CFD Stocks Review-CFD Stocks Complaint
Fake addresses and not having a license approved by the authorities is two of the main characteristics of a fraud broker. They will not only lie about their license but will claim themselves to be another regulated company in order to tempt the innocent customers in. in such situations, it becomes a little difficult for the customers and innocent traders to differentiate between the regulated trade broker and the scam broker. CFD Stocks is yet another broker whom we are going to review today.
About CFD Stocks:
CFD Stocks states them to be a binary options broker based in the UK. Information about the company or the founders is not mentioned anywhere on the website. Although the company claims to be the best in a town like every other trade broker, CFD stocks literally have almost nil information on its website. Even though the company has given the address of someplace in UK as their office, we strongly believe that this is yet another company registered in one of the offshore zones such as the Caribbean or the Marshall Islands.
CFD Stocks are an unregulated trade broker and do not possess a license from any of the regulatory authorities. As the company claims to be based in the UK, we checked on the Financial Conduct Authority or the FCA’s site whether CFD Stocks is regulated or not. We could not find any trace of this company on FCA’s official website. After a little more research, we found out that the Australian Securities and Investment Commission of Australia which is commonly known as the ASIC has issued a warning against this company. The regulatory authority states on their website that CFD Stocks is suspected of involvement in the scam and asks the public not to trade with this company.
Upon reading the terms and conditions that the trade broker has mentioned on its website, we realize that CFD Stocks forbids the customers from withdrawing their funds before a month from the date they made the deposit. It also states that for the customer to withdraw their own fund, they are required to meet a certain trade volume. Readers must note that no regulated trade broker will do this. According to the regulatory authorities, no regulated trade brokers are allowed to restrict their customers from withdrawing their own money. CFD Stocks also charges an amount of 35 USD to process the withdrawal request. This also is not allowed and raises doubts about the company’s authenticity. The company states in the terms and conditions that it takes around 7 to 10 days to process the withdrawal request. Regulated trade brokers only take 224 hours to process a withdrawal request.
Is CFD Stocks a scam or legit?
Upon going through their website, we found out that CFD Stocks is completely going against what is allowed by the regulatory authorities. Therefore, CFD Stocks is a potential scam. We strongly advise our readers not to trade or initiate a trade with this company. Always do thorough research and keep reading our page for more scam reviews!