- May 25, 2017
- Posted by: Michael
- Category: Untrusted brokers/systems
CFDStocks.com is a binary options broker that uses the famous SpotOption platform. But can you rely on this company? Read our detailed scam test review.
CFDStocks is an unlicensed broker that it not regulated by any regulatory body. That means that all deposits made here are not insured in any range (CySEC licensed brokers are protected up to 20 00$ from bankruptcy). The broker showed up on the market for the first time in 2016, so it does not have a very extensive background. Let’s have a quick look at their basic offer.
|Minimum trade:||5 USD|
|Minimum deposit||250 USD|
|Types of options||Classic high/low (payouts around 70%), 60 seconds, one touch, ladders|
|Trading assets||Forex pairs, stocks, commodities, indexes|
CFDStocks.com – Trading platform
CFDStocks features in their offer SpotOption platform. Therefore traders can trade around 180 assets and choose short expiry times such as 60 second, 90 seconds, 2 minutes, 3 minutes, and 5 minutes or they can go for long term options. The platform is very well known in the world of trading, so I suppose no more introduction is needed. I would just add that the payouts are average, or below average (around 70%).
CFDStocks – Bonus money
The broker tries to attract traders to a tempting welcome trading bonus, a favourite practice of scam brokers like Binatex. In order to capable of withdrawing this bonus, traders need to turnover 30 times the total amount of their deposits and bonus money. Accounts with the bonus are regarded as bonus accounts. Please read the following statement taken from their terms and conditions “Any bonus accounts will be only allowed to withdraw their funds once they’ve met the terms and conditions set within the trading volume”. That raises a question. Can a trader withdraw his own money without making the turnover once he accepts this bonus? Because to me, it seems like not. So it is not much of a surprise why so many people cfdstocks.com recognise as a scam. You should take a lesson from this example and always read the T&C.
Is CFDStocks.com a scam?
We definitely do not consider CFDStocks.com to be an honest and reliable broker. It is one thing not to be regulated and to offer services without required permissions (against which we strongly oppose). But the fact that they try people to lure/scam into opening a trading account in the vision of a free additional bonus money is extremely disturbing. Anyone who takes trading at least a bit seriously should always trade with regulated brokers. There are far better companies on the market with a superior offer than to risk an unlicensed broker that launched just a year ago.
Final verdict: Not recommended, reliable competition is considerable further.
Average rating of CFDStocks