StarTrader Review: Find Out About This Fraudulent Broker
Startrade is neither licensed nor regulated. They have published a Fake certificate on their website so that they can easily earn the trust of investors. The truth is that this is a fraudulent broker that is not registered and regulated.
You may ask yourself what the big deal is with being regulated. The simple answer to that question is that when a company is regulated, it is bound by industry regulations. It must operate within some guidelines so as to make sure that they are protected as a company and as an investor your interests are well taken care of.
In this StarTrader broker review, we will shine the light on this investment scam that is falsely presenting to be a regulated broker.
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StarTrader Funds Safety and Regulation
If you want to trade online, you have to be sure that your broker is legitimate and trustworthy. Not all brokers you find online are fair and legitimate. StarTrader is one such broker that may offer some benefits but they hold no license and hence they don’t have to report to any authority body.
And it’s not a surprise that many scam brokers like to lie about the license and regulation they hold just like StarTrader. They falsely claim to have a license from FCA and FSA which are well-known regulatory bodies, all in order to lure in more clients.
We advise you to stay away from them or any other cheap scams alike.
StarTrader Trading Platform
Startrader uses the industry standard MetaTrader 4 (MT4) platform. More specifically, it uses the MT4 platform registered in the name of the IV Markets. But the credentials provided by Startrader can be used to log into the platform.
Now, this trading platform is amazing but considering it is provided by an unregulated and unlicensed fraudulent broker, we don’t advise you to deposit any money with them. It will be like throwing your money down the drain.
StarTrader Account Types Available
In regards to the trading accounts, StarTrader offers the following two accounts:
- Standard account
- ECN account
Unfortunately, we don’t know how much is the minimum deposit needed for the ECN account even though they claim to offer full transparency. For the Standard account, they have stated they ask for the minimum deposit of $50 but we are also not sure if that is true.
Because we can’t say for sure that anything this fraudster has stated is even a little bit true, we do recommend staying away from them altogether.
Withdrawal and Deposit at StarTrader
When it comes to deposit methods, StarTrader offers the following:
- Visa and Mastercard debit/credit cards
- E-Wallet ( Skrill, Neteller, Sticpay, PM )
- Bank Wire Transfer.
Looking at these options, many people will say that is more than enough, but when you are working with a regulated and legit broker, you would have much more deposit methods available.
On top of that, this fraudulent broker allegedly asks for a minimum deposit of $50 but we are not so convinced this is true as you can find a lot of incoherent information online.
As for withdrawal methods, they are the same as those used for the deposit.
Unauthorized Brokerage Scam Methods
Trading scams basically have the same principle that is being performed through different sites and by different agents.
Nonetheless, the core remains the same. The broker first gets your personal information if you have left it on some sketchy sites and then the constant harassment starts.
It is important to note that scams like this one can happen to anyone. The agents calling you are persuasive professionals who scam people for a living. Even if you say no, they will continue to call you until you agree to make an initial deposit. If you are being harassed in this manner, we suggest you contact the local authorities.
While conducting this broker review we found that StarTrader is allegedly a Seychelles- based broker that follows no regulations and therefore offers no safety for trader’s funds. Not only are they unlicenced, but they falsely claim to be so by the UK’s FCA, and Seychelles’s FSA.
The minimum deposit requirement is also allegedly set at $50, but we found this out through various reviews as they failed to provide this info on their website.
Lastly, the broker says they offer a demo account for potential traders, but once you try to access it, this feature does not work. Yet another red flag for this illicit broker.
FAQs About StarTrader Broker
How Trustworthy is StarTrader Broker?
StarTrader is not at all a trustworthy broker at all as they falsely claim to have many licenses just to seem more legit.
Is StarTrader a Legitimate Company?
No, they are no more than a scam broker trying so hard to look as legit as possible in order to lure many clients.
Are There Any Hidden Fees for Withdrawals at StarTrader?
Even though they claim to not charge any additional fees for withdrawing the money we find this highly unlikely.