Investing in the stock market can be a great way to build wealth, but it’s important to be cautious when choosing a broker. Unfortunately, there are many unscrupulous individuals and companies out there looking to scam unsuspecting investors. In this article, we’ll take a closer look at Deustock, a broker that has been the subject of numerous complaints and legal warnings.
Company Overview
Deustock is a forex and CFD broker that operates from an address in London, UK. According to their website, they offer trading in a variety of assets including forex, stocks, commodities, and indices. However, there is little information available about the company’s history or management team.
Broker Name | Deustock |
Website Address | https://deustock.com |
Location | Unspecified |
Regulation | Unregulated |
Warning | Multiple |
Team
They did not provide any information about their team or management. This is clear that they are running a scam, nothing else.
Services and Products
Deustock offers several trading accounts with varying minimum deposit requirements and features. These include a Basic account with a $250 minimum deposit, a Silver account with a $2,500 minimum deposit, and a Gold account with a $10,000 minimum deposit. Each account comes with different features such as access to trading signals and personal account managers.
Trading Platforms
Deustock offers trading on the MetaTrader 4 platform, which is a popular choice for forex and CFD trading. However, there is no information available about any proprietary trading platforms developed by Deustock.
License and Regulations
License Status
According to their website, Deustock is a trading name of a company called Deustock Ltd, which is allegedly registered in the UK. However, upon further investigation, it appears that there is no company called Deustock Ltd registered with the UK Companies House. This raises serious questions about the legitimacy of the company and its operations.
Regulation Status
As they claim that they are registered in the UK, but we did not find any confirmation from FCA about their regulation.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing with Unlicensed Brokers is Risky?
When it comes to investing, it’s important to choose a broker that is properly licensed and regulated. This ensures that the broker is operating legally and that they are subject to oversight by regulatory authorities. Dealing with unlicensed brokers like Deustock can put your investments at risk, as there is no guarantee that they will act in your best interests.
Legal Warnings Against Deustock
There have been several legal warnings issued against Deustock by regulatory authorities. The Italian financial regulator CONSOB has issued a warning stating that Deustock is not authorized to provide investment services in Italy. The Belgian financial regulator FSMA has also issued a warning against Deustock, stating that they are not allowed to offer investment services in Belgium.
Client Feedback About Deustock
About Trading
There are numerous complaints about Deustock online, with many clients reporting problems with withdrawals and poor customer service. Some clients have also reported losing significant amounts of money while trading with Deustock.
About Customer Service
Many traders complained about its poor customer service department. This broker is non-responsive and not supportive of its client regarding trading issues.
How Can FXFarmupdate Help You If You Get Scammed?
If you have fallen victim to a scam broker like Deustock, there are steps you can take to try and recover your funds. One option is to contact FXFarmupdate, a platform that helps investors who have been scammed by forex and CFD brokers. You can submit your case to us. We will evaluate the case and will provide you with a free consultation and service recommendations to help you in recovering the fund.
Final Thoughts
Choosing a broker is a critical decision for any investor, and it’s important to do your due diligence before entrusting your money to any company. Deustock is a broker that has raised many red flags, from their lack of proper licensing and regulation to the numerous complaints from clients. If you are considering trading with Deustock or any other broker, it’s important to do your research and choose a reputable and trustworthy company that has a proven track record of success.
