STYX Trade is a fully anonymous financial services provider that displays the common scam signs. Admittedly, these may not be immediately visible to the Forex enthusiasts who are trying their trading luck for the first time. That’s why our STYX Trade review is here. Our task today is to expose this sham for what they really are: a thieving group of cyber criminals hiding behind false regulations and a shiny website.
The STYX Trade scam will attempt to sell you their shady products and services while claiming to be a leading Forex brand. Their parent company is GStyx Group, advertised as an investment firm, with a CySEC regulation and headquarters in the UK. None of these claims are true, and you can be sure of it. Keep reading this review for a detailed report on how this scam unfolds.
The website that STYX Trade operates is very well made, and it contains important legal information in the footer of every page. STYX Trade alleges that they are based at The Old Cottage, Lon Isallt, Trearddur Bay, Holyhead, LL65 2UU. We immediately opened up a map, and tried to see where this alleged company HQ was located. What we found out is that there is no such posting address, but it is instead a name of a property for sale in the UK.
There are other discrepancies, as well. If we were to believe the allegations about the STYX Trade’s corporate HQ, they would fall under the jurisdiction of the FCA, which is the main Financial Regulator in the UK. Instead, they claim that the parent company of STYX Trade, one GStyx Group, is licensed by CySEC, which is a Cypriot Financial Regulator.
This is a major issue. CySEC does not have jurisdiction in the UK, and the companies that are registered and operating from Cyprus must own a special passport from the UK’s authorities in order to provide services in the UK.
Another even more pressing concern is that the CySEC license that STYX Trade mentions simply does not exist! We have inquired about both the STYX Trade and GStyx Group in the CySEC company register, and there were no such companies, or the license number listed at all.
The regulatory framework is very similar in the EEA and the UK. The Financial Regulators require €730 000 of starting capital in the EU, and £730 000 in the UK respectively. A compensation scheme is also required, £85 000 by the FCA, while in the EU it is somewhat lower, at €20 000.
Both jurisdictions require Negative Balance Protection, and Segregated Bank Accounts, while they explicitly forbid any bonuses. Leverage is restricted to 1:30 for Forex and CFDs, and 1:3 for Cryptocurrencies. Further MiFID compliance is required in the EEA, as dictated by ESMA.
So, we have multiple infractions when it comes to STYX Trade license and authorisation. There are the jurisdictional concerns, and the company does not adhere to the regulatory standards in either of these regions. We can see this from the leverage they offer, which is as high as 1:500. Furthermore, STYX Trade blatantly lies to their clients. We can’t see how this STYX Trade can be anything else than a scam.
The STYX Trade page on TrustPilot is unclaimed and with a huge warning by the TrustPilot site owners saying that they’ve detected a number of fake reviews for STYX Trade, which have been removed. No wonder out of the total of 50 reviews most of them are positive, expressing content and satisfaction with the STYX Trade services. Since we couldn’t, for a second, believe any of the good ratings, we looked for the more realistic ones. Although there weren’t many, these evaluations sounded much more likely:
“Impossible to ask for a withdrawal as it is a fake platform to trade. They will ask you to send them the same amount of the requested one and explain to you it is an escrow wallet way to get paid. You will never see your money and always asked and pushed to invest more to steal your money. get away from this fake and scam platform. the persons you are talking with are using fake identity and you can never check it.”
“Don’t do it! Don’t consider all these fake reviews. It’s a fake platform, they want to push you to invest and promise you that you can withdraw your money, forget it! I am speaking to you as a victim.”
Even other traders visiting this page became aware that most of the evaluations and ratings are false and paid. So please be very careful when relying on these. It is always better to consult an authority than have your financial decisions depending on a stranger’s word online. You can also always ask us for guidance on how to choose a proper brokerage.
With a pretty shiny, and convincing web presentation, STYX Trade is attracting potential victims to at least look around and explore the offer. As soon as the unsuspecting victim leaves any trace of information and contact, they will be bombarded with emails, messages and phone calls. All of these come from the patient yet obnoxiously persistent scam agents that have no other goal but to sell their fake services.
To achieve these goals, they will use any method conceivable, depending what they judge is your weakness and interest. If you’re in it for the profit, STYX Trade agents will be convincing you that huge wealth is at the reach of your hand with so little effort it’s almost magical. So you can’t possibly just ignore the magnificent offer and once-in-a-lifetime chance.
If, on the other hand, you seem to have a good investment potential, yet aren’t all that into the Forex trading stuff, they will go as far as sparking your romantic interest, if that would take them to their final goal. The ways and strategies are many, depending on the victim.
So think well about what you want from the broker and from yourself as well, before making any rushed decisions based on what others are telling you. Street sellers are no different, and they will tell you that their set of kitchen knives can even do the dishes for you, all for the sake of convincing you into buying them.
Oftentimes, you have to be aware that not everything depends on what is said, but how the things were said. Scammers will even warn you about the risks in the entire deal and they will make you aware of the potential loss too, but the way they will glorify their offer will still make it hard to refuse.
