STARTRADER Review: New UK-Based Brokerage Firm

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STARTRADER Review: New UK-Based Brokerage Firm

In the dynamic world of forex trading, STARTRADER emerges as a new player, distinguishing itself with a blend of innovative technology and user-friendly services. Established in 2018, this UK-based brokerage firm has quickly made a name for itself among traders worldwide.

In this forex trading broker review, we will give you a more exclusive STARTRADER review. You might be wondering if this is the right broker to choose. We aim to equip you with all the information to make an informed decision about whether STARTRADER aligns with your trading aspirations and needs.


STARTRADER: Overview 

STARTRADER logo

Established: 2018
Headquarters: United Kingdom
Trading Platforms: MetaTrader 4, MetaTrader 5, Copy Trade, Web Trader
Mobile Trading: Yes
Minimum Deposit: $50
Account Types: Standard, ECN

Founded in 2018 and headquartered in the United Kingdom, STARTRADER has established itself in the competitive forex trading market. Its offerings include popular trading platforms like MetaTrader 4, MetaTrader 5, copy trade, and web trader, each with its unique set of features to cater to different trading preferences.

Recognizing the importance of mobile trading in today’s market, STARTRADER provides options for trading on mobile devices, enabling traders to stay connected with the markets on the move. This feature reflects the evolving nature of trading in the digital age.


Regulation and Registration 

STARTRADER operates under a robust regulatory framework across various jurisdictions. It is registered with the SVGFSA in Saint Vincent and the Grenadines. STARTRADER International PTY Limited extends its reach in Hong Kong. Additionally, STARTRADER LIMITED is regulated by the Seychelles Financial Services Authority (FSA), while STARTRADER PRIME GLOBAL PTY LTD falls under the oversight of the Australian Securities and Investments Commission (ASIC). 

In Cyprus, IV Markets Ltd, associated with Startrader Ltd, adheres to the local regulatory standards. This global regulatory presence underscores STARTRADER’s commitment to compliance and transparency in its financial operations.


Account Types of STARTRADER

STARTRADER provides distinct features across its trading accounts, focusing on elements crucial for traders. Here’s a summary of the key aspects:

account types

Standard Account:

  • Minimum Deposit: $50
  • Spread: Starting from 1.3 pips
  • Commission: No commission on trades
  • Maximum Leverage: Specific to the instrument and market conditions, with high leverage options available
  • Instruments: Access to over 50 currency pairs, 70+ stocks, 10+ commodities, and 20+ indices

ECN Account:

  • Minimum Deposit: $50
  • Spread: As low as 0.0 pips
  • Commission: $7
  • Maximum Leverage: Varies based on the instrument and market conditions, offering high leverage options
  • Instruments: Includes the same wide range as the Standard account – over 50 currency pairs, 70+ stocks, 10+ commodities, and 20+ indices

Deposit and Withdrawal

STARTRADER offers various funding and withdrawal methods, ensuring secure transactions through a dedicated client portal. Accepted methods include bank wire transfer, VISA/MasterCard, and various online wallet options. Bank wire transfers may take 3-5 working days to process. 

Withdrawals are processed the next day if received after 21:00 GMT or the same day before 07:30 GMT. Funds must be withdrawn to an account under the same name as the STARTRADER account. International Telegraphic Transfer fees of approximately USD$20 apply, and withdrawals typically take 3-5 working days, with potential delays in unforeseen circumstances.


Products in STARTRADER

STARTRADER provides a wide range of instruments, including:

  • Forex
  • Shares
  • Indices
  • Metals
  • Commodities

Trading Platform of STARTRADER

STARTRADER offers two advanced trading platforms. These platforms are renowned for their robust features and user-friendly interfaces, making them popular choices among forex traders globally.

  • MetaTrader 4
  • MetaTrader 5 
  • Copy Trade
  • Web Trader

Fees of STARTRADER

STARTRADER offers two account types: a commission-free Standard account and a commission-based ECN account. In the Standard account, forex spreads start from 1.3 pips or $13 per 1.0 lot, with no commissions. The ECN account offers raw spreads from 0.0 pips plus a $7 commission per standard round lot, which can be over 46% cheaper than the Standard account.

There are no internal deposit fees or inactivity fees charged by STARTRADER. However, a $20 fee is applied for bank wire withdrawals. The average trading costs for various instruments are as follows: EUR/USD and GBP/USD at 1.3 pips ($13), WTI Crude Oil at $0.036, Gold at $0.17, and Bitcoin at $34.25. The minimum raw spreads in ECN accounts are 0.0 pips, and minimum standard spreads in Standard accounts are 1.3 pips. The minimum commission for forex in ECN accounts is $7 per lot.


