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Stern Markets Review - is it scam or safe?

Stern Markets Review - is sternmarkets.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Stern Markets
Stern Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard $250 1:2 (crypto) $200 on BTC/USD, fixed

 

Stern Markets is a forex and CFD broker that focuses on cryptocurrency trading. Their offer is not very clear and seems to have a lot of flaws, but as we strive to be objective, we will start off with the few positives we managed to find.

 


Stern Markets Advantages


Solid choice of financial instruments
It seems that Stern Markets offers its clients a very diverse list of CFDs. They include not only the typical forex pairs, but also CFDs on commodities, indices, a few specific stocks and, more importantly, wide range of cryptocurrencies.




Stern Markets Disadvantages


Related to other shady offshore brokers, BaFin warning against it
Stern Markets is allegedly operated by GUM Ltd., a company registered offshore, in the Marshall Islands. More specifically, the broker’s address is Majuro, MH96960. This address is well-known to us, as a number of other shady brokers are also based there: iForex24, CryptoEU, Tradex1, PBN Trade  and FXG Invest to name a few. The negative comments on our reviews of these brokers speak for themselves.

 

In top of that, we believe that Stern Markets is also related to binary options brokers Stern Options. Although the latter was allegedly operated by BP1 LP, a company operating out of Bulgaria, the logos of Stern Options and Stern Markets are exactly the same. The trading platforms of the two brokerages are also very similar which gives us reasons to believe that Stern Options and Stern Markets are basically run by the same people.

 

Offshore brokers are to be avoided as a universal precaution rule, and in the case of Stern Markets, things look even worse, considering possible affiliations with other binary and forex brokers, some of which have been exposed as scams, and others being present in the warning lists of financial authorities. That being said, Stern Markets has been included in the black list of the German financial watchdog, BaFIN.


Platform too simple
Stern Markets offers a web-based trading platform, which looks like the new iteration of a popular binary options solution – Spot Option. This should not come as a surprise, considering what we said in the previous point. Here is a preview of this broker’s platform:

 


Click to zoom.


This platform cannot be compared to the good old MetaTrader4, whose charting is top-notch, with solid back-testing environment and wide range of automated trading strategies, known as Expert Advisors.

 


>> Brokers offering MT4 trading <<

 


High fixed spreads
We saw the spreads provided by Stern Markets on their platform, as this information isn’t disclosed on the website. We found the spread on BTC/USD fixed at $200, while the average in the offering of other crypto CFD brokerages is in the range of $30 - $50 for this pair.

 

Additional fees on deposits apply

Clients of this broker can use credit/debit card (Visa, MasterCard and Maestro), wire transfer and some alternative payment methods (such as Skrill and more). Note that the broker charges the following fees on withdrawals:

-         - 5 USD per Wire Transfer;

-          - 3.5% fee on withdrawals via cards.



Conclusion


Stern Markets is an unregulated forex and CFD broker that focuses on cryptocurrency trading. We believe that this is the “successor” or binary options broker Stern Options.

 

While it provides a contact number in the UK, the company behind Stern Markets is not licensed by the UK’s FCA, nor by any other EU regulator. What is worse, the Garman financial Authority, BaFIN, has issued an official warning against this broker. Considering the above, we don’t recommend Stern Markets

 


>> Find a  broker authorised by UK’s FCA <<

 


To sum up our review on Stern Markets:

 

Pros Cons
Solid choice of financial instruments Registered offshore, related to other shady brokers
  BaFin warning against it
  Platform too simple
  High fixed spreads
  Additional fees on deposits apply

 

Latest news about Stern Markets
No news about Stern Markets . Check back later.
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Traders` reviews for Stern Markets

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