The STYX Trade scam was established just recently. However, every hint they display points at the fact that the scammers behind the website are experienced in the fraudulent activities they’re engaged in. That leads us to think that the real owners of the website are well aware of what they’re doing, and they’re doing it with a lot of success. The number of victims shows that. For now, the majority of their operations are concentrated in European area and the countries like:
Here is what the STYX Trade Accounts look like, and how much they cost:
In comparison, most regulated brokerages today offer trading for a fraction of these costs. You can trade with less than $10 of deposited money with an authorized broker, for instance.
The scammers themselves don’t really believe that anybody would actually deposit half a million dollars to their platform, however. These exorbitant prices are there to make it seem as if STYX Trade were a successful company that handles vast quantities of money on their clients’ behalf.
The STYX Trade platform is easily accessible from the client area you find yourself in, right after the registration. We have to mention how aesthetically pleasing and attractive to the eye this part of the website is, just like the rest of it. However, the shiny surface just doesn’t make up for the lack of transparency and functionality.
While trying to access the web terminal several times, we kept getting the error message saying the problem had occurred while loading. The screen was stuck on the loading stadium and never actually managed to take us to the trading platform.
Whether the reason for that was the fact that we didn’t yet deposit or because the website was glitching up, we do not care. The final result was that we couldn’t even preview the bogus software that STYX Trade so passionately advertises.
Such a turn of events would make anyone wonder if there’s any kind of platform present at all? And if there was, why would STYX Trade not show it openly on their website and be more transparent about its capabilities? The questions are many, but the state of matter is only one and definite – STYX Trade is not a reliable brokerage with an honest approach and quality service.
There is also a discrete downloadable application on STYX Trade. When you try to download it, your Web Browser will go crazy with different security warnings. The program in question is called SIRIX Platform, which is a known scam trading platform. It has all the same problems as any fraudsters’ Web Trader, plus the additional malware it installs into your computer along with it.
Although we couldn’t access the trading terminal directly and check what the offered financial instruments are, the website still makes claims about hundreds of them being available. However, if you expect to trade with more exotic instrument classes, you have to be ready to invest more real money. From what the website states, here are the available financial products, sorted out in their respective categories:
STYX Trade offers an incredibly large leverage to their clients, set at 1:500. Because we had problems accessing the Trading Floor, we couldn’t verify whether it applies to all Instruments that are available at STYX Trade scam.
Such a large leverage is not unheard of with some regulated brokers, but it constitutes a violation of regulatory standards in many parts of the world. As we mentioned before, many Financial Regulators do not allow leverage higher than 1:30 for Forex and CFDs, and 1:3 for Cryptocurrencies.
Leverage is a double edged sword. It does provide a lucrative opportunity to investors, but we need to remember that with any broker, a vast majority of traders will lose money on their accounts. A leverage as high as 1:500 will drain your funds faster than you can blink an eye, especially coupled with the fraudulent software that STYX Trade is using.
The Money Back Policy says that deposits and withdrawals have to be made in the same currency and the same channel according to the AML measures. Although that is right, nothing guarantees the transfers will be performed that way. STYX Trade also states that the withdrawal processing time takes between 2 and 5 business days, which is within the expected limits.
However, what STYX Trade isn’t clear about are the fees. The more expensive account types supposedly offer several free monthly withdrawals, which would imply that the payouts are followed by fees. What is the exact amount of these charges, nobody except the STYX Trade employees knows.
Another vicious method that STYX Trade uses to prevent withdrawals is the malicious bonus agreement. Although the website doesn’t clarify which bonuses are available, the legal docs explain the existence of bonus amounts. These rewards are treated as “non-deposited funds” and are not subject to withdrawals until the client reaches the trading volume requirement. This means that they have to make a profit equal to the amount which is 30 times bigger than the deposit and bonus amounts combined.
STYX Trade is one very sneaky customer. They seem all nice and dandy on the surface, but everything about them is fake. Their legal information is falsified, and their Trading Application is a known scam platform. The way STYX Trade Login works, and how their Trading Accounts are set up doesn’t help their case either.
Our staff has ample experience with many similar fraudulent companies. We have achieved notoriety among these fraudsters circles thanks to the excellent rate of success when it comes to charging back client’s money from these miscreants.
If you have become a victim of the STYX Trade Scam, we would like to hear your story. With your testimony, we can help you recover your lost funds and bring these fraudsters to justice! Contact our legal experts via the Live Chat, and book your free consultation today. Time is crucial, so don’t hesitate. The more you wait, the better the scammer’s chances of getting away with their dirty deed!
STYX Trade scam lures you into investing and then either steals your entire deposit or creates an illusion of trading being done. The profit is fake and STYX Trade forces you into paying more fees and taxes to eventually rob you off of everything you have.
Although the broker doesn’t explicitly state how much the bonuses are, the legal docs explain that these do exist and are followed by the malicious conditions that make withdrawals impossible.
STYX Trade is absolutely not safe for investing. Scam companies never are. However, if you’ve already given them any real cash, contact us for help retrieving it.
The post STYX Trade Review – Speeds Up Financial Disasters With False Regulations appeared first on Global Fraud Protection.