StarTrader Review 2024
Website: www.startrader.pro
Min. Deposit: US$ 50
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5, Web Trader
Regulation: SVG FSA, FSA
Headquarters: UK, Hong Kong
Founded: 2013
Regulatory Licenses:
- STARTRADER LLC - regulated by SVG FSA (Saint Vincent and the Grenadines) registration no 228 LLC 2019
- STARTRADER Ltd - authorized by FSA (Seychelles) license no SD049
Updated on April 22, 2024
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In our comprehensive review process, we evaluate forex brokers based on a stringent set of criteria to ensure that our recommendations are impartial and based on a broker's merits. Our methodology includes an in-depth analysis of the broker's licensing, trading platforms, available financial instruments, fees, spreads, customer service, and educational resources. We compare these aspects against a database of over 1000 brokers to determine how the broker stands out in the competitive forex market. This holistic approach allows us to present a detailed overview and rating of forex brokers like StarTrader.
StarTrader is a prominent Forex trading company that provides traders with access to a wide variety of trading instruments including Forex, CFDs, Commodities, Indices, Shares, and Metals. It operates under the regulation of the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) and the Financial Services Authority (FSA) in Seychelles. While StarTrader was previously regulated by the prestigious FCA in the UK, it has since applied to cancel this authorization. Despite this, the firm is still required to adhere to the FCA's standards for its UK clientele. StarTrader is recognized for its competitive trading opportunities and the availability of popular market assets through the widely acclaimed MetaTrader platforms. However, its current lack of a high-tier regulatory license suggests that potential clients should perform thorough research before choosing StarTrader as their preferred trading broker.
Pros
StarTrader offers competitive trading solutions and a low minimum deposit requirement.
Access to renowned trading platforms MT4 and MT5.
A variety of funding methods and effective trading tools are available.
Cons
Absence of 24/7 customer support.
Limited selection of financial instruments and markets.
Does not possess a toptier regulatory license, posing potential concerns for regulationfocused traders.
Is StarTrader Safe or a Scam? ▲
Given StarTrader's current regulatory status under the SVG FSA and FSA in Seychelles, and its past regulation by the FCA, it presents a mixed picture in terms of safety. While it adheres to some regulatory standards, the absence of a top-tier license may raise questions about its safety and reliability. Traders should weigh the importance of regulatory oversight in their decision-making process and consider StarTrader's full regulatory context, including its commitment to meeting FCA standards for UK clients, before trading.
Leverage can significantly amplify both potential profits and losses, making it a powerful but risky tool in forex trading. StarTrader offers leverage in accordance with the regulations of the SVG FSA and FSA in Seychelles, allowing international traders the option to employ leverage up to 1:500. This high degree of leverage underscores the importance of understanding leverage's risks and benefits thoroughly before engaging in leveraged trading activities.
Account Types
In our extensive review, we discovered that the broker provides two primary account types: Standard and ECN. These accounts are designed to cater to a diverse range of trader needs. The minimum deposit required to open any account with this broker is set at $50, making it accessible for traders at various levels of experience and capital.
Opening StarTrader Trading Account
Registering an account with the broker is a straightforward and quick process. By navigating to the broker's website, potential traders can start the registration process by following these simple steps:
Visit the "Open a Live Account" section on the website
Input necessary personal information such as name, email, and phone number
Upload required documents for verification, including proof of residence and ID
Complete an electronic quiz to verify trading knowledge and experience
Once the account verification is complete and the account is active, traders can proceed with depositing funds and start trading.
Trading Instruments
StarTrader offers a wide array of trading instruments, including Forex, CFDs on Commodities, Indices, Shares, and Metals. However, it's important to note that the availability of these trading instruments might differ based on the broker entity. We recommend conducting detailed research to fully understand the range of trading options available. The broker's Markets Range Score stands at 4.0 out of 5, reflecting a broad selection of popular trading products. Nonetheless, it's worth mentioning that some sought-after asset classes might not be available.
StarTrader Fees
Upon reviewing the broker’s fee structure, we found that it offers competitive rates for its trading services. Although there are no charges for deposits and withdrawals, traders might encounter fees during trading activities. It's crucial for traders to thoroughly review the broker's fee structure and terms to grasp the full spectrum of potential charges and how they might affect trading profitability. Comparing to over 1000 other brokers, StarTrader's Fees are considered low or average, achieving an overall score of 4.0 out of 5 in our evaluation.
