Stocklux.co Review: this is the website of StockLux, a Forex broker that claims to be affiliated with Kontos Markets Ltd. And operating from the British Virgin Islands. Is it safe to invest funds in StockLux? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
StockLux says that it operates from the British Virgin Islands and is affiliated with Kontos Markets Ltd. First, you should know that the British Virgin Islands is an offshore location. Thus, while it has a regulatory body, the Financial Services Commission, Forex trading in the region can still be risky.
However, when we checked the register of the British Virgin Islands Financial Services Commission, we did not find StockLux nor did we see Kontos Markets Ltd.
Thus, we conclude that this is an unlicensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of StockLux
StockLux says it will give your trading career a smooth start. So, clearly, it is targeting new traders. It also promises to make trading instruments available that enables traders to invest in the major world financial markets.
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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
StockLux Trading Platform
The broker mentions that traders can get access to the MetaTrader 4 trading platform. Additionally, it also offers a web trader for those who prefer it.
We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
StockLux says it has over 200 financial instruments such as currency pairs and cryptocurrencies. While this is good, it is disappointingly not enough for seasoned traders. This is because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The broker mentions offering maximum leverage of 1:100. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
While it claims to offer 0 pips spreads, we found that this can go as high as 3.0 during trades. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
StockLux Deposit and Withdrawal Methods
We found that StockLux supports withdrawal and deposit via Mastercard, visa and bank wire transfer. This is not enough because many traders have different means of transactions which they prefer.
One of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required differs from account to account. We found that Stock Lux Forex broker allows a minimum deposit of $250 on a micro account and this figure rises to $500,000 on Business accounts. This is within the average minimum obtainable among top brokers. Usually, many legit brokerages require between $100 – $250 or even lesser.
The withdrawal conditions of this broker are suspicious. Withdrawals can take up to 10 days to be completed. Also, StockLux ties withdrawals to bonuses and mandates that clients must have traded 30 times the deposit to be able to withdraw funds. If your account is dormant for about three months, a penalty fee of 10% will be charged each month.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is StockLux Licensed?
No. StockLux is not a licensed brokerage and cannot be trusted. It tries to pass itself off as an authorised broker but it turns out that this is false. Remember, this is an offshore brokerage.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with this Forex broker send an email to support@StockLux.co
StockLux has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsifies claims and hides many of its trading conditions.
COMPARE WITH A TRUSTED BROKER
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- Affordable minimum
- MT4 trading platform
- Offshore broker, no license
- Limited deposit and withdrawal methods
- Withdrawal delays and bonus conditions
- Limited trading instruments