StoxDC Review 2023 – Warnings From Regulatory Authorities For The Broker
StoxDC broker is owned by the shady corporation Heimdall Developments Ltd. This entity is offshore and based in the Commonwealth of Dominica. At first glance, you can see there is something hidden. For such short existence in business, since 2020, they have earned many red flags, especially from regulators.
Moreover, their website looks like it’s shut down. It’s not a surprising fact considering their fraudulent activities. How to protect yourself from this and similar scam brokers, you can learn from this honest StoxDC review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||BaFin, CNVM|
|Owned by:||Heimdall Developments Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Supported Platforms:||Web trader / MT4|
|Cryptocurrencies:||Yes – BTC, ETH, ADA|
|Types of Assets:||Forex (FX), Indices, Shares, Cryptocurrencies, Commodities|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is StoxDC An Anonymous Scam Brokerage Firm?
Absolutely, yes. Not only that they don’t have any regulations, but also they got many warnings against them. Primarily, what traders are looking for is security. However, only Tier 1 regulators are trusted these days. StoxDC, which is based in the Commonwealth of Dominica, should have at least an FSU license. But, as expected, they are missing it.
We don’t even need to mention some Tier 1 licenses like FCA, BaFin or ASIC. Their database is empty upon the research of StoxDC or Heimdall Developments Ltd. Therefore, you should stay away from this broker, unless you already deposited. In this case, we recommend you check our fund recovery program below.
Not only that it’s not regulated, but also StoxDC got warnings from regulators. One domain that is not accessible and lacks transparency indicates that this is just an investment scam.
Warnings From Financial Regulators
As shown above, this broker already earned some warnings. Those are coming from the most trusted European regulators. Firstly, CNVM (Spain) issued a warning. Afterward, BaFin (Germany) followed their move and started their investigation. Check it out yourself.
StoxDC Software – Platform Comparison
Besides its web trader, this broker claims to provide access to an MT4 platform. There is no doubt what is the more favorable option.
The availability of a trusted trading platform is not necessarily a sign that the broker is legit. We could see on the website that this broker doesn’t even offer MT4 at all.
The Mobile Version Is Available?
MT4 as a platform is accessible through any device. Many traders prefer mobile versions. As that being said, traders can download the MT4 app for any Android or iOS device. After all, the problem starts when you try to login. If the StoxDC trading company has access to MT4, you should get login details upon registration.
StoxDC’s Trading Assets and Instruments
With trading instruments, everything is standardized. Anyone can get the data from any other trusted website and implement it in their platform. But let’s say that range of instruments is solid. They cover:
- Forex – USD/JYP, GBP/EUR
- Commodities – cotton, platinum, silver
- Indices – FTSE100, DJI, DAX30
- Shares – Deutsche Bank, Apple, Nvidia
- Cryptocurrencies – BTC, BNB, ADA, XRP
StoxDC Accounts Overview
StoxDC was quite mysterious about their offers. Their account types have only 2 groups. Those are:
Thus, none of these accounts have transparent conditions. A Standard account provides unfavorable trading conditions, while a Professional account has some benefits. However, the minimum for any of these accounts remains unknown.
Can a Trader Use a Demo Account?
The only positive side of this broker was a demo account. This way, traders can check the platform and trading conditions. Note that the risk-free Demo and a Live account don’t necessarily have matching terms.
Terms and Conditions for StoxDC – What You Should Know
The lack of regulations makes all T&Cs questionable. All honest brokers disclose all important information clearly. We dug out that withdrawal policies were missing. Moreover, the broker charged 5 units per month fee for inactivity and non-verified accounts.
Leverage, Spreads and Fees
According to StoxDC reviews, leverage goes up to 1:100. However, you can’t find that information anywhere on the website. Consequently, we checked information about spreads. Although they advertise spread starting from 1.2 pips, these were much lower on the platform. But with unknown fees and commissions, you are not sure what to expect.
Have in mind that even most regulated brokers are making money on spreads. That’s why traders either get a raw spread but a fixed commission or a commission-free account with a higher spread.
Scammed by a StoxDC Broker? – We Want To Hear Your Story.
If you are reading this, most probably you did get scammed before. Let us hear about your experience. From your point of view we can discover other flaws of this broker. After all, that can help other traders stay safe.
However, our fund recovery team can assist you with a chargeback procedure. Even free consultation is available. Don’t hesitate to reach back to us today!
What Is the Chargeback Procedure?
When you use a debit/credit card you can get a chargeback. Either you or the merchant can request that. However, you can only activate chargeback in the first 540 days of the transaction. Another key point is crypto transfer. These are hardly traceable, but with advanced tools like CipherTrace, you can even find those funds.
Don’t let these guys get away with your money. Contact us now!
What Is StoxDC?
StoxDC is an offshore entity offering services on FX and CFD markets since 2020. Now it seems like it’s shut down.
Is StoxDC a Scam Broker?
Yes. They never had any regulations On the contrary, many warnings were issued against this broker. For example, from CNVM and BaFin.
Is StoxDC Available in the United States or the UK?
There is no confirmed information if they offered services to any of these countries. But they are not excluded.
Does StoxDC Offer a Demo Account?
The only positive thing about this broker was access to a demo account. But that is not relevant now since the broker vanished.