Standex Capital – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Standex Capital - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://itgmarket.net
Founded: 2022
Regulations: None
Languages: English, Czech, Polish
Deposit Methods: Credit Card, Debit Card, Cryptocurrencies
Minimum Deposit: $5,000
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Forex, Stocks, Commodities, Indices
Trading Accounts and Conditions
Standex Capital offers their clients 5 different types of trading accounts: Bronze, Silver, Gold, Platinum and VIP. The minimum deposit for the broker’s basic (Bronze) account is $5,000 and the minimum deposit for the VIP account is $250,000.
While the broker does not mention what their spreads are, we were able to access their trading software and calculate the figure: it was at 0.4 pips for the EUR USD set.
The leverage ranges from 1:20 (for the Bronze account) up to a maximum of 1:200 (for the VIP account).
Other trading conditions such as commissions, fees and so on are missing.
Standex Capital – Advantages
There are no advantages to trading with Standex Capital.
Standex Capital – Disadvantages
Here is a list of all the reasons why we have marked Standex Capital a scam:
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Lack of Regulation
The first thing that tells us that Standex Capital is a scam operation is their lack of regulation.
Legitimate brokers ensure that all their licensing and regulation details are updated on their websites. This means providing their corporate details (name of company running the online brokerage, contact address, telephone number and so on), their license and registration numbers, as well as the authority they are registered with.
With scammers, a lot of this information is either missing or simply false. And with Standex Capital, we have a mix of both.
Standex Capital claims that they are registered in Luxembourg. However, the country code on the telephone number they have provided is a Polish code. Added to this, the broker’s website is available in Polish and Czech (with an English translation).
The confusion worsens when you check this broker’s terms and conditions. In this section, Standex Capital’s company name is given as Inte.com. However, when we checked this company name, it turns out that the domain is no longer active. This could mean that this broker is a part of a serial scam and that this is the new website they have opened up to continue with their operations.
The broker also claims to be governed by the laws of the UK.
We checked the online register of the UK’s regulator (Financial Conduct Authority) as well as Luxembourg’s regulator (Commission de Surveillance du Secteur Financier – CSSF). Based on what we have already highlighted, we were not surprised at all to find that this broker is not listed with either government body.
All of this information clearly tells us that we are dealing with a scammer – one that could actually be a serial scammer at that.
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.
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.
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Web-Based Trading Software
Since the trading software is an online broker’s mainstay, legitimate brokers offer their clients the best platforms in the industry. This usually means offering the MetaTrader 4 or MetaTrader 5 software. Or a customized high-end software of their own creation. Whatever be the case, brokers offer the best possible trading experience through their software.
With scammers, they either do not have any kind of working software, or something basic that barely does anything beyond buying and selling assets.
And this is exactly what we find with Standex Capital: a basic, web-based trading software that offers little in the way of functionality.
There is also no demo account on offer – something all legitimate brokers ensure they have.
The lack of a decent trading platform is another piece of evidence that we are dealing with a scammer.
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Issues with Trading Conditions
A good trading software is paired up with balanced trading conditions. This is what legitimate brokers ensure is done. With scammers, there are always issues with trading conditions.
Let’s start with the minimum deposit requirement: $5,000. The industry standard is from $100 to $200, and there are so many legitimate brokers that allow for account-openings at less than $50. So, this kind of a minimum deposit requirement is just completely unfair – and dishonest.
Now, the broker’s trading platform shows a spread of 0.4 pips for the EURUSD set, however, we are rather doubtful about that figure. It is an excellent cost of trade, but that is just partial information. Since Standex Capital has not mentioned anything about commissions and fees, we don’t really know the real cost of trading.
As for the leverage, at a maximum of 1:200, it is much to high, especially considering the fact that this broker is targeting the UK and certain EU-member nations. Anything more than 1:30 in these jurisdictions is illegal!
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Unrealistic Withdrawal Policy
This broker’s withdrawal policy is unrealistic and ridiculous. The broker expects a massive process to be followed before you will be allowed to withdraw your funds:
- You have to first login and then register your withdrawal.
- Then you have to email a whole set of documents to the broker: a recent bill, bank or credit card statement – for the last 6 months, a copy of a valid ID such as a driver’s license or a passport, the 6 page agreement that needs to be dated and hand-signed.
All these documents and more are demanded before you will be able to take money out of your account!
We need to warn all traders never to submit these documents to this broker. No legitimate broker would ask for such documents from you just for you to withdraw your funds from your trading account. This is how scammers get all your personal information and then not only do they scam you for your money, they can also use your personal information in other fraudulent activities.
Conclusion
Standex Capital is a scammer and it is not safe to do business with this entity; the chances of you losing your funds to this broker are too high.
Standex Capital
Pros
- None
Cons
- Lack of Regulation
- Web-Based Trading Software
- Issues with Trading Conditions
- Unrealistic Withdrawal Policy
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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