Best Stocks Trade – Can You Trust Them?

Website URL: https://bstrade.co

Founded: 2021

Regulations: Unlicensed

Languages: English, Italian, Spanish, German

Deposit Methods: Credit Card, Debit Card, Bitcoin

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: Unknown

Types of Assets: Shares, Indices, Forex, Commodities

Trading Accounts and Conditions

Here are the trading accounts offered by Best Stocks Trade:

• Community: The minimum deposit is $250. The leverage is 1:100. Spreads are at 0.1 pips. There are no commissions charged and there is a 20% Welcoming Bonus.
• Premium: The minimum deposit is not mentioned. The leverage is from 1:200 to 1:300. The spreads are at 1.1 pips. There are no commissions charged and there is a 25% Welcoming Bonus.
• Business: The minimum deposit is not specified. The leverage is from 1:400 to 1:600. The spreads are floating at 1.3 pips. There are no commissions charged and there is a 30% Welcoming Bonus.

Best Stocks Trade – Advantages

We could not find anything positive to write about Best Stocks Trade. This is not a broker you should do business with.

Best Stocks Trade – Disadvantages

Here are all the reasons why we would strongly discourage all traders from dealing with Best Stocks Trade:

• Lack of Regulation

Best Stocks Trade claims to be registered in St. Vincent and the Grenadines (SVG). We checked the online register of the local financial authority, the FSA (Financial Services Authority) and found this claim to be valid.

Unfortunately, being registered with the SVG FSA means nothing from a regulation standpoint. The FSA in this country has clearly stated that it does not regulate forex brokers and that they do not issue licenses to such entities. Therefore, being registered with the FSA here still means that the broker is unlicensed.

Dealing with an unlicensed broker is dangerous, since this means that you and your funds are unprotected. If you are dealing with a broker that is operating from SVG (or other offshore locations), then you need to ensure that they are a branch of a reputed broker that is regulated by strong financial authorities such as the UK’s FCA (Financial Conduct Authority), one of the EU financial authorities, and so on. Brokers regulated by strong government authorities will offer protection against losses. Unlicensed brokers such as Best Stock Trade usually turn out to be scammers. Read on to find out more.

Plus500

$100

Minimum Deposit

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Below Average Trading Platform

Unlike many other unlicensed (read: scam) brokers, Best Stocks Trade actually does offer a trading platform. Unfortunately, that platform isn’t much to write home about. It is a web-based software that has some added features – enough to be functional, but not enough to give you a good trading experience.

Legitimate brokers, on the other hand, will offer their clients trading platforms such as the MetaTrader 4 or MetaTrader 5 platforms. These two platforms are currently the best in the world, with a wide range of tools to make trading really efficient and intuitive.

• High Spreads

While Best Stocks Trade advertises spreads that start from 0.1 pips (the Community account), when we checked their web-based trading platform, we found out that the spread for the EURUSD pair, which is the benchmark, was at 3 pips.

A 3-pip spread is very high, more than twice the market average. Most brokers offer spreads that start at 0.5 pips, so even if this broker had been licensed, we would not recommend doing business with them simply because the cost of trading would be too high for traders.

• High Leverage

Best Stocks Trade states that their leverage goes as high as 1:600. This is just too high for multiple reasons. First, trading with such high leverage is extremely risky. Yes, there is a chance for traders to make large profits while using such high leverage. However, considering the fact that most traders lose money on the market (75% to 85% of all trades end up in losses!), using such high leverage could lead to serious bankruptcies.

It is because of this that most financial authorities have banned the use of such high leverage. In the UK, EU and Australia, the maximum allowable leverage is 1:30, in the US and Canada, that number is 1:50. In Japan, leverages cannot go higher than 1:20 and in Turkey, it is set at 1:10.

Based on the language options presented on Best Stocks Trade’s website, we would say that this broker is targeting customers in the UK and the EU, which means that the leverage they are offering their customers is actually illegal. Which means that this broker is a scam!

• Limited Payment Options

Best Stocks Trade offers you two payment options – Bank Cards (credit and debit cards) and Bitcoin (which can be transferred directly into the broker’s Bitcoin wallet).

This is unfortunately another red flag. Reputed brokers offer multiple payment options – bank cards, wire transfers, cryptocurrencies, and numerous online payment options such as Skrill, Neteller, PayPal and so on.

• Issues with Terms and Conditions

We also found some rather unfair terms and conditions – clauses that are common with scammers.

First, if you haven’t carried out a trade in 3 months, then you will be charged a massive 10% inactivity fee. This is a ridiculously high amount, especially when there are many brokers that don’t charge any fees. Even those that do, only charge a few dollars at best. There is also confusion about the time limit for inactivity, since the Deposit and Withdrawal sections have different timelines (3 months and 6 months).

The bonuses offered also come with unfair conditions. You need to execute trading volumes of at least 30 times your deposit amount plus the bonus amount to withdraw your money. This is a number that is almost impossible to meet, which means that most traders will never be able to withdraw their funds!

Conclusion

Best Stocks Trade looks pretty legitimate – until you start digging deeper. This broker is unlicensed and has some rather unfair terms and conditions and should be avoided.

Best Stocks Trade

2.4

User Experience

3.0/10

Payment Options

2.2/10

Security

2.4/10

Support

2.1/10

Reputation

2.2/10

Pros

• None

Cons

• Lack of Regulation
• Below Average Trading Platform
• High Spreads
• High Leverage
• Limited Payment Options