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Abstract:StarFX is a global brokerage firm based in the United Kingdom. It offers market instruments including CFDs on precious metals and indices to traders. However, it is important to note StarFX is currently not regulated by any recognized financial authorities which raises concerns when trading.
Note: StarFXs official site - https://starfx.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
StarFX Review Summary in 10 Points | |
Founded | 2-5 years |
Registered Country/Region | United Kingdom |
Regulation | Not regulated |
Market Instruments | Forex, CFDs on precious metals and indices |
Demo Account | Available |
Leverage | 1:400 |
EUR/USD Spread | From 0.5 pips demo |
Trading Platforms | MT4 |
Minimum Deposit | Not disclosed |
Customer Support |
StarFX is a global brokerage firm based in the United Kingdom. It offers market instruments including CFDs on precious metals and indices to traders. However, it is important to note StarFX is currently not regulated by any recognized financial authorities which raises concerns when trading.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros | Cons |
• Wide range of trading instruments across multiple asset classes | • Not regulated |
• No commissions | • Lack of transparency |
• MT4 trading platform | • Website unfunctional |
• Demo account available | • Limited customer support options |
• Minimum deposit unrevealed |
There are many alternative brokers to StarFX depending on the specific needs and preferences of the trader. Some popular options include:
Admiral Markets - Admiral Markets offers a user-friendly platform and a diverse range of instruments, making it a solid option for traders of all experience levels.
City Index- City Index is a reputable broker offering a wide range of financial instruments and platforms, making it a suitable choice for both beginners and experienced traders.
FXCM- With its extensive educational resources and a wide selection of trading platforms, FXCM is a recommended broker for traders seeking a comprehensive learning experience.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
When considering the safety of a brokerage like StarFX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: It is not regulated by any major financial authorities,which means that there is no guarantee that it is a safe platform to trade with.
User feedback: Read reviews and feedback from other clients to get an understanding of their experiences with the brokerage. Look for reviews on reputable websites and forums.
Security measures: So far we cannot find any security measures info on Internet for this broker.
Ultimately, the decision of whether or not to trade with StarFX is a personal one. You should weigh the risks and benefits carefully before making a decision.
StarFX provides a diverse selection of market instruments to cater to the trading needs of its clients. With 46 forex pairs, including major, minor, and exotic currencies like South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, and Chinese Yuan, traders have a wide range of currency pairs to choose from. The broker also offers CFDs on precious metals like silver and gold, allowing traders to take advantage of fluctuations in these valuable assets. Additionally, StarFX provides CFDs on oil and several indices, providing opportunities to trade various commodities and track the performance of global markets.
StarFX caters to traders of different levels of experience by offering both a demo account and a Standard Account. The demo account provides a risk-free environment for traders to practice and familiarize themselves with the platform's features and trading strategies. On the other hand, the Standard Account is designed for those ready to engage in live trading with real funds. While the specific minimum deposit for the Standard Account is not available on their website, interested traders are encouraged to reach out to the broker directly to get precise details on account requirements and deposit amounts.
StarFX provides leverage of up to 1:400 to its traders. Leverage can amplify both potential profits and losses in trading. While higher leverage allows traders to control larger positions with a smaller amount of capital, it also increases the level of risk involved. Traders should exercise caution and carefully manage their risk exposure when utilizing high leverage. It is important to fully understand how leverage works and its potential impact on trading positions before engaging in any trading activities. Traders should consider their risk tolerance and financial situation before deciding on an appropriate leverage level for their trading activities.
Per internet info, during the testing of a Demo account with StarFX, it was observed that the EURUSD spread exhibited fluctuations within the range of 0.4 pips to 0.5 pips. This level of spread, combined with the broker not charging any commission on trades, can be considered favorable for traders. A tight and competitive spread without additional commissions can enhance the potential profitability of trades, which may be appealing to traders seeking cost-effective trading options. However, it is essential for traders to remember that actual trading conditions and spreads may vary in live accounts, and it is recommended to review the broker's official website or contact them directly for the most up-to-date information on trading conditions and costs.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spread (pips) | Commissions (per lot) |
StarFX | From 0.5 | No commissions |
Admiral Markets | From 0.0 | Variable (depending on products) |
City Index | From 0.5 | Variable (depending on account) |
FXCM | From 1.3 | Variable (depending on account) |
Please keep in mind that spread values can vary depending on market conditions, account type, and other factors. Commission structures may also differ based on the broker's pricing model and the type of account being used. It's important to review the official websites or contact the brokers directly for the most accurate and up-to-date information on spreads and commissions.
StarFX provides its clients with the popular and widely-used MetaTrader 4 (MT4) as the primary trading platform. MT4 is renowned for its user-friendly interface, advanced charting tools, technical analysis indicators, and automated trading capabilities through Expert Advisors (EAs). Traders can access MT4 on various devices, including desktop computers, laptops, smartphones, and tablets, making it convenient to trade on-the-go. With its powerful features and flexibility, MT4 is a preferred choice among traders worldwide, enabling them to execute trades efficiently and make well-informed decisions with access to real-time market data and analysis.
See the trading platform comparison table below:
Broker | Trading Platforms |
StarFX | MT4 |
Admiral Markets | MT4/5 |
City Index | Web Trader, Mobile Apps (iOS and Android), MetaTrader 4 |
FXCM | MT4 |
StarFX offers a variety of widely-used payment methods for both depositing and withdrawing funds. Traders can choose from major credit and debit cards like VISA and MasterCard, providing a secure and straightforward way to transact. Additionally, bank wire transfers are available for those who prefer traditional banking methods. For clients seeking faster and more efficient transactions, the broker supports popular e-wallets like Skrill and Neteller. These e-wallet options offer seamless and instant fund transfers, making them a popular choice among traders.
StarFX offers customer support exclusively through email communication, providing traders with an avenue to seek assistance and resolve inquiries. While email support can be effective for addressing various concerns, some traders may find it less immediate compared to live chat or phone options.
While email support can still be reliable and informative, traders should be aware of potential response times and plan accordingly when reaching out to the broker for assistance.
Email: support@starfx.com.
According to available information, StarFX is a non-regulated UK -based brokerage firm. While the firm offers Forex, CFDs on precious metals and indices as market instruments to its clients, it is important to consider certain factors such as lack of regulations that raises concerns. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from StarFX before making any investment decisions.
Q 1: | Is StarFX regulated? |
A 1: | No. It has been verified that this broker currently has no valid regulation. |
Q 2: | Does StarFX offer the industry leading MT4 & MT5? |
A 2: | Yes, it offers MT4 platform. |
Q 3: | Is StarFX a good broker for beginners? |
A3: | No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency. |
Q 4: | Does StarFX offer demo accounts? |
A 4: | Yes. |
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.