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ST5 Forex Broker provides real users with 1 positive reviews, * neutral reviews and 14 exposure review!

ST5 Broker Review

1.31

WikiFX monitor

Business

Influence E

License

No license

ST5 Review 15

Latest All(15) Positive(1) Exposure(14)
Exposure
Scam

I am losing a principal amount of 51 thousand dollars that I transferred through coinbase in BTC. There are many people like me in this situation (I know some of them personally). We were all trapped by this scammer and would be going through a lot if it weren't for .Forteclaim.com cybersecurity company. We would have lost our money permanently. Stay away from them.

FX695459
2024-03-21
Exposure
Scam alert

They wouldn't let me withdraw money. A few days later they sent me a letter saying they would fix the withdrawal issue and would communicate with all customers, but until now nothing happened. Forteclaim.com is coming back to life. These are all scams, stay away from them.

FX6845073
2024-03-21
Exposure
Scam alert

In the beginning, in 2024, I met an old friend and started dating a Hong Kong girl, her name was Kelly. She asked me to invest Soontrade5 and said every transaction was unimportant. I want to withdraw at the end of the month, but my account is frozen because I am required to pay 20% tax. How can I get my money back?

FX5743883
2024-03-19
Exposure
Fraud

A group was created on the platform, and the group was full of scammers. They are not urgent to withdraw money. If they are asked to pay taxes, they will do so quickly! This is all to deceive our real users and we cannot withdraw money.

FX244677432
2024-03-19
Exposure
Scam

In 2024 I tried to withdraw $24000 from this broker but my money was not released yet and I wanted to withdraw it due to the lack of proper license and registration for this crypto platform.

FX57947855
2024-03-19
Exposure
Being lured into investing money but unable to withdraw money

A friend introduced me to investing in this platform and said he had a way to help me use my small amount to make great profits. As a result, money was stuck in it with more than 76,000 US dollars. I was unable to withdraw money. The customer service said I had illegally profited from hacking, so they froze it. Is this reasonable?

ALIS4116
2024-03-19
Exposure

I was scammed by one Chinese girl , her name Is QIU, initially she chatted with me and sent messages to wrong person. Later she continues talked nice and to invest in Soon trade5 app. I invested 20000$, initially I withdraw 100 and later when I withdraw 10000$, they asked to pay platforms tax 12.5%. After paid 10000$ tax also unable to withdraw the money. I found this is scams and trapped me in this app. Please do not invest

Lost my confidence
2024-03-17
Exposure
ST5MAX is scam app. 100%

was scammed by a Chinese girl into investing in the ST5 application for $3750 At the beginning she was doing for me the trading and always ask to deposit more USD to increase the Profit. She showed me how to withdraw $100 and was received $80.00 to show me that everything is fine After I had a Fund of $3750 I tried to withdraw but they asked to pay 20% from my fund amount to allow me to withdraw my fund. Later I received from Google a message that they removed the ST5MAX app from my mobile as it's fake app and could steal my personal information such as bank accounts and passwords.

Magdy6349
2024-02-03

  

ST5 2025 Review: Everything You Need to Know

  Summary: The ST5 forex broker has garnered significant negative attention due to its unregulated status and questionable practices. User experiences reveal a pattern of withdrawal issues and aggressive marketing tactics, leading to widespread skepticism about the platform's legitimacy.

  Note: It is crucial to understand that ST5 operates under different entities across regions, which can impact user experiences and regulatory compliance. This review is based on a comprehensive analysis of various sources to ensure fairness and accuracy.

  

Rating Overview

Category Rating (out of 10)
Account Conditions 2
Tools and Resources 1
Customer Service and Support 1
Trading Experience 2
Trustworthiness 1
User Experience 2

  How We Rate Brokers: Our ratings are based on user feedback, expert opinions, and factual data regarding the broker's operations, regulatory status, and overall user experience.

