Is Stern Markets a scam or a legit broker?

Stern Markets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes. This results in a very high risk trading opportunity, despite its alluring proposal.

About Stern Markets
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is Stern Markets safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

Stern Markets is a Forex and CFD broker owned and operated by GUM Ltd., based on the Marshall Islands. This company is also provides payment clearing and billing services for Stern Markets.

They provide British, German and Austrian phone numbers, which means the broker has been targeting EU residents without being authorized in those countries.

Although head office of the company is in Bulgaria. Moreover, the German Federal Financial Supervisory Authority has issued a warning against Stern Markets and GUM Ltd.

Conclusion

It is safer to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Check the list of the FCA-regulated brokers here.

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