STARTRADER Review 2024

Trust

STARTRADER Regulations

In this section, we will delve into the regulatory frameworks governing broker’s various entities and what that means for you as a trader. We employ a rating system for regulators, ranging from 1 to 3, where Tier 1 signifies the pinnacle of trustworthiness.

• STARTRADER LLC is registered in St. Vincent and the Grenadines. This entity is unregulated.
• STARTRADER PRIME GLOBAL PTY LTD is regulated by the Australian Securities and Investments Commission (ASIC). We rate ASIC as a Tier 1 regulator.
• STARTRADER Limited is regulated by the Financial Services Authority (FSA) in Seychelles. We rate FSA as a Tier 3 regulator.

Why is it Important to Know Where Your Broker’s Subsidiary Is Regulated?

Each regulator has its requirements for brokers, which may differ substantially. Such requirements cover aspects like leverage levels and specific protections for investors. These protections may include negative balance protection, segregated accounts, and investor compensation funds. Traders should understand the differences between regulations to evaluate whether the broker suits their needs.

STARTRADER’s entities offer segregated accounts and negative balance protection. The segregation of clients’ funds ensures that clients’ money is not used for the broker’s own business purposes. Negative balance protection safeguards clients from losing more money than they have in their accounts. However, none of STARTRADER’s entities have a compensation scheme.

I have summarized key aspects of the brokers’ entities in terms of regulation and safety in the table below:

Is STARTRADER Safe to Trade With?

All of these entities practice financial safeguards, such as holding client funds in segregated accounts separate from the broker’s own operational funds. They also offer negative balance protection, which prevents traders from going into debt beyond what’s in their accounts. However, none of the entities provide a compensation scheme. Thus, I consider STARTRADER to be a moderatetly secure broker.

Stability and Transparency

In my tests for the Trust category, I also cover factors relating to stability and transparency. Here, I focused on how long the broker has been in business, the size of the company, and the transparency in terms of information being readily available.

STARTRADER has been in business for over 10 years. My research showed that the company is not publicly traded and does not operate a bank. Clients can find the Client Agreement in a dedicated section of the company’s website. Details about the company’s regulations and protections like negative balance protection and segregated funds can be found here. The Trading Accounts page contains the details of the broker’s account offering.

In summary, my research indicated that STARTRADER can be regarded as having a reasonable level of trust and stability due to the following factors:

• STARTRADER has been in business for more than 10 years.
• Its entities provide negative balance protection and offer segregated accounts.
• The broker provides easy access to important information on the company’s website.

Fees

STARTRADER Trading Fees

For this review, I tested the STARTRADER Standard Account, where the broker charges spreads and swap/rollover fees and does not charge commissions. StarTrader also offers a commission-based account.

STARTRADER Spreads

I tested the spreads on the STARTRADER Standard Account during the London open at 8:00 a.m. UK time and just after the US open at 2:45 p.m. UK time. These are the most actively traded times.

I summarized my findings in the table below:

My tests indicated that STARTRADER offers low spreads for GBP/JPY, Gold, Apple, Tesla, DAX, and Dow Jones. The spreads for EUR/USD and WTI Oil were medium during my tests.

Swap Fees

My tests showed that the swap rates for EUR/USD were moderate, while those for GBP/JPY were high.

Are STARTRADER’s Trading Fees Competitive?

My hands-on testing revealed that STARTRADER boasts highly competitive fees for trading in a range of assets, including GBP/JPY, Gold, Apple, Tesla, DAX, and Dow Jones. However, I estimated the spreads for EUR/USD and WTI Oil as moderately priced.

Platforms and Tools

MetaTrader’s widespread popularity among brokers stems from its robust suite of technical analysis tools and its comprehensive support for algorithmic trading. Given that many traders are already well-acquainted with the MetaTrader 4 or 5 environments, this eliminates the learning curve often associated with adopting a new trading platform.

