Table of Content
StateHills Review – Don’t This Broker Scam Your Money
Table of Content
StateHills broker is on the market since 2005. Apparently, they are operating from Switzerland but they have offices worldwide. Some of the cities are London, Singapore, Zurich, and Moscow. This information is questionable since they don’t mention exact office locations.
There are numerous aspects of a trading company that should be satisfied to operate from Switzerland. As one of the strictest countries, you can expect high requirements.
|Minimum Deposit||250 USD|
|Review Rating||2.5 on Trustpilot|
|Broker Type||Unlicensed scam broker|
|Spread||From 0.2 pips|
Is StateHills Broker a Scam or Legit?
For a broker that lasts for so long on the market, they are quite anonymous. FINMA is an official institution in Switzerland for finance regulations. However, StateHills broker doesn’t have a license issued by this institution. Even though they claim to be established and trusted among traders, that is not true.
Every trusted broker has at least one license. For instance, FINMA has very strict requirements. From segregated bank accounts and risk-management measures to 1 million of deposited capital. For a Swiss-based company, those are bizarre requirements. Especially if they are trading successfully for almost 20 years. Yet, StateHills broker failed to accomplish that.
Moreover, we checked databases of some highly trusted regulators like FCA, BaFin, CONSOB and ASIC. Unfortunately, none of them have any information about the StateHills broker. Therefore, all facts already lead to the conclusion that this is another scam broker.
What Options Do Traders Have for Online Platforms?
Another key point is an anonymous trading platform. In fact, there are licensed brokers that are in business less than StateHills. Yet, they manage to provide a reliable and trusted trading platform. In this case, it is just a basic web-based trading platform with essential TA tools and charting options.
In addition to that, this platform lacks some advanced features. Instead of some highly functional options like social or copy trading, they only provide economic calendars and news. For a long-established company, we have expected more. Not to mention, that they don’t provide any mobile version of the software. For traders that like to keep track of their trades, this is a huge downside.
As a result of such a mysterious platform, traders continue looking for trusted ones like Meta Trader. As an industry standard it never disappointed. Moreover, it’s suitable for beginners as much as for experts.
StateHills Accounts Types
The only important difference with StateHills broker account types is the amount of money they will steal from you. You can choose for yourself, how much you want to lose. Those options are labeled:
- Basic $250
- Standard $10.000
- Silver $50.000
- Gold $100.000
- Platinum $200.000
Considering quite a big leap from $250 to $10k, you can see that StateHills scam broker is on point. In addition to that, all these accounts differ in education material and some guarantees for profits. Important to realize is that nobody can guarantee you anything on the financial market. Especially not the broker that is working without a license on CFD and FX markets.
If we assume that they are EU-based brokers, they should comply with EU regulations. ESMA rules allow only leverage up to 1:30 for the EEA zone. However, StateHills broker offers way higher leverage up to 1:400.
On the positive side, they offer quite competitive spreads starting from 0.2 pips. While the industry standard average is 1.5 pips, StateHills is way ahead. If that is true, of course.
Trading Instruments at StateHills
Firstly, they didn’t match some trading requirements according to EU regulations. Secondly, they don’t offer indices as one of the crucial instruments for stock investors. Thirdly and most importantly, even if they provided all assets, they don’t have a license for trading those.
However, those assets are divided into 4 classes:
- Forex – USD/CAD, GBP/JPY
- Commodities – oil, natural gas, platinum
- Stocks – Alibaba, Microsoft
- Cryptocurrencies – BTC, ETH, LTC
To check spreads and trading conditions in detail we need to deposit at least $250. On the contrary, many licensed brokers offer a micro or demo account for those purposes. This is not the case with StateHills scam broker.
StateHills Deposit and Withdrawal
According to many StateHills reviews, traders experienced troubles with withdrawals. Besides the non-existent deposit and withdrawal policy, they didn’t bother sharing their payment options. Moreover, clients complained to have trouble with the verification of their accounts.
Experienced traders already realize a pattern in those actions. This scam broker tends to prolong the withdrawal procedure with made-up verification issues. In this case that is not solving your withdrawal issue. Because then you get into a withdrawal fee scam.
The broker will ask you to pay for made-up withdrawal fees or taxes. Have in mind that you are paying all taxes to the government. Moreover, all fees could be taken from the trading balance.
As you can see you are worth to this broker as much money you deposit. In fact, many licensed brokers have trading-based commissions, not deposit-based ones. That is a clear sign of an investment scam.
Whether you were using a debit/credit card or crypto wallet you can still get your money back!
How Do I Recover My Money If StateHills Scams Me?
Don’t let these bogus scammers get out with your money. You can request a chargeback if you have used some of the cards but it’s time-limited. However, if you were using a crypto transfer situation you need to have access to the Cipher Trace program.
Our expert recovery team can guide you through the whole fund recovery process. Don’t wait a bit and contact us today to get our assistance!
FAQs About StateHills Broker
What Is The Minimum Deposit For StateHills?
The minimum deposit requirement is $250. For an anonymous company that doesn’t offer any transparency or security that is too much.
How Long Do StateHills Withdrawals Take?
The company doesn’t provide any withdrawal policy with such information. However, based on StateHills broker reviews we would say forever.
Is StateHills a Trustworthy Broker?
No. They don’t have any valid licenses that are insurance for traders. Moreover, there are many negative reviews against this broker.