Thinking of getting into business with StockDam? Here is what you must know about this broker. Carefully read this review to find out if stockdam.com is the trading platform you will want to trade with.
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About StockDam Broker
StockDam is an offshore brokerage company with a lot of promises for traders. Firstly, the broker address cannot be found on the webpage. To begin with, this is a red flag that tells us the fraudulent move of the broker.
The broker shows little or no interest in presenting relevant information as we could not find StockDam legal documents, account types, leverage, deposit and withdrawal.
To clarify, in spite the trading instruments StockDam claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
stockdam.com: Reasons to Avoid This Broker
Firstly, stockdam.com is a platform with no financial authority overseeing its financial services. We discover this broker does not care to show us its license and regulation as it has no address.
Secondly, we noticed stockdam.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, StockDam provides no specific information on withdrawal fee nor processing days on any withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
StockDam minimum deposit is not available.
As for the payment methods, the broker presents nothing on its webpage. But, you should not consider making any payment with this broker because it is a risk. So beware!
StockDam Platform
MaxFxProfits offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, nothing is discussed. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
StockDam Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is stockdam.com a Reliable Broker?
No, stockdam.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.