Silvercrest Stock Trades Review – Is Silvercrest Stock Trades a Scam?

Read our Silvercrest Stock Trades review to see if this broker is a scam or legit. Just to clear doubts, this is a review.

At some point, everyone dreams about trading in the financial markets, especially when they hear about others making their fortunes in this space. The forex and stock market may be the most popular and well-known, but others also have a lot of opportunities and now crypto has also joined the mix.

This has drawn millions of people all over the world into the world of online trading. While it has certainly simplified the trading process, it does have its risks. The most dangerous and common of them all is that of scam brokers, like this Silvercrest Stock Trades review highlights.

The problem is that these scammers are mixed up with legitimate brokers and this makes it difficult for people to tell them apart. The offerings are quite similar and in some cases, even their presentation appears the same, especially if it is a clone scam.

It can become nearly impossible for people who have no experience dealing with online brokers to navigate the broker selection broker. The key is finding a broker you can trust and it is undoubtedly a big challenge. Nonetheless, it does not mean that you cannot get it done.

Even if you are a complete newbie, you can still choose a trustworthy brokerage and have a profitable and smooth trading journey. All you have to do is make just a bit of effort and it can be easily to accomplish. The important thing to bear in mind is that scams will be scams at the end of the day.

No matter how hard they try, they can never really hide their truth when you are ready to dig it out. This certainly works in the case of Silvercrest Stock Trades because once you start looking closely, you will notice just how it is trying to hide its reality.

It presents itself as a leading brokerage in the market, but you can start seeing the problems when you check out its logo because it hasn’t even spelled it right. The logo says Silvercrest Stock Tradind instead of Trading and this is a kind of blunder you can expect from a scam.

Of course, it tries to showcase itself as a competent broker by offering access to crypto assets and numerous bonuses, but there are a lot of problems that will tell you that you should not trust this broker. You can check out some of them as follows:

Licensing and regulation

You should always start with the licensing and regulation of an online broker because most companies that do not have a license are not worth trusting at all. Those that do are monitored by a regulatory body and have to follow the rules and guidelines they have set forth.

This means that they are required to offer you quality, transparent and secure services that unregulated companies cannot. Moreover, there can also be accountability with licensed brokerages, so it ensures safety of funds too.

The regulation page that you will come across at the Silvercrest Stock Trades seems quite impressive. The brokerage is claiming to be regulated by a number of bodies, starting with the UFSA i.e. the US Financial Services Authority.

Given that the United States is one of the world’s highly regulated jurisdictions, this should be great. But, the fact is that the regulatory bodies in the US are the Commodity Futures and Trading Commission (CFTC) and the National Futures Association (NFA).

You can check both of their registers online for Silvercrest Stock Trades and not find it anywhere. Next, the brokerage claims to be compliant with the Markets in Financial Instruments Directive (MiFID).

However, you will not find a license number to verify this claim, which means it is an empty one. The most ridiculous claim of them all is about regulation from the Financial Conduct Authority (FCA), which is the regulatory body in the British markets.

The FCA is one of the top regulators in the world that has banned crypto CFDs that Silvercrest Stock Trades offers, which means that it cannot be regulated by it at all. This means that you are dealing with some offshore scam broker that cannot be trusted at all.

Trading platform

An online broker offers a trading platform for helping you execute your trades and it has a significant role to play in your journey because it is used for executing trades and for conducting analysis and using various tools. But, you will find that Silvercrest Stock Trades does not have anything powerful, or remotely advanced to offer to its clients.

They have a web trading software that is extremely basic and a far cry from the industry-leading platforms like the MT4 and the MT5 that have become the top choice of most traders. With platforms like the one Silvercrest Stock Trades offers, it is easy to manipulate the data, which is what most scam brokerages do. This is because it does not seem to support leveraged trading at all, or any tools for that matter.

Minimum deposit

You have to make a minimum deposit to open an account with a broker and Silvercrest Stock Trades demands $1,000 for its cheapest account option.

This is considered too high these days, as most companies allow you to open an account for as little as $10. The average minimum deposit is also around $250, but Silvercrest Stock Trades wants you to deposit four times that and this should make you suspicious because only scammers demand so much money upfront.

Payment options

The fact that you can make only crypto deposits in your account at Silvercrest Stock Trades is all the confirmation you need that it is nothing but a scam. Most professional brokers will offer you various payment options, including those eligible for a chargeback.

It is the norm for scammers to only accept crypto payments because they do not have the chargeback option, which means there can be no refunds. As they are also anonymous, they are the right fit for scammers.

The Verdict

With the many problems that you discover about Silvercrest Stock Trades, you can see that it is not a brokerage that deserves your trust at all.

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