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Starfinex Review - is it scam or safe?

Starfinex review - Is starfinex.com scam or good forex broker?

RATING: 1.2 / 3 REVIEWS Starfinex
Starfinex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Starfinex is a forex and CFD broker, offering a good variety of currency pairs and CFDs on stocks, indices, spot metals and energy commodities on the MetaTrader4 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $5 1:500 3 pips, floating
Standard Account $50 1:400 2 pips, floating
Premium Account $100 1:300 1,6 pips, floating
ECN Pro Account $100 1:200 raw spread*
PAMM Acount $1 000 1:200 1 pip, floating
Star VIP Account $10 000 1:200 raw spread*
*commission

 

Starfinex Advantages:

 

Good choice of forex pairs

 

Opening a demo account with Starfinex, we counted 62 forex pairs, with a number of exotic currencies like South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubble, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Honk Kong Dollar, Danish Krone, Czech Krona and Chinese Yuan. The broker also offers a choice of CFDs on 15 indices, stocks, energy commodities like natural gas and oil and spot metals like silver and gold.

 

In their presentation Starfinex also says they are offering some crypto CFDs with coins like Bitcoin, Ethereum and Litecoin. Unfortunately we were not able to find those CFDs on the trading platform, so here you may want to check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 500:1

 

With its starting Micro Account Starfinex offers leverage as high as 500:1, which is more than enough to accommodate even the most aggressive trading strategies. Yet, you should have in mind that as higher leverage is associated with higher risk, professional traders rarely use leverage exceeding 100:1.

 

Also, in the begging of August, the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions on the European market to 30:1, while similar restrictions are already in place in the US and Japan, where leverage is caped at 1:50 and 1:25, respectively.

 

You can start trading with Starfinex with just 5 USD

 

While the broker advises potential customers to invest at least 100 USD, in order to support their positions more easily, you can actually open a Micro Account with just 5 USD. 

 

What is more, the minimum deposit requirements for the Standard, the Premium and the ECN Pro Accounts are also rather low – 50 USD for the Standard Account and 100 USD for the Premium and the ECN Pro Accounts. 

 

Still, with some well established brokers like FBS and IG you can also open a trading account with just 5 USD or so.

 

Competitive spreads

 

As tested with a demo account the benchmark EURUSD fluctuated about 1,5 – 1,6 pips, which is more or less what traders would expect with a standard account. That said, we should note that spreads are advertised to start form 3 pips with the Micro Account, form 2 pips with the Standard Account and form 1,6 pips with the Premium Account, without a commission on the trade. 

 

We should note as well, that with the ECN Pro Account spreads are advertised to start as low as 0 pips, which in our opinion is not very plausible - raw ECN spreads are usual around 0,2 pips – 0,3 pips. 

 

With the ECN Pro Account however Starfinex takes a commission of 6 USD per traded lot, which in practice adds another 0,6 pips to the spread, when the second currency of the pair is USD. Besides, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Bitcoin and popular e-wallets accepted as payment methods

 

You can fund your account at Starfinex in various ways – form major credit or debit cards like VISA and MasterCard, and a standard bank transfer to popular e-wallets like Neteller and Skrill, and even Bitcoins. Yet, here you may also check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTradcer4 supported:

 

Starfinex offers a choice of several trading platforms, including classic solutions like MetaTrader4 and MetaTrader5, as well as a web based trading platform. The presence of  MetaTrader4 is always welcome. It is the most widely used trading platform, featuring a wide variety of market indicators and charting tools, as well as an option to run automated trading sessions with the help of specially designed trading bots or Expert Advisors, which, by the way, can be easily modified on a proprietary editor. Here, you may check our list of brokers, also offering MetaTradcer4:

 

>>MT4 Brokers<<

 

Islamic Account offered

 

This is another welcome option. Starfinex offers a swap-free, Islamic account, where no interest is incurred on positions left open over night. Such accounts are especially designed for the Muslim trading community, because under the Sharia Law, Muslims are not allowed to give or receive interest. Here you may check our list of brokers, also offering Islamic Accounts:

 

>>Islamic Forex Broker<<

 

Starfinex Disadvantages

 

No license

 

Despite its attractive trading conditions Starfinex has one major issue – their regulatory status. 

