StockScale promises access to top-level trader tools. However, this is not as unique as you might think. In fact, the broker seems to be quite ordinary and even a scam. Let’s check if we are not mistaken, and at the same time read the reviews of traders.
- StockScale General Information
- Registration and Client Portal Review
- StockScale Trading Conditions
- Account Types Review
- Trading Platform
- StockScale — Deposit and Withdrawal of Funds
- Additional Options
- Is StockScale a Scam?
- Legal Information and License
- Stockscale.io Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
StockScale General Information
|Address||Hamilton Development, Unit B, Charlestown, Nevis, West Indies.|
Registration and Client Portal Review
The official StockScale website is not too impressive in its appearance. Here, you can find all the standard cliches that can only be on such platforms. You will read that the broker has the best platform, that it compares favorably with competitors, and generally offers the best conditions. The description of the trading accounts is on the main page. However, apart from this, there is no useful content here. The team of employees is completely anonymous. Besides, you will hardly find any information about the management company.
It is easy to register on the website. You will be required to fill out a form with the personal data. In addition to the first and last name, you will need to specify contact details, the country of residence, and the currency of the account. It is noteworthy that StockScale does not send a verification code either by email or phone. In the future, authorization in the personal account will also take place without two-factor authentication.
Besides, during registration, we discovered an unpleasant fact. To create an account, you will definitely need to get a promo code beforehand. The broker does not say where to get it from. Why registering on the platform is not available to everyone is also a mystery to us. Usually, companies that have nothing to hide are happy to welcome all new traders.
StockScale Trading Conditions
Despite the statements about tools for top-level traders, the broker offers typical CFDs. Also, we definitely cannot call its trading conditions favorable.
Account Types Review
StockScale has four types of accounts. Meanwhile, it is very difficult to find differences between them. The broker does not publish information about additional services. Otherwise, the trading conditions are almost the same. The spreads are floating or fixed. However, their size is not specified. The type of execution is instantaneous everywhere. In fact, only the minimum deposit and leverage differ.
So for the Test account, you will have to deposit 5 thousand dollars. The leverage seems too high. Its smallest value is 1:100, and its maximum value is 1:400. The more money on the deposit, the higher leverage is available. In general, conditions do not look attractive. There are no special services here.
StockScale wants a lot of money from traders. At the same time, there is no demo account for beginners. You will have to immediately deposit 5 thousand dollars. This state of affairs seems unfair. There is also no swap-free account, cent accounts, ECN, STP, etc.
The company offers only a web version of the terminal. Of course, it is also not a top-level platform. And certainly, it is not the development of StockScale itself. The broker purchased this software from not the most popular developers. We cannot see what this platform is from the inside because of registration restrictions.
StockScale — Deposit and Withdrawal of Funds
StockScale writes that various deposit and withdrawal methods are available to customers. You can deposit money into the account using a credit card, wire transfer, or cryptocurrency. You can withdraw your profit in the same ways. The time of crediting it to the account will depend on the selected payment method.
You don’t need verification to fund your account. However, to withdraw money, you will definitely need it. Therefore, it is better to go through it right away. The verification procedure is standard. You will need to upload photos of documents confirming your identity and place of residence to your personal account. Besides, you may need to upload a photo of a credit card.
The trading conditions do not describe additional services. The site has only one section with education. However, there are only basic articles that can be useful only to novice traders.
Is StockScale a Scam?
StockScale with its limited registration and strange trading conditions looks like not the best option for cooperation. There are a few more warning signs.
Legal Information and License
StockScale claims that its management company is Preparme Limited. According to legend, it is registered offshore, on the islands included in the West Indies zone. The Nevis Registry is closed to ordinary visitors. We cannot check whether there really is a Prepare Limited company in it. However, in any case, this is not the best choice of location.
Offshore brokers are usually unregulated. The situation is the same with StockScale. It does not provide any data about the license or the regulator under whose control it operates.
Stockscale.io Domain Info
StockScale does not say when it started its work. However, we noticed that the first reviews about the broker date back to 2022. Besides, we checked when the domain was rented. It turns out that the site was launched only in August 2022. So, this project actually exists for only a few months. Another strange fact that we should mention is that the domain was rented by a company that wanted to remain anonymous.
StockScale provided a phone number and an email address for communication. However, we noticed that traders were complaining about support. According to reviews, it is almost impossible to get through to managers and consultants, and there are no answers to emails. The address of the office where you can meet with the company’s employees is not specified at all.
The broker also uses social media. You can follow it on Twitter, Instagram or Facebook. All accounts were registered only in the fall of 2022. The number of followers barely reaches three hundred. That once again tells us that StockScale is a completely new project.
The website states that 91% of investors lose money with this broker. Actually, that’s quite a lot. Although we think that the situation is even worse. StockScale is a typical example of an unregulated broker that can do anything with traders’ deposits. The disclaimer of any liability for customer losses is spelled out in the Terms and Conditions.
Pros and Cons
- The minimum deposit is too high.
- No demo account.
- Offshore registration.
- No license.
- Short term of work.
- Negative reviews.
Frequently Asked Questions (FAQ)
StockScale is a typical CFD broker. The company has no other services besides trading.
The broker asks for a fairly large minimum deposit. According to the terms and conditions, you have to deposit at least 5 thousand dollars.
No, it is not. StockScale is an offshore company that has not bothered to get a single license for its work. It is not subject to any supervisory authorities. It is better to avoid such brokers.