StarTrader Review: 5 reasons to avoid this forex broker

Presented as a safe and trusted, fully regulated broker, in fact the fastest growing broker in the world, in reality StarTrader is at best a zero credibility, offshore broker with no legit forex license, if not an outright scam. So if you are still considering the possibility of trading scores of forex pairs, stocks, indices, agricultural and energy commodities, precious metals and crypto currencies with the purportedly tight spreads advertised in the presentation, better think twice and read the following lines.To get more news about startrader review, you can visit official website.

StarTrader Regulation and Safety of Funds
To begin with, we are not entirely sure which exactly is the company behind the website. First we have NextRoll, Inc., whose internet cookies we were asked to agree with right after we accessed the StarTrader’s website. Than we have STARTRADER LLC, which we are assured is duly incorporated offshore in St. Vincent and the Grenadines, and then we have Iv Markets Ltd., which is actually the company you are signing an agreement with upon opening a trading account with StarTrader and which appears to provide the trading platform.

Whatever the story, the fact that non of the above mentioned companies is licensed and authorized to provide trading services anywhere, is more than sufficient to identify StarTrader as a scam.

Actually StarTrader do claim to be a fully regulated broker, and they even mention the Financial Services Authority (FSA) of St. Vincent and the Grenadines. That however, is simply not true. Take a look:

Just bear in mind that even if StarTrader is truly registered in St. Vincent and the Grenadines – an offshore registration which does not help with their credibility at all – they could not possibly be licensed by the FSA, because the local regulatory authorities simply do not license and authorize forex and CFD brokers.

As a matter of fact the FSA of St. Vincent and the Grenadines has even issued a special warning on the subject, informing the public that “the FSA does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA ‘Regulate, Monitor, Supervise or License’ International Business Companies (IBCs) which engage in such activities.”
Fake profits and 20% “fee” on withdrawal request

You should be aware as well of the ridiculous withdraw processing and handling fees, as well as the so called “profit fees”, which as a matter of fact you will be required to pay every time you request a withdrawal, no matter if your request is latter approved or not. The funny thing here is that such fees can easily exceed 20%, which is simply outrageous.

Guaranteed returns

And bear in mind that any broker that promises you guaranteed returns or risk free trades is obviously about to scam you as well. On the contrary, legit and regulated brokers are even required to warn you about the dangers of trading leveraged instruments and the high probability that you are about to lose your funds.

StarTrader Trading Platform
StarTrader do provide a well known trading platform – the industry standard MetaTrader4, but that certainly does not change the fact that the website is not regulated anywhere and that it clearly bears all the hallmarks of a scam we can possibly think of.

With 17 years on the market MetaTrader4 is a veteran platform, which still proves to be one of the most popular among traders, regardless of their level of experience. Not surprisingly MT4 has a 4,8 star rating at Apple App Store, supported by nearly 61 000 reviews, and a 4,7 star rating at Google Play on the basis of 803 thousand reviews. Not to mention the well over 10 million downloads from each of the two locations.