Estock FX Review – Discovering the Truth about this Broker

Estock FX Review

Online trading is undoubtedly a lucrative way of making money in the financial markets. Plus, as there are no barriers to entry, you can easily venture into this space with a minimal amount of money and the services of a broker. But, the latter is where many people stumble and find themselves confused because there are numerous platforms that exist. Most importantly, not all of these brokerages are legitimate and this is something you need to be concerned about. There are millions of people who have suffered at the hands of these scams and you don’t want to be another. Therefore, checking out this Estock FX review is a good idea.

It is only by thoroughly researching a broker that you can ensure you are making the right choice. Even a small misstep on your part can have disastrous consequences, so you need to be very thorough and attentive. No matter how tempting the offerings of a broker may be, you should focus on ensuring that the broker is being honest and truthful about them. You need to do the same when you come across Estock FX, which is offering forex trading services to global traders. In this case, it turns out to be a good move because you will quickly discover just how many problems there are with Estock FX. You can go through the review below to learn the truth about this broker:

Licensing and Regulation

The first thing you should always check in a brokerage is their licensing and regulation because this will tell you what kind of protection you can expect if something was to go wrong. If you check out the background of Estock FX, you will learn that it is owned and operated by Estock FX (SV) Ltd, which is based in St. Vincent and the Grenadines. This is an offshore jurisdiction and does not regulate its forex industry.

Therefore, SVG has become a notorious hotspot for scammers because they don’t have to answer to anyone. This obviously indicates that trading with Estock FX is not safe for anyone because you don’t know anything about the company as such and they do not have to follow any rules or regulations and can vanish overnight.

Trading Platform

One of the most important features that a broker can offer to you is their trading platform. It is the software that connects you to the financial markets and is used for executing your trades. It also provides the tools and features that can be immensely useful during the trading process. When you check out the offerings at Estock FX, you will notice that they claim to provide access to the MetaTrader platform, which is quite impressive.

After all, the MetaTrader platforms are known as the top ones in the market and all legitimate brokerages offer them to their clients. However, once you make an account at Estock FX, you will not be able to access any conventional trading platform and this comes as a shock. It appears that the broker is not offering trading services at all.

What you will find at Estock FX is just a dashboard that allows you to make deposits and provides prices of a bunch of cryptocurrencies. These quotes are provided by some third parties, such as the renowned forex broker FXCM, or crypto exchange like Bitstamp and are essentially useless. Hence, it is apparent that the intention of the broker is just to take your money and nothing else.

Investment Plans

As stated above, you need to thoroughly check the offerings of the broker you are considering to verify them properly and when you do the same with Estock FX, you will discover the investment plans they are offering. All of these plans are offering you specific returns on investment and this should immediately warn you. Why? This is because no one, not even the most professional and expert traders can guarantee profits in the financial markets because of their volatility and unpredictability.

Any platform or brokerage that does so is only trying to scam you because it is not possible for them to make any guarantees. The same applies to Estock FX, which is offering several investment plans that come with guaranteed returns on the minimum deposit. As mentioned earlier, the broker is not even offering its clients a trading platform, only an illusion of one. This makes it clear that it is running a high-yield investment plan scam and nothing more.

Furthermore, you should bear in mind that as Estock FX claims to be a forex broker, it is a market maker. This means that the brokerage will profit when you lose and vice versa. This means that it cannot make profits on your behalf because it would result in losses for themselves. It is a conflict of interest, which indicates that Estock FX should not be offering these investment plans at all.

Payment methods

Checking out the payment methods offered by a brokerage is a must for several reasons. First and foremost, you want to be able to make your deposits and withdrawals easily and conveniently. Secondly, it will also tell you if you will be able to get your funds back in case of a problem. When you check the payment options that Estock FX supports, you will find that only crypto deposits are offered.

This might be advertised as a modern payment solution, but you should bear in mind that it does not have a chargeback option. Thus, if anything were to go wrong, your money will be gone. As a matter of fact, crypto payments are not considered safe at all because they are essentially anonymous and final and you cannot track them. Payment options like credit card, including both Visa and MasterCard are not available at Estock FX that can help you get a chargeback.

Closing Word

What have you learnt about Estock FX so far? The broker is not licensed or regulated, does not have a trading platform, has a conflict of interest and does not allow for chargebacks, which means it is not a good choice for anyone.