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StoneWall FX Review
Once you sign up for the services, however, you realize that things are not as they seem. The brokers have stringent measures that make it hard for you to trade and withdraw the money earned. One of the scammers we have come across is StoneWall FX
Online trading is becoming one of the most lucrative businesses today. With the help of the internet, people can now trade easily and with little money. As the business has grown, so has the number of trading brokers. For retail traders, brokers are essential as they help them to trade with the bit of money they have.
In turn, brokers charge the traders a small fee in the form of commission or spread. However, not all brokers are legit. Some are outright scammers who are after your hard-earned money. Before trusting any broker, due diligence is necessary to establish their legitimacy. Falling for scammers is easy as they have attractive offers to lure unsuspecting traders.
Once you sign up for the services, however, you realize that things are not as they seem. The brokers have stringent measures that make it hard for you to trade and withdraw the money earned. One of the scammers we have come across is StoneWall FX. Follow along as we show you why you should not trust this company.
According to the company website, the platform is a major provider of services and products and an online trading platform. The company claims to provide its platforms to millions of traders who wish to trade through the internet.
The company also claims to have tremendous support from its users, who continually provide much-needed insights on how the company can be better. The company says it listens to the customers and makes changes to suit their needs. The company also offers its customers the necessary information needed for trading.
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They provide technical analysis tools and economic news updates to help in the fundamental analysis of the forex market. The live price tables offered by the platform also assist traders in tracking asset movements over time. Choose genuine crypto companies that care about your needs. You will enjoy fund safety while earning passive income
The platform has six trading accounts from which traders can choose: Bronze, Silver, Gold, Diamond, Premium, and VIP. The minimum deposits for these accounts range from as low as $1,000 to as high as $100,000. The spreads are between 0.12 pips and 0.01 pips.
The accounts which require low minimum deposits have no leverage. The only account with leverage is the VIP which has a leverage of 1:300. Some of its products include forex, bitcoin, stocks, indices, and commodities. Transactions are done through wire transfer, VISA, Mastercard, or Maestro.
Although the information on the website seems attractive, there is more to it. On taking a closer look, we uncovered a few issues that you may need to consider.
StoneWall FX Company Founders
On the company website, there is no information regarding the company founders. It is like the company appeared out of nowhere. For a company that claims to help millions of traders, it is odd that they have omitted the information about the founders. Further, they had not indicated when the company was established.
Our research established that their domain was opened on 9th September 2022 and will expire after one year. If the company were planning on offering services to millions of investors in the future, one year would be too short and suspicious. It could only mean that the company is not planning to be operational for long.
Such a red flag is too apparent to ignore. It raises serious questions about the company’s legitimacy. The company CEO is also nowhere to be found. There are no employee names mentioned anywhere. The ironic thing is that StoneWall FX claims to be transparent. It is anything but transparent.
The company has provided its email as email@example.com and its phone number as +44-1582287118. The company’s specific location is, however, undisclosed. Omitting the physical location is a major red flag. Any legit company should have a physical place where customers can visit if they have queries. The closest the company has come in giving their location details is saying that they have a worldwide presence.
That alone means nothing. In the Terms and Conditions section of the website, there is a vague mention of St. Vincent and the Grenadines. This region allows many shady brokers as there are no regulations here. StoneWall FX’s choice of being an offshore broker shows that it is a scam. It wants to hide in a region with no strict rules to scam unsuspecting clients.
StoneWall FX Trading Platforms
StoneWall FX claims to make trading easy. On the contrary, however, it seems to do the opposite. For one to trade efficiently, you need a friendly platform. For the Bronze account, for example, traders can only use Webtrader. As such, one cannot trade on MT5 platforms. Doing this makes trading hard. Webtrader’s interface is not as user-friendly as the MT5.
Spread and Leverage
The leverage is reasonably low, and the spreads are tight. However, the lack of leverage in some trading accounts like Bronze is disadvantageous. This is because retail traders cannot trade on the platform as they do not have the money.
The lack of margin trading for the retail traders would make it challenging for them. Also, StoneWall FX claims to facilitate traders to trade anywhere, anytime. This is a ridiculous claim, given that not all traders will be able to use MT5 for trading. Without MT5, efficient and fast trading is nearly impossible.
Regulation Status of StoneWall FX
StoneWall FX is not a regulated broker. This explains why they operate offshore accounts. This makes it all the more difficult to track them in case they engage in some shady businesses. After looking at StoneWall FX’s features, we conclude it is not worth investing in. Although the website looks attractive, it is not what it seems. These are just some scammers who yearn to take away your money without remorse. After the review, it is clear that StoneWall FX is unregulated and unlicensed. After depositing money, it is likely hard to get it back.
Any legit business welcomes customer feedback. This is what potential buyers look at when they want to buy a product. It is easier to believe another customer’s view of a product than the company selling it. For Stonewall FX, the customer feedback is missing. There are no reviews. This shows that either no customer has used the platform or that they have deliberately concealed the reviews.
Keeping such information away from the public only confirms our fears that they are hiding something. As such, trusting them is dangerous and will end in losses. Whether negative or positive, feedback is essential. A company that does not allow criticism is not worth trusting with your money. Although they claim that they listen to their customers, they have not included the customer comments.
One of their conditions is that after depositing the money, the deposits are final and non-refundable. Such a condition is unacceptable. This is because every customer has the right to change their mind regarding their investment. In trading, there are many risks involved.
It is very easy to lose money even when trading through legitimate brokers. The last thing a trader needs is to lose money to a scammer like StoneWall FX. Though sometimes it can be hard to identify scammers, for StoneWall FX, we have made it easier for you. You should not fall prey to such forex brokers because they have ill intentions. Trading is by no means easy and has no guarantees of profit. However, this does not mean it is impossible to make money. It is still possible but only through legitimate crypto companies.