Stox Market Review

A broker is a vital entity of the financial market. It is an independent player providing trading assistance and a platform needed to excel in financial trading. Thus, the choice of the right broker is essential. Here in the article, we have listed everything you need to know about Stox Market. 

About Stox Market 

Stox Market is not among well-reputed brokerage firms providing its services since 2009. It does not allow you to speculate on a large assortment of tradable assets including futures, metals, indices, stocks, binary options, and spread betting. Entire trading proceeds through Web trader and MetaTrader4 only which are not satisfactory.  Along with this, the broker fails to take care and does not guarantee the confidentiality and safety of your funds and transactions. 

It offers online assistance if you get trapped in an awkward situation or come across any query while trading. Its dedicated customer support team works round the clock to help you out. You can submit your queries via email, phone, query form, and can also visit the headquarter if the problem persists. 

Stox Market scam or Legit? 

More than 10,000 users have availed of the service of this brokerage firm as per the claims of the broker, but it’s far from believable because there’s no evidence supporting it. But the firm is not registered with CySEC, FCA, or any other financial regulatory body which tracks the activities of brokers and warns them or cancels their license if they find them involved in any criminal activity. So, it is suspicious.  It is common to find online trading firms such as Stox Market which are not regulated still drape themselves as authentic. 

Stox Market offers trading services under offshore license to avoid operational costs. However, most of the traders prefer working under well-regulated firms to avoid unwanted issues and frauds. Thus, you can’t trust the broker.

Summary of Stox Market

The basic details, trading features, and charges of the globalized brokerage firm are as follows: 

Basic details 

• Headquarter: Dominica 
• Regulation: Unregulated 
• Operating since: 2009
• Owner of the firm: Marketer Holdings Limited

Trading features

• Limited trading assets under each category of instruments.
• Operates in some few countries 
• Limited trading options
• Meta Trader 4 and Web trader  (missing MT5)

Trading charges 

• Minimum deposit: $1000 (Extremely high and a discouraging factor for novice traders)
• Leverage offered: 1:500 (does not suffice with European laws)
• Spreads are variable and begin from 1 pip 
• High additional costs
• Withdrawal fee varies

The Trading Account Types   

The broker offers four main three main types of accounts (Gold account, silver account and VIP account) along with demo or virtual trading account. 

VIP account 

• Minimum deposit: $ 20,000 (Unfathomable)
• Maximum leverage: 1:500 (does not suffice with European laws)
• Average spreads: 1 pip

Gold account 

• Minimum deposit: $ 5000 (Can’t deposit)
• Maximum leverage: 1:500 (does not suffice with European laws)
• Average spreads: 2 pips

Silver account 

• Minimum deposit: $ 1000 (dejecting)
• Maximum leverage: 1:500 (does not suffice with European laws)
• Average spreads: 3 pips

The services offered by the broker seem quite meager and dissatisfactory. The free demo account is available only for 30 days.

Minimum deposit accepted 

The minimum amount accepted by the firm to open an online trading account is $1000. It seems scary and many brokerage firms charge fewer amounts HFTrading charges $250 and for T1Markets this amount is $250. The broker should work on this and mitigate charges to make the platform affordable and accessible for all levels of trader. 

Tradable assets offered by the broker 

The financial service provider allows traders to speculate on financial instruments like forex, gold, silver, indices, stocks, complex financial derivatives. But, the tradable assets in each market are limited. 

The number of assets provided by the broker is less in comparison to some advanced brokerage firms like HFTrading, ETFinance, and TradeATF. Hence, the firm should try to expand its asset coverage to match the present financial needs and provide sundry opportunities to traders for diversifying their trading portfolio. 

Withdrawal fees 

Withdrawal fee: The withdrawal fees charged by the broker vary depending on your chosen method for payment. It takes about 3 to 5 working or business days to proceed with the withdrawal request. Every brokerage firm has its own rule for withdrawal. It is such because every firm will have distinct withdrawal ways, different processing times, and transfer processing fees. But, the Stox Market withdrawal procedure and rule are time-consuming. Sometimes, the fees can come out pretty expensive and can take up a major chunk of the trader’s profit

Payment methods   

Stox Market accepts payment through credit cards and other options are limited and cumbersome. The process for both deposit and withdrawal is time-taking and complex. Also, the methods are limited and outdated. 

Customer support service 

The broker has a poor and unprofessional customer support team working to raise your concerns than solving the problems.

 Cons of the brokerage firm 

• The minimum deposit ($1000) charged by the broker is too high for both novice and regular market participants. 
• The major drawback of the firm is that no regulatory body regulates the broker. Thus, it is hard to trust and risk capital with the firm. 
• Does not provide hedging against financial risks. 
• Lack of assets and instruments. 

The Bottom Line 

Choosing the right broker brings along huge confusion as there are sundry brokerage firms in the financial arena. If you are searching for an authentic and trustworthy broker with successful and extensive work experience in the financial market, then a demo account can work for you. You can avail of free demo or virtual trading accounts of numerous brokers to compare their charges and trading features. Choose the one which suits your trading desires best. Also, remember that the views of experienced traders and reviews of authentic websites may prove extremely worthy. Check some popular reviews such as HFTrading Review, T1markets Review, and several others.

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FAQ:

Is the Stox Market Trading Platform Secure?

The broker does not takes care of personal data and does not secure the transaction of customers by SSL encryption in its mobile platforms and personal computers. Your money and trading account details can be at risk with the broker. Hence, think twice before investing with the firm.