Starfish 2025 Review: Everything You Need to Know
Summary: The Starfish forex broker has garnered a mixed reputation in the trading community, primarily due to its lack of regulation and numerous negative user experiences. While it offers a variety of trading instruments and platforms, the absence of a legitimate regulatory framework raises significant concerns regarding its trustworthiness and user safety.
Note: It is important to highlight that Starfish operates across various jurisdictions, which complicates its regulatory status. This review aims for fairness and accuracy by synthesizing multiple perspectives from various sources.
Ratings Overview
We rate brokers based on user feedback, regulatory compliance, and overall trading conditions.
Broker Overview
Founded approximately 5 to 10 years ago, Starfish Markets Limited is based in New Zealand but has faced significant scrutiny due to its revoked regulatory license. This revocation raises serious concerns about its legitimacy as a financial service provider. Starfish primarily offers trading through the popular MetaTrader 4 (MT4) platform, catering to both novice and experienced traders. The broker provides access to a range of trading instruments, including over 50 currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies. However, the absence of a valid regulatory authority leaves potential clients at risk.
Detailed Breakdown
Regulatory Geography
Starfish is currently unregulated, having had its license revoked by New Zealands Financial Markets Authority (FMA). This lack of regulation makes it a high-risk option for traders, as there are no legal protections for clients. According to sources, such as WikiFX, the broker operates outside the regulatory framework, which can lead to potential scams.
Deposit/Withdrawal Methods
The broker supports various payment methods, including Mastercard, Visa, and UnionPay. However, specific details regarding deposit and withdrawal processes remain vague. According to 55brokers, Starfish does not charge fees for deposits, but the lack of transparency regarding withdrawals raises concerns among users.
Minimum Deposit
While the exact minimum deposit requirement is not consistently reported across sources, some suggest that it could be around $200. This is relatively low compared to other brokers, but the associated risks due to the lack of regulation are significant.
Starfish offers limited promotional incentives, and the specifics of any bonus structures are not clearly outlined in the available reviews. This lack of clarity may deter potential traders looking for more attractive trading conditions.
Tradable Asset Classes
Starfish allows trading in various asset classes, including forex, CFDs, and cryptocurrencies. However, the variety of available exchange-traded funds (ETFs) is limited compared to other brokers, which could be a drawback for traders looking for diverse investment options. According to 55brokers, the company offers a wide range of trading options but lacks in certain areas, such as ETF offerings.
Costs (Spreads, Fees, Commissions)
The spreads offered by Starfish are reported to be above average, typically around 2.5 pips for major pairs like EUR/USD. This is higher than many competitors, which can significantly impact trading profitability. The absence of detailed information on commissions and fees adds to the uncertainty surrounding trading costs with this broker.
Leverage
Starfish offers high leverage options, reportedly up to 1:500. While high leverage can amplify profits, it also increases the risk of significant losses, making it a double-edged sword for traders.
The primary trading platform offered by Starfish is MT4, which is well-regarded for its user-friendly interface and comprehensive trading tools. The availability of a mobile trading platform caters to traders who prefer to manage their accounts on the go.
Restricted Regions
Starfish does not provide clear information about restricted regions, which could pose issues for traders in certain jurisdictions. The lack of a clear regulatory framework makes it essential for potential traders to conduct thorough research before engaging with the broker.
Available Customer Support Languages
Customer support is available in English and Chinese, but reviews indicate that the quality of support is lacking. Many users report slow response times and inadequate assistance, leading to frustration among clients.
Repeated Ratings Overview
Detailed Explanation of Ratings
Account Conditions: 4/10
Starfish offers a range of account types, including ECN accounts for experienced traders, but the lack of clarity around minimum deposits and withdrawal processes detracts from its appeal.
While Starfish provides access to the widely used MT4 platform, the educational resources available are minimal, which may not suffice for novice traders looking for comprehensive learning materials.
Customer Service & Support: 3/10
User reviews consistently highlight poor customer service, with reports of delayed responses and insufficient assistance, leading to dissatisfaction among traders.
Trading Setup (Experience): 4/10
The trading experience is hampered by the high spreads and lack of transparency in costs, which can negatively impact traders' profitability.
Trust Level: 2/10
The absence of regulation and mixed reviews raise significant concerns about the trustworthiness of Starfish as a broker, making it a risky choice for traders.
User Experience: 3/10
Overall user experiences are polarized, with many users expressing frustration over the lack of support and withdrawal issues, leading to a generally negative perception of the broker.
In conclusion, the Starfish review indicates a broker that, while offering a variety of trading options, presents significant risks due to its unregulated status and mixed user experiences. Traders should exercise caution and thoroughly research before considering Starfish Markets Limited as a trading partner.
