ForexStart Broker Review: Traders’ Opinions on the Company
The broker ForexStart positions itself as an expert in the Forex and CFD markets. However, the development history of this company froze in 2017, providing no data on its progress in the following years. The official website www.forexstart.org does not contain information on the company’s dynamics in 2018-2019, raising questions about what is happening with this CFD broker in the market.
Company Information
ForexStart is registered in the Seychelles and has offices in New York and Hong Kong. It previously operated under the name FxStart with CFDs and was founded in 2007. The platform features a clutter of stocks, contests, and programs for additional earnings, creating confusion and misleading users.
The company lacks licensing and regulation, but boasts a certificate for providing financial services from the British company Global Unite Responsibility System (GURS). However, client reviews indicate problems with asset withdrawals and numerous complaints about the company.
Registration Procedure
Registration on the platform resembles filling out a form on social networks. Verification is not mandatory but occurs in specific cases. Client data may be required for identification, but asset protection from hacking leaves much to be desired.
Trading Instruments
The broker offers a limited list of platforms for trading CFDs, including MetaTrader 4. A mobile application is available for iOS and Android. However, managing multiple accounts simultaneously is not possible, limiting functionality.
Deposits and Withdrawals
The minimum deposit amount is 1 USD, but many clients face issues with fund withdrawals and experience prolonged delays. Deposit and withdrawal fees depend on the payment system, causing dissatisfaction among users.
Brokerage Fees and Trading Conditions
The broker does not charge additional fees, but spreads amount to 0.3% of the transaction amount. Direct investments are available on the platform, but there are risks of fraud.
Technical Support and Reliability
Users complain about the lack of effective technical support and slow response to inquiries. Negative reviews about the company prevail, pointing out reliability and service issues.
Reviews
Positive reviews about the company are hard to find, and neutral ones tend to lean towards the negative side. Issues with fund withdrawals and account resets raise doubts about the broker’s reliability.
Review Summary
ForexStart raises doubts due to the lack of a license, withdrawal problems, and insufficient reliability. There are many other brokers offering services without the risk of fraud and financial losses.
