NorthState.io Review – The Silent Scammer
| General Information | |
|---|---|
| Broker Name: | NorthState |
| Broker Type: | Forex, commodities, shares, indices, and cryptos. |
| Country: | The Commonwealth of Dominica |
| Operating since year: | 2011 |
| Regulation: | - |
| Address: | 2nd FLR, Eversleigh House, Cnr Hanover street & Hodges , Roseau , Commonwealth of Dominica |
| Broker status: | Active |
| Customer Service | |
| Phone: | +41 445 087 408 |
| Email: | [email protected] |
| Languages: | English |
| Availability: | 24/5 |
| Trading | |
| Trading platforms: | - |
| Trading platform Time zone: | - |
| Demo account: | - |
| Mobile trading: | - |
| Web-based trading: | - |
| Bonuses: | 35% credit for re-deposit, 10% promotion if you bring in friends |
| Other trading instruments: | - |
| Account | |
| Minimum deposit ($): | $250 |
| Maximal leverage: | 1:600 |
| Spread: | N/A |
| Scalping allowed: | N/A |
It is sad to see such potential get lost among the scammers. Northstate has so much potential to become a high-rank broker, yet they chose to go to the dark side. Looking at their website, we were quite impressed. They have a very well built design that creates a lot of trust with the broker. One can tell that they spent a lot of time to make this as professional as possible. It was unfortunate to see them get lost in the darkness with the rest of the scammers. If you are wondering why they are scammers, keep reading our review to find out more.
NorthState.io Regulations and Licensing
The main reason we consider NorthState.io scammers is due to their legal documents. As you know, we take legal documents very seriously at FinanceBrokerage. Every broker has a list of legal docs, and the list tells you more than you think. For example, this is the list at NorthState.io:
What does this tell us? That there is no regulation. They listed everything other than what’s really important – regulation name, license number, and registered address. Instead, they only posted the Anti Money Laundering Law policy. Scamming brokers are known to use this law against users in order to fake their legitimacy.
How so? Well, when a broker calls you telling you they comply with AML, it makes them sound serious. So when they ask you to send your private documents, such as bank statements, ID, Driver’s license, proof of address, or credit card credentials – you comply. You think you are abiding the law as every normal human being does.
Instead, NorthState.io is lying to you, as AML has so many loopholes that scammers can use them to steal from innocent people. They’ll use your consent to send documents against you, and you will have no chance to win the suit.
Whenever you see a broker with AML in their legal documents, beware if there are no regulation licenses and more.
Account Types at Scammer NorthState.io
NorthState.io offers four kinds of accounts:
Junior account
- Minimum deposit ($): 250
- Maximal leverage: 1:600
- Spread: 2.3
Standard account
- Minimum deposit ($): 2,500
- Maximal leverage: 1:500
- Spread: 1.3
Premium account
- Minimum deposit ($): 25,00
- Maximal leverage: 1:200
- Spread: From 0.3
Partner account
- Minimum deposit ($): 50,00
- Maximal leverage: 1:100
- Spread: From 0.3
To an untrained eye, these accounts seem quite basic. But, to professional traders like us, we know when something is wrong. Maximum leverage at 1:600 for the most basic account is risky, and every broker that can afford numbers like that has no regulators. So this confirms our theory of their scams – NorthState.io doesn’t care about your profits as they will tell you. They care about how much you deposit and then lose, so they can take even more money from you.
Tradable Assets at NorthState.io
Another reason we found NorthState.io as scammers, is due to their list of assets. The list even assets, while in reality, it’s only five. Forex, shares, indices, cryptocurrencies, and commodities. Instead, they wrote our three commodities separately to make it seem like they have more to offer than a regular broker. Only a broker who is trying to lie to their clients would do that. We were very sad to see NorthState.io ruin their potential with such trickery. 
NorthState.io review conclusion – Beware
For the many reasons stated in this review, we consider NorthState.io a scam.
- No regulation and AML listed in Legal Dos
- Weird Account Types and Leverage
- Asset Listing Type: Lies
Besides that, the only real information you can find about them on their website is vague. They talk about their values, morals, but no mention of who is the CEO, Director, or even one Account Executive.
We advise you to avoid this broker and to trade with them at your own risk. We flagged them as Red – High Risk, but if you still pursue trading with them, well, good luck.
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Crappy customer service
Crappy customer service. Seldom answers chat and emails. It sounded very dull. I am not trading with them again.
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Bad customer service
Irresponsive brokers and bad customer service.
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Rude customer service
Rude customer service. Instead of helping me, they give me hard time every time I call.
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Bad forex broker
I am trading with this broker for almost a month and I am planning to quit. I get so many losses, they let me win small trades but losses on bigger trades. As if something is really wrong.
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Slow withdrawals
Terrible trading services. Withdrawal is very slow.
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Not good
Not a good broker. Weak market analysis and slow withdrawals.
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