Would you risk your money with a forex broker that lacks a license, only surfaced in 2022, and has neither a reputable image nor positive reviews? A broker that doesn’t even have a known brand? This scenario seems set for disaster from the outset. Despite the website’s grand claims of having 10,000 registered users, we’re skeptical. These numbers just seem too good to be true. So, why is StockScale just another scam in the broker world, what pitfalls does it hold, and what are its red flags? Let’s dissect these issues together.
Table of Contents
Highlights
| 🏛️ Country | Saint Kitts and Nevis |
| ⚠️ Regulation | — |
| 🖥️ Website | stockscale.io |
| 🎲 Demo Account | No |
| ⏳ Start Time | 2022 |
| 💲 Minimum Deposit | $5,000 |
| ⚖️ Minimum and Maximum Leverage | 1:100-1:400 |
| ⚙️ Trading Platform | WebTrader |
| support@stockscale.io | |
| 📞 Phone | +447418355511 |
First Impression of Stockscale.io
Seasoned traders can identify a sham broker the moment they hit their website. StockSale’s official site misses the mark regarding distinctiveness, sophistication, captivating design, and valuable information. It sports a mundane layout, with predictable sections on tradable assets, account types, trading platforms, and vague company information — lacking in-depth, insight, and specificity.
Despite catering to traders from 25 countries, StockScale’s website operates solely in English. They do, however, maintain active social media channels – a pleasant change from the common practice of unclickable icons. Yet, the content posted here is starkly basic, and their following seems bots — a conclusion drawn from the mismatched ratio of views, likes, and comments.
Partnership and Bonuses
Nothing is known about bonuses in StockScale. Who knows, maybe the company’s employees eagerly call new clients to offer activation of bonuses – this is a common practice in such companies. Furthermore, while there’s no explicit mention of an affiliate program, the request for a referral code during registration suggests there could be one in the wings.
Account Opening on Stockscale.io
Registration in StockScale is very simple. You need to specify your first name, last name, e-mail, phone number, currency (USD/EUR/GBP), country, date of birth, and finally a password.
StockScale mandates the input of a promo code for account creation. Without this, the process falls flat. The options are to either find a current StockScale trader or to reach out to the managers — steps that few would likely take. An open registration process would surely be more appealing to interested parties. We tried a random numbers hack, but it proved fruitless.
Verification
StockScale insists on a stringent verification process. Trading without completing the KYC is a no-go. Two categories of documents are required: personal identification and proof of address. If a trader opts to use a bank card for deposit top-ups, proof of card ownership is a must, necessitating photo scans of both sides of the card. No red flags here — it’s pretty standard.
- The required documents are specified.
- You can’t start trading without KYC.
Trading Software
StockScale offers a web platform for dealing with quotes. Its trading terminal is equipped with a notification system, analytical indicators, and tools for technical/chart analysis. For those who prefer mobile trading, there’s the option of downloading the platform onto Android or iOS devices — an opportunity explicitly mentioned on their official website. However, you can only check this through your personal cabinet.
| Features | StockScale | ForexLive | WeFinancial |
|---|---|---|---|
| Demo Account | ❌ | ✔️ | ❌ |
| Mobile App | ✔️ | ✔️ | ✔️ |
| Own Development | ❌ | ❌ | ✔️ |
How Can I Trade With StockScale?
Most brokers pave the way for trading with minimal investment or a demonstration account. Unfortunately, StockScale offers neither. Their entry-level tariff plan requires an unwieldy $5,000 investment, setting the bar high. Even a trial run via a demo account seems to be off the table, as no information is provided. Curiously, the first tariff bears the label “For Beginners TEST”. The question arises: What kind of novice traders are we talking about who can casually invest $5,000 to test an unfamiliar broker’s platform?
You can open accounts in EUR, USD, or GBP. The first tariff operates with fixed spreads, followed by variable ones. The company touts instantaneous order execution and a leverage ratio ranging from 1:100 to 1:400 based on the selected tariff. The rationale behind providing traders, capable of accessing VIP status at a minimum of $250,000, with a leverage ratio of 1:400 remains a puzzle. Notably, such high stakes rarely require leverage due to the inherent risk. Additionally, only CFDs are available in the way of instruments; spot contracts and futures are not. The asset classes provided include Forex, stocks, cryptocurrencies, commodities, and indices.
All Info About Accounts
We touched upon account types briefly in the previous paragraphs. StockScale offers a limited choice of four tariffs. Their distinguishing factors beyond leverage, spread type, and minimum deposit remain shrouded in mystery. Islamic traders are offered the option to utilize a specialized Islamic account. However, the broker maintains the right to disable this feature at their discretion.
- The three account currencies (USD/EUR/GBP).
- Islamic option.
- Monotonous conditions.
- High minimum deposit.
- No information about the demo.
- The amount of spreads and commissions is not specified.
Market Analysis and Education With Stockscale.io
Newcomers to StockScale can find a comprehensive FAQ and an open-access educational section on the company’s website. These resources provide detailed explanations of margin trading, Forex, CFDs, and both fundamental and technical analyses. However, that’s where the additional support wraps up.
