Think of trading on Forexstar.trade platform? Is this broker a reliable broker to trust? You seem to be uncertain about the broker let’s read Forexstar reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Forexstar FX
Forexstar FX otherwise known as Forexstar.com is an offshore brokerage operated by Forexstar trade with a lot of promises for forex traders. The forex company is incorporated in St Vincent and Granadines.
The broker offers different account types such as —
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Forexstar FX Minimum Deposit?
Forexstar deposit is indicated $250 according to the account type. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, we do not find any information on the Forexstar platform regarding available payment methods and transaction fees, with the exception of logos for credit cards and wire transfers.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
Forexstar withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Forexstar Platform:
Forexstar doesn’t specify what type of trading software it offers. After we registered, we were presented with a simple web-based platform. There’s nothing good we can say about this platform to be honest.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Forexstar leverage can get up to 1:1000. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
What We Discovered about Forexstar.trade Broker
First of, Forexstar.trade claims to be incorporated in Saint Vincent and the Grenadines (SVG).
Regrettably, SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not licence forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Forexstar Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Concluding Thoughts:
Forexstar FX located at Forexstar.trade claims to appear like a trustworthy trading broker, however, you should not take the words they say. By all appearances, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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