regulators.
Summary: The company doesn’t have any integrity. Freshly created in 2022 is just a cover-up for their previous companies. These statements are confirmed by Tier 1 Regulators like BaFin and CONSOB.
Arguments For Trading With a Licensed Broker
The licensed broker offers you straightforward conditions. They are not manipulating the markets and it’s only up to you how much you are going to make.
Besides that, if the company disappears you have some security there. You know at any time whom to reach out to.
That’s why it’s important to look for companies with ASIC, BaFin or FCA regulations, that are Tier 1. Unfortunately, with StellarFX we could only find warnings against the company.
Financial Regulators’ Warnings as a Red Flag of a Scam
There is one from the list mentioned above. BaFin is one of the strictest regulators on the market. There is no joking with German authorities. After an in-depth analysis, they released that warning.
Besides them, there was CONSOB as well. The Italian-based regulatory body issued a warning against StellarFX trading.
From their investigation, we could see that they are scamming traders from Italy, Austria, Switzerland, the UK and Spain.
StellarFX Provides Which Platforms? – Trading Software
Trading software is standardized for scamming companies. It is web-based trading software, with a limited number of analytical tools. Besides that, they don’t provide social trading or EA tools.
Practically it’s even robust for beginners.
StellarFX Trading Instruments
It was a surprise that cryptos are not available. Besides that, you have access to:
- Forex USD/JPY, GBP/JPY, NZD/AUD
- Commodities Gold, Palladium, Cotton
- Indices DAX30, CAC40, FTSE100
- Shares Microsoft, Deutsche bank, Visa
These are standard assets available on any other platform. So, just go to a regulated one and find the options. It’s not something spectacular like they are promoting on their website.
StellarFX Fraud Risk Zones – Service Countries
According to StellarFX reviews, we can find a couple of countries they are targeting:
These countries are very strict when it comes to rules. That’s exactly why regulators are issuing warnings against StellarFX broker. Don’t throw your money away!
Different Types of StellarFX Brokerage Accounts
The company offers only 3 account types. Even the names of the accounts are weird:
- Bronze 250 EUR
- Silver 500 EUR
- Platinum 1500 EUR
This is something we don’t see often. Usually, companies have for Platinum accounts 100.000 EUR or some even bigger amount. That doesn’t mean they will not ask you for more money once you upgrade to a higher account.
Don’t get tricked. There is something behind it.
Access to a Free Demo Account
We tried getting access to their web trader but it was unsuccessful. It requires registration with the company. Since they don’t provide a demo account, there was no other option.
This is a huge downside if you want to present your company in the right way.
Often companies like this are offering welcoming bonuses. Those are very tricky because you need to make huge profits to make a withdrawal. They start from 5 up to 30 %. Of course, a higher account type brings you more benefits.
But don’t jump to it because nothing is free these days.
StellarFX Terms and Conditions
In the company’s T&Cs you can’t find any information about withdrawals or additional charges. On the other hand, there are non-deposited funds. Those are any funds that you got from the company in terms of bonuses. Those are of course, non-withdrawable.
Spreads & Commission
Spreads are competitive compared with ones with regulated companies. But if you consider that this is not a regulated company, we are wondering if that information is trustworthy. Spreads range from 0.0 pips up to 0.2 pips.
According to the company website statements, there are no added commissions. These are very speculative. From our experience clients always get in a way of some made-up charges when they request a withdrawal.
That’s a huge downside of trading with non-licensed companies.
StellarFX Broker Scammed You? – Please Tell Us Your Story
This is already the third time that StellarFX is doing a rebranding. So they are doing the same thing, just under a different name. If you were caught in a scam by these guys let us know. There is a period of time when you can do something about it.
To get a free consultation from our experts, contact us today!
What Is the Chargeback Procedure?
If you were wondering what is solution, it is a chargeback. It’s a simple transaction reversal process. You just need to file a chargeback with your bank. If you don’t know how to do that properly, contact us now!
FAQ About StellarFX Broker
What Is StellarFX?
It’s an offshore trading company based in St.Vincent and Grenadines.
Is StellarFX a Scam Broker?
Since they are not providing any license information or security we can say it’s not a legitimate broker.
Is StellarFX Available in the United States or the UK?
They only provide services to UK clients, but not US.
Does StellarFX Offer a Demo Account?
NO. The company only offers live trading accounts. However, cheaper than
most other companies.