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- - Have they asked you to pay excessive withdrawal fees or to deposit more funds?
- - Or is there an excessive delay in processing your withdrawal?
- - Are they trying to push you into depositing more money with them even without withdrawing the one you've already put in?
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Another horrible online trading platform is StarkMarkets (Starkmarkets.com). The platform is outright denying members the chance to withdraw funds. And this is a considerable problem for members who have already signed up. They are on the verge of being banned by most European regulators. The Italian Financial watchdog CONSOB already blacklists StarkMarkets. Complaints regarding the broker have reached our help desk, and we decided to investigate. Find out more in regards in this detailed review.
StarkMarkets is a trading platform whose actual whereabouts remains a mystery. The homepage claims the platform is based in Sofia, Bulgaria. They have gone ahead and claimed to have offices in Austria and Malaysia. From our initial investigation, it is clear Stark Markets is another anonymous online trading platform. Scam brokers will try and associate their trading platforms to Europe. They do this in the hope of gaining favor from European based investors. After claiming to be found in Europe, investors will trust the broker.
Before opening an account with Stark Markets, there are a few options you should check out. A reliable broker is a gem when it comes to online trading. Finding a reputable and transparent online expert is what makes the difference. Avoiding stark markets is one way of ensuring you stay ahead of the game. And this is why no one should sign up with unregulated brokers. Find out the reasons why the Italian regulator blacklists Stark Markets. It is a platform that has already caused headaches to members.
Assets found on the platform
The platform only deals with Forex assets. From the look of things, the broker is offering exotic, major, and minor currency pairs. What is missing from the platform is information regarding the trading conditions. The broker knowingly hides the trading conditions from members for a reason. After signing up, members get the shock of their lives after realizing how harsh the platform is. And this is why it is essential to read reviews before signing up with any online investment platform. The claim of offering over 100 assets is nothing but a lie.
Leo is the customer care representative who is on the chat tab. What people don’t know is that Leo is a bot and not a real live agent. And this is a problem as Leo is programmed to take personal information. Leo will ask for your contact details as well as an email address. The platform is selling this information to third parties. Members who don’t sign up will start getting promotional emails from products. StarkMarkets is to be held responsible for the spam messages filling your email account.
Thanks to domain registers, one can determine the reputation of any website. After using the trusted domain register whois.net, a few damning factors propped up. Records indicate the site is barely six months old. The website starkmarkets.com was registered on 3rd January 2020. Claims of being a reputable broker with over five years of trading experience are a lie. These are scam brokers who have nothing else to do than steal from investors. The proof is in the cloned website they are using to fool unsuspecting investors.
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Leverage and Spread
What kind of a broker does not indicate the leverage and spread available? Only a scam broker with ill-intent will try to hide this valuable information. The platform has no information regarding the trading conditions, which is odd. Investors should be aware of the terms available before signing up. The reason why the broker hides this valuable information is that they want to throw off investors. After signing up, the investor will have no other option but to comply with the terms.
Disadvantages of StarkMarkets
Stark Markets has four account types to choose from. Accounts listed include Basic, Silver, and Gold. They claim to have regular, silver, and gold spreads, which they fail to give a ratio. The features on these accounts include daily market reviews and educational centers. Members are also offered a personalized trading strategy and a one-on-one trading trainer. How the trainer helps members is beyond us. The members we contacted did not have a trainer to help them with day to day trading.
Another problem with StarkMarkets is having inconsistent account managers. These managers are said to be hired call agents who act as experts. After signing up, members are assigned an account manager. The manager does not offer any expertise; they only call members and demand more deposits. They claim the more a member deposits funds, the higher their chances of winning. And this is probably the reason why investors have lost funds with the platform. They believed they are in the hands of professionals.
Deposit and Withdrawal of funds
The platform offers MasterCard, wire transfer, and Visa as part of their depository channels. Depositing funds is accessible and takes less than five minutes. The problem with scam brokers is they rarely allow newbies to withdraw funds. Stark Markets is not allowing anyone to withdraw funds. Another problem is the platform does not disclose the withdrawal procedure to members. It seems Stark markets are hell-bound to block any attempt from members to withdraw funds. Why bother signing up with a platform that hides relevant information?
Members get the chance to sign up with an affiliate program. Users can become dedicated affiliate managers, thanks to top conversion rates. Affiliate programs of scam brokers rarely pay users. None of the affiliate members we contacted have seen any funds releases. The affiliate programs help these scam brokers to widen their trap. And this is another reason to stay away from this ridiculous trading platform.
Stark Markets is using a custom-made trading platform. The problem with such platforms is they tend to become invalid over time. Most of the members are facing a compatibility problem with the platform. Smartphones are not compatible with their platform, which is a problem for traders who are on the go. Security is another concern as the platform is not able to offer ample safety to members. Lack of DDoS protection and SSL encryption is a massive problem as third parties can attack the website quickly.
License and Registration of StarkMarkets
None of the official regulators in the industry have licensed the platform. And this is proven by the fact that they fail to post any license details on their website. A legitimate broker will post copies of their certificates for all to see. Members can verify the details using the regulator’s search engines. Stark Markets IS NOT LICENSED OR REGULATED to offer any trading services. They have been blacklisted by the Italian financial watchdog, which is proof of their inadequacy.
Safety of funds with StarkMarkets
The platform is not able to safeguard funds deposited by investors. They are not segregating accounts as dictated by trading regulations. And this is why no one should sign up with the platform. Transparency is an issue as the broker does not indicate the terms and conditions present. The platform is pooling funds into one account, which is extremely risky. Expect no compensation as the broker is not in any compensatory scheme.
Scam or Legit StarkMarkets
Evidence is clear; this is a scam that has already been blacklisted by CONSOB. Stay away and use reputable industry brokers backed by experts. They are the only safe partner when it comes to trading.
We wish you all the best in your trading endeavors.