Stocks24 -Overview of Minimum Deposit, Spreads & Leverage

WikiFX | 2022-03-02 17:12

Abstract：Stocks24 is a licensed broker but eventually turned out to be a really fishy one. It offers MetaTrader4 accounts with the standard CFD instruments, increased leverage and not so favourable spreads.

GENERAL INFORMATION AND REGULATION

Stocks24 is an online trading broker owned by Turbo Trading Limited and located at Top Floor, Lolam House, Kumul Highway, Port Vila, Vanuatu & Croatia

Stocks24 is a licensed broker but eventually turned out to be a really fishy one. It offers MetaTrader4 accounts with the standard CFD instruments, increased leverage and not so favourable spreads.

Stocks24 is a trading name of Turbo Trading Limited, a company incorporated in Vanuatu that actually holds a license granted by the local regulator. We already know it for two other brands of theirs- DowTrade and Dowfx.com, both of which suspicious. Anyway, the regulatory framework in Vanuatu is loose, and the only measure worth mentioning is the capital adequacy requirement of $50 000. In fact, VFSC licensed brokers are not any safer than the regular offshore FX creatures because they dont have to follow any customer protection rules, too.

MARKET INSTRUMENT

Stocks24 offers Plenty of trading options to choose from, Whether its Forex, CFDs, Indices, Equity, or Commodities you are looking for, Stocks24 has got you covered.

ACCOUNT AND LEVERAGE

Stocks24 offers four account types to investors. The accounts listed include Micro, Classic, Premium, and VIP. These accounts share similar features, which include a personal account manager and e-Books.

Heres a closer look at each account offered by stocks24.com;

Micro

Its the most basic account and is a fit for beginner traders. However, we have a problem with all their accounts for one major reason. The platform fails to mention the acceptable minimum deposit. And this means they could be taking advantage of investors.

Classic

With the classic account, members get live professional trading sessions with streaming news. You also get exclusive daily market analysis with automated trading signals. Theres a personal account manager available for this account as well.

Premium

The premium account offers investors a chance to use advanced algorithmic trading tools. According to the platform, the account is best for traders who want personalized tight spreads. Thus, its more of a customized account than the rest.

VIP

For a premium experience, the VIP account offers all the above features and more. Some of the notable features include asset management services and one on one expert consulting. You also get access to exclusive trading terms and VIP promotions.

Demo Account

Interestingly, the platform does offer bonus accounts to members. Therefore, its good to try out the demo account and get a feel of their trading platform. The benefits of using a demo account include practicing using strategies and virtual funds.

You determine your skill level and the outcome under real market conditions. Its a perfect tool for beginners to create their own skill levels. We recommend testing out a demo account before committing to a real account.

The leverage is 1:200 fixed, a risky ratio that can cause severe losses if not carefully deployed. Suspiciously, however, Stocks24 doesn‘t allow traders to choose or later adjust the levels to their preferences in the Client Area. It’s probably viable for them to do so by contacting the Support, but the procedure is more complicated than necessary. On the other end, most regulated brokers allow traders to adjust leverage themselves, so we give a big thumb down to Stocks24.

TRADING PLATFORM AVAILABLE

Stocks24 offers MetaTrader4, which is a top Forex platform beloved by millions of traders worldwide. However, the EUR/USD spread is 3 pips, which isn‘t a competitive Buy/Sell difference at all. Most of the adequately regulated brokers offer spreads of 1 pip and below with their entry accounts, so it’s costly to trade with Stocks24—a good reason alone to avoid it.

DEPOSIT AND WITHDRAWAL

Seemingly, traders are allowed to deposit as much as they want, as Stocks24 doesn‘t impose minimum requirements. The funding methods are Bitcoin, Wire Transfers, Credit/Debit cards and CorvusPay. The latter is a Croatian payment processor, and the deposits made will be automatically converted into the local currency. Well, it’s legit, but we urge traders to deposit money only via methods they are familiar with and can trust.

CUSTOMER SERVICE

The only way to make contact is by sending an email. Theres no direct contact such as live chat or using a phone. And this makes us question the accessibility of the platform. The investor should contact such platforms and get immediate responses.

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