On-line since: About the company: StarfishFX is an offshore broker that offers trading in currency pairs and CFDs on precious metals, indices and stocks, as well as binary options. The broker primarily focuses on customers from Asia.
Company. Security of funds The brand is owned by Starfish Markets Limited licensed by the Vanuatu Financial Services Commission (VFSC). Previously, the company was registered as a financial services provider in New Zealand. However, after the control over brokers was tightened there, StarfishFX moved and got the FSC Vanuatu license. Vanuatu is a low-taxation zone. The company registration procedure is fast and cheap there. That is why Vanuatu is becoming increasingly popular among forex and binary brokers. Capital requirements are very low, compared to Mauritius and Belize: only $2,000. As is usually the case, the control is weak in offshore jurisdictions. That is why we advise traders to choose brokers licensed in Cyprus, the UK, or Australia, where the level of protection from fraud is much higher. Trading conditions StarfishFX offers its clients a standard account with variable spreads, a VIP account with fixed spreads, and a demo one. Micro lots are not available for trade.
Minimum initial deposit The minimum amount needed to open a standard account is $2,000. Starfish recommends starting trading with $10,000. An offshore broker requires a very high initial deposit. Many reputable brokers offer a lower initial deposit, even $1.
Spreads and commissions In fact, the fixed spreads offered by this broker are above average, amounting 2.5 pips on EUR/USD. Most fixed-spread brokers requires 2 pips on this currency pair.
Leverage Speaking about the leverage, it should not exceed 1:500.
Trading platforms StarfishFX provides the leading trading platform, MetaTrader 4, available as desktop and mobile versions. It suggests everything a trader needs, from technical indicators to advisors, which will help to fully automate transactions. Besides, clients of StarfishFX can use ZuluTrade, a social trading platform that allows copying deals of more successful traders.
Analytics and news The broker has a "Resource Center" section on the website, where you can get the information about the basics of trading in English and Chinese.
Support service A separate phone number is available for customers from Asia. If you are a trader from another region, you can use e-mail. A broker does not have a live chat.
Payment options StarfishFX offers its clients the following payment options: credit/debit cards (Visa, MasterCard, Maestro), wire transfer, Skrill, PayPal, AlgoCharge, and China UnionPay. Also, you can make a deposit through StarfishFX MasterCard. The broker charges an additional commission: 4% of the amount for the card, $15-25 for wire transfers, 2.4% -3.9% for electronic wallets.
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As a newbie, it's not the best broker to choose because of their high initial deposit; $2000. For me, I want to start with small deposit to test my trading skill and their platform.
I love my experience trading with StarfishFX, their MT4 platform is awesome and easy to use. It works well with real-time quotes and low spreads also fast and accurate execution. Customer service is also helpful. I have made a profit many times, I use a wire transfer system to make withdrawals and they always process it on time and fast. I have never been afraid of trading with them since I joined them because they are a trusty broker. I would recommend StarfishFX to all traders.
StarfishFX broker really gave me a headache and a lot of frustrations! They have bad fills in here, consistently unable to fill limit order, this broker is very unreliable and they don’t take good care of my trades and most of the time disregard my complaints.
A year ago I opened a standard account with a deposit of $2500, and it was always helped by their updated analysis. I learned a lot and experienced to be a better trader because last 2 years I lost much money in other broker. I have currency pairs EUR/USD, GBP/USD,EUR/CHF, EUR/JPY. I was making a nice profit during my first month until now. The platform works well and I found fast execution without any slippages. I'm using Paypall to transfer funds on my trading account and the transactions are processed well. The main point is I never encountered any problem while trading.
I can't trade continuously on StarfishFX's platform. As my order always delay 10 to 20-sec or slippage 5 to 60 pips from the live market price. Beside they suddenly increased the spreads and my EA fail to work. I can't withdrawn my profit too. when I asked StarfishFX's support, they were silence and no solution. Therefore I think it is impossible to trade with StarfishFX.
StarfishFX was recommended to my by my colleague. At first, I was really hesitant to start an account but my colleague was able to convince me into opening an account. I am glad that I took his advice because I am not earning well and the broker really provides a profitable trading environment.
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