MT4 Desktop and Web Platforms

In this review, I tested MetaTrader 4, a platform renowned for its extensive selection of indicators and timeframes suited for technical analysis. Given that MT4 is a staple offering across various brokers, it’s likely that most traders – whether newcomers or veterans – have some level of familiarity with this platform.

Generally speaking, MT4’s charting capabilities are user-friendly enough for beginners to navigate after a bit of groundwork. For more advanced traders, the platform provides ample room for customization, including the option to download and integrate additional indicators to fine-tune their trading strategies.

General Ease of Use

MetaTrader4 is a very popular trading platform that suits beginners and advanced traders alike. While beginners may have some work to do to get accustomed to the platform, the educational tutorials are readily available on the web, both in text and video formats. Those who are keen learners would not face significant issues with MT4.

MT4 offers customizable watchlists and charts, which could be tailored to traders’ needs. It also provides copy trading and automated trading features. While newcomers to the platform may require some time to familiarize themselves with the trading platform, the navigation is logical.

Charts

MT4 offers:

• 51 indicators
• 31 drawing tools
• 9 timeframes

Both beginners and advanced traders will have plenty of options to choose from when developing their trading strategy.

Indicators include:

• Trend indicators
• Oscillators
• Volumes
• Bill Williams
• Custom indicators

Available time frames include 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, weekly, and monthly. Some platforms offer a wider range of timeframes, but the number of timeframes provided by MT4 is more than sufficient for practical purposes.

MT4 also supports objects:

• Lines
• Channels
• Gann Tools
• Fibonacci Tools
• Shapes
• Arrows

Please note that there are no Elliott Waves which is an essential indicator for many pro-level traders. This indicator could be purchased from third parties.

Each chart could be displayed as a bar chart, a candlesticks chart, and a line chart. While candlesticks are generally more popular among traders as there is an abundance of candlestick patterns used to make trading decisions, other types of charts also have their fans.

Orders

MT4 provides access to the main order types that you will need when trading:

• Market order, which is used to buy or sell the instrument at the current marketplace. This order is used when a trader wants to establish a position as fast as possible. Typically, this order is necessary when the instrument’s price begins to move quickly. The main risk of this order is that you pay a spread, which is the difference between the bid price and the ask price.
• Limit order, which is used to buy or sell the instrument at a preset price, or better. This order is used when the trader wants to establish a position at a certain level and is not willing to pay current market prices. Using limit orders is a good way to control risks because the trader controls the price that will be paid. In case of a fast breakout, the limit order may be used as an “upgraded” market order when the limit price is placed above the current market price.
• Stop loss order, which is used to exit the position when the price is moving in the wrong way. This order is triggered when the price reaches a specified price point.
• Trailing stop order, which is used to set a stop order that will move in case of open position trends in the right direction. This order is used to protect a trader’s profits if the market direction reverses.

My Key Takeaways After Testing MetaTrader 4 Desktop Platform

I’ve had years of hands-on experience with MetaTrader 4, and for this review, I took a deep dive into STARTRADER’s MT4 offering for over a week. While some might view the platform’s aesthetic as somewhat dated, its capabilities are both robust and user-friendly – once you become familiar with the menu navigation. Investing a little time to master MT4 is undoubtedly time well spent. It’s worth noting that while MT4 is somewhat less advanced than its successor, MT5, transitioning between the two is a breeze. If you’re comfortable with one, you’ll have no trouble adapting to the other.

MT4 Mobile App

STARTRADER offers MT4 versions for Android and iOS. In this review, I tested the STARTRADER Mobile App for Android.

General Ease of Use

The MT4 mobile app is user-friendly, offering essential features like real-time charts, quotes, account balance details, an economic calendar, and news updates to help traders make well-informed decisions.

While it doesn’t encompass all the functionalities of its desktop counterpart, it adequately serves traders who need to manage their portfolios on the move. The app’s intuitive design makes navigation a breeze, and if you encounter any hiccups, a wealth of online tutorials and videos are readily available for guidance.