Based on our analysis, the broker boasts competitive and narrow spreads, with the average spread for the EUR/USD currency pair in the Forex market being 1.3 pips. It's important to remember that spreads can fluctuate due to market conditions, volatility, and liquidity. For the most accurate and current spread information for specific instruments and account types, we advise consulting the broker's official website or reaching out to their customer support. The broker's Spreads are deemed low or average, securing an overall score of 4.3 out of 5 in our comparison to other brokers. This indicates that the Forex spread is roughly on par with the industry benchmark of 1.2 pips, and the spreads for other instruments are also competitive.
StarTrader presents its clients with a diverse range of payment methods for funding their trading accounts, including but not limited to Bank Wire, Credit/Debit cards, Skrill, and Neteller. It's important to note, however, that some payment methods might come with specific requirements or restrictions based on the client’s bank or the financial institutions involved. In terms of funding methods, StarTrader scores well, achieving an overall rating of 4.3 out of 5. The fees are competitively low, and clients can benefit from the availability of various account-based currencies.
StarTrader Minimum Deposit
To embark on live trading with the broker, clients are required to make an initial deposit of $50 for all trading accounts, which is notably lower than the industry standard of $500 set by most brokers.
StarTrader Withdrawals
Our analysis indicates that the withdrawal process at StarTrader is both efficient and swift, with the broker not imposing withdrawal fees in the majority of countries.
Withdraw Money from StarTrader Step by Step:
The brokerage outlines a clear procedure for withdrawing funds from trading accounts, as follows:
Login to your account
Select 'Withdraw Funds' in the menu tab
Enter the withdrawal amount
Choose the withdrawal method
Complete the electronic request with the necessary details
Confirm the withdrawal information and submit
Monitor the current status of the withdrawal through your Dashboard
StarTrader grants traders access to the esteemed MetaTrader 4 and MetaTrader 5 platforms. These platforms are celebrated for their comprehensive set of features, including an array of technical indicators, trading analysis tools, intuitive interfaces, multiple execution modes, and various order types, catering to a wide range of trading strategies. The StarTrader Platform secures a strong rating of 4.4 out of 5 when compared to a pool of 1000 brokers, attributed to its provision of advanced MT4 and MT5 trading platforms.
StarTrader Web Trader
The broker’s Web Trader platform is commended for streamlining the trading experience, allowing for straightforward buying and selling of assets. Its user-friendly interface, coupled with real-time market data, facilitates prompt decision-making. Moreover, Web Trader is seamlessly integrated with MT4 and MT5, offering an efficient trading experience directly from a web browser.
The broker offers round-the-clock customer support during the business week via live chat, email, and various social media channels. The team comprises trading experts capable of providing technical support, analysis recommendations, general inquiries, and addressing operational issues. StarTrader’s Customer Support is evaluated positively, with a rating of 4.0 out of 5, reflecting the team’s responsiveness and effectiveness during working hours.
StarTrader’s educational resources encompass a range of learning materials and videos designed to cater to both novice and experienced traders, aiming to enhance their trading knowledge and skills. Nevertheless, it was observed that the broker falls short in offering seminars and webinars. The educational aspect of StarTrader is rated at 3.8 out of 5, based on our assessment. Traders looking for comprehensive educational support, including seminars and webinars, may need to explore alternatives.
In conclusion, StarTrader stands out as a regulated brokerage firm offering competitive trading conditions, access to various financial instruments, and sophisticated trading platforms. It is distinguished by its favorable pricing, narrow spreads across different trading activities, low minimum deposit requirement, and the availability of diverse payment methods. StarTrader constitutes a dependable trading environment that caters to traders of varying expertise levels. However, it is recommended to conduct thorough research and evaluate if the broker’s offerings align with your specific trading needs, while also considering the regulatory landscape and potential differences across jurisdictions.
Based on our comprehensive analysis and feedback from financial experts, StarTrader is highly recommended for:
International traders
Traders who have a preference for MT4 and MT5 platforms
Currency trading enthusiasts
Beginners
Advanced traders
Those seeking STP/NDD execution
Individuals in search of competitive fees and spreads
EA/Auto trading proponents
Traders in need of robust trading tools
