STYX Trade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
STYX Trade - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$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://styx-trade.org
Founded: 2023
Regulations: Unlicensed
Languages: English, Russian, Spanish, Italian, German, Polish, French, Armenian, Korean
Deposit Methods: Credit Card
Minimum Deposit: $250
Free Demo Account: Unavailable
Number of Assets: Not Specified
Types of Assets: ETFs, Stocks, Bonds, Futures, Exchange Products, Crypto
Trading Accounts and Conditions
STYX Trade offers their clients 6 different types of trading accounts:
- Basic: The minimum deposit amount is $250. The floating spreads start at 3.0 pips for the EURUSD, 3.4 pips for the GBPUSD, and 3.3 pips for USDJPY. You are allowed 1 free withdrawal.
- Bronze: The minimum deposit amount is $5,000. The floating spreads start at 2.9 pips for the EURUSD, 3.3 pips for the GBPUSD, and 3.1 pips for the USDJPY. You are allowed 2 free withdrawals.
- Silver: The minimum deposit amount is $25,000. The floating spreads start at 2.9 pips for the EURUSD, 3.2 pips for the GBPUSD, and 3.2 pips for the USDJPY. You are allowed 5 free withdrawals.
- Gold: The minimum deposit amount is $100,000. The floating spreads start at 2.7 pips for the EURUSD, 3.1 pips for the GBPUSD, and 3.0 pips for the USDJPY. You are allowed 1 free withdrawal every month.
- Platinum: The minimum deposit amount is $250,000. The floating spreads start at 2.1 pips for the EURUSD, 2.5 pips for the GBPUSD, and 2.4 pips for the USDJPY. You are allowed 3 free withdrawals per month.
- VIP: The minimum deposit amount is $500,000. The floating spreads start at 1.6 pips for the EURUSD, 2.0 pips for the GBPUSD, and 1.9 pips for the USDJPY. There are no fees for withdrawals.
Other trading conditions such as leverage ratios, order execution methods, commissions, etc. are not mentioned.
STYX Trade – Advantages
There are no advantages to trading with STYX Trade.
STYX Trade – Disadvantages
Listed below are all the disadvantages that tell us that STYX Trade is a scammer:
-
Lies About Regulation
The red flag that tells us that we STYX Trade cannot be trusted is the fact that this broker lies about their regulation status.
In their Terms and Conditions pages, the broker claims to owned by STYX Trade Group whose registered office is in York, United Kingdom. However, when you check the footer of their home page, the broker states that the company that owns and operates their website is called GStyx Group, a company that is authorized by the CySEC – the Cyprus Securities and Exchange Commission. The broker also claims that this company is a part of the Group of Companies (the broker does not say STYX Group of Companies; this could be a typo).
We checked the CySEC’s online register to confirm this assertion and found out that STYX Trade has lied about their regulation status. This broker is not regulated by the CySEC.
Added to this, if the broker is based in the UK, they need to be regulated by the UK’s financial regulator – the Financial Conduct Authority. We check that regulator’s online registers too and found out that STYX Trade or their so-called parent company is not registered with the FCA either.
Therefore, this broker has lied abut their regulation status. Only scammers would do so.
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.
-
Blacklisted by 2 Authorities
While investigating STYX Trade’s regulation claims we uncovered even more damning evidence of this broker’s scam. We found out that 2 of the most reputed financial authorities have blacklisted this broker.
The first financial authority to blacklist STYX Trade is the FCA, and the second is the German BaFin. Both these authorities have clearly stated that this broker is operating in their jurisdictions without authorization, i.e., illegally. When a financial authority issues a warning against a broker, it is a clear indication that that broker is a scammer. And since STYX Trade has been blacklisted, we would strongly discourage all traders from investing with this broker.
-
Poor Trading Platform
Another sign of a broker’s scam is the lack of a good trading platform.
A broker has only two offerings – their product (the trading platform) and their service (the trading conditions). Together, they need to be good enough for traders to want to do business with that broker.
STYX Trade claims to offer their client a cutting-edge trading platform. However, this is another lie this broker has told in order to attract more customers. The truth of the matter is that this broker has no such trading platform. What this broker actually offers is a poorly constructed web-based trading software that does not do more than allow a trader to buy and sell a few assets.
This is another sign that we are dealing with a scammer.
-
Issues with Trading Conditions
As we said, it is the trading platform and the associated trading conditions that make or break a broker.
Even if STYX Trade had a good trading platform (which they do not), their trading conditions are another issue. The minimum deposit is too high at $250, especially when there are so many great brokers today that allow for account openings at less than $50. And the jump in minimum deposits from the basic account to the next levels are much too high.
The spreads are extremely high, even without commissions. Of course, there is no information about whether this broker charges commissions for their trades or not.
And there is no mention of leverage ratios.
These issues clearly tell us that we are dealing with a scammer.
-
Issues with Payments
The only way that you can make payments is via Visa or MasterCard credit cards. The lack of choices in payment methods is another red flag that tells us that this broker is not trustworthy.
Added to that, we do not know anything about this broker’s withdrawal policy.
This lack of clarity is typical of scammers.
Conclusion
STYX Trade is a scammer and cannot be trusted.
STYX Trade
Pros
- None
Cons
- Lies About Regulation
- Blacklisted by 2 Authorities
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Payments
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more