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FxStockBroker Review - Is it scam or safe?

FxStockBroker reviews - is fxstockbroker.com scam or safe forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz FxStockBroker
FxStockBroker is an offshore broker. Your money is not safe.

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FxStockBroker is a brand of ACM Group LTD situated in London, England. It offers an impressive asset index of over 4000 assets including Forex, Equity CFDs, Indices, Commodities, Options and ETFs. It also claims on its website to be regulated and licensed by the FCA, however, there may be grounds for questioning such claims. 

 

Disadvantages

 

Regulatory uncertainty

 

Going through the brokers website we find that the company behind the brand (ACM Group LTD) is regulated by the FCA and is part of the FCSC mechanism for client compensation. We also find a FCA Firm Reference Number 441689 and a registration number for England and Wales 5196460. Furthermore, it also states that additional assurance for the clients safety is provided through Lloyds of London for up to 250 000 pounds per person. 

 

However, after further research on our part, a number of inconsistencies began to crop up. 

 

Going on the FCA register we do find a company listed by the name of ACM Group LTD with the same reference number. But through a closer look at the brands that are operated by the company we discover that the name “FXStockBroker” does not figure among them. Furthermore, it is missing from both the company brands that have been effective in the past and those which are trading at the moment. This directly undermines the brokers legitimacy and gives good reason to question the rest of the information provided on the website. For instance, none of the benefits provided by a FCA-regulation may actually be available with FXStockBroker, including the segregation of accounts and the compensatory mechanism.

 


FXStockBroker regulatory status according their website. Click to enlarge
 

There is no such trading name on FCA register

 

We strongly advise traders be alert about this broker and direct themselves to proven FCA-regulated brokers instead. 

 

>>List of FCA-regulated Forex brokers<<

 

 

High spread

 

Through a demo account on the MT5 trading platform we could see that the spread for EUR/USD is 1.8 which is a bit high and above the industry average of 1.5 pips. A higher spread means a lower chance of profit in long term and we advise traders to look for brokers who offer better trading conditions. Furthermore, having in mind what we discovered about the brokers regulatory status, a higher spread only adds up the risk of trading with this broker. 

 

>>List of low spread Forex brokers<<

 

Advantages

 

MT5 Platform 

 

FxStockBrokers provides a choice of three trading platforms on its website, including the MT5. We always regard the availability of MT5 as a big advantage due to its many helpful and efficient traits. Among them are the MQL5 programming language enabling traders to design and backtest their own auto-trading bots or run ready-made ones.

 

One could make a demo account on the MT5 and see for himself the advantages. The other two platforms – web-based FXStockBrokers platform and Alphapro – for some reason are not available for download. This is another worrisome sign about the broker and we advise potential traders have it in mind. Being aware of the inconsistencies of the brokers regulatory status as well, we recommend traders check out proven FCA-regulated brokers who offer the MT5 platform. 

 

>>List of MT5 Forex brokers<<

 

Variety of financial instruments

 

As was mentioned above, the broker offers an impressive asset index of over 4000 assets including Forex, Equity CFDs, Indices, Commodities, Options and ETFs. 

 

Cryptocurrency deposits accepted

 

An interesting feature of FXStockBroker is that they accept deposits not only in Bitcoin, as is the case with most other brokerages, but in Ripple XRP, Litecoin and Dogecoin as well. This allows you to move your funds in and out of your trading wallet quickly and easily. 

 

>>More forex brokers accepting Bitcoin<<

 

High leverage

 

FXStockBroker offers leverage up to 1:400. Such a high leverage could be seen both as an advantage and a disadvantage. On the one hand it extends the trader freedom in deciding how much he wishes to trade which is always a plus, but it also carries the risk of much bigger loses. Precisely because of this caveat in much of the trading world regulations exist that limit the maximum possible leverage that can be offered by brokers. The MIFID II of the European Union will limit the maximum leverage for European brokers to 1:30 and is expected to become law first of August 2018. We advise traders to tread with caution and always have in mind the risk of suffering bigger-than-expected loses when trading with such a high leverage. 

 

Conclusion

 

It must be said that FXStockBrokers offers a lot of advantages and options that are not common throughout the Forex trading world. Deserving a special mention is the variety of cryptocurrency payments accepted. They also provide a wide range of financial instruments and the MT5 trading platform which is arguably one of the best platform in use at the moment. However, after having a closer look at the FCA registry, it came to light that the announced regulatory status of the brokerage on its website is at best misleading, and at worst purposefully false. We suggest traders take this discovery into serious consideration when deciding whether to trade with the broker, since it undermines much of the brokerage’s legitimacy. There may be safer options for trade and we have linked to them throughout the review. 

 

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Traders` reviews for FxStockBroker

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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FxStockBroker Scam

Trading account 108575

Company is not withdrawing funds from account for 2 months already. They are ignoring my emails, phone numbers are not working.

Aleksandr 12/10/2018
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