WikiFX Scam Alert: CONSOB & BaFin Warn Against Stellar FX!!!

Investors who are still trading forex at Stellar FX had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

First and foremost, let us start with the basic facts - StellarFX.io has been warned against not only by the Italian regulator CONSOB on October 10th but also by the German one BaFin on October 6th. The firm is exposed as having offered its services without the appropriate license. This means Stellar FX is not an EU broker. You may check the two warnings on the screenshots below:

If two respected financial regulatory bodies have considered the broker dangerous enough to issue a warning on it, you should definitely think twice before investing any sort of money. Such warnings prove with absolute certainty that this is a fraudulent enterprise.

WikiFX also paid a visit to the broker's official website to learn more. Stellar FX is based in St. Vincent and the Grenadines – the absolute favorite location for scam brokers. The reason for this preference is simple – the local financial authority does not regulate forex brokers, it just monitors the banking sector. As a result, local brokers do not have to answer to anybody or face any sort of requirements.

Furthermore, on the screenshot below is a glimpse at the trading platform the broker has to offer. This is a lackluster web trader, which is not equipped to compete with software like industry standard Metatrader 5. Sure, clients of Stellar FX can perform some basic TA and make use of the in-built news panel, but more exciting features like automated trading are nowhere to be seen.

And the spread WikiFX got on StellarFX.ios platform was 3 pips on EURUSD. For every lot (100 000 currency units) you trade with this broker, you would have to pay $30 just for trading. In the meantime, most brokers try to keep their spreads around 1.5 pips or even lower.

In addition, Stellar FX has a curious clause regarding its promotions. It states profits made with money issued as a bonus will not be eligible for a withdrawal. The clause provides a useful excuse for it to not process any requests to access your funds!

Always be wary when a scam broker starts talking about promotions. There are usually strings attached – in the form of turnover requirements that are impossible to reach. The broker would deny all withdrawals from an account credited with a bonus before you have reached a certain threshold – including of your own deposits and profits. This is the scammers way to prevent you from placing withdrawal requests – because if you do, you will find out that all of your money is gone.

Now let's search “Stellar FX” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, Stellar FX currently has no valid regulatory license and the score is rather negative - only 1.10/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Stellar FX. The so-called brokerage is actually a scam website, which has already been exposed by both the financial authority in Italy and the one in Germany.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.