- MetaTrader 4,
- MetaTrader 5,
- WebTrader
- FSA(Seychelles)
- CySEC(Cyprus)
- $100
- 3.9/5
Regulation and Security
While Startrader falls under the supervision of FSA (Seychelles) and CySEC (Cyprus), a respected financial regulator, it is important to recognize that FSA (Seychelles) and CySEC (Cyprus) is not as prominent or stringent as certain other regulatory bodies like the FCA or the DFSA.
To fortify the security of its clients’ funds and data, Startrader has implemented a range of protective measures, which include:
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01
Segregated client accounts
Startrader maintains a clear separation between client funds and its operational capital, ensuring client funds remain safeguarded in the event of Startrader’s insolvency.
-
02
Negative balance protection
Clients are provided with the assurance that their losses cannot exceed their deposited amounts.
-
03
Data security
Startrader employs diverse security protocols, such as encryption and firewalls, to safeguard client data.
Trading Platforms
Startrader offers access to both the highly acclaimed MetaTrader 4 and MetaTrader 5 trading platforms. These platforms are recognized for their user-friendliness and extensive features, making them suitable for traders of all levels. Additionally, Startrader provides a web-based trading platform, offering a convenient option for those who prefer not to download software.
Advantages
- A wide array of trading products.
- Competitive pricing, including attractive spreads and commissions.
- Regulation by the FSA.
- Availability of both MetaTrader 4 and MetaTrader 5 trading platforms.
- Provision of educational resources tailored for new traders.
- Round-the-clock customer support.
- Acceptance of multiple currencies.
Disadvantages
- A limited variety of account types.
- The absence of copy trading or social trading features.
- Lower recognition in comparison to some other forex brokers.
- Occasional delays in customer support.
- A limited choice of funding methods.
- The non-availability of Islamic accounts.
Deposits & Withdrawals:
Simplifying financial transactions, Startrader provides multiple deposit and withdrawal methods, including bank wire transfers, credit/debit cards, and e-wallets. The minimum deposit requirement stands at $50, and Startrader expeditiously processes withdrawals, often completing them within 24 hours.
Instrument Selection
Startrader offers a wide array of trading products, encompassing:
- Forex: With over 60 currency pairs available, Startrader caters to forex traders.
- CFDs: Clients have access to CFDs covering stocks, indices, commodities, and cryptocurrencies.
Account Types
Startrader accommodates the diverse needs of traders by offering various account types, including:
- Standard account: This account type features commission-free trading with a spread mark-up of 1.1 pips.
- ECN account: Offering commission-free trading, this account comes with a spread mark-up of 0.9 pips
- Pro account: This account type provides commission-free trading with a spread mark-up of 0.8 pips.
Leverage and Margin
Startrader extends leverage up to 1:500 for retail traders in the UAE. Leverage empowers traders to control more substantial positions with a relatively modest capital investment. Nevertheless, it is vital to bear in mind that leverage can amplify potential losses. The margin requirement for forex trading is 2%, meaning traders must maintain a minimum of $2 for every $100 of the position they control.
Educational Resources
Committed to its clients’ success, Startrader offers a variety of educational resources, including trading webinars, seminars, articles, videos, e-books, and trading guides.
Customer Support
Startrader’s 24/5 customer support is accessible in multiple languages and can be reached via live chat, email, and phone.
Fees and Spreads
Startrader offers competitive spreads and commissions:
- Standard account spreads commence at 1.1 pip.
- ECN account spreads initiate at 0.9 pip.
- Pro account spreads begin at 0.8 pip.
A commission of $0.05 per round trip is applicable for the Standard account.
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Conclusion
Startrader is a viable option for forex traders in the UAE searching for a dependable broker providing competitive spreads, commissions, and a broad spectrum of trading products and services. However, it is essential to acknowledge that Startrader’s regulatory framework may not be as robust as that of other brokers, such as ATFX or Multibank.