Is StarfishFX Scam or Legit Broker?

StarfishFX is not a safe broker. According to our research, StarfishFX has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

About StarfishFX
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is StarfishFX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is StarfishFX?

StarfishFX is a Forex and CFD broker that claims to be located in the United Kingdom. They provide a UK address and a Hong Kong country code, so it is quite confusing the location of their office.

  • Also if you check more info about Starfish Markets Limited on the Internet, the company was registered in New Zealand but was banned by New Zealand’s FMA (Financial Markets Authority).
  • In case of getting the license from New Zealand’s FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about USD 35,000- USD 50,000 for a license depending on its type.

Overall StarfishFX Ranking 

Our research results revealed multiple issues connected with the regulations and safety of StarfishFX, so we do not rank positively StarfishFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • StarfishFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingStarfishFXGo MarketsAvaTrade
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading PlatformsTrading Instruments

StarfishFX Alternative Brokers

Due to our negative revelations on StarfishFX here we offer much better Alternatives to StarfishFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

  • AvaTrade – Good Instruments and CopyTrading
  • Pepperstone – Low Spreads and Competitive Trading Conditions
  • XM – Wide Range of Trading Opportunities

 

StarfishFX Deposits and Withdrawals

The broker offers various deposit and withdrawal options, including Bank Transfers, Credit/Debit Cards, and e-wallets such Unton Pay. For deposits, StarfishFX requires zero deposit fees. 

  • However, the broker does not provide much information about the deposit and withdrawal processes. 

StarfishFX Review Conclusion

We strongly advise opening a trading account only with brokers regulated by respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and TMGM.

 

  • Overall ranking and experience for StarfishFX is Negative

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