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StreamsFX Review - is it scam or safe?

StreamsFX Review - is streamsfx.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz StreamsFX
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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Classic $500 1:30 from 1.6 pips
Pro  $500 1:200 from 0 pips + $4 /lot
ECN  $20 000 1:30 from 0 pips + $3.5 /lot

  

StreamsFX is a Cypriot forex and CFD brokerage that offers its clients access to the MetaTrader4 platform, as well as a choice of several account types.

 

Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with StreamsFX.

 

 

StreamsFX Advantages

 

Licensed in Europe (Cyprus)

As the most important thing to look for in a forex broker is regulation, we are starting here. This broker is owned and operated by Streams Financial Services Ltd., a firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

Like most other EU regulators, the CySEC has a number of requirements regarding company capital, staff competence and activities that have to be carried out by a forex brokers in the country. Apart from the minimum capital requirement of €730,000, which should be met on an ongoing basis, license holders are expected to report all transactions to the commission, to keep all clients’ funds in segregated accounts, to provide negative balance protection, as well as compensation scheme coverage (to a maximum of €20,000).

 

CySEC puts a lot of effort into seeing to the compliance of the above-mentioned requirements by all license holders, which provides significant assurance for the security of the clients funds.

 

 

>> Find the best brokers in Cyprus <<

 

 

Access to the MT4

As we mentioned in the beginning, StreamsFX usesthe legendary MetaTrader4 (MT4). This easy to use platform has proved to be reliable, offers one of the best charting packages, in-depth market information, as well as automated trading via Expert Advisors, API connectivity, and more. It can be used as a web platform on any browser, as a desktop download, and as mobile apps.

 

 

>> The top-tier MT4 forex brokers << 

 

 

High leverage for pros

Another thing that could be viewed as an advantage of this broker is the solid leverage levels it offers, up to 1:200. Of course, such ratios are only extended to professional clients in live trading environment, as per ESMA’s guidelines. As most of you probably know, leverage is capped throughout the EU for investor protection concerns.

 

 

StreamsFX Disadvantages

 

Announced spreads above the average

The spreads indicated on StreamsFX’ website are actually not good on all account types. More specifically, the benchmark EUR/USD spread on Standard accounts is starting from 1.6 pips, which is above the average in the sector. So, you’d better sign up for a Pro account with this broker, or choose another company to trade with.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Trouble with demo platform

We registered a demo account with StreamsFX quite quickly and easily, however, when we logged into the MT4 with the credentials provided, things didn’t seem right. See for yourselves:

 

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Click on the image to view full size.

 

We couldn’t initiate a single trade.

 

High initial deposit, not that many CFDs

In order to start trading with StreamsFX, a trader has to deposit at least USD 500, which is two times higher than what the majority of regulated brokers require as a start.  Furthermore, we found out that thebroker charges a service fee of 2.75% for card deposits and 4% for e-wallets.

 

Another minor disadvantage of this broker is that its offer could have been broader in terms of tradeable assets. Currently, StreamsFX offers trading solely in currency pairs, and CFDs on indices, precious metals, and commodities.

 

Actually, most brokers offer wider range of CFDs, also including stocks and cryptocurrencies like Bitcoin. If you are a crypto enthusiast, we have drawn up a list of some brokers offering Bitcoin CFDs which are reliable and licensed.

 

 

>> Trade cryptocurrencies with a regulated forex broker <<

 

 

Conclusion

 

Overall, StreamsFX appears like a reliable and forex broker: they are licensed in Cyprus and can therefore operate throughout the EU and the EEA; they support the good old MT4 and provide solid leverage to professional clients. Yet, we are a bit concerned that we couldn’t test its MT4 in demo mode.

 

Here are the highlights of our review of this brokerage:

 

Pros Cons
Licensed in Europe (Cyprus) Announced spreads above the average
MT4 supported Trouble with demo platform
Solid leverage for pros Not that many CFDs
  High initial deposit

 

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Traders` reviews for StreamsFX

Spread

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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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