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StartFX Review - is it scam or safe?

StartFX Review - is startfx.com scam or good forex broker?

RATING: 2 / 2 REVIEWS ForexBrokerz StartFX
StartFX 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
Micro $250 0.01 1:500 1.8 pips
VIP $3 000 0.01 1:500 1.8 pips
Premium $25 000 0.01 1:500 1.8 pips

 

Clients of StartFX are offered a choice of 3 basic account types. According to the information on the broker’s website, all of them offer variable spreads, micro tradeable lots and are commission-free.

 

StartFX’ website is available in Georgian, Russian, English, and German.

 

The Company. Security of Funds

 

 

Company Country Regulation
L.A. INVEST LLC Georgia National Bank of Georgia

 

StartFX is a Georgian multi-asset forex broker that uses the popular MetaTrader 4 platform. It offers trading in currency pairs. CFDs on Metals, Energies, Indices, Commodities, shares and Cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash).

 

The company operating the brand, L.A. INVEST LLC is authorized by the National Bank of Georgia. Although there aren’t any specific regulations for forex and binary options brokers in Georgia, the National bank indeed has some supervisory functions which also cover the non-banking financial sector in the country.

 

Oevrall, the regulatory environment for forex brokers in Georgia is most likely better in terms of security compared to those in offshore zones. Nonetheless, it is looser than that in EU Member States for example.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with StartFX, one has to deposit at least $250, which average. Yet, other brokers require less: Hydra Markets (another Georgian broker) for example, requires $100 as a start.

 

Average Spreads & Commissions

StartFX cites as tupical a spread of 1.8 pips on EUR/USD, which is above the average for the industry and is not competitive to the current offers by some of the leading brokers.

 

For example, with major globally licensed brokerage IG one can trade with spreads as low as 0.6 pips on EUR/USD (and no commission fees).

 

Maximum Leverage

The maximum leverage levels provided by StartFX are pretty high, reaching 1:500. Before using leverage ratios that high, make sure you fully understand how margin trading works. Leverage may multiply your profits, as well as your losses.

 

Trading Platforms

 

StartFX offers the ever popular MetaTrader 4 platform, however, unlike most MT4 brokers, it does not offer free demo accounts, so we could not test StartFX`s MT4.

 

Launched more than 10 years ago, MT4 continues to be the preferred choice for most brokers and traders. Its major advantages compared to other forex trading platforms are its reliability, the great charting package, the ability to handle a many instruments at the same time and the easy to learn coding language. The latter has led to the development of numerous new technical indicators, Expert Advisors and other useful tools.

 

Methods of Payment

 

StartFX offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallets Skrill, Neteller, WebMoney, and Qiwi.

 

Conclusion

 

StartFX is a Georgian forex broker that offers wide array of financial instruments for trade on the renown MT4 platform. Its registration with the National Bank of Georgia is hardly decent regulation, however it`s better than nothing or offshore registration. As regards StartFX’s spreads, they are not the best we have seen. Here are, in a nutshell, the pros and cons with regards to this broker:

 

Pros Cons
Registered with the NBG Light regulation
MT4 available Spreads above the average
Rich product portfolio, cryptocurrencies included No demo accounts

 

Latest news about StartFX
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Traders` reviews for StartFX

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

 

 

Scam

StartFX big SCAM.

All staff are scam

Dumitru Girleanu 03/11/2019

Irresponsible scammer

I've been trying to trade with this company since 2017. They have been reduced their licence and they even didn't inform me about it. All drama I've went through by looking if stocks are rising all falling was nonsense - they were not in intentions to give you any money back.

And of course - personal assistance was highly incompetent!

So - by trading with them you could burn your money just as well.

Of course - they didn't return the rest of my invested funds as well.

Riho Laan 02/01/2019
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