Charts

MT4 mobile app offers:

• 30 technical indicators
• 24 drawing tools
• 9 timeframes
• 3 chart types

This selection of options is more than sufficient for mobile-based trading. Typically, the mobile app is used when the trader does not have access to the desktop platform but needs to monitor the market and open positions. While the app is helpful in certain circumstances, it cannot beat the speed of work that could be achieved using the desktop platform, which is the primary solution for active trading.

Orders

In an MT4 mobile app, you can set market orders, limit orders, and stop orders. Trailing stops are not available on mobile trading terminals.

My Key Takeaways After Testing STARTRADER on MT4 Mobile App

Drawing from my extensive use of the MT4 mobile app, I find that it efficiently serves its core purpose: enabling traders to manage their positions on the go. The design is streamlined, focusing on key functionalities. Considering the inherent limitations of mobile devices, like smaller screen sizes and the lack of a physical keyboard, it’s unrealistic to expect the app to match the comprehensive features of its desktop version.

STARTRADER VPS

STARTRADER offers reimbursements of $20 and $30 per month for VPS services. The level of reimbursement depends on trading activity and the amount of money on the deposit. Check the details to learn more about the offering.

Copy Trading Service

STARTRADER offers a copy trading service, which is available for both signal providers and followers on the MT4 platform.

Tradable Instruments

What are CFDs?

CFDs (Contracts for Differences) are financial instruments that allow traders to undertake asset trading without the need to own the underlying assets. The key advantage of CFDs is the access to improved leverage, which is typically not available to trading other instruments. Hence, CFDs are very popular in short-term trading.

What Can You Trade with STARTRADER?

• 46 forex pairs. The list includes major and exotic options.
• 23 commodities. Traders have access to Gold, Silver, WTI Oil, Natural Gas, and other popular commodities.
• 28 indices. The offering includes both cash indices and futures.
• 70 stocks. STARTRADER offers popular stocks like Apple, Tesla, and Bank of America.
• 43 cryptocurrencies. Bitcoin, Ethereum, Dogecoin, and other popular cryptocurrencies are available for trading.

STARTRADER provides a well-rounded selection of tradable assets, covering forex pairs, commodities, indices, cryptocurrencies, and stocks. While their forex offerings align with industry standards, featuring most of the popular currency pairs, their stock selection is somewhat limited in comparison to the broader market.

My Key Takeaways After Exploring STARTRADER Tradable Instruments

After more than a week of exploring STARTRADER’s range of tradable instruments, I’ve found their offerings to be well-balanced overall. The platform particularly stands out in commodities, indices, and cryptocurrencies. While the forex pairs and stocks are more streamlined, focusing mainly on the most popular names, they are sufficient for meeting the demands of the majority of traders.

Customer Support

Customer support is available in English, Spanish, Portuguese, Chinese, Malay, French, Japanese, Thai, and Arabic.

STARTRADER Customer Support Test

In my testing, I engaged with STARTRADER’s customer support via their online chat to inquire about key client concerns such as deposit and withdrawal options, account-based currencies, and minimum deposit requirements. I received prompt and informative responses, confirming the support team’s effectiveness in providing relevant information.

Deposit and Withdrawal

STARTRADER Deposits

STARTRADER clients can fund their accounts via credit cards, a range of e-wallets, bank transfer, and crypto. In addition to USD and EUR, the broker provides several local currencies.

STARTRADER Withdrawals

STARTRADER provides a wide range of withdrawal options that are available in multiple currencies. As usual, the wire transfer is the slowest method and can take up to 5 days, while the users of e-wallets and crypto will enjoy prompt money transfers.

Account Types and Terms

Why is it Important to Choose the Right Account Type?

Choose the account that best caters to your needs. The main features to consider when looking for the best-fit account are base currency options, contract size, commission, fees, the number of pending orders/positions, and the minimum deposit requirement.

What Account Types Does STARTRADER Offer?

