STFOREX REVIEW 2023: SHOULD YOU SIGN UP WITH THIS BROKER?

STForex is a brokerage that is not very well-known. You come across these types of brokers through acquaintances or by chance. I came across the broker through an acquaintance.

The broker was founded in 2014 in Russia. Its technological and innovative working approach distinguishes STForex. It uses effective mechanisms for protecting and monitoring the trader’s interests.

The minimum deposit of about $10 is affordable for traders. STForex is available in 5 countries with over 400,000 clients as an internet forex trading platform.

It gives access to the most advanced trading platform, Metatrader 4, which allows a virtual trade using various assets and online profit-making. It provides the benefits of speed and convenience in the currency markets. You can read more detailed information about this broker on its website.

STForex is not a regulated brokerage company. There is no mention of any regulatory authority on the official website of STForex. It is a huge drawback for a brokerage company to be non-regulated. Brokers must be regulated and licensed by well-known governing bodies, such as

• FCA (Financial Conduct Authority) or
• ASIC (Australian Securities and Investments Commission).

The non-regulation made me leave the brokerage account. I don’t trade with non-regulated brokers. Why? Because I don’t have any protection for my funds.

Let’s talk a bit about the assets.

Forex

• GBP/USD
• EUR/USD
• USD/CHF
• USD/JPY
• USD/ZAR
• AUD/USD and many more

Stocks

• Alcoa Corp (AA)
• Apple Inc. (AAPL)
• Adobe Inc. (ADBE)
• American Electric Power Company Inc. (AEP)
• Alexion Pharma (ALXN)
• Amazon (AMZN)
• American Express Company (AXP)
• Boeing Co (BA)
• Alibaba Group Holding Ltd (BABA)
• Bank of America Corp (BAC)
• Baidu Inc (BIDU)
• Biogen Inc (BIIB)

Cryptocurrency

• Bitcoin Cash (BCH)
• Bitcoin (BTC)
• Litecoin (LTC)
• Ethereum (ETH)

Metals

• Gold (XAU)
• Silver (XAG)

Indexes

• DAX
• DJIA
• F40EUR
• FTSE100
• NASDAQ
• S&P500
• STXEUR

STForex assets

On STForex, you have MetaTrader 4. MetaTrader 4 is available for desktop and mobile phones. The platform allows traders to engage in market analysis and stay in touch with market updates.

The mobile versions provide more or less the same features as the desktop version. Some features the site advertises itself are mentioned below on its platforms page. Oh, and the app is free to download!

STForex packages

WHAT TRADING INDICATORS ARE AVAILABLE?

As mentioned above, STForex uses the MT4 platform. It has several built-in indicators for technical and fundamental analysis. Furthermore, it has various chart types, which make understanding easier. Some of the common indicators are:

• RSI
• Bollinger Bands
• MACD
• Stochastics
• Volume
• Moving Averages, and many more

After you are registered on STForex, it will give you four different account options. STForex has several trading accounts for traders to try their trading strategies. These are the accounts offered by STForex:

• Cent account
• Classic account
• Pro account

Let’s discuss these accounts in detail

Cent Account

The Cent account is the basic account type at STForex. The account has a low level of stop-out and margin calls and allows traders to minimize the risks. Cent accounts can help you a lot when you are starting. I have a detailed guide on the forex cent accounts. You can check it out here.

Classic Account

STForex provides its traders with a Classic account. The account has an instant execution type and an execution speed of 0.7 seconds. It has a fixed spread of 2 pips. The Classic account has the same minimum deposit as the Cent account: $10. It has a minimum lot of 0.1 and a maximum lot of 100. STForex’s Classic account has a leverage of 1:10 to 1:1,000.

Pro Account

The Pro account provided by STForex is for experienced traders. The account has an instant execution type and an execution speed of 0.3 seconds. It has a fixed spread of 0.3 points. The Pro account also provides the traders with commissions; 10$ for one lot, and in CFD, it starts from 0.2%.

It has the same lot percentages as the Classic account. STForex’s Pro account has a leverage of 1:10 to 1:100. The account has several benefits, but there are also risks involved in it.

STForex account types

DOES STFOREX OFFER A DEMO ACCOUNT?

If you want to get the feel of the market, you should look for a broker that has a demo account. Here’s a good thing. STForex also offers first-time traders their demo accounts. This demo account is a practice tool for new traders. There is no definite limit to virtual funds. You can get the funds by registering your account on the official STForex website.

We discussed how STForex does not have any regulatory licensing. Rightfully so, plenty of user reviews have expressed concern about this. And there isn’t much info about safety. I can only say this; use this broker with caution.

STForex is a Russia-based brokerage platform. It is located in Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. STForex also has a side branch in STF Financial LLC, Office 511, Nemiga Street 3, Minsk, Republic of Belarus.

STForex location

STForex Group of Companies owns the STForex brokerage platform.

STForex provides traders with different deposit options. These deposit methods are

• MasterCard
• Visa debit or credit card.
• WebMoney
• Qiwi Wallet
• Perfect Money
• Yandex Money

STForex also allows traders to use bank transfers. The transfer can be done through the bank branch or an internet banking service. The minimum first-time deposit is $200. STForex also charges cash-out fees depending on the selected payment system.

You can withdraw using the following methods

• MasterCard
• Visa debit or credit card.
• WebMoney
• Qiwi Wallet
• Perfect Money
• Yandex Money

The withdrawal processing can take 2 to 5 business days.

STForex deposits and withdrawals

You can send an email to the STForex support center at info@stforex.com. You can also phone their support center at +7 495 128-03-23. In addition, you can send them a direct message on their website message portal.

STForex contact

STForex has several promotional offers throughout the year. They offer a full promo code on the first trade for the new traders on the platform. These promotional codes can be found on STForex’s official website.

In 2021, after using the STForex platform for six months, I got my first promo code. The promo code offered me a 10% discount on every $200-or-above asset purchase for a single time. It is amazing, right?

STForex sends traders promo code offers via email, so keep checking for them. You can find these promotional services on other verified coupon websites. But beware of fake coupons!!

Many brokers offer promo codes, Weltrade offers promos as well as weekly prizes. Check it out here.

Traders trading Classic and Cent accounts have direct access to the bonus program, which allows the traders to get up to 200% on their deposit. This is only applicable when the assets are worth $200.

The bonus is paid every Monday as a spread during the open position. STForex does not provide the ST-PRO account holders with any bonus.

STForex does not charge any additional taxes on profits, but if your country has profit taxes as the UK has rules on crypto taxation, you are liable to pay them.

The overall trading conditions are good, but there is no regulatory licensing. It made me step back and I closed the account. However, I dug deeper into the broker and gathered enough information to write a review. So, let’s discover everything we can about STForex. First, let’s see what others are saying:

How can I close my STForex account?

You must contact the support team to close an account. The entire process can take anything from a few days to a week.

Do I need to download any trading software?

You do need to download the MT4 platform for trading with STForex. Then, you must sign up and deposit money into your account to start trading.

FINAL THOUGHTS

There you have it! We truly went over and under STForex. We evaluated its pros and cons. The obvious con is the lack of regulation. However, the broker does provide an MT4 platform and several tradable assets.

So, I would give the broker a 2/5. I hope this review was useful to you and helped you make a decision. If you are looking for legit forex brokers, you can check the complete list of brokers here.

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