Updated on March 27, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Shtern Group due to the issues we've identified.
Is Shtern Group Scam or Legit Broker? ▲
Shtern Group emerges as an unsafe choice for traders seeking a reliable forex brokerage. This firm fails to present any form of licensing, a critical red flag highlighting its unregulated status. Although it claims Malta as its base—a jurisdiction known for its rigorous financial oversight by the Malta Financial Services Authority (MFSA)—Shtern Group operates outside the purview of such regulatory safeguards. Engaging with brokers lacking proper regulation exposes traders to considerable risk, including the potential loss of their entire capital.
Registered in: Malta
Type of License: No License
Is Shtern Group safe to trade: No
Shtern Group positions itself in the competitive brokerage landscape, offering a broad spectrum of trading instruments, including Forex, Shares, CFDs, Commodities, among others. Despite its proclaimed presence in Malta, an EU country known for its strict financial regulatory standards, Shtern Group operates without the necessary licensing. This absence of regulatory oversight has prompted warnings from various financial authorities, including the MFSA, which explicitly advises against utilizing Shtern Group's services. Given the decentralized nature of the Forex market, regulatory oversight is paramount in safeguarding investor interests and ensuring fair trading conditions. Shtern Group's unregulated status, coupled with multiple alerts from reputable agencies, underscores the importance of selecting a broker that adheres to established regulatory frameworks.
Due to the numerous concerns and risks associated with Shtern Group, outlined throughout this review, we advise against listing any potential advantages of trading with an unregulated broker. The absence of regulatory oversight and the warnings issued by financial authorities significantly outweigh any perceived benefits.
Lack of Regulation: Shtern Group does not possess any form of regulatory license, making it a high risk choice for traders.
Warnings from Financial Authorities: Both the FSMA in Belgium and the MFSA in Malta have issued public warnings against Shtern Group, highlighting its noncompliance with financial regulations.
Risk of Capital Loss: Trading with an unregulated broker like Shtern Group potentially exposes traders to the risk of losing their entire investment.
Our comprehensive evaluation strongly advises traders and investors to steer clear of Shtern Group, as well as other brokers that operate without the necessary regulatory oversight. The risks associated with unregulated entities, underscored by the absence of a license and explicit warnings from reputable financial authorities, cannot be overstated. For those seeking a secure trading environment, it is imperative to choose brokers that are well-regulated by recognized bodies such as the FCA in the UK or ASIC in Australia, ensuring a higher level of protection for your investments.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Shtern Group Review 2024
