Stove FX is a contract-for-difference broker established on September 25, 2024, aimed at providing a trading experience for both retail and institutional clients. The platform supports a variety of trading instruments, including CFDs on forex, indices, commodities, cryptocurrencies, stocks, futures, and bonds.
Trading Platforms
The broker primarily offers TradingView and ST5 trading platforms.
Features of the TradingView platform:
- Real-time forex and CFD quotes: Provides users with timely and accurate market data.
- Low spreads and commissions: Offers extremely low trading costs under market conditions.
- Micro lot trading: Supports a minimum lot size of 0.01, with no upper limit, accommodating traders of various capital scales.
- Unlimited price level orders: Supports unlimited price level orders.
- Extended symbol display: Offers more market tools and options.
- One-click trading: Simplifies trading processes, enhancing operational efficiency.
Features of the ST5 platform:
- Real-time forex and CFD quotes: Helps traders capture market dynamics.
- Order functionalities: Supports various order types, including pending orders.
- Trading directly from charts: Chart trading makes operations more intuitive and convenient.
- Over 30 technical indicators: Various technical tools to aid market analysis.
- Multiple chart types: Bar, candlestick, line charts, etc., meet the needs of different traders.
Supported Clients
The platform supports PC, iOS, and Android, allowing users to trade anytime and anywhere. It should be noted that the iOS version download link is DFIECFRBR, not ST5, and the Android version currently cannot open the download link.
Account Types
The platform offers two main account types:
Raw Spread Account
- Spreads starting from 0.0 pips, suitable for traders requiring low spreads.
- Up to 1:1000 leverage.
- No commission, ideal for gap trading.
- Fast order execution, supports ST5 platform.
Standard Account
- Spreads starting from 0.0 pips, free of commission.
- Up to 1:1000 leverage.
- Fast order execution, suitable for regular traders.
- Supports ST5 platform.
Regulation
On its website, it claims to be regulated by the Seychelles Financial Services Authority (FSA), and mentions information of Raw Trading Ltd. A search on the Seychelles Financial Services Authority (FSA) website shows that Raw Trading Ltd trades under the names IC Markets Global and IC MARKETS (SC), unrelated to Stove FX. This broker misuses the information of other companies to deceive consumers. A search for Stove FX on the FSA website also returns no relevant information.
A search on the UK Financial Conduct Authority (FCA) and the U.S. National Futures Association (NFA) websites also reveals no information about this company, indicating that the broker lacks valid regulation, and investors should be cautious.
Deposit and Withdrawal Methods
The broker supports various deposit and withdrawal methods, including:
- Credit/Debit Card
- Skrill
- Bank Transfer
- Neteller
- FasaPay
- China UnionPay
- Bpay
The cutoff time for withdrawal requests is 12:00 PM EST/AEDT. The platform promises to process withdrawal requests submitted before 12:00 PM on the same day, while requests submitted after this time will be processed on the next business day.
Customer Service
The broker offers 24/7 online customer support and assistance through email and phone. Contact details are as follows:
Email: [email protected]
Phone Contacts:
- Main Line: +16469693303 (International charges may apply)
- Thailand: +661800011956
- Indonesia: +6280332160329
- Colombia: +5718005190364
- Vietnam: +8412032513
- South Africa: +27800172944
However, Stove FX does not disclose its actual office address, which is an unusual situation.
IB Policy and Educational Resources
The platform does not currently publicize an Introducing Broker (IB) policy. Additionally, it offers some basic forex educational resources, including the advantages of forex, forex calculators, and common forex terms, suitable for beginners to reference.
Website Traffic and Template
According to Semrush, the platform's website receives less than 100 visits per month, indicating limited global recognition. The brand exposure is minimal, with almost no news or user reviews available online, which may impact investor trust.
stovefx.com uses the same website design as many fraudulent companies, such as Urban Pro Trade, XTPBTC, etc. These fraudulent companies are mass-produced.
Risk Report
Despite offering some attractive trading conditions such as low spreads, fast execution, and a wide range of trading tools, Stove FX has serious regulatory issues. Particularly, the lack of valid regulation poses potential legal and financial risks to investors. Users are advised to carefully evaluate its compliance and reliability.
