Is Stox Market a scam broker?
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Stox Market is owned by Marketier Holding Ltd, located at Majuro Marshall Islands and is offshore forex broker. It is not regulated and has a virtual office in the UK. InOut Capital processes its billing and clearing services and is located in Scotland UK.
Stox Market has a multi-platform for online investments. Trading platforms are MetaTrade4 (most easy and widely used), Webtrader (a web-based platform which does not require a download), MobileTrader (used on smartphones and real-time on the go) and TabletTrader(can be used when one does not have access to desktop or laptop). Support is through 24×7 live chat, phone, and e-mail.
Account types offered are Classic (Minimum deposit $ 1000 and if using trading robot then $ 250), Gold ($ 10000), Platinum ($ 25000), and VIP ($ 100000). They also have the demo account. They have a very high minimum deposit as compared to peers in the industry.
Products on offer are Forex, Crypto currencies, Commodities, Stocks, and Indices. Tools available are daily news, the real-time chart, live market signals, off-market signals, economic calendar, and technical analysis.
Deposit and withdrawal modes are Visa card, Master card, bank wire transfer, CashU, Webmoney etc.
Stox Market is a scam broker because it is not licensed from any of the known regulatory authorities like FCA, ASIC, CySEC, or CONSOB. If one reads comments on different sites and forums it has been accused of scamming clients. A lack of regulatory watchdog means that the clients’ fund is at great risk. Post on some forex forums claims Stox Market scam. Calling them “scam artist” who manipulate MetaTrader. Others are of the opinion that they are unable to make withdrawals.
One of the authors believes Stox Market is located at Efal 6 Street Petax Tikwa Israel and the real name of the company is Eventus.
Another author Mr. R wrote his story in one of the comments on a very popular site. He deposited minimum GBP 250 as he thought that company was legitimate and it was a small amount compared to what other people have paid out. He uploaded all required documents and his account was verified. On asking the company why he has to ‘request’ to withdraw own funds he received no answer. When applied for withdrawal he was told that process was under review and he will have to keep some patient. He was asked ‘why’ he wishes to withdraw. He replied that it was his money and he has changed his mind not to invest with them and hence the withdrawal. He threatened that he will take this matter to press. He is still waiting for the reply to his email. No communication from the online scam company.
It is seen that when you are depositing your money the company staff talks very sweetly and talk highly of the company. Most of the problems start once you apply for withdrawal. This is where they change their tone and speak rudely and are pushy and your account balance starts going down and down all off a sudden.
Stox Market is a scam broker and if you have been scammed you can lodge a complaint with Action Fraud Police and FCA. For your money back you can take help of MyChargeBack. They will help you to retrieve your money that has been scammed guiding you step by step right from drafting your police registration to receiving your final amount.