StoxMarket has been in the world of trading for more than 13 years. However, do we witness any improvements? Absolutely not. For new or novice traders, understanding the operations and functioning of StoxMarket can be pretty cumbersome. We do not think the broker believes in making things smooth and easy for its clients. The user interface, security features are not up to the mark. In this review, we will discuss each aspect of the broker’s aspect and why it is not a favourable choice.
StoxMarket Scam or safe?
It is crucial to choose a well-regulated broker via tier one and tier two regulatory authorities. If you trade with an unregulated broker, you are making your capital extremely vulnerable to safety and security risks.
StoxMarket came in the market in 2008, and sadly, there are no regulations associated with the broker, yet. It is not regulated and supervised by any authority, making it entirely unsafe to pursue trade with. Also, you do not find any information related to regulations.
Regulated brokers are responsible, answerable, and cannot manipulate the prices in the market. But unregulated brokers like StoxMarket cannot be trusted. Thus, we cannot say that it is safe to trade with StoxMarket.
StoxMarket: Account Types
There are three different kinds of accounts offered by the StoxMarket. All these accounts have limited differential features and functioning; minimal disparity can be seen when we compare the accounts. Moreover, the minimum deposit and charges associated with each account seem extravagantly high too.
- Silver Account: The silver account offers minimum features charging a massive deposit as high as 1000 dollars. Spreads seem pretty expensive too. The spreads in the silver account start from 3 pips.
- Gold Account: The minimum deposit associated with the gold account is 5000 dollars. This is a lot of money looking at the services offered. Spreads start from 2 pips.
- Platinum Account: The minimum deposit associated with the gold account is 20,000 dollars. This is a lot of money looking at the services offered. Spreads start from 1 pip.
Looking at the above numbers, we cannot say that the broker is reasonable in the prices it is charging. The minimum deposit seems so expensive that one cannot imagine thinking that the broker must be offering some “out of the world” features. But when we look at the leverage or other such crucial features, the broker offers the bare minimum. Well-reputed and regulated brokers like HFTrading, ROinvesting, or PrimeFin offer brilliant feature switch so less of a minimum deposit. Why not go with them. We do not think the services offered by StoxMarket justifies the costs.
Fees and Commission
- The broker charges a fee on withdrawal, which varies according to the method chosen. Many brokers do not charge such fees, especially deposit fees.
- The commission is charged per lot and can come out pretty huge in entirety.
- Any other additional charges are not mentioned on the website of the broker. It seems like StoxMarket is trying to make money out of every inch, be it deposits taken, fees or commissions.
StoxMarket offers trading through the MT4 platform. MT4 platform seems pretty outdated as compared to the more advanced MT5 trading platform. Many brokers have shifted their trading operations to MT5. We do not understand why StoxMarket is stuck to a technology that is now a thing of the past in the trading world.
Moreover, the user interface associated with the mobile application of StoxMarket seems extremely poor. Many new traders can find it extremely difficult to sail through mobile trading with StoxMarket. The tabs are too convoluted and take up space without any structure.
Products for trading
The instruments offered by StoxMarket for trading include, forex, share, and CFDs. But when looked closely, each of this category of instruments does not hold much of the assets. The number of assets offered by the broker seems pretty less. This way, traders and investors can lose out on many profitable trading opportunities.
Education and research material
The education and research material available with the broker is pretty sparse and restricted. Any advanced tools are not available with StoxMarket. This limits the learning and researching arena while trading with the broker. It seems like the financial service provider does not pay much heed to its clients’ growth and learning.
Customer service and support
The customer service and support system are graded as a “D” category because the response time seems pretty elongated. Many times, calls are not answered for hours. The email response can take up to five days. The poor customer service is another major drawback as the broker ignores answering the queries and solving its clients’ problems.
When you click on the account opening tab on the website of StoxMarket, all you can see is a page asking you to fill in your personal details like name, email, and creating a password. Nothing is mentioned about what lies ahead in the game. This leads to confusion, and many traders might hesitate in going ahead with the process.
But when we pursued our research, we found out that the account opening process of StoxMarket involves multiple steps that can take up to hours to register with the broker. One has to fill in questionnaires, go through document verification which can take up to hours. Therefore, the instant and rapid account opening is not something that the broker offers.
Why do we think you should not go with StoxMarket?
To summarise, here are all the reasons why we think StoxMarket is not the right choice to pursue trading with:
- High minimum deposits associated with the accounts. The minimum deposit starts from 1000 dollars and can go up to 20,000 dollars.
- The poor user interface of the mobile application.
- No MT5 trading platform is offered.
- StoxMarket is an unregulated broker.
- Limited educational and research material.
- Cumbersome account opening process
- Limited trading products
- High spreads and fees
StoxMarket does not align with your trading goals or keeps your trade safe. We do not think StoxMarket is the right broker for trading in any situations. You find issues like non-regulations with it. Why go with an unregulated broker with high minimum deposits in the first place? There are other more proficient, dedicated brokers like PrimeFin, TradeATF, or HFTrading, regulated by top authorities and offer better advantages at minimum deposits under 300 dollars. We do not think it is safe to trade with StoxMarket. Think twice before you invest your hard-earned money with the broker.