StarfishFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this StarfishFX Review.
StarfishFX Review
StarfishFX offers its clients one basic account type – a standard MT4 one which with fixed spreads and leverage up to 1:500. Micro lots are not available for trade.
Pro Account with tighter spreads – 2.0 pips for the EUR/USD – is available for clients who deposit at least $10 000. Nonetheless, we would not advise you to invest large amounts of money in a brokerage, registered offshore.
In fact, the fixed spreads offered by this broker are above average – typical ones amounting 2.5 pips on EUR/USD. Most fixed-spread brokers 2 pips spreads. For further information, you may look up the real-time spreads of 15 leading brokers here.
As regards leverage, StarfishFX offers levels up to 1:500, which is not unusual, yet it is considered a high ratio. Keep in mind, however, that using higher leverage levels mean greater risk of losses.
The Company. Security of Funds
Company
Country
Regulation
Starfish Markets Limited
Vanuatu
VFSC
StarfishFX is an offshore broker that offers trading in a number of currency pairs and CFDs on precious metals, indices and stocks, as well as binary options through the popular MetaTrader 4 (MT4) platform.
The company behind the brand, Starfish Markets Limited is currently licensed by the Vanuatu Financial Services Commission (VFSC).
Previously, the company has been registered as a financial services provider in New Zealand, however when the FX regime there tightened, it got deregistered (in 2015).
Vanuatu is an offshore tax-free destination, where company registration procedure is fast and low cost. That is why it is becoming increasingly popular for forex and binary brokers start-ups. Besides, capital requirements in Vanuatu are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000.
As is usually the case with offshore jurisdictions, little focus is placed on supervision and compliance checking. That is why we generally advise traders to avoid and select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection.
Trading Platforms
StarfishFX offers its clients the leading MetaTrader 4, available as desktop and mobile versions
MetaTrader 4 (MT4) is the preferred choice of most traders, as it is easy to use and offers a number of technical indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades.
Besides, the clients of StarfishFX can use social and copy trading platform ZuluTrade.
Methods of Payment
StarfishFX offers its clients the following payment modes: credit/debit card (Visa, MasterCard, Maestro), bank wire transfer, Skrill, PayPal, AlgoCharge and China UnionPay, as well as StarfishFX prepaid MasterCard.
StarfishFX is a MT4 offshore broker and supposedly a Market Maker that provides online trading in forex and CFDs.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
StarfishFX Review Conclusion
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