WikiFX Review: Is it safe to invest with a broker called STC Trade?
Abstract：STC Trade is an online forex broker registered in Canada. This broker attracts our attention as several complaints against this broker have been received from investors. This article aims to show you the thorough details of STC Trade.
About STC Trade
STC Trade is registered in Canada. This broker has experience of 2 to 5 years. And it offers a variety of financial instruments to its global clients. And we can see that the main market for this broker lies in Asia.
Unavailable website
As we know so far, STC Trade‘s British website (https://en.stcforex.com/) is unable to open. It shows that the website expired on 04.02.2021. since we can’t get the information from the website, this risk is high. You may not have a clue about the contact information if something goes wrong.
There is another company called STC Trade Development Ltd, but it is a real estate development company. We don't find any relationship between the two.
Regulation: Is STC Trade legit？
This broker has been listed as a scam broker. WikiFX warns traders of the potential risks. WikiFX has given this broker a low rating of 1.40/10. This broker has been verified to be illegal and all of its licenses have expired, and it has been listed in WikiFX's Scam Brokers list.
Suspicious Ponzi Scheme
STC Trade is getting involved in a Ponzi Scheme. It is a financial investment scam where the money gathered from the new investors is paid to the existing investors. The scammers also can pay their new investors with deposits from early investors. Therefore, many investors didn't know the truth at the time, and they felt reassured and decided to invest more. This is pyramid scheme fraud, which is extremely concealment, and deceptive. Many investors will eventually lose money after depositing the money since they can no longer find these fraudsters.
STC Trade on Twitter
It is rare to see information about this broker on Twitter. However, there is still some feedback from traders.
Exposure
As of 31 October 2022, WikiFX has received a couple of complaints against this broker. Below are some of them that we want to show you.
Field Investigation
l To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
l On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
l WikiFX did make an on-site survey on STC Trade in October 2021 and failed to find their office.
The investigators did not find the brokers office at the publicly displayed address, and we consider that STC Trade simply registered the company at that address without real business premises.
Conclusion
Since most of the victims are from Hong Kong, we urge Asian traders, especially Hong Kong traders, to understand the potential risks. Overall, we dont advise investors to trade with STC Trade.
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