MyStocks24 Review: Avoid this Platform (mystocks24.io) Exposed!

Thinking of getting into business with MyStocks24? Here is what you must know about this broker. Carefully read this review to find out if mystocks24.io is the trading platform you will want to trade with.

About MyStocks24

MyStocks24 is an offshore brokerage company with a lot of promises for traders. The address of the broker is missing on its webpage. To begin with, this is a red flag that reminds us of similar fraudulent scheme of scam brokers.

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The broker offers different account types.

Account Types

Added, it trades on the following instruments like forex, stocks, crypto and Binary options.

To clarify, regardless of the trading instruments MyStocks24 claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.

mystocks24.io: Reasons to Avoid This Broker

Firstly, mystocks24.io is a platform with no financial authority overseeing its financial services. MyStocks24 is not worth your money as we look into Financial Conduct Authority (FCA) date base for license approval, see what we found.

FCA Warning

Secondly, we noticed mystocks24.io has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.

More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Withdrawal and Deposit

Withdrawal process

MyStocks24 withdrawal process takes 2 to 5 business days. The broker discusses the following withdrawal fees : $50 for wire transfer, $25 for Credit cards plus 10% processing fee, $25 for online payments. There is a minimum withdrawal of $250 for wire transfers while other methods is $100.

As for a dormant account of 6 months, the broker charges 10% on each month.

Minimum Deposit

MyStocks24 minimum deposit is not available.

As for the payment methods, there is Credit cards, wire transfer and other online payments. Truly, you should not consider making any payment with this broker because it is a risk. So beware!

MyStocks24 Platform

MyStocks24 offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.

As for the leverage, it can get up to 1:30. Impressive! Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

MyStocks24 Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
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Licensed in Australia(ASIC) and Cyprus(Cysec)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Conclusion: Is mystocks24.io a Reliable Broker?

No, mystocks24.io does not seem like a reliable broker for traders even though it promises offers that look good to be true.

Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.

We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.

Kindly share your comment about this broker in the comment section.

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