Read our StakingTrades review to see if this broker is a scam or legit. Just to clear doubts, this is a stakingtrades.com review.
Today, technology has brought everything right at your fingertips, regardless of where you are. There was a time when people had to jump through a lot of hoops if they wanted to trade in any financial market, but things have changed since then. Now, you can trade online and also have the chance to make the high amounts of money that you had only heard about before. This is where online brokers come in, as they are the key you need to unlock the doors to the markets in questions. But, where does this StakingTrades review come in?
It takes just one Google search for people to find that there are thousands of online brokers that have been established in the financial markets. Some of these are truly professional and reliable platforms, while you will also find mediocre and average companies. Most importantly, there are also those that do not deserve your trust at all because they are fraudulent and scam platforms that should be avoided at all costs. These have existed in the market from the very beginning, since the concept of online brokers came to be and their numbers have increased exponentially.
This is obviously because of the growing online trading trend because there are millions of people trading in the market and this means more victims for cybercriminals. Therefore, the number of victims of scam brokers have also gone up massively and you do not want to add to that number. You should be focused on finding a trustworthy broker in order to do so and this requires some effort and diligence on your part. You should remember that no company will give you hints of their intentions, so you have to get to the bottom of their nature. Doing the same in the case of StakingTrades can turn out to be a wise move.
Once you decide to do your diligence in the case of StakingTrades, you will learn just why the broker cannot be trusted and it will help you in avoiding a scam. Ready to find out more? Check out the problems below:
No license and regulation
Every expert and professional trader in the financial markets will recommend that you give preference to an online broker that has a license to offer its trading services and is properly regulated. This is the biggest reassurance that a brokerage can offer to you because it means that it complies with proper rules and regulations and maintains a high standard of service. Likewise, it can also offer you a lot of protection that you cannot expect from others. So, you need to know whether StakingTrades is licensed and regulated or not.
When you go through the StakingTrades website, you are going to find some very big claims that the company is making. According to the data, it is owned and operated by a company named STG Consult LLC, which is based in England. It also claims to have subsidiaries named STG CAPITAL LIMITED and STG GROUP LTD, which are registered in Ireland and Australia, respectively. But, you can check the online registers of the regulatory authorities in all these regions and not find any of the companies mentioned.
StakingTrades is also not mentioned, which means that it is not licensed or regulated. Moreover, it is offering trading bonuses that are banned in all of these regions, which is confirmation that it is unlicensed and unregulated. Furthermore, when you check out the Terms and Conditions that StakingTrades has mentioned on its website, you will find a mention of the Marshall Islands.
According to the document, StakingTrades complies with the laws in the Marshall Islands, which is no reassurance because this is an offshore jurisdiction and a hotbed for scam companies and operators because there is no regulation at all.
Malicious bonus policy
As mentioned above, trading bonuses are a key feature at StakingTrades and the broker uses it for drawing people to its platform. There was a time when these bonuses were widespread in the market, but then the conditions associated with them began to abuse traders. Therefore, this drove regulatory authorities to impose a ban on the offering of such bonuses completely. This is applicable in a number of jurisdictions, which includes the EU, of which Ireland is a member, Australia as well as England.
The fact that StakingTrades is offering these trading bonuses despite claiming to have offices in these jurisdictions is confirmation that the company is lying through its teeth about its authenticity. The malicious bonus policy they have added also explains why these bonuses were banned. It mentions a specific turnover that traders have to achieve before they are permitted to make withdrawals from their account. The turnover to be executed is about 30 times over, which is difficult to achieve even for experienced and savvy traders, much less newbies.
Leverage is offered by every brokerage as an incentive to their clients and StakingTrades has done the same. The problem is that its leverage offering seems to be kind of paradoxical. How? At one point, the broker has mentioned that the leverage ratio is fixed at 1:10 for all asset classes, which seems suitable, as it is under the leverage cap of 1:30 that has been imposed in most jurisdiction.
But, the problem with this leverage ratio is that it is significantly higher than the leverage cap of 1:2 that has been set for crypto assets. This kind of leverage can be immensely dangerous, especially when you consider the volatile nature of crypto. Hence, StakingTrades should not be offering such leverage at all.
Basic trading platform
The trading platform that StakingTrades is offering to its clients is pretty basic and does not even come close to the powerhouse MT4 and MT5 trading platforms that have gained a lot of recognition. Any brokerage worth its salt will offer good and feature-rich trading platforms to their clients, but this does not seem to be the case.
All signs clearly indicate that StakingTrades should not be trusted in any circumstance and you should look for another broker.