If you are looking for a reliable and trustworthy online broker, you might have come across Stocks24. This platform claims to offer access to thousands of financial instruments, including stocks, forex, commodities, indices, and cryptocurrencies. But is Stocks24 a legit broker or a scam? In this review, we will examine the features, fees, security, and customer service of Stocks24 and help you decide if it is worth your time and money.
What is Stocks24?
Stocks24 is an online trading platform that was launched in 2018. It is owned and operated by a company called Global Solutions Ltd, which is registered in St. Vincent and the Grenadines. Stocks24 claims to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, but this is not a reputable or recognized regulator in the industry. Therefore, Stocks24 is not licensed or authorized to offer financial services in most countries, including the US, UK, EU, Australia, and Canada.
What does Stocks24 offer?
Stocks24 offers a web-based trading platform that is compatible with any device and browser. The platform has a simple and user-friendly interface that allows traders to access various markets and tools. Stocks24 claims to offer over 10,000 financial instruments, including:
- Stocks: You can trade shares of popular companies like Apple, Amazon, Tesla, Netflix, and more.
- Forex: You can trade major, minor, and exotic currency pairs with competitive spreads and leverage.
- Commodities: You can trade physical and futures contracts of commodities like gold, silver, oil, natural gas, and more.
- Indices: You can trade indices that track the performance of different stock markets around the world, such as the S&P 500, Nasdaq 100, FTSE 100, DAX 30, and more.
- Cryptocurrencies: You can trade digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, and more.
Is Stocks24 safe or scam?
Stocks24 is not a safe or legit broker. It is an unregulated and offshore broker that does not comply with any rules or standards of the industry. There are many red flags that indicate that Stocks24 is a scam:
- It claims to be regulated by the FSA of St. Vincent and the Grenadines, which is not a credible or recognized authority in the financial sector.
- It does not provide any information about its owners or location on its website or terms and conditions.
- It does not segregate its clients’ funds from its own funds or use reputable banks or payment providers.
- It does not offer any protection or compensation schemes for its clients in case of insolvency or fraud.
- It uses aggressive and misleading marketing tactics to lure unsuspecting traders into depositing money with them.
- It does not allow its clients to withdraw their money easily or at all. It imposes high fees, delays, restrictions, and excuses to prevent them from accessing their funds.
- It does not have a good reputation or feedback from its clients. There are many complaints and negative reviews about Stocks24 online that accuse it of being a scam.
Stocks24 is a scam broker that you should avoid at all costs. It is not regulated or licensed by any reputable authority and it does not provide any security or transparency for its clients. It offers unrealistic and false promises of high returns and low risks but it only aims to steal your money. If you are looking for a legit and reliable online broker, you should look for one that is regulated by a well-known regulator such as the FCA in the UK or ASIC in Australia. These regulators ensure that their brokers follow strict rules and standards that protect their clients’ interests and rights. They also offer compensation schemes that cover your losses in case of bankruptcy or fraud. Do not fall for the scam of Stocks24 and do your research before choosing a broker to trade with.
What to Do If You’ve Lost Money with Stocks24?
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