STARTRADER clients can choose between a spread-based account (Standard Account) and a commission-based account (ECN Account). In the spread-based account, the broker charges spreads and swap/rollover fees, but does not charge commissions. In the commissions-based account, the spreads are tighter, but traders also have to pay commissions.

What is CFD leverage?

CFD leverage enables traders to enter positions without fronting the entire value, requiring instead a deposit known as the margin while borrowing the remaining capital.

Regulatory heavyweights like the FCA, CFTC, and ASIC enforce leverage limits as a safeguard to protect retail traders from excessive financial exposure. High leverage can significantly amplify both profits and losses, a reality often overlooked by novices. Conversely, offshore or unregulated brokers often dangle high leverage as a lure for traders seeking greater profit margins, but this comes with elevated risk and scant investor safeguards.

In the case of STARTRADER, traders can benefit from a leverage ratio of up to 1:500. Given this level of leverage, traders should exercise prudent risk management strategies to mitigate potential losses.

STARTRADER Account Opening Process

To open an account with STARTRADER, follow these steps:

• Step 1. Register – Sign up for a live trading account and complete the application.
• Step 2. Verify ID – Depending on your country, verify your identity with your ID documents.
• Step 3. Fund Your Account – After your application is approved, log in, make your first deposit, and start trading.

What is a demo account?

A demo account is an account that allows you to test the broker’s services and your trading skills without risking your money.

Please note that your trading experience will differ when you use a demo account compared to a real-money account due to psychological factors, as traders find themselves under pressure when real money is at stake.

It’s a good idea to use the demo account for practicing and learning the trading platform, but do not spend too much time on the demo.

STARTRADER provides demo accounts, so traders have the opportunity to test the broker’s services without risking real money.

Research

STARTRADER provides market research primarily through the News section on its website, featuring weekly market updates and technical analyses on high-profile instruments. These analyses typically spotlight key resistance and support levels, serving as a basic guide for traders. The platform also includes an economic calendar, which is fairly standard for brokers in the industry.

However, when benchmarked against the industry standard, STARTRADER’s research offerings come up short. While novice traders might find value in the outlined support and resistance levels, more seasoned traders will likely need to look beyond StarTrader for comprehensive research and insights.

Key Takeaways After Testing Research Tools

After tracking STARTRADER’s research articles over an extended period, I found them to be rather basic in their approach. Moreover, the research is confined to daily articles, falling short of meeting the more complex needs of seasoned traders.

Education

STARTRADER’s Knowledge Center on its website offers an array of educational resources, spanning from beginner-friendly articles to more advanced topics like Fibonacci sequences and Pivot Points.

The broker further complements its educational suite with a substantial library of webinars, available in multiple languages including Arabic, Chinese, English, and Spanish. However, it’s worth noting that the webinar section hasn’t seen any updates since June 2023, indicating a potential hiatus in fresh educational content.

The Bottom Line

STARTRADER operates under four distinct entities, including those regulated by ASIC and the FSA Seychelles, as well as two unregulated entities. All entities extend negative balance protection and ensure client funds are held in segregated accounts for added security.

When it comes to asset diversity, STARTRADER offers a well-rounded portfolio that spans forex pairs, indices, stocks, commodities, and an impressive array of cryptocurrencies. The broker’s forex and stock selections are geared more toward mainstream instruments, while its offerings in indices and commodities cater well to experienced traders.

Platform-wise, traders have the option to choose between the popular MetaTrader 4 and MetaTrader 5 platforms, in addition to a mobile app for trading on-the-go. My evaluation shows that the broker’s Standard Account features competitive fees, which adds value to its spread-based model. Further, STARTRADER offers a diverse set of deposit and withdrawal options, encompassing local payment methods and cryptocurrencies.

Though STARTRADER’s educational resources are robust, its research support leaves something to be desired, particularly for seasoned traders. Overall, STARTRADER has crafted a well-balanced offering that features competitive spreads, a strong lineup of tradable instruments, and a beneficial VPS service.

FAQ