- Excellent trading platforms
- Competitive fees and commissions
- High leverage trading available
- Not licensed or regulated
- Limited array of tradeable assets
- Questionable security
ForexStart is an online trading brokerage that provides a wide range of services and consulting to traders from around the world. The brokerage primarily facilitates the trading of forex currency pairs and very few other tradeable financial assets. Therefore, ForexStart is highly specialized and focused in what they do which allows them to provide exceptional trading services for this market. ForexStart is owned and operated by Tim Group Limited and was established in 2007 with a mission is to help beginners and inexperienced traders start their trading career. ForexStart is based out of China but does not disclose the locating address of their headquarters. ForexStart is not a licensed or regulated online trading brokerage but they claim to be protected by the Global Unite Responsibility System (GURS). All in all, ForexStart appears to be a viable online trading brokerage for the trading of forex. However, there are numerous viable online trading brokerages to choose from, so should you choose ForexStart? Find out for yourself by reading our in-depth review where we analyzed all aspects of ForexStart and laid our findings out for your viewing below.
ForexStart features two highly advanced and sophisticated online trading platforms for their traders to choose from. Both platforms have various benefits and advantages and accommodate the needs of both beginner and experienced traders. See the platforms overviewed below.
MOBIUS TRADER 7
This is a web based trading platform that can be used anywhere in the world and on any desktop computer or mobile device via the web browser interface. The platform supports a huge base of preset indicators and graphical objects as well as the ability to create and implement your own indicators and automated algorithms. As well, Mobius Trader 7 is highly reliable and has lightning fast execution speeds as it runs off of tens of servers located around the world and automatically syncs between all of your devices. The platform interface is also very intuitive and accomodates the needs of nearly every type of trader.
MetaTrader 4 (MT4)
The MT4 trading platform provided by ForexStart can be downloaded on desktop computers such as Windows, Mac, and Linux operating systems as well as on iOS and Android mobile devices from the Apple App Store and the Google Play Store. The MT4 trading platform is the most popular trading platform for the trading of forex currency pairs. The platform is highly advanced with a variety of tools and features such as automated trading, advanced technical analysis, and one click trading directly from the charts. As well, traders have access to an economic calendar, market news, live price feeds and more. All in all, traders will not be disappointed with ForexStart’s MT4 online trading platform.
ForexStart is a very specialized online trading brokerage as they primarily offer trading in the forex (foreign exchange market). However, they do facilitate the trading of CFDs (contracts for difference) on a variety of other financial instruments including cryptocurrencies, precious metals, and indexes. Traders can trade over 50 forex currency pairs including majors, minors and exotics with both variable or fixed spreads. As for CFD trading, clients can trade 7 different cryptocurrencies, 2 precious metals, and 11 of the most popular indexes. All in all, the extent of tradeable assets is pretty good, although traders have much more selection and trading options when it comes to the forex market.
Fees and Commission
ForexStart traders have the choice to trade with either variable of fixed spreads on forex currency pairs with fixed spreads as low as 2 pips and variable spreads as low as 0.3 pips. Varying commissions may apply on the variable spreads as well, but they are not stated. For the trading of metals, traders incur a commission of 0.3 pips on each trade and have spreads from 0.4 pips. The trading of Indexes has a commissions of 0.3 pips on each trade as well and spreads from as low as 1 pip. Cryptocurrency trading fees are not listed on the ForexStart website.
Security and Fairness
ForexStart claims to be a very secure and fair online trading brokerage, but we do have our doubts. For instance, ForexStart is not licensed or regulated by any reputable regulatory authorities. As well, the brokerage claims to be protected by the Global Unite Responsibility System (GURS), but upon looking into this organization we found nothing. Therefore, the security of ForexStart is questionable and traders should proceed with extreme caution if trading with ForexStart.
ForexStart provides their clients with support that’s available 24 hours a day, 7 days a week via an array of emails for different departments and one international telephone number. The support received is often quite delayed and very abrupt with their responses. Overall, the customer support by the representatives is not the best. However, customers can receive support from the websites extensive FAQ page and comprehensive education center. Also, traders can communicate with other traders and support representatives through the ForexStart forum. All in all, the customer support by ForexStart is only mediocre.
Overall, the ForexStart online trading brokerage is a questionable broker that’s based somewhere in China. The broker is not licensed or regulated and appears to be very dated with their website and services. ForexStart specializes in the trading of forex and a few other tradeable assets but does not live up to the competition. The trading platforms provided are highly sophisticated and loved by many, but that’s about it. All in all, there are numerous competent and reliable online trading brokerages out there, and ForexStart is not among them.
The following are the common questions that customers inquired about ForexStart.
Is ForexStart regulated?
No, it is not regulated by any reputable regulatory authorities.
Is ForexStart a scam?
Not sure, ForexStart is a questionable broker but is not necessarily a scam.
Where is ForexStart based?
ForexStart is based out of China.