Is StarfishFX a regulated forex broker or a scam?

StarfishFX is not a safe broker. According to our research, StarfishFX has been suspected in fraudulent actions. The company does not hold any financial licenses, but claims the opposite. Therefore the company seems to be highly suspicious while 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

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 the Starfish Markets Limited on the Internet, the company was registered in New Zealand but was banned by the New Zealand’s FMA (Financial Markets Authority).

We recommend you to stay away from the brokers with no license, especially when they are in the warning lists of the regulators.

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.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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 AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about StarfishFX. So you may share your experience or thoughts or discuss them below or ask us for additional information.

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