SeaStock24 – The Disturbing Details about the Broker

SeaStock24

The financial markets have an endless number of online brokers that are offering their services to anyone interested in trading. Every company you come across will promote their own services, making really big promises and offering you everything you can possibly need during the trading process. But, does this mean they can deliver? No, not every broker will be the same as advertised. In fact, many of them turn out to be downright scams that only aim to exploit you and steal your money. You can check out this SeaStock24 review to learn about one such company.

Of course, finding out that you have been scammed is not exactly a pleasant experience. It can be quite difficult to accept, especially if you invested your savings. You decide to trade online to make high returns and not lose your money to fraudsters. This is only possible when you select the right online brokerage that can offer you quality services and good trading conditions. Just because they claim to do so is not enough for you to believe. You have to evaluate them yourself to confirm they are what they appear to be.

Genuine companies will be able to live up to your expectations for the most part, while scammers are likely to fail because they are just trying to fool you. This will become apparent when you evaluate the claims they have made on their website. One of the brokers that you will come across is SeaStock24 that is offering a horde of trading instruments, which comprise of forex currency pairs, indices, shares, metals, cryptocurrencies, futures and energies.

Some of the other offerings of SeaStock24 that will draw your eye include fast execution, competitive pricing as well as top-level security. This makes it sound like just the broker you need, as it has all the ingredients required for a smooth and profitable trading experience. But, you need to evaluate SeaStock24 to ensure it really does provide all that it has claimed and this is when you come across some disturbing details. Check out some of them as follows:

A licensing issue

The first thing that you should check about any brokerage is its license. You need to get to know the company you will use because they have to be trusted with your money and your personal information. Obviously, you cannot just trust anyone over the internet with something so important. Only licensed companies have any credibility because you know that they are compliant with laws and offer high standards of services. They can also provide safety that you cannot expect from their unlicensed counterparts.

The license is issued by the regulatory authority in the region where the broker is based. According to the SeaStock24 website, it is operating within the European Economic Area (EEA), which means that it would have to be compliant with the MIFID II. The Markets in Financial Instruments Directive refers to a set of rules that online brokers are required to follow, but SeaStock24 does not comply with them at all. It is engaging in practices not allowed under the MIFID II, which means it is not licensed to operate in the EEA.

This shows that SeaStock24 is lying about where it is based because it cannot operate in Europe and you cannot trust a company you know nothing about. It is an anonymous brokerage that can disappear without warning, which means it cannot be trusted as it has zero credibility.

Malicious bonus policy

One of the biggest draws of the SeaStock24 brokerage is the fact that it is offering trading bonuses. Many people will be attracted to the platform because of these bonuses, as not many brokers offer them anymore. However, there is a reason why this practice has become outdated; most regulatory bodies have imposed a ban on trading bonuses as they come with strings attached that are designed to exploit traders.

Brokers operating in Europe cannot offer bonuses to their clients, which means that SeaStock24 should not be offering them either. Yet, it is doing so, which means it is breaking the regulatory framework and this makes it a scam. Moreover, the bonus policy itself also makes it evident that it is not a good bet. The clause dictates that if you have accepted a bonus, then you are not allowed to make withdrawals until you have managed to achieve a certain trading turnover.

Bear in mind that no genuine broker would ever stop you from withdrawing your own money, bonus or no bonus. Secondly, if you check the turnover requirement, then you will find that SeaStock24 has no intention of letting you withdraw at all because the turnover is impossible to achieve. Thus, they will be able to keep your money and there is nothing you can do about it.

No access to trading platform

You need to check the trading platform that the broker is providing before you sign up in order to ensure it has the right tools and functionalities for delivering a seamless trading experience. According to SeaStock24, it offers you a web trading platform that you can use via the browser and desktop. But, it does not let you have a look at the platform and you cannot open a demo account to check it either.

As a matter of fact, you will have to provide your personal information to SeaStock24 before it lets you access the trading platform. While most brokers have KYC processes that require you to share sensitive information with them at some point, they will never make it conditional like this. Legitimate companies always allow potential clients to check out the platform beforehand to know what they are getting into.

High minimum deposit

Another disturbing detail that you will come across at SeaStock24 is that it demands a minimum deposit of $5,000, which is just too high. These days, most brokers allow people to open accounts with just $10. The standard deposit amount is also $250, but SeaStock24 is asking for a lot more.

Closing Thoughts

All these disturbing details show that SeaStock24 is not a broker worth your time and you should steer clear of it.