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CFDStocks Review - is it scam or safe?

CFDStocks review - Is cfdstocks.com scam or good forex broker?

RATING: 1 / 0 REVIEWS CFDStocks
CFDStocks is not regulated. We cannot guarantee your money is safe.

CFDStocks is a unregulated binary options broker, which say to be based in the UK. We understand that since the regulators in Europe and other major markets banned the sale of binary options altogether in the summer of 2018, brokers that still provide the service do not have much of a choice, if they want to obtain a license, so we are not going to be too harsh on that. With CFDStocks, however, we have another problem as well. The website is virtually anonymous – we are not told the name of the company that runs the business. As far for the UK address provided, we were not able to verify it as well.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a n/a n/a

 

CFDStocks Advantages:

 

We always try to come with any advantages about a broker in the beginning of our  review, but here with CFDStocks there are simply non.

 

CFDStocks Disadvantages:

 

No license, anonymous website

 

As we noted, nowadays binary options brokers have few options as to where to get a legit license, and yet what worries us even more about CFDStocks, apart from the fact that they are not regulated, is the issue with their identity. In the whole presentation we are not told the name of the company that runs the broker. 

 

And despite the displayed UK address, our experience shows that most probably we are dealing here with an offshore company, possibly registered on the Marsha Islands – a territory, where you can register a firm right here on the internet, without ever setting a foot on those small South Pacific islands.

 

And besides, if you run a financial services company from the UK, you will surely have to get a license from the Financial Conduct Authority (FCA). As we already note CFDStocks is not a licensed broker, especially since they are selling binary options, which are prohibited in the UK as well. 

 

In any case, here you may check our list of brokers, regulated in the UK, where your trading capital will even be insured for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

CFDStocks says you can not withdraw your own funds for at least one month after you have made the deposit, and that you have to meet some minimum trade volume requirement in order to be allowed to withdraw at all. See for yourself:

 

 

No legit broker will ever restrict your right to withdraw your own money. And here CFDStocks does not even bother to disclose what that minimum trade volume requirement will be.

 

Unusual withdraw fee and processing time

 

As you can see on our screenshot above CFDStocks will charge you 35 USD for any withdraw request, which is not a usual practice. On top of that 7 to 10 days processing time is highly unusual too. Legit brokers process withdraw requests within 24 hours.

 

Trading bonuses

 

Trading bonuses always come with some strings attached – some minimum trade volume requirement, which in the case of CFDStocks  is 30 times the bonus plus your deposits. Unless you fulfill that requirement you will not be allowed to withdraw any of your funds. See for yourself:

 

 

Be aware as well that scammers usually use trading bonuses as a pretext to cancel your withdraw requests. No wonder the practice is banned on the European market altogether.

 

Skrill not accepted as a payment method 

 

The logos of a great number of e-wallets, including NetellerSkrill, are displayed on the CFDStocks, but when we proceed to complete our registration, it turned out the only payment options available are a bank wire transfer and credit cards like VISA and MasterCard. This by the way is notable, because of the new anti scam policy adopted by Skrill, according which only brokers with legit licenses can offer Skrill to their clients. As we already noted CFDStocks is not a licensed broker.

 

Conclusion:

 

Not only CFDStocks turned out to be a unregulated, virtually anonymous website, but also in their Terms and Conditions, we came across some really disturbing clauses, which simply reinforce our conviction that here we are dealing with scammers. As usually in such cases we will repeat our usual advise to trade only with properly regulated brokers with licenses from well known institutions like the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

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Traders` reviews for CFDStocks

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