 

Starfinex says they are authorized and regulated by the Financial Conduct Authority (FCA) in the UK. That, however, turned out not to be true. FCA is one of the most respected financial regulators in the world and they have a very strict set of fiscal and ethical rules for all regulated companies under their jurisdiction. Unfortunately, when we checked the FCA Register, we were not able to find Starfinex name there.

 

 

On top of that we are not exactly sure, which is the company behind the broker, nor where exactly it is based. In the contact section of Starfinex web site we find an address in Honk Kong, while the displayed map is of a resort in Thailand. Apart form that Starfinex just says they are based in China.

 

All of that is a major setback and significantly lowers the credibility of the broker.

 

Besides, all traders with FCA regulated brokers are entitled to a compensation of up to 50 000 GBP, in case for some reason, their broker is unable to pay. So here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Conclusion:

 

Despite the favorable trading conditions and the relatively low minimum deposit requirement,  Starfinex is an anonymous, unregulated broker, with questionable credibility. Have in mind that with unregulated brokers the safety of your investment depends solely on the integrity of the people behind the broker, and that, in most cases, is not very high.

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Traders` reviews for Starfinex

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Chinese Women on WeChat Promoting IEE Markets

Further to Rob's post last month, I can confirm that an attractive Chinese woman on WeChat is presently chatting with me on a daily basis and promoting the IEE Markets trading platform. She claims that she is a gold trader who is making huge profits on the platform and recommends that I open an account via their website. I was immediately suspicious when I saw that the platform is apparently based in Belize. A Google search on "IEE Markets Global Ltd" produced this review webpage as well as others that give a pretty solid indication that the IEE Markets trading platform is fraudulent. I have also found a reference to the iee-markets.com domain as being registered only 6 months ago on 2018-10-30. This webpage provides further suspicious findings: https://xujia.fx110.com/falsebroker/details/3458 I definitely warn anyone to stay away from both IEE Markets and Starfinex!!

Steven Sterling 05/09/2019

Chinese Women on WeChat Promoting IEE Markets

Further to Rob's post last month, I can confirm that an attractive Chinese woman on WeChat is presently chatting with me on a daily basis and promoting the IEE Markets trading platform. She claims that she is a gold trader who is making huge profits on the platform and recommends that I open an account via their website. I was immediately suspicious when I saw that the platform is apparently based in Belize. A Google search on "IEE Markets Global Ltd" produced this review webpage as well as others that give a pretty solid indication that the IEE Markets trading platform is fraudulent. I have also found a reference to the iee-markets.com domain as being registered only 6 months ago on 2018-10-30. This webpage provides further suspicious findings: https://xujia.fx110.com/falsebroker/details/3458 I definitely warn anyone to stay away from both IEE Markets and Starfinex!!

Steven Sterling 05/08/2019

Watch out for cute Chinese girls promoting the website

I recently had 3 cute Chinese girls message me on a language exchange app called HelloTalk.

Each of them was a "business owner" and also a "forex trader". After a few days of chatting, they all 3 wanted to "help" me make money and strongly insisted that I sign up for on their forex platform, because they couldn't help me if I used another one.

1 of them suggested this website, starfinex.com
2 of them suggested another website, iee-markets.com

This is the only page I found about starfinex, and there's not a single review, so I'm leaving this one now.

I could find NOTHING about iee-markets.com.

Important to note:
starfinex.com domain registered on 2018-07-25
iee-markets.com domain registered on 2018-10-30

Both are less than 6 months old, have typos on the website, and poor English.

I would NOT recommend putting money into these companies, as they are both registered in Belize and you have no idea if you'll ever get your money back.

Plus, the cute Chinese girls all trying to convince me with their big earnings, it's too obvious. Smells like a SCAM. I'm not willing to take the chance with my money, so be warned.

Rob 04/05/2019
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