Beware! S-Technologies.net 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.
S-Technologies.net’s look we can only describe as classic. It opens with the iconic New York skyline and, unlike other brokers of its caliber, keeps this theme throughout the entire website. Yet, as we have seen in other reviews, this style is out-of-date and is in fact overused by unlicensed brokers. By now, each broker with such a look is immediately put under our crosshair. But we are focusing too much on the looks. What about everything else? Well, this is where the following review comes in hand. It will reveal all the important stuff, and will answer to the heated question of whether to invest in S-Technologies.net or not.
The creation of an account as a process was incredibly easy to complete. However, we never received a confirmation email, which forces us to rely on the website for all of the trading and payment details. Note that we don’t trust S-Technologies.net with this information for reasons that will make themselves clear.
As for the failed registration attempt, it’s pretty normal. The broker is shady at best, and as such probably has a system that decides whether or not to let a user in, based on his/her susceptibility.
According to the home page, users can trade with oils, global equities, gold, and indices. There is no mention of forex pairs, which are the staple of industry. It called the FX industry, after all.
We found no spread values, nor is there any clue of a leverage cap.
The official languages of the website are English and Russian.
S-TECHNOLOGIES.NET REGULATION AND SAFETY OF FUNDS
We can’t really speak of a license or otherwise since S-Technologies.net is very silent about possessing one. In fact, throughout the entire website, the one and only thing that we noticed is a vague mention of Saint Vincent and the Grenadines being the main arbiter in the relationship between user and broker.
Saint Vincent and the Grenadines is the last place you would want to look for a broker. Not only is there no FX regulator in place, but the country is home to thousands of unlicensed brokers. It’s by far the most popular location for illegal FX brokers to reside in. Thus Saint Vincent and the Grenadines does not regulate or authorize S-Technologies.net in any way.
The contact page gives us two addresses, one in the UK and the other in Russia. Now, there is nothing to suggest that S-Technologies.net is licensed in either of these two major FX market contributors.
In fact, there is nothing that proves the company to be regulated at all. We can safely conclude that the firm in NOT LICNESED, and is, therefore, a complete an utter risk to all investors.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
S-TECHNOLOGIES.NET TRADING SOFTWARE
All we have is a few claims and a few misleading download links to a non-existent MT4.
As far as we’re concerned, there are only two probable outcomes. Either the broker has include a barely functional trading web trade, or S-Technologies.net has no trading software. Whatever the case is, it works against S-Technologies.net.
S-TECHNOLOGIES.NET DEPOSIT/WITHDRAW METHODS AND FEES
We hit yet another brick wall. There is no deposit or withdrawal information anywhere to be seen. The broker doesn’t even reveal a minimum deposit sum.
Nowadays, users can easily open an account for an average minimum deposit requirement of $250. But really, it all depends on the broker. The most popular payment methods are credit cards, debit cards, alternative payment systems like e-wallets or crypto-based gateways, and bank transfers.
Withdrawals use the same methods for withdrawing as the depositing ones in order to prevent certain legal issues, while there are, at times, withdrawal fees.
But all of this is pure speculation. With unlicensed brokers it’s best to always expect the worst!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!