Scam forex brokers are spreading everywhere. How can you protect yourself from them? For the first-timer, their platforms, websites look like the honest brokers’ ones. However, there always are some noticeable red flags that help us bring the verdict.
Today, we would like to introduce you to StarkMarkets-a scammer forex and CFDs broker that you should avoid.
In our StarkMarkets review, we’ll say a few words regarding the company and its trading conditions.
About the company of StarkMarkets
Krisimark Ltd operates Starkmarkets.com. The registration number is 206066758. It is officially registered in the Republic of Bulgaria in the European Union.
Although the broker claims to be located and regulated by Bulgaria, we cannot find any evidence or mention of the broker in the register of the Bulgarian Financial Supervisory Commission.
In general, StarkMarkets has a bad reputation due to its hidden fees and lack of supervision. The broker was previously owned by a company that EU regulators repeatedly blacklisted.
This may well be the reason for the company behind their change of brand name, but investing in this company is still dangerous.
What trading platforms does StarkMarkets provide?
The broker uses a web-based interface and TradingView charts. Although the platform is not wrong, it is not comparable to industry-leading software such as MetaTrader4 or MetaTrader5. Therefore, here you can view an extensive list of brokers that support the MT5 platform.
Additionally, StarkMarