Stocks24 Review – Is Offshore License Enough For Credibility?
Stocks24 broker was owned by Turbo Trading Limited. With headquarters in Vanuatu, you shouldn’t raise much hope. However, the broker is licensed.
But does that make them completely legit? Let’s find out together in this unbiased Stocks24 Review.
|Is This Company Safe?||No|
|Have Warnings from:||FC Hong Kong|
|Trading Platforms:||MT4, Web trader|
|Trading Assets:||Cryptocurrencies, Forex, Indices, Commodities, Stocks|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Considering numerous negative reviews and warnings from Hong Kong FC, you can expect potential withdrawal issues. If that happens, don’t hesitate to contact our expert team for chargeback advice.|
Legal info: Is Stocks24 Legit?
Turns out that the company has a valid trading license. Thus, under a different name compared to one they have used before. Turbo Trading Limited was renamed to Perfect Trade Limited in February 2023. This company is also incorporated in Vanuatu with a valid VFSC license.
However, the Stocks24.com broker doesn’t have any Tier 1 regulations. For instance, FCA, BaFin or ASIC. This means that your funds are not kept in segregated accounts and you don’t have guaranteed withdrawal or negative balance protection. Also, there’s a warning from The Financial Commission (Hong Kong).
Who are Stocks24 Clients?
Stocks24 broker offers FX and CFD trading services mainly in:
For now, they are not entering strictly regulated areas. But it’s better if you are coming from any highly regulated country to tell us more about this broker. Ultimately, we can help other traders choose other brokers.
Another key warning sign about this company is its reviews. Only on Trustpilot, there are 22 comments and almost 65% with the worst rating. Traders were mainly complaining about withdrawal issues and constant pressure. That tells you enough about the quality of the company. But also how loose some offshore regulations might be.
For this reason, we encourage you to consult with our experts about further steps. It’s your money at stake and you shouldn’t throw it away.
Leverage, Commissions, Spreads, Fees and Taxes
The leverage this broker offers goes up to 1:200. This is very risky considering missing negative balance protection. As a matter of fact, the company doesn’t present any other trading costs transparently. Which is for a licensed broker completely unacceptable.
Overall, bonus details are not revealed by the broker. Neither are withdrawal policies or fees. Therefore, you can expect anything. But if you want to know what are tricks with bonuses, check our Forex48 Review.
Stocks24 Trading Features
The company mainly promotes FX and CFD trading services. But without credibility. Even though they offer trusted third-party MT4 software, don’t let that delude you. There’s also a web trader offered by the broker and be aware if you get persuaded to switch the platform.
Is Stocks24 legit?
The only legit thing about this broker is their VFSC license. However, that doesn’t make their activities completely legit. In the first place, there are no funds protection features. For example, traders can have tight dreams with FCA-regulated brokers due to the 85K GBP compensation scheme. With Stocks24 broker there’s no such a feature.
Available Trading Assets
All the tradeable assets in the world don’t mean anything unless you trust the broker. But you can’t trust those without Tier 1 licenses. Anyway, the offer you get with Stocks24.com is:
- Forex – EUR/NOK, EUR/JPY
- Commodities – natural gas, crude oil
- Indices – ASX200, BE20
- Shares – Netflix, Walt Disney
- Cryptocurrencies – BTC, ETH, LTC
Surprisingly, the company doesn’t reveal its minimum deposit requirements. Consequently, there’s no account type separation. Quite a strange thing considering that’s the way to motivate traders to deposit more but also trade more.
Mobile Trading App
On the positive side, the company offers iOS and Android mobile apps. In fact, Meta Trader 4 does. The Stocks24.com broker is just a user of such a platform.
Here comes the negative side. Ones looking for risk-free trading options will have to look elsewhere. Simply because this broker doesn’t offer a demo or micro-accounts.
As can be seen, the company accepts various funding methods. Besides standard ones, they also use CorvusPay – a Croatian Payment processor. Thus, it’s recommended to make deposits through credit/debit cards. Mainly because of chargeback availability in case anything goes wrong.
Nevertheless, the Stocks24 broker doesn’t reveal transparent withdrawal conditions. Neither minimum withdrawal requirement, processing time or fees. But it’s important that they charge you a $60 inactivity fee after 30 days. Unreasonably higher than even many Tier 1 regulated brokers. But some scam brokers might give you an attractive offer and still end up scamming you, like INVCenter for example.
Another worrying fact is that the company is quite anonymous in terms of contact details. There’s only a contact form and e-mail available. Practically, you can hope for a response. Especially knowing that they don’t reveal any working hours.
Key Information To Consider About Stocks24?
The main thing about this broker is that it is not Tier 1 regulated. Even though they have an offshore VFSC license, that’s not enough protection for experienced traders. Also, there are non-transparent withdrawal conditions that might be a huge dealbreaker. Instead, you can find a more suitable and transparent broker. This way you ensure to sleep tight without any nightmares. At least from trading.
In case you experienced any irregularities with this broker, let us know. Our expert team is helping traders all around the world with their trading issues. Mainly withdrawal ones, because other stuff is easy to get over. Don’t hesitate to contact us because the first meeting is free of charge. Send us a message now.
What Is Stocks24?
Stocks24 is an offshore broker registered in Vanuatu offering FX and CFD trading services.
Is Stocks24 Trustworthy?
Stocks24 broker holds a valid offshore trading license. Yet, traders can’t enjoy much protection. Unlike with Tier 1 regulated brokers.
What Are The Available Trading Platforms Of Stocks24?
Available software is MT4 and web trader. Let us know how you like your experience with this broker. Considering pointed withdrawal issues, you can contact us for any advice.