STForex Review – Company Director Arrested For Fraud

STForex director, Alexander Smirnov, has been arrested in Russia and faces up to 10 years in prison on the count of “fraud in an especially large amount” charges. Their managing director, Evgeny Filippov, is still at large and on the wanted list of the Russian authorities.

Learn how to recognise and stay protected from online financial frauds in our STForex review.

Completely Illicit Brokerage

The people who run STForex claim that their company is registered in St. Vincent and the Grenadines. This claim turned out to be false, as the FSA database has no company with such a name.

The stforex.com website has Russian as the default language setting, which prompted us to search the CBR register to no avail. Some sources indicate that the company might be operating from Belarus, but it does not appear in the CBRB registrar of licensees.

STForex has at one point been a member of the Financial Commission. The company has voluntarily withdrawn their membership in August 2019.

As it stands, STForex is currently an unregulated brokerage, as it is not entered with the registrar of any prominent regulatory body, including FCA, NFA, FINMA, FSCA, BaFIN, CySEC or other.

How Does STForex Attract Victims?

STForex has been operating from as early as 2013. On paper, STForex does not accept clients from a large number of nations, including the USA.

This is complete hogwash, as the majority of the traffic on their website originates in these countries:

• United Kingdom 
• United States
• Germany
• Canada

This faux broker is active on many social platforms, and features profiles on Telegram, VKontakte, Facebook, X and Youtube. This influence alone does wonders to attract new investors.

This is not all, as STForex, like their equally fraudulent colleagues at CapitalBMarket make good use of boiler room agents.

Inflated Online Reputation

Personal review websites like TrustPilot don’t contain many comments about STForex. All the positive content about STForex on other sites is paid for by the company, in an attempt to suppress bad publicity.

STForex is one of the largest financial frauds in the later years. If you have invested any funds with this platform, contact our legal experts to learn about chargeback options.

High Commission And Hidden Leverage

STForex has a deposit commission of 2%, and a withdrawal commission of up to 5% or $85 for foreign bank transfers. Commission per trading lot is up to 10%, with different swaps calculated for various assets.

There is no information about leverage or spreads, however. Companies like STForex and Okx338 rely on this opacity to entrap their victims.

Various Offered Bonuses

Depending on the service package that is currently active on STForex, clients are promised various cashback and passive income benefits.

There are additional loyalty and welcome bonuses offered to the clients, calculated in bonus points. It is unclear how these bonuses are credited, or if they may be withdrawn.

STForex Hidden Trading Features

Besides the availability of trading instruments, clients of STForex are pretty much blind about overall trading features. No trading platform is advertised, and some important topics are either hidden or non-existent.

There is no way for a casual stforex.com visitor to create an STForex login. The website only contains a login form for existing members.

No Trading Platform

We couldn’t find any info about which trading software should be available with STForex. The current industry standards for online trade are MT4, MT5 and cTrader, but STForex features no download links.

Although it is possible that some variant of a web based platform is available through the personal area, we could not gain access to it.

Miniscule Asset Variation

STForex only discloses their Forex based assets in full detail:

• Forex (EUR/USD, AUD/CAD, USD/JPY, GBP/CHF)

Other assets are claimed to be available, but we couldn’t find any trace of them on the website.

An alarming detail is an advertisement about Cryptocurrency CFDs, which are banned in many parts of the world.

Only Live Trading Available

Live trading accounts, or service packages as STForex calls them, feature these minimum deposits:

• Standard – $200
• Silver – $1 000
• Gold – $5 000
• VIP – $20 000

Users of more expensive service packages gain certain perks. These range from 8% for the Silver service package, to 12% for VIP packages. Cashback ranges from 10% to 30% of the incurred costs of spreads. 

There are no demo or Islamic accounts.

Education Materials

Standard accounts on STForex only get some e-books, while VIP receives full courses and one-on-one strategy discussions.

We couldn’t access the personal area where these would be available, and cannot comment on the overall quality of education materials.

Withdrawals Not Allowed

STForex withdrawals are allegedly handled through valid financial channels like bank cards, wire transfers and e-wallets. The company wouldn’t be in hot water for fraudulent activities if these claims were true, however.

STForex, like CityInv260 withhold all of the client’s funds, and never allowed any payouts. For assistance in asset recovery, contact our legal experts through the live chat.

Nobody Answers Support Tickets

The only two methods for contacting customer support at STForex are email and phone call back. These work great for the scammers, since they can just ignore any customer support tickets.

Needless to say, as a non-member, we couldn’t get in touch with STForex customer support.

We’re Here To Help With Withdrawal

STForex is a financial investment scam posing as a forex broker. The company’s director has been arrested with fraud charges, and the managing director is on the Russian wanted list.

Your best option is to start legal action against STForex in order to recover your lost assets. Our legal experts can help you with your endeavors. We are available through live chat 24/7, and our first consultation is absolutely free.

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