Independent rating of Forex broker Starfish FX

About company

Starfish FX is owned by Starfish Markets Limited. It is licensed by the Vanuatu Financial Services Commission (VFSC), which is authorized by the Minister of Finance and Economic Management of Vanuatu. Starfish FX largely works with clients from the Asian market. The broker's main goal is to offer attractive interbank conditions with liquidity providers in order to render high-quality services to its clients through the ECN portal. Previously, Starfish FX was registered as a financial services provider in New Zealand but after tightening control over the activities of intermediary companies, it relocated and received a license from the VFSC. Vanuatu attracts brokers with its low level of taxation. In addition, brokers may obtain licenses faster without spending much. The capital requirements are also quite manageable, amounting to only $2,000 (lower than in Mauritius and Belize). However, the lack of strict regulatory control makes Vanuatu a paradise for brokers and a nightmare for traders. As it usually happens, in offshore jurisdictions, the activity of Starfish FX is subject to rather weak control and its clients can hardly be considered well protected from the bankruptcy of the company. For this reason, we advise you to choose brokers licensed by stricter and fastidious supervisory authorities that guarantee a higher level of protection against fraud by intermediaries.

Trading conditions

• more than 250 trading instruments: currency pairs, precious metals, CFDs, indexes, stocks, and binary options
• access to a usual live account with floating spreads and a VIP account with fixed spreads
• no fees for deposit
• demo account
• shared valet
• average spreads – 2.5 pips for the EUR/USD pair
• opportunity to make a deposit in USD, EUR, GBP, and CHF
• МТ4
• micro-lot trading is not available
• expert advisors
• bonuses
• access to an electronic library, a step-by-step guide, and an economic calendar (in English and Chinese)

Trading platform

Starfish FX offers its clients access to the MetaTrader 4 trading platform, compatible with both PC and mobile devices. MT4 is a user-friendly trading software that provides investors with all the necessary resources and tools to analyze price dynamics in the forex market. MT4 simplifies the procedure of performing transactions as much as possible. It also enables traders to create and use expert advisors – automated trading strategies. A special advantage of MT4 is direct access to a wide range of trading signals. In addition, Starfish FX’s clients have the opportunity to unite MT4 with ZuluTrade, social forex trading platform, and copy trades of professional speculators.

Support service

Clients can contact the support service by email and phone numbers listed on the official website. The broker can be reached out by the feedback form or live chat.

Traders’ reviews

There are both positive and negative reviews about the broker. Among the negative ones, the company’s clients quite often complain about the support team that provides incorrect and misleading information. They also underscore problems with the funds withdrawal. Some traders even call the broker a thief and a fraudster. Other clients praise the broker for a fast order execution, lack of requotes, and delays.

Advantages:

• wide array of trading instruments
• МТ4
• expert advisors and copy system
• demo account
• high leverage
• no fees for deposit
• shared wallet
• bonuses

Disadvantages:

• offshore broker
• high initial deposit
• high spreads
• micro-lot trading is not available
• many negative reviews