EquiStak Review: Is It a SCAM Brokerage?

EquiStak is a representative of scam brokerage firms. There are few reviews about the broker online, but if you’ve ended up here, welcome — you’re about to learn why you shouldn’t trust this firm and what red flags it has. Make yourself comfortable, brew some tea, and let’s get started.

General Information

Website	https://equistak.com/
Phone Number	+442871142158
Email	support@equistak.com
Address	Bahnhofstrasse 10, 8001 Zürich, Switzerland
License	—
Minimum Deposit	€250
Assets	CFD
Leverage	1:50
Trading Platform	WebTrader

Registration and Client Portal Review

EquiStak`s review begins with the official website. Its design cannot be called pleasant or appropriate. This bright green color is very harsh on the eyes, making it very hard to stay on the site for a long time. Is this done on purpose? Possibly.

At the top, the site has a panel with several sections:

• Account types.
• Staking.
• Markets.
• Info about the company.
• Contacts.

The main page features pseudo-motivational phrases, some advantages, descriptions of certain trading conditions, a few reviews that are likely not genuine but fake, and contact information. In the footer, you can find terms of use, KYC, privacy policy, and complaints.

Much of the text makes no sense because these are generalized phrases without specific details. It seems the broker’s task was to fill the site with as much text as possible, disregarding its quality. It’s also worth highlighting EquiStak’s secrecy, as important aspects of the operation are ignored, such as the duration of operation and the presence of a license.

Next, I’ll try to register a personal account and evaluate it. Maybe it won’t look as terrible as the website. So, registration involves providing several details:

• First and last name.
• Phone number.
• Email.
• Country.
• Address.
• Promo code (if any).
• Password.

However, I couldn’t create an account because it requires a promo code. What kind of marvelous code is this, and where can one get it? Why can’t you register without this referral invitation?

Alas, I couldn’t check out the client portal. Indeed, such an approach is found exclusively among fraudulent firms. There’s no clear reason why illegal brokers don’t allow you to simply create an account and instead require some sort of referral code. Perhaps it’s part of their scam. However, the fact remains, EquiStak employs the same approach as other fraudsters.

And the last thing to add in this section. It’s impossible to even try on a demo account, as it doesn’t exist.

Trading Conditions

The company provides brokerage services. Its clients can trade CFDs, but other services are also available according to the official website, but this requires further investigation.

Account Types Review

EquiStak adheres to the classic approach in structuring tariff plans: the better the package, the more services and favorable conditions are offered, but also the higher the minimum deposit. Notably, this approach is almost always used by fraudulent firms. Thus, it’s another sign that the company engages in scams.

Traders have a choice of five types of accounts:

1. Basic. The minimum deposit is 250 euros, personal introduction session, 3 days trial of a managed account, zero withdrawal fees, 1:10 Leverage, 1 broker session, trading account setup, and initial algo trading.
2. Silver. Meeting with certified investment planner, technical assistance 24/5, bonus up to 25%, 1:25 Leverage, trading account setup, semi-advanced algo trading, 2 SMS signals, and 1 protected deal. The minimum deposit is 5,000 euros.
3. Gold. The same services and features, but on more favorable terms, plus daily news and analyst session managed. From 15,000 euros.
4. Platinum. No less than 100,000 euros. 50% insurance, and more favorable conditions.
5. VIP. From 250,000 euros. Most favorable conditions.

A minimum deposit of 250 euros is another signal that this might be a scam, as such a threshold for initial funding is most commonly seen with illegal companies. Furthermore, the sizes of commissions are not indicated, nor are the spreads, so it’s impossible to determine whether trading here is profitable or not.

Trading Platform

Unfortunately, you cannot see the trading terminal with your own eyes, as it is impossible to register an account without a promo code. All that remains is to trust how EquiStak describes its platform. However, doing so is rather foolish because the way brokers describe their platform and what it actually is are two different things. Firms often exaggerate and claim their terminal is nearly the best software, which, of course, is not true.

The broker provides little information about the terminal. According to the FAQ, the platform is adapted for mobile devices, has tools for technical analysis, and other options. In short, it seems to be basic software that certainly does not fit the definition of multifunctional and professional.

How to Deposit and Withdrawal?

