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Shtern Group Review - is it scam or safe?

Shtern Group Review - is shterngroup.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Shtern Group
Shtern Group is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Min.Deposit Max. leverage  Spread
Basic  $250 N/A N/A
Silver  $1 000 N/A N/A
Gold  $5 000 N/A N/A
Platinum  $10 000 N/A N/A
Diamond  $50 000 N/A N/A

 

Shtern Group claims to be a Malta-based brokerage and offers its clients trading the financial markets via the above account types. In case you are wondering whether to invest in this broker, read this review prior to investing any money.

 

 

Shtern Group Advantages

 

Solid choice of financial instruments

Shtern Group appears to be offering wide range of financial products for trade including forex, CFDs and binary options. A lot of asset classes are covered – currency pairs, indices, commodities, shares, and more.

 

This is the only possible advantage of Shtern Group we could think of.

 

 

Shtern Group Disadvantages

 

Not licensed, blacklisted by several regulators

As we mentioned in the beginning, Shtern Group claims to be based in Malta. However, according the Terms and Conditions uploaded on its website, the broker is operated by EUROPEAN SOFT LTD., a company with registered address in the UK. In any case, Shtern Group is not regulated in Malta, nor in the UK or anywhere else.

 

Actually, the broker is blacklisted by several regulators, including the Malta Financial Services Authority (MFSA, Belgium’s Financial Services and Markets Authority (FSMA) and the Nova Scotia Securities Commission (NSSC).

 

In its warning the MFSA stated that it has become aware of an entity operating under the name of Shtern Group, which is not authorized to provide financial services in the country. Furthermore, information available to the MFSA suggests that Shtern Group is likely to be a scheme of dubious nature with a high risk of loss of money. 

 

 

The FSMA also alerted that this forex and CFD provider is not allowed to provide banking and/or investment services in or from Belgium and advised against transferring any money to Shtern Group.

 

 

Click to zoom in.

 

The Nova Scotia Securities Commission (NSSC) announced that the company Shtern Group is not registered to sell securities in Nova Scotia. Based on information the regulator holds, the broker cold-calls local investors, urging them to invest in binary options and it appears that many have lost money as a result.

 

Considering the above, you’d better stay away from Shtern Group, as it appears to be one of the many scam brokers on the financial markets.

 

Trading conditions not specified, no demo accounts

 

Essential trading conditions are not specified on the broker’s website, which is another red flag regarding Shtern group. Potential clients are not informed of the spreads for forex trading, nor of the payouts on binary options, the maximum leverage, etc.

On top of that, the broker does not offer free demo accounts

 

MT4 not available

We couldn’t register an account with this broker and test its platform, but judging by the images on Shtern Group’s website, it supports a hybrid web-based platform, used for both trading in forex and binary options. 

 

 

Actually, the platform itself is not unknown to us – we have reviewed a number of brokers who offer it. All of them are unregulated and shady, so we dubbed this platform “scamex”.

 

 

Conclusion

 

Shtern Group does not seem like a good choice of a brokerage. It has not presented well its offer, and uses some unproven platform instead of the MT4. What is worse, the broker is not regulated and has been blacklisted by several financial governmental agencies. To cut things short, Shtern Group is probably a scam broker and if you invest with it, you will lose all your money.

 

In order to avoid unpleasant situations like this, always chose among trustworthy and well-regulated brokers. Such companies are controlled by the respective governmental agencies and have to comply with a number of rules, thus protecting the funds and interests of their clients.

 


 >>FCA regulated brokers<<




To sum up our review on Shtern Group:

 

Pros Cons
Appears to offer wide range of financial products Not licensed, blacklisted by several regulators
  Trading conditions not specified, no demo accounts
  MT4 not supported

 

Latest news about Shtern Group
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Traders` reviews for Shtern Group

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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