Crownstone is a forex broker registered in Saint Lucia on November 15, 2023, primarily providing investors with financial trading services such as forex, stocks, commodities, indices, and cryptocurrencies, with its headquarter located in Dubai. This broker does not provide services to jurisdictions where it may violate local laws or regulations, including but not limited to North Korea, United States, Puerto Rico, Canada, Japan, Iran, Iraq, Lebanon, Turkey, and others.
Company Registration Information and Regulatory Status:
According to public information on Crownstone's official website, it is registered in Saint Lucia's International Business Company and International Trust Registry (IFC) as Crownstone Financial Ltd, with the registered address at Fortgate Offshore Investment and Legal Services Ltd. Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, and the company registration number is 2023-00581. Their website claims that this entity is also registered with the Financial Services Regulatory Authority (FSRA) of Saint Lucia.
Upon verification, there is an entity named Crownstone Financial Ltd, with registration number 2023-00581 in the Saint Lucia's International Business Company and International Trust Registry (IFC), but this entity was not found in the Financial Services Regulatory Authority (FSRA) of Saint Lucia, nor in the official financial regulatory bodies of other jurisdictions.
Information obtained through Whois search indicates that the domain name of this broker's official website was registered on December 20, 2023. Additionally, as of January 25, 2024, the broker has been established for less than one year.
Account Opening:
Tests show that while Crownstone's official website has login and account opening options, clicking them redirects to the homepage and does not open the respective interfaces, thus it is not possible to log in or open an account normally.
Account Types:
Crownstone offers three different types of real trading accounts: Standard Plan, Elite Plan, Pro Plan.
Standard Plan:
- Maximum trading leverage: 1:100
- Spread: From 1.8 pips
- Swap-free account: Not offered
- Trading commission: None
- Trading platform: MT5
- Base currency: USD
- Initial minimum deposit: $1000
Elite Plan:
- Maximum trading leverage: 1:200
- Spread: From 1.4 pips
- Swap-free account: Not offered
- Trading commission: None
- Trading platform: MT5
- Base currency: USD
- Initial minimum deposit: $15,000
Pro Plan:
- Maximum trading leverage: 1:400
- Spread: Raw spreads
- Swap-free account: Not offered
- Trading commission: Charged
- Trading platform: MT5
- Base currency: USD
- Initial minimum deposit: $50,000
Trading Platform:
Crownstone's official website claims to provide the MT5 trading platform, but the trading platform options on its website cannot be opened. Furthermore, upon checking with MT5, this broker could not be found, it's only possible to connect existing trading accounts through their domain name on the MT5 platform, and it is not possible to open new demo or real accounts.
Deposits and Withdrawals:
Crownstone has not explicitly published on its official website the supported methods of deposit and withdrawal, the fees involved, and the minimum amounts for them.
Conclusion:
Traderknows reminds investors that Crownstone is a forex broker without effective regulation. Traderknows advises investors to preferably choose brokers with strong regulation and a good reputation for their investment and trading activities, to avoid unnecessary financial losses.
Currently, this broker is marked as 'Suspected of Scam' on Traderknows.
