Is Currency House a scam broker?
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Currency House is owned and operated by Stark Industries Incorporated which is registered at Saint Vincent and the Grenadines. It was founded in 2014. The broker is located in Kiev Ukraine. Ukraine has some kind of regulation for forex brokers but Saint Vincent and the Grenadines does not have any. Saint Vincent is known for its lax laws and this, in turn, attracts a lot of firms who trend a thin line between legal and illegal activities.
The trading platform provided by Currency House is xStation. The broker has all the versions that are desktop, web, and apps for Android and Apple devices. Online Personal Wealth Awards has voted xStation as the Best Trading Platform in 2016. The platform offers fast execution speed, technical analysis, and charting tools. Along with social trading and many other options which give success to a large trading portfolio of the trader.
Account types available are Basic (minimum deposit $ 250), Standard ($500), and Pro ($ 2000). For all accounts maximum leverage is 1:500 and average spreads from 0.1 pips. It has a demo account with virtual $100000. Account currencies are USD, EUR, and GBP. There is an Islamic account which adheres to Sharia law.
Currency House accepts payments through credit/debit cards (Maestro, Visa, MasterCard, and American Express), bank wire transfer and PayPal. Card payment and bank wire transfer method of payment is most common with virtually all the brokers.
Assets consist of forex pairs, binary options, CFD and other derivatives. It has nearly 60 assets on offer. Minimum payout ratio per trade is 60 percent and maximum payout per trade is 85 percent.
Trading platform language is English Russian and French. Trade types are high/low, turbo, one touch and FX/CFD.
Currency House is a scam broker because it is an unregulated company. And doing business with it is risky. It is seen that most online scams are committed by unregulated and unlicensed companies. And it is better to avoid these types of companies; if they go bankrupt then there is no compensation for the traders lost money from the government regulatory bodies.
The website is not working. It is blacklisted. They do not have segregated accounts i.e. one and only account for clients and broker. Most of the brokers misuse clients deposit and in account money.
Customer support is through email, phone and feedback form. No live chat as it is the fast way of communicating with traders and the general public.
Few of the sites claim that Currency House is headquartered at Ireland Dublin and FSA regulated. Since the site is closed much of needed information is not available and sources cannot be traced to the available information.
Online trading does offer many great trading opportunities but maximum of online scam also take place here itself if one is not alert and careful. One must seek necessary education and develop reliable strategies for analyzing market trends and choose a regulated broker.Currency House is a scam broker who has supposed to have scammed many new traders with their mouth-watering returns in their advertisements. MyChargeBack fights for the justice of innocent consumers. They have the expertise, experience and are dedicated to consumer protection from fraud or scam companies.