Deposit, Withdrawal, and Fees
The company facilitates funds transfers via credit cards, Wire Transfer, and cryptocurrencies, surprisingly, without levying any fees for either deposits or withdrawals. One peculiar detail in their terms of service is the stipulated minimum transfer amount of $250, a figure that seems irrelevant given that the entry-level account requires a minimum of $5,000. However, what is the point of this if the test account type is only $5,000?
| Features | StockScale | Clark Financial | Signet Capital |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ✔️ | ✔️ |
| Electronic Payments | ❌ | ✔️ | ✔️ |
| Crypto Transfers | ✔️ | ❌ | ✔️ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ❌ | ❌ | ❌ |
How Can I Contact It?
To contact representatives and managers, there is a phone number, email, and three social networks: Instagram, Twitter, and Facebook. We checked the phone number and email of StockScale. This data exists and belongs only to this company. We didn’t see anything suspicious here. Social networks are wound up by bots, as there is no activity at the posts on Twitter and Instagram. Views are few, and comments are spammed by other bots.
- Real contact details.
- There’s social media.
- Bot-influenced social media.
- There is no online chat for prompt communication.
Is StockScale Dangerous?
The astronomical minimum deposit size, hidden important trading conditions, lack of a license, and a generic and uninformative website — these points already raise serious suspicions about trusting StockScale.
How Long Does The Broker Work?
As is common with fraudsters, this company does not provide any information about when they started operations. However, the registration dates of the domain and social networks, August 2022 and October 2022, respectively, suggest that StockScale has been operating for approximately a year. Such a short operational history can hardly be considered substantial or credible.
How Is StockScale Regulated?
StockScale’s official website claims that it is managed by Preparme Limited, registered in Saint Kitts and Nevis. However, after combing through major registries, including the FSRC, which regulates companies, we found no record of them. Neither the registration nor the regulatory authorities of this jurisdiction have any knowledge of this broker, indicating that this is an unregulated entity.
| Features | StockScale | WeFinancial | GoldberryCo |
|---|---|---|---|
| European Zone | ❌ | ❌ | ❌️️ |
| Asian Zone | ❌ | ❌ | ❌️️ |
| American Zone | ❌ | ❌ | ❌️️ |
| African Zone | ❌ | ❌ | ❌️️ |
| Offshore | ❌ | ❌ | ❌️️ |
Frequently Asked Questions (FAQ)
Kevin Berry Wow, wow, easier, StockScale. They’ve fabricated a registration address and conjured up 10,000 clients from 25 countries, all while requiring a minimum deposit of $5,000, and making it impossible to create an account without an invitation. Exercise caution, as it’s uncertain how these fraudsters managed to bait traders onto their sham platform. However, one thing is clear: under no circumstances should you entrust your money to them or replenish a deposit. This will inevitably result in a capital loss. The broker fails to offer a single positive assurance, let alone any guarantee that your funds will be stored safely.
StockScale rating
5 reviews about StockScale
From what can be gathered from the reviews, this appears to be a substandard broker. The platform is poorly designed, with minimal features, unreasonable terms, and the absence of a license. Furthermore, the company has only been in operation for a single year. Maximum risk.
What sensible trader would invest in stockscale? They’ve set the minimum deposit threshold at a whopping $5000. That’s a substantial amount for a practically unknown broker
I’d rather invest my money with a recognized firm that’s been in the business for 20 years or more, instead of risking it with an ambiguous and obscure dealing center. Furthermore, you can’t simply register an account here; it wouldn’t allow me to register an account as it required a promo code. Where am I supposed to source that from?
It appears that they also lack a demo account. There’s no mention of licenses on the official website. Financial regulatory bodies do not supervise the activities of this dealing desk. In the case of deceit or other fraudulent activities, you won’t be able to lodge a complaint with regulatory authorities. There’s no provision for insurance, they don’t have offices worldwide, and their reputation is practically non-existent. How can one even consider opening an account here?
I strongly advise you to disregard StockScale! This is the reincarnation of the former Fibinex, emerging as a new scam. I know someone who lost more than $10,000 in this fraud. This individual intended to supplement their income due to the meager earnings from their primary job. They invested all their savings in a scambroker, traded for about a month, and then began demanding withdrawal of funds as trading wasn’t yielding the anticipated profits. But these scammers refuse to communicate or withdraw funds. Likely, that these fraudsters and scammers have long pilfered the $10,000.
Before deciding to invest with the broker, StockScale, I opted to read online reviews to gauge public sentiment towards the firm, how it was rated, and if it had satisfied customers. Above all, I wanted to discover whether the company was reliable regarding money withdrawal.
I must say, the time spent trawling through Google for reviews was well worth it. Here’s what I found: There’s a mix of positive and negative reviews about StockScale. However, the positive ones are quite brief, usually limited to 2-3 sentences, devoid of specifics or proof – appearing strikingly similar to fake reviews. Negative reviews, conversely, are more comprehensive and detailed. These seemed to be penned by real customers who had lost money on the platform.
The verdict is clear – I refrained from investing my money here. It’s apparent that the client’s funds are being misappropriated, and the management attempts to publicize their fraudulent platform through falsified reviews. I strongly advise everyone to keep their distance.
Have had dealings with two of their consultants William Tate and James Read. Read closed my account over a weekend and I have not been able to contact anybody since then. I have what’s app them, tried to phone but no communication from anybody at the company. They took me for a lot of money!