STARTRADER Promotions

STARTRADER Promotions

STARTRADER offers various promotional bonuses, enhancing the trading experience for its clients. Here’s a summary of their current promotions:

1. Deposit Bonus – $20 to $250:

  • Eligible for traders who meet the deposit requirements.
  • Offers a bonus ranging from $20 to $250, depending on the deposit amount.
  • Specific terms and conditions apply, as detailed on the promotion page.
  • Link: STARTRADER Deposit Bonus

2. Switching Bonus:

  • Designed for traders switching from another broker to STARTRADER.
  • Provides an incentive for new clients who transfer their accounts.
  • The exact bonus details are available on the promotion page.
  • Link: STARTRADER Switching Bonus

Customer Support 

  • Email: [email protected]
  • Instagram: star trader.international
  • YouTube: @Startrader.international

Pros & Cons 

  • Offers promotions periodically
  • Support for major trading platforms
  • Low minimum deposit
  • Lengthy withdrawal process
  • High spreads on Standard accounts
  • Limited broker reputation, causing concern among customers
  • No top-tier license

Pros Explained

  • STARTRADER offers various promotions from time to time, such as deposit bonuses or cashback rewards, providing additional benefits to traders.
  • STARTRADER offers access to MetaTrader 4, MetaTrader 5, copy trade, and web trader. These platforms are widely recognized for their advanced trading tools, comprehensive charting capabilities, and automated trading features.
  • STARTRADER requires a relatively low minimum deposit of just $50 to start trading. This low entry barrier makes it accessible for a wide range of traders, including beginners or those who prefer to start trading with a smaller capital outlay.

Cons Explained

  • Withdrawals at STARTRADER typically take 3-5 working days. This duration is a crucial consideration for traders who need to plan for their financial requirements or reinvestment strategies.
  • Spreads of 1.3 pips on STARTRADER’s Standard accounts can be considered relatively expensive, particularly when compared to the industry norms for major currency pairs.
  • STARTRADER, having been established in 2018, is relatively new in the forex trading industry. This shorter track record can result in less visibility and recognition in the crowded brokerage market.
  • Despite being regulated by several international bodies, STARTRADER does not hold a license from a top-tier regulator like the UK’s Financial Conduct Authority (FCA) or the US’s Commodity Futures Trading Commission (CFTC).

Is STARTRADER  Worth Considering?

Is STARTRADER  Worth Considering?

STARTRADER offers an accessible entry point with a low minimum deposit and a range of account options. Its notable advantage is its support for major trading platforms like MetaTrader 4, MetaTrader 5, Copy Trade, and Web Trader.  Additionally, periodic promotions can offer added value.

However, there are areas to consider carefully. The higher spreads on standard accounts might not be cost-effective for all trading strategies. The withdrawal process, taking 3-5 working days, might not align with the needs of traders who seek quicker access to their funds. Additionally, the lack of a top-tier regulatory license might be a concern for those who prioritize such credentials in a broker.

While STARTRADER offers accessibility and a range of platform options, it might not be the best fit for those prioritizing low spreads, quick withdrawals, and stringent regulatory compliance.


FAQs

1. What is STARTRADER?

STARTRADER is a forex and CFD broker established in 2018, headquartered in the United Kingdom. It offers trading services on various platforms, including MetaTrader 4 and MetaTrader 5, and provides a range of account types to cater to different traders.

2. What trading platforms does STARTRADER offer?

STARTRADER provides access to popular trading platforms such as MetaTrader 4, MetaTrader 5, Copy Trade, and Web Trader.

3. What types of accounts does STARTRADER offer?

STARTRADER offers two main types of accounts: Standard and ECN. The Standard account features spreads starting from 1.3 pips with no commission, while the ECN account offers spreads as low as 0.0 pips with a commission of $7 per lot traded.

4. How does STARTRADER handle deposits and withdrawals?

STARTRADER allows deposits and withdrawals through various methods, including bank wire transfer, credit/debit cards, and online wallets. Withdrawals typically take 3-5 working days to process, with a fee of approximately $20 for international telegraphic transfers.

5. Is STARTRADER regulated?

Yes, STARTRADER is regulated by several international bodies, including the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA), the Seychelles Financial Services Authority (FSA), and the Australian Securities and Investments Commission (ASIC).


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