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Starfish FX Teams Up with ZuluTrade to Offer Forex Signals

Jun 19 2013

A couple of days ago FinFX caved in to Metaquotes and announced that it won't be supporting ZuluTrade signals any more, a new broker is in to fill FinFX's place: the social trading network is teaming up with Starfish FX.

Not that I was worried ZuluTrade may lose any of its customers – fact is, this is probably the most popular copy-signal network on the market. It does report less registered users than eToro, for example (the latter claims to have 2.75 million users but I seriously doubt it that these are all active, funded accounts) – currently ZuluTrade has a bit ober 560,000 users and the money that is being invested through the network is close to $561,000,000,000 at the time of writing this paragraph, and increasing by the second. 
ZuluTrade's key advantage to platforms like eToro is that it isn't broker specific, and supports a network of approximately 60 brokers. All these offer different spreads and work with different commissions for signal trading, giving traders a wide range of services to choose from. 
Starfish FX, on the other hand, is a relatively small broker, operating out of New Zealand. It offers fixed spreads, which are pretty high – 2.5 pips on EUR/USD, 3.5 pips on GBP/USD and 2.5 pips on USD/JPY. Add to this the ZuluTrade commission of 2 pips per lot copied, and you end up paying a fortune for the broker's copy service. 
This is the first time I come across the broker, and I took my time browsing its website and MT4 platform. Frankly, I'm not impressed. The MT4 demo works fine, nothing out of the ordinary there, however the broker's home page looks as work in progress and doesn't exactly win my trust. The official announcement of the company's partnership with ZuluTrade reads that “Starfish FX strives to provide an optimal trading experience and diversifies its offering through exclusive services such as the Starfish Prepaid MasterCard, which dramatically improves the funds withdrawal process, and the Starfish VIP: Club Royale that offers its members exclusive advantages, such as Personalized Customer Service, Customized Training, Seasonal Bonuses etc.”. This sounds like a lot of marketing mumbo-jumbo to me, but I guess many novice traders bite on such bait. 
From ZuluTrade's perspective, business is business, and Starfish FX is business. “We welcome Starfish FX and its users to the ZuluTrade network,” said Leon Yohai, ZuluTrade's CEO. “Starfish FX is a valuable addition to our portfolio of brokers, both because of its reputation as a reputable brokerage with high integrity and its physical position at New Zealand that locates it at the beginning of each trading session. Through this collaboration, ZuluTrade’s global footprint establishes further presence in the Asia-Pacific region and its thriving economy. We look forward to a long and prosperous collaboration with Starfish FX.”

About ZuluTrade

Founded in 2007, ZuluTrade is headquartered in Athens, Greece, with branch offices in New York, Hong Kong and Shanghai, and has a team of 120 people. ZuluTrade has 500,000 registered users in its online network, and a trade volume of 550 billion USD globally.

About Starfish FX

Starfish FX is managed by Starfish Markets Ltd, a subsidiary of Starfish Capital Markets Ltd. and was formed by passionate and established financial professionals in order to improve the level of service in the financial markets and provide a service that is truly for the investor, by the investors. 


TAGS: forex  forex trading  forex broker  forex account  forex platform  MT4  signal trading  social trading  trading alerts  forex signal 
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