Is StoxMarket a scam or legit broker?

No, it is not safe to trade with StoxMarket. StoxMarket is owned by Marketier Holdings Limited which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

StoxMarket offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, Crypto. It claims to be located in Scotland, the UK, however, it is not regulated by its local Financial Conduct Authority (FCA). Moreover, the FCA has issued a warning against Marketier Holdings Limited (StoxMarket) in June 2017:

“This firm (Marketier Holdings (trading as StoxMarket) is not authorised by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorisation.”

Also, the British Columbia Securities Commission has warned against the broker in December 2016. Back then, Marketier Holdings Limited claimed to be located and registered in another offshore zone, Dominica:

“We recently became aware of StoxMarket and that a BC resident was able to open a trading account with StoxMarket. The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.”

We strongly advise all investors and traders to avoid StoxMarket and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

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