Shtern Group Review
Reason to avoid: No License
Listed Date: November 2, 2018
Top 3 Regulated Forex Brokers
Beware Shtern Group is a Non Licensed Broker. It is NOT SAFE to trade.
- Company name:
Shtern Group Ltd.
- Registration Address/ License:
Malta. No License, No Regulation.
Shtern Group is a brokerage firm offering vast trading opportunities on Forex, Shares, CFDs, Commodities and other trading assets. The office and registered address mentioned on the official website states Malta, which is an EU country that has its own regulation as well complies to the standards of financial offerings within the EEA zone.
However, the broker is not regulated, there is no any license or government permission to deliver its services, as well as none of the authorities oversee how exactly the trading environment is delivered. In addition to its unregulated nature, the Malta Financial Services Authority (MFSA) has issued a warning to investors against Shtern Group, stating that the broker is not authorized to provide service. Since Forex is a decentralized market, the industry authorities oversee the financial investment firms with a purpose to protect a client and their investments. Any issue that warns about the company or another should be seriously considered while the trader choosing the company to trade with. Since Shtern Group received even several alerts from reputable agencies, we do not advise trading with them by any matter and choose among Regulated Forex Brokers.
“The Financial Services and Markets Authority (FSMA) warns the public against the activities of Shtern Group, a company that offers forex products and CFD’s without complying with Belgian financial legislation.”
“The Malta Financial Services Authority has become aware of an entity operating under the name of Shtern Group which is known to have an internet presence. Although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case.”
The FSMA or other EU authorities therefore strongly advises against responding to any offer of financial services made by Shtern Group and against transferring money to any account number it might mention.