Beware! Stockcore.co is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Dont put all your eggs in one basket. Open trading accounts with at least two brokers.
Stockcore.co might seem special, but novice users dont have the experience with unlicensed brokers that we have. Stockcore.co shares so much of the common unregulated broker aspects, that we take one look at it, and know exactly how this review will end. One of the first indicators for us was the navigation bar-like third part chart that bore the TradingView name. This one has nothing to do with Stockcore.co or actual FX trading, and its usage is very common among that unlicensed broker types. Theres more where that came from. Please read on.
Creating an account is simple, and took us less than 15 seconds. We were then led to a familiar user area that we very fast assimilate with dozens of previously reviewed scammer brokers. On the trading software we were able to calculate a EUR/USD spread of 3 pips, and a leverage capped at 1:100. The available trading instruments are forex currency pairs, commodities, shares, indices, and cryptocurrencies.
The cost of trade for the specific currency pairs is way too high to be lucrative to traders. In fact, the only party that benefits from such a spread is the broker, and it alone! As for the leverage, it is unexpectedly low for an offshore brokerage.
The website of the company is accessible in English only.
STOCKCORE.CO REGULATION AND SAFETY OF FUNDS
Konstos Markets LTD, the company behind the broker, is allegedly located in the British Virgin Islands, and the terms and conditions claim that the client-broker relationship is bound by the laws of the same nation.
However, nowhere does it say that Stockcore.co is regulated by the British Virgin Islands Financial Services Commission., which is the only real thing that matters here. We checked with the regulator and found no evidence of it licensing Stockcore.co.
Moreover, Stockcore.co has an official warning issued on it by the Italian FX regulator CONSOB. This should not be taken lightly, because CONSOB is one of Europes top regulators. And we dont need to know anything else of this broker, for to be blacklisted by any regualtor is a sure way to go down.
Stockcore.co is UNLICENSED, and therefore a risk to all investments!
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! Whats special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to 20 000 per person, while the FCA guarantees up to £85 000.
STOCKCORE.CO TRADING SOFTWARE
A common unlicensed broker trading software is being used here, one that relies too much on visuals.
Some of the main features of the terminal are a live news feed, one-click trading, stop loss, take profit, price alerts, pending orders time frames, and some limited chart customization options. For an offshore broker web trader we have to give it some love. It might not be the best, but as far as unlicensed broker web traders go, this one has some potential.
STOCKCORE.CO DEPOSIT/WITHDRAW METHODS AND FEES
According to the client dashboard, the minimum deposit is $250. Users can fund an account through one of the following means: a bitcoin wallet, a credit card, Paytrio, Paystuct. and another crypto wallet.
From the withdrawal area, the one thing we learn is that withdrawals are processed within 24 hours tops. There are mentioned charges but there are no values attached to these charges, a common move on the part of the unregulated broker. Withdrawal requests are said to be processed within 4 to 7 days in the withdrawal policy. This contradiction of information is typical of scammer brokers!
The cherry on top is the Non-Deposited Funds clause, through which Stockcore.co literally blocks users from withdrawing any profit they might have made through trading. This renders the act of trading with Stockcore.co completely useless. Any money that is gained as profit is therefore property of the broker and not the user!
That was it. The latter is the last proof you will ever need to know for sure that Stockcore.co is not worth your trust. All investments will be lost at Stockcore.co!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a account managers, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed of her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
Rich Snippet Data