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StarfishFX Review - Is it scam or safe?

StarfishFX Review - Is starfishfx.com scam or good forex broker?

RATING: 1.7 / 1 REVIEWS
StarfishFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Classic $100 0.1 1:500 2.5 pips, fixed

 

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.

 

Conclusion

 

StarfishFX is a MT4 offshore broker and supposedly a Market Maker that provides online trading in forex and CFDs. Here are, in a nutshell, the pros and cons of StarfishFX:

 

Pros Cons
MT4 available Broker registered offshore
Social trading via Zulutrade offered Spreads above average
High leverage levels  Market Maker model
  No micro tradeable lots, no PAMM accounts

 

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Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for StarfishFX

Avoid at all costs

I wouldn’t even give them 1 star if I had a choice, They used to be better when they were registered in New Zealand. Now I believe their customer service is managed by people whose main language is Chinese. I experienced technical issues using the platform, first when I could not log on using the mobile MT4, and then with the members area on the browser. On both occasions, the technical issues are unresolved. Imagine you are unable to access the most important functions like Deposit and Withdraw, or even editing your profile for your account, STAY AWAY FROM THEM.

Mark 05/02/2018
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