StateHills Review: Statehills.com Shady Scam

StateHills may seem a sensible alternative for active and casual investors, given that it is advertised as a top-tier broker serving traders for more than 17 years. StateHills also claims to be a Swiss business that offers a variety of financial assets, including forex, indices, equities, cryptos, and commodities. However, none of these statements should fool you that this is a valid forex broker.

One of the most common and well-regulated financial activities is forex trading. It is a very lucrative but risky endeavor because of geopolitical factors, interest rates, and inflation. Forex trading is now more accessible than ever thanks to the internet’s widespread use, yet therein lies the risk. Even without interacting with any people, one can still trade. 

The downside of this is that inconsistencies that would be obvious in physical interaction become hard to detect. This has allowed lawless brokers to copy and build complex websites to trick innocent investors into trading with them. Not all hope is lost, though, as some techniques still exist to identify phony brokers by scrutinizing their websites. This review shares some red flags we picked on the website.

 StateHills claims that its mission is to provide exceptional trading education. According to the website, the broker is guided by the premise that digital assets trading should be decentralized. StateHills also tempts traders by claiming to provide everything a trader could need for a profitable trading experience. This includes a user-friendly interface, great analysis tools, and minimal costs.

Concerning its trading platform, the broker says that its software is award-winning. The platform allegedly uses a complex algorithm that allows remarkable executions. We discovered that this is just the broker’s wishful thinking, as the web-based platform is quite limited.

Contact Details

StateHills claims to be in Switzerland. In addition, the broker claims to have offices in London, Moscow, Singapore, and Zurich. Since the broker has not availed any registration number, we cannot say with certainty whether it is in Switzerland or its offices in the purported jurisdictions.

For more inquiries, investors can contact the broker via email or telephone. While providing such details may seem to add credence to the broker’s customer service support, that might not be the entire reason. Most shady brokers want you to contact them so that they get your contacts. After getting them, they will persistently try to convince you to deposit money. Run from this creepy broker

StateHills Investment Plan

The minimum deposit required for each of the five account types offered by StateHills ranges from USD 250 for a basic account to USD 499,999 for a platinum account. And although a $250 deposit would seem reasonable, the amount needed for a platinum account is absurd.

 Most brokers registered by the EU demand a minimum deposit of up to USD200. In contrast, some legal brokers in Switzerland require a minimum deposit of USD 1000, while others don’t mention a minimum deposit requirement.

Since online investment is already risky, even without factoring in a broker’s credibility, it is not safe for you to risk massive amounts. Only invest a reasonable amount with a regulated broker as a contingency measure. This will save you a lot of frustration if things go awry.

Deposit & Withdrawal Conditions

Credit cards, bank wire transfers, and several well-known e-wallets with legitimate brokers can typically make deposits. The only method of payment that StateHills accepts is the digital currency Bitcoin. Typically, cryptocurrency is the only form of payment offered by dubious brokers.

Cryptocurrency is incredibly simple to send internationally and is anonymous, making it the ideal option to receive money without worrying about being found out. We suspect that users directly pay into the scammer’s wallet rather than their accounts.

Make sure you are dealing with the right person if they want to obtain cryptocurrency from you. The website indicates that the minimum deposit is $250, even though the user area’s crypto wallet does not have a specified deposit requirement.

StateHills Trading Conditions

StateHills offers a 1:400. This leverage is extremely high even though Swiss brokers do not observe leverage restrictions. High leverage has drawbacks; while seasoned traders might profit from it, novice traders risk losing their funds. This leverage cuts both ways and predisposes you to significant losses.

Additionally, the corporation asserts that its spreads are quite competitive. Any trader would be drawn in right away by attractive spreads. And according to their platform, it offers a spread of 0.2 pips. Low spreads alone, however, are not a compelling enough argument to invest in them, given that they have zero credibility.

Trading Platform

There are various trading software available, so knowing which are trustworthy can help you choose the ideal one for your needs. A lack of well-known trading platforms like MT4 or MT5 is yet another unmistakable indication that you are about to be defrauded.

Let’s start with the web-based trading platform that StateHills provides. Web-based platforms may be simpler to use at first, but they often offer less functionality than desktop platforms like MT4 and MT5. Furthermore, StateHills does not provide a demo account option. This is yet another warning about their dubious activity. Before getting into any financial commitment, traders should get a feel of what legitimate brokers have to offer to decide whether they will be okay with the platform’s tools and features.

But one aspect immediately caught our attention; the broker offers social trading. Social trading enables less informed and experienced traders to mimic the activities of more knowing and experienced traders. This is a high risk because shady brokers frequently utilize false profiles and omit to give verified information about their performance. You should avoid this broker because its trading platform thrives in manipulation.

StateHills Licensure & Regulation

First, even if StateHills were a trustworthy broker, its website would not provide accurate proof. Regulated brokers, unlike StateHills, always make their registrations and licenses available as evidence of the legitimacy of their operations. You should check with the respective oversight agency to verify a broker’s regulation status.

 Although StateHills asserts to be a Swiss business, there is no reference to the Swiss Financial Market Supervisory Authority on its website (FINMA). It was not surprising that we were unable to locate StateHills in the FINMA registry. We are dealing with an unregulated offshore broker.

Unregulated forex brokers are risky since they violate forex laws, exposing you to significant investment losses. Since they are not subject to any oversight, they can do whatever they wish with your money, and there is nothing you can do.

Furthermore, being an offshore account poses jurisdictional challenges. With an offshore broker, you are never immune from fraud; when it happens, you can’t pursue legal action as these brokers are shielded from international prosecutions.

Verdict

Scam forex brokers are more prevalent than ever. Since you are limited in your ability to contact people, you must rely on website indicators that may indicate if a broker is a scam or not. This means that until you verify something, you cannot believe anything a broker claims.

Get enough exposure as an investor before putting your money at risk. Your exposure will make it easier for you to find valid forex brokers. With the aid of reputable forex brokers, you can only succeed in obtaining reasonable profits with the least amount of danger. Protect your future and your investment!

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