Clients have access to two main methods of money transfer: credit/debit cards and bank wire transfers. Additionally, the company offers other methods, but these need to be clarified. There is no precise information regarding commissions. Most likely, EquiStak does not charge a fee for depositing funds, but there is a fee for withdrawals, though the amount is not specified. Owners of the first type of account can withdraw without fees, while other tariffs have some sort of commission.

Processing times for withdrawal requests are also not specified. Combined with the unknown fees, this characterizes the firm as non-transparent, which is absolutely unsurprising.

Verification

It is impossible to withdraw money from the balance without successful verification, so it can be definitively said that the KYC procedure is mandatory. The specific processing time for documents is not stated, but the firm claims that in some cases this can take more than 5 working days.

To undergo verification at EquiStak, it is necessary to provide complete personal information, including contact details and address, and then upload documents that verify these details, such as a passport, driver’s license, and others.

I do not recommend uploading documents to unverified companies, as your personal data may fall into the hands of scammers who will use it for their own purposes in the future.

Additional Options

Almost all additional services were listed in the section dedicated to account types. The firm indeed offers a variety of opportunities, but at the same time, it extorts as much money as possible from its clients. Many tools and options should be provided to all traders without exception, such as daily news, bonuses, technical assistance, and others.

Staking

On the official website, there is a section called “Staking”. The broker offers to invest your digital currency to generate additional income. However, specific terms are not disclosed. Curiously, there are no names of supported cryptocurrencies, pool addresses, or other useful information.

For beginners

EquiStak promises to provide inexperienced users with comprehensive educational resources and a supportive community to help. Additionally, the firm has posted educational information about CFD trading on its website, but it is insufficient. Prepared educational courses, for example, are absent.

Is This a Scam?

Certainly, the company engages in fraudulent activities, which is evident from several signs: a minimum deposit of $250, closed registration by invitation only, secrecy, and a low level of transparency. The broker raises too many suspicions, but for full certainty, I will also examine its duration of operation and licenses.

Legal Information and License

Try to find licenses for EquiStak. You will not succeed because information about regulation is simply missing. What does this tell us? The firm operates illegally, because if the organization had any kind of license, it would have displayed its number and name on the main page.

To be 100% sure of the company’s illegal activities, I will check the Swiss regulator’s registry, as the head office is supposedly located there, according to the “contacts” section.

As seen in the screenshot above, such a broker does not exist in the FINMA registry. It immediately raises the question: “How can a company officially operate in Switzerland without a license?” Because there is no such organization in Swiss jurisdiction, ‌I also checked the “Central Business Name Index” registry of legal entities. EquiStak is also not found there.

No license, fake office address, and illegal activities — quite a lot of negative factors for one company, right? The main problem for traders is fraudulent activity, as such firms can easily pocket client funds for themselves.

Domain Info

Another crucial aspect is the operational duration of the platform. Naturally, the longer it is, the more vetted and secure the company is. It’s no surprise that fraudsters do not disclose their founding date, as it likely occurred quite recently.

The domain of the official website was registered on March 11, 2024. It was very recent. Such information can be obtained using any service that checks domain parameters.

Contacts Review

Users might try calling the provided phone number or writing to the email address. However, I highly doubt that representatives of the platform will respond, as the contact details are fake.

Well, fake contact details are another significant red flag. It’s unlikely that a real and honest organization would list a non-existent email address. After all, how can one contact the managers at EquiStak? That’s a good question. Perhaps you should leave a message in the feedback form, as there seems to be no other option.

An online chat could have been an excellent way to quickly communicate with support, but it appears to be absent from the official site.

More Details

Think the company’s drawbacks end there? Not at all. Another significant shortcoming is the business model. It’s a dealing desk, meaning traders’ transactions are not routed to liquidity providers but are processed internally. In such a case, there’s no point in trading here because the organization is not interested in the success and earnings of its clients. On the contrary, it will strive to make users lose money.

Continuous technical problems, inflated spreads, fictitious quotes, and other obstacles will await every trader, because EquiStak will not allow earning, as it would be robbing its own cash register. It’s unlikely that the fraudsters opened the platform to give away money to clients.

Pros and Cons

Frequently Asked Questions (FAQ)