Stockscale Review – Bitcoin Trading
DISTINCTIVE FEATURES
- Simple registration and verification process.
- Cryptocurrency funding accepted.
COMPREHENSIVE Stockscale REVIEW
Registered and regulated in the offshore jurisdiction of Nevis, West Indies Stockscale is trying to build up its brand as a broker for global forex and CFD traders.
The broker offers traders a range of instruments to choose from and is working to stand out from the crowd with a strong focus on the security and technology side of its order execution.
The Website is Owned by Preparme Limited, company number: C 53738 and registered address Hamilton Development, Unit B, Charlestown, Nevis, West Indies.
The processing and clearing company Preparme Limited, company number: company number: C 53738 and registered address Hamilton Development, Unit B, Charlestown, Nevis, West Indies.
Stockscale is also a very small company, not owned by any larger corporation that is responsible for its conduct, and with no local presence in any first-world countries. With that said, however, we are not aware of any complaints regarding this broker, and we, therefore, consider it a reliable broker that is generally treated its traders fairly.
Stockscale remains a single trading platform broker only, with no other platforms ( like MT4 or MT5 ) currently being offered to its clients. It does, however, offer as well as the mobile app and web-based versions of the same platform.
In terms of available markets to trade on, Stockscale has a strong line-up of popular currency pairs, but only a very limited selection of CFDs based on underlying assets such as stock indices, bitcoin, precious metals, and oil.
Deposits into the trading account can be made with either international bank transfer (SWIFT), major international debit and credit cards, a range of online money transfer services, as well as the popular cryptocurrencies Bitcoin (BTC).
Stockscale offers accounts denominated in 3 different base currencies: EUR, USD, GBP.
Types of Forex Trading Accounts Offered by Stockscale
Stockscale has designed its foreign exchange brokerage offerings to serve both retail and professional traders. Instead of developing a range of services, they have focused on reducing the number of accounts, but included as many features suitable for these different groups of Forex traders.
Stockscale offers quotes up to five decimal points on all of their accounts and spreads start from 0.5 pips. Unlike other offshore brokers, it does not offer outrageously high leverage but limits the maximum leverage to 400:1. Also, we found the minimum deposit to be relatively high at $5000, which is a good thing.
At the time of writing this review, Stockscale offered 45+currency pairs for trading along with major spot metal assets like Gold and Silver. In addition, the broker offers a number of CFDs, including Indices, Metals, Commodities, Energies, Cryptocurrencies.
Forex traders can also open demo accounts after they have installed the Trading platform. According to the Frequently Asked Questions (FAQs) section of Stockscale website, the demo accounts expire after 90 days, which should be ample time to test out the platform or forward test most trading strategies.
Trading Platforms
A trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, a price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitability by placing well-planned trades.
Deposit Methods
Bitcoin: As a payment method, Bitcoin is reliable for its low cost and quick process. Brokers have been integrating Bitcoin as one of their funding methods especially after the cryptocurrency’s rise in popularity. Now, traders who have digital wallets can easily transfer their funds to and from their trading accounts.
Wire transfer: Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method in their service. The reason is wire transfer is basically a traditional transfer between banks worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don’t have credit cards.
Credit Cards: Credit cards or debit cards are the second most commonly used payment method. Nearly all brokers in the world provide this method in their service. The reason is credit cards are available around the world and thus Visa and Mastercard have to be included for any broker to succeed.
Customer Service and Support
Most offshore brokers run a very lean operation and try to cut costs when it comes to customer support. However, we found that Stockscale is one of the few offshore brokers that invested heavily in providing the best possible customer support experience for existing and potential clients.
You can reach their client support number at +447418355511
The Stockscale website is at this time only in english BUT we were pleased to find that Stockscale offers multilingual customer support in several languages, including English, Russian, and Arabic. This is one area where Stockscale stood out among other major offshore brokers and scored a high rating.
Besides calling Stockscale, you can also submit queries via an email or Social Media like Facebook .
The conclusion
Stockscale stood up in many areas among offshore brokers, despite having minimal to no regulatory oversight. When it comes to trading with Forex brokers located in countries with lax regulation, the reputation of the broker based on past and current performance is the most important factor to evaluate.
If you are in the market to pick an offshore broker, you will not find many reputed brokers with years of track record. Stockscale seems to be is an illuminated exception in that regard and based on our research, we highly recommend giving them a try.
Is Stockscale a good broker?
A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term “a good broker” can vary in meaning. You can decide for yourself if Stockscale is a good broker for you or not by reviewing the criteria. In general, Stockscale provides trading services in Forex, Gold & silver and Cryptocurrencies.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. Concerning margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that these products’ methods, techniques, or indicators will be profitable or will not result in losses.
