StarfishFX Review 2024

What is StarfishFX?

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. The company behind the brand, Starfish Markets Limited, is currently licensed by the Vanuatu Financial Services Commission (VFSC). StarfishFX offers its clients one basic account type – a standard MT4 one which with fixed spreads and leverage up to 1:500. The fixed spreads offered by this broker are above average – typical ones amounting 2.5 pips on EUR/USD. As regards leverage, StarfishFX offers levels up to 1:500, which is not unusual, yet it is considered a high ratio. The company also offers a Pro Account with tighter spreads – 2.0 pips for the EUR/USD – available for clients who deposit at least $10,000. However, it is advised not to invest large amounts of money in a brokerage, registered offshore. 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 a wide range of Expert Advisors (EA), allowing clients to fully automate their trades. However, it’s important to note that there have been suspicions of fraudulent actions associated with StarfishFX. The company does not hold any financial licenses but claims the opposite. Therefore, the company seems to be highly suspicious and might operate its services from an absolutely different location. It is generally advised for traders to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have a certain level of protection.

What is the Review Rating of StarfishFX?

What are the Pros of StarfishFX?

StarfishFX, a forex trading broker, has several advantages that make it a viable option for traders. Here are some of the key benefits:. Availability of MetaTrader 4 (MT4). : MT4 is a popular trading platform known for its user-friendly interface, technical indicators, advanced charting package, and automated trading capabilities through Expert Advisors (EAs). The availability of this platform can be a significant advantage for traders who prefer its features. High Leverage Levels. : StarfishFX offers leverage levels up to 1:500. High leverage can amplify profits, although it also carries a higher risk of losses. This feature might appeal to traders who are willing to take on more risk for potentially higher returns. Social Trading via Zulutrade. : Social trading allows traders to follow and copy the trades of experienced traders. This feature can be beneficial for novice traders or those who prefer a more passive trading approach. However, it’s important to note that while these features can be advantageous, they should be considered in conjunction with other factors such as the broker’s regulatory status, trading conditions, and customer service. As of the latest information, StarfishFX is registered offshore. , which might not provide the same level of regulatory oversight and investor protection as brokers regulated in jurisdictions like the UK, Cyprus, or Australia. Therefore, potential users should carefully consider these factors before deciding to trade with StarfishFX.

What are the Cons of StarfishFX?

StarfishFX, a Forex and CFD broker, has several drawbacks that potential investors should be aware of:. Offshore Registration: StarfishFX is registered offshore. The company behind the brand, Starfish Markets Limited, is currently licensed by the Vanuatu Financial Services Commission (VFSC). Offshore jurisdictions often place little focus on supervision and compliance checking. This can pose a risk to traders as they have a lower level of protection compared to brokers licensed in countries like the UK, Cyprus, or Australia. High Spreads: The fixed spreads offered by StarfishFX are above average. Typical spreads amount to 2.5 pips on EUR/USD, which is higher than most fixed-spread brokers. This could potentially lead to higher trading costs for investors. High Leverage: StarfishFX offers leverage levels up to 1:500. While this might seem attractive to some traders, it’s important to note that higher leverage levels mean a greater risk of losses. Market Maker Model: StarfishFX operates on a Market Maker model. This means that the broker might take the other side of a client’s trade, which could potentially lead to a conflict of interest. No Micro Tradable Lots and PAMM Accounts: Micro lots are not available for trade with StarfishFX. Additionally, the broker does not offer PAMM accounts. This could limit the trading options for some investors. Suspected of Fraudulent Actions: According to research, StarfishFX has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. This raises serious concerns about the safety and reliability of the broker. . In conclusion, while StarfishFX does offer some features like the popular MetaTrader 4 platform. , the cons listed above suggest that traders should exercise caution when considering this broker.

Is StarfishFX Regulated and who are the Regulators?

StarfishFX, a Forex and CFD broker, has been a subject of interest in the financial world due to its regulatory status. Regulatory Status StarfishFX does not hold any financial licenses. This lack of regulation raises concerns about the safety and legitimacy of the broker. Despite this, StarfishFX claims to be regulated, which has led to suspicions of fraudulent actions. Company Background StarfishFX is managed under the group Starfish Markets Ltd. The company claims to be located in the United Kingdom, providing a UK address and a Hong Kong country code. However, the actual location of their office remains unclear. Further research reveals that Starfish Markets Limited was registered in New Zealand but was banned by New Zealand’s FMA (Financial Markets Authority). Membership with Financial Commission Despite the lack of a financial license, StarfishFX is a member of the Financial Commission (FinaCom), an independent self-regulatory compliance specialist for the financial services industry. FinaCom’s Dispute Resolution Committee (DRC) acts as its paramount regulatory body. The DRC is staffed by executives from leading companies in the financial services industry with the aim of resolving trader-broker conflicts. Trading Platform StarfishFX 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. Deposits and Withdrawals The broker offers various deposit and withdrawal options, including Bank Transfers, Credit/Debit Cards, and e-wallets. However, the broker does not provide much information about the deposit and withdrawal processes. In conclusion, while StarfishFX offers a range of trading options and is a member of FinaCom, the lack of a financial license and the suspicions of fraudulent actions make it a potentially unsafe broker.