STARFISHFX

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Disadvantages:

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About company:

Offshore broker StarfishFX offers trading in multiple currency pairs and CFDs on precious metals, indices and stocks, as well as binary options. The broker primarily focuses on clients from Asia.

Company. Fund security

Behind the brand is Starfish Markets Limited, which is licensed by the Vanuatu Financial Services Commission (VFSC).

The company was previously registered as a financial services provider in New Zealand. However, after tightening control over brokers, the company moved and received an FSC license to Vanuatu.

Vanuatu is a low tax area. The entire company registration procedure is fast and inexpensive. That is why Vanuatu is becoming more and more popular with Forex brokers and binary options brokers every year. Capital requirements are very low - just $ 2,000 - even lower than Mauritius or Belize.

And as is usually the case, in offshore jurisdictions, control is weakened. This is why we advise traders to choose brokers licensed in Cyprus, the UK or Australia, where the level of protection against fraudulent activities by companies is much higher.

Trading conditions

StarfishFX offers its clients a classic variable spreads account, a VIP account with fixed spreads and a demo account. Micro lots are not available for trading.

Minimum initial deposit

The minimum amount required to open a classic account is $ 2,000. Starfish recommends starting trading with $ 10,000. StarfishFX offshore broker requires a very high initial deposit. Many reputable brokers offer much lower deposit amounts, even $ 1.

Spreads and commissions

In fact, the fixed spreads offered by this broker are above average and equal to 2.5 pips on the EUR / USD pair. Most brokers with fixed spreads require 2 pips on the same pair.

Leverage

As for the leverage, its value should not exceed 1: 500.

Trading platforms

StarfishFX offers its clients the leading trading terminal MetaTrader 4, available in desktop and mobile versions.

On this platform, a trader will find everything he needs - from technical indicators to advisors that will help to fully automate transactions.

In addition, StarfishFX clients can use the social trading platform ZuluTrade and copy the trades of other more successful traders.

Analytics and news

The broker has a whole section "Resource Center" in which he talks about the basics of trading. Moreover, all information is in English and Chinese.

Support service

A separate phone number is available for Asian customers. If you are trading from another region, you can use e-mail. The broker does not have a live chat.

Ways of payment

StarfishFX offers its customers the following payment methods: Credit / Debit Card (Visa, MasterCard, Maestro), Wire Transfer, Skrill, PayPal, AlgoCharge and China UnionPay, as well as depositing funds using a special MasterCard StarfishFX.

Deposits are accepted in USD, EUR, GBP, CHF.

When depositing funds, the broker charges an additional commission: on a card - 4% of the amount, using bank transfers - $ 15-25, using electronic wallets - 2.4% -3.9%.

Pros:

selection of trading assets; MT4.

Minuses:

offshore broker; high minimum deposit; high spreads; additional fees for deposit / withdrawal of funds.

FAQ - BROKER QUESTIONS STARFISHFX

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Can the broker STARFISHFX be considered honest?
Before any trading and choosing a broker, you should always read reviews on our portal, as well as on other resources. Brokers that are honest have a rating above 3.8. There is also always a risk of losing investments when trading CFDs. Be careful and read the risk warning on the broker's website. STARFISHFX received a rating of 1 out of 5 on our resource.