StocksExclusive Review – Reasons to Steer Clear of this Broker

StocksExclusive Review

When you have made up your mind to start trading, you do not just need any online broker; you need a trustworthy one and this is easier said than done. The popularity of the financial markets has seemingly exploded in the last few years, some due to the growth of the cryptocurrency market and some because of the coronavirus pandemic. This has seen an exponential increase in the number of companies and platforms launched for offering trading services in the market. While this has certainly been helpful in terms of accommodating everyone who wants to trade, it has also led to problems. Not all brokers are reliable, as this StocksExclusive review can tell you.

As there are huge amounts of money involved in online trading, it is no wonder that it has drawn the attention of cybercriminals who are always ready to take any opportunity to steal money. They use a variety of tactics to do so, but one of the most common and widespread one is parading as fraudulent and fake brokers and getting people to deposit their money with them. If you think it is unlikely, all you have to do is run a Google search and you will find out just how prevalent such scams have become.

There are millions of people who have been scammed this way and had to give up on their dreams of trading in the financial markets. You do not want that to happen to you, so your priority should be to find a broker that can help you achieve your goals and is genuine. Before you open an account on any platform, you should make sure there are no reasons to steer clear of it. If you find any, it is best to look for a different option than take any risks. This should be done in the case of StocksExclusive as well, which is one of the forex and CFD brokerages that are offering their services.

You will discover soon enough that Stocks Exclusive is no good news and there are plenty of reasons for you to steer clear of it. What are they? Let’s go over some of them:

Reason 1: It is not a licensed company

As mentioned earlier, there is no shortage of scams in the market and many of them pretend to be legitimate. The best way to distinguish genuine companies from fraudulent ones is to ensure that the one you are dealing with is licensed and regulated. Such platforms are answerable to a regulatory authority and have to comply with a ton of rules and regulations. They also have to maintain standards and offer transparency and quality services to their clients. The problem with StocksExclusive is that it is not licensed.

In fact, when you scour the StocksExclusive website, you will find no mention of a license and this is definitely worrisome. You do not want to deal with such a company that does not have a license to offer its services. Plus, you will also discover that they have not provided any information about the company at all. This means you are dealing with a virtually anonymous broker and you know absolutely nothing about them. Would you trust a platform like that with your money? All they have given is an obscure email address and phone number on their website and no company name or other details, so you have no idea who you are dealing with.

Reason 2: It does not have any legal documentation

When you check out the sign up process of any brokerage, you will come to see that they ask you to agree with their Terms and Conditions before they let you open an account. This seems standard for every online platform and shouldn’t be a surprise. Of course, you need to take a look at these Terms and Conditions before agreeing to them because they can dictate the kind of relationship you will have with the company.

These documents are meant to outline the policies that are applicable as well as the fees and other costs that are charged. Therefore, they are of the utmost importance, so it comes as a big shock to find that StocksExclusive seems to be lacking in this area. They do not have any legal documents on their website, whether they are Terms and Conditions or a Client Agreement. This means you have no way of knowing what policies you have to comply with and neither is there any mention of fees and other charges.

You will have to sign up with StocksExclusive without knowing anything about their policies and since you will have to accept them at the time of registration, it gives them free reign to exploit you. It just gives you another reason to steer clear of this platform.

Reason 3: It does not have favorable trading conditions

Since trading conditions directly affect your trading, you need to know what kind a broker can offer and the same applies to StocksExclusive. Leverage is the most important of all and you will find that ratios as high as 1:100 are available here. Such ratios are very dangerous for retail traders because leverage can be very risky. These levels of leverage are mostly banned for retail traders by regulatory authorities in most jurisdictions, so this is not a good thing for anyone.

Reason 4: It lacks the chargeback option

The payment methods that are offered at StocksExclusive should also discourage you from opting for this brokerage. This is because only two methods are supported here; bitcoin and wire transfers. The problem with both these options is that payments made via them are final and irreversible. They do not offer you the option of filing for a chargeback, which is available via debit/credit cards. Hence, you cannot get a refund in the event of a scam and your money will be gone.

Bottom Line

These are some good reasons for you to consider avoiding StocksExclusive when you are looking for a trustworthy broker because it does not fit that criteria at all.