StockStack.Trade review – 5 things you should know about stockstack.trade

S

We won’t deny that there is a certain appeal about StockStack.Trade that we can clearly see and feel, but will this visual feature be enough to recommend StockStack.Trade to our readers. No, it won’t be. A mere visual que or a stylized website is not enough. Nor is it even a requirement. What this broker has to prove is that it offer fairs and safe trading grounds for all users. This is something that is very hard to get a hold of, and we know for a fact that StockStack.Trade hasn’t got what it takes. This broker goes to a very familiar place. Read on to find out more.

Getting started with a broker, for us, always requires a registration, or at least an attempt at one. This broker allowed us access to a user area after a very short and unprofessional registration process.

What followed was a user area of a shady kind, on which we noticed the presence of TradingView, a third party chart that rarely, if ever, has anything in common with the broker using it. Unfortunately, we learned early on that the broker does not offer a trading software, no matter what the website claims to be promoting.

Without a trading software we cannot give our readers any spreads, leverages, nor tradeable assets because they do not apply to anything!

The website of the company is available only in English.

STOCKSTACK.TRADE REGULATION AND SAFETY OF FUNDS

The tow main claims that we have to work with here are as follows: StockStack.Trade is registred in the UK and regulated by the FCA. StockStack.Trade has an offshore branch located in Vanuatu, but it never says that it is regulated there, nor that the alleged FCA license allows for cross-border trading.

First of all, there is no evidence whatsoever in support of an FCA license held by StockStack.Trade. We checked the website of the regulator and found nothing. As for the Vanuatu branch, it probably is not true. The broker is definitely not licensed in Vanuatu to provide legit FX services.

The footer also says that the broker is actually regulated in various jurisdictions, but never gives away any names. We see this claim as a very shallow last attempt at convincing those that are left to trust the broker.

There also seem to be no legal documents, which might be the biggest reason for which we absolutely oppose the usage of this broker. Legal documents are needed in order for a broker to operate legally.

Overall, StockStack.Trade is undoubtedly UNLICNESED and a risk to all investments.

We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages.  CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.

STOCKSTACK.TRADE TRADING SOFTWARE

The first reason why we concluded that the broker  offers not a trading software is that the MT4/MT5 presented in the user area does not come with any proprietary server by StockStack.Trade.

Second, the broker comes with a range of investment packages, whose mere presence is an indication of the brokers lack of a license.

Investment packages are a popular alternative used by scammer broker. They offer unrealistic returns in exchange for a deposit. There is no logical source for this profit. How can a $350 deposit result in a 15% gain in 3 days? It’s all very wrong!

STOCKSTACK.TRADE DEPOSIT/WITHDRAW METHODS AND FEES

Users can start by investing as little as $1, but as we see from the above snip, the minimum amount required to open the lowest of all investment packages is $359. The user area reveal the following payment gateways: PerfectMoney, and a bunch of crypto wallets.

Withdrawals can be made through the same crypto methods, PerfectMoney, and a wire transfer. The minimum withdrawal is $10. There are no fees for withdrawing.

There is nothing for you here. StockStack.Trade is unregulated and very shady. Your funds and details are at a risk.

How does the scam work?

Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.

They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.

Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.

After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.

This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.

What to do if scammed?

Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.

Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.

Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!

Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!

The post StockStack.Trade review – 5 things you should know about stockstack.trade appeared first on TheForexReview.com.

Add comment

By

Recent Posts

Recent Comments