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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: supp[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

NorthState.io Review – The Silent Scammer

 

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 Review – The Silent Scammer

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: NorthState.io Regulations and Licensing

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.

Account Types at Scammer NorthState.io

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.

  1. No regulation and AML listed in Legal Dos
  2. Weird Account Types and Leverage
  3. 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.

NorthState Review
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