  

Broker Overview

  Established in 2023, ST5 is a brokerage firm that operates primarily from China, offering a range of trading instruments including forex, cryptocurrencies, metals, and CFDs. However, the broker lacks a dedicated trading platform like MT4 or MT5, relying instead on a mobile app that has raised concerns among users regarding its functionality and security. Importantly, ST5 operates without any regulatory oversight from recognized financial authorities, which poses significant risks for potential investors.

  

Detailed Breakdown

  

Regulatory Status and Geographic Reach

  ST5 is unregulated and does not provide any valid regulatory information, which is a major red flag for potential traders. According to multiple sources, including WikiFX, the absence of regulation exposes investors to significant risks, as there are no legal protections in place for their funds. This lack of oversight can lead to financial mismanagement and fraudulent practices, making it imperative for traders to exercise caution when considering ST5 as a trading platform.

  

Deposit and Withdrawal Methods

  The specifics regarding deposit and withdrawal methods for ST5 remain vague, with users reporting significant difficulties in withdrawing their funds. Many have experienced unexplained delays and additional fees requested before withdrawals are processed, indicating potential manipulation of the withdrawal process. This aligns with the common tactics employed by fraudulent platforms, where funds are often trapped within the system, leading to user frustrations and financial losses.

  

Minimum Deposit and Promotions

  Information about the minimum deposit required to start trading with ST5 is not disclosed, further contributing to the lack of transparency surrounding the broker. Additionally, there are no clear promotional offers or bonuses provided, which is often a tactic used by legitimate brokers to attract new clients.

  

Tradable Asset Classes

  ST5 claims to offer a variety of trading instruments, including forex, metals, oil, CFDs, and cryptocurrencies. However, user reports suggest that only cryptocurrency trading is actively available, with many of the other asset classes being inactive. This limited functionality raises concerns about the broker's operational integrity and whether it can provide a comprehensive trading experience.

  

Costs and Fees

  Details regarding spreads, fees, and commissions are also unclear. Users have reported that the costs associated with trading on ST5 are not transparent, leading to suspicions about hidden fees. Such ambiguity is typical of unregulated brokers and should be a significant consideration for potential investors.

  

Leverage and Trading Platforms

  The leverage offered by ST5 is not disclosed, which is another concerning aspect for traders who rely on leverage to enhance their trading strategies. Furthermore, the broker does not support well-known trading platforms like MT4 or MT5, which are preferred by many traders for their robust features and reliability.

  

Restricted Regions and Customer Support

  ST5 does not provide information on restricted regions, leaving potential users uncertain about where they can legally trade. Additionally, customer support appears to be severely lacking, with reports of unresponsive communication channels when users seek assistance. This absence of reliable customer service is a significant drawback for any trading platform, particularly for new traders who may require guidance.

  

Repeated Rating Overview

Category Rating (out of 10)
Account Conditions 2
Tools and Resources 1
Customer Service and Support 1
Trading Experience 2
Trustworthiness 1
User Experience 2

  

Detailed Ratings Breakdown

  •   Account Conditions (2/10): The lack of transparency regarding minimum deposits and account types makes it difficult for potential traders to assess whether ST5 meets their needs.

  •   Tools and Resources (1/10): ST5 fails to provide any educational resources or tools that would typically help traders make informed decisions, further diminishing its credibility.

  •   Customer Service and Support (1/10): The absence of reliable customer support channels is alarming, as users have reported difficulties in reaching out for assistance.

  •   Trading Experience (2/10): With only a mobile app available and significant withdrawal issues reported, the overall trading experience appears fraught with challenges.

  •   Trustworthiness (1/10): The unregulated nature of ST5, coupled with numerous negative user reviews, severely impacts its trustworthiness.

  •   User Experience (2/10): Users have expressed frustration over withdrawal issues and lack of communication, leading to a negative overall experience.

  •   In conclusion, ST5 poses considerable risks for potential investors due to its unregulated status, lack of transparency, and numerous user complaints regarding withdrawal difficulties. It is advisable for traders to prioritize regulated and reputable brokers that offer a secure trading environment.