Note: Since STOX50s official site (https://www.stox50.com/en/home/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information & Regulation
STOX50, a trading name of ELRICS Brothers Ltd, is allegedly a forex and CFD broker based in Saint Vincent and the Grenadines that provides its clients with a web-based trading platform, flexible leverage up to 1:400, fixed spreads on various tradable assets, as well as a choice of five different account types.
Market Instruments
STOX50 advertises that it is a multi-asset platform with an extensive range of trading instruments in financial markets, including multiple forex pairs and various CFDs on indices, commodities, stocks, precious metals and oil, as well as plenty of cryptocurrencies such as Bitcoin, Litecoin, Dash, Ethereum, Ripple and more.
Account Types
There are five live trading accounts offered by STOX50, namely Micro, Standard, Gold, Platinum and VIP. Opening a Micro account requires the minimum initial deposit amount of $250, while the other four account types with the much higher minimum initial capital requirements of $5,000 and $20,000 respectively, as well as the Platinum and VIP accounts about which no further information is given directly. The minimum trade size is 0.01on the Micro, Standard and Gold account types, while the Platinum account with 0.1 and the VIP account with 1.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Micro account can experience leverage of 1:100, the Standard account with leverage of 1:200, the Gold account with leverage of 1:300, and the platinum and VIP account can enjoy the maximum leverage of 1:400. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads
As tested on the demo account of STOX50, the spread for the EUR/USD was fixed at 3 pips.
Trading Platform Available
When it comes to trading platforms available, instead of the industry-standard MetaTrader4 and MeatTrader5, STOX50 gives traders a web-based trading platform. Anyway, we suggest you use MT4 or MT5 as the trading platform. MetaTrader is the most popular forex trading platform, which the traders praise for its stability and trustworthiness. It features sophisticated trading tools such as Expert Advisors, Algo trading, Complex indicators and Strategy tester. Metatrader created a marketplace with currently 10,000+ trading apps the traders can utilize to achieve better results. Both the MT4 and MT5 have mobile APPs, trading can be done from anywhere and at any time through the right mobile terminals including iOS and Android devices.
Deposit & Withdrawal
STOX50 accepts payments with credit/debit cards like VISA and MasterCard, as well as bank wire transfers and some e-wallets, yet the broker did not allow withdraws with cards. The minimum deposit requirement is $250.
Bonuses & Fees
STOX50 says to offer a trading bonus of between 25% and 150%. However, traders have to reach a minimum trading volume of at least 3.3 standard lots for every $10 you have accepted as a bonus. The broker also offers an Algo trading service, which has a 25% service fee and where traders are not allowed to withdraw within the first 6 months of deposit.
Customer Support
STOX50s customer support can be reached by telephone: +443300271553, email: support@stox50.net. Company address: Suite 305, Griffith Corporate Centre, Beachmont, Box 1510 Kingstown, St. Vincent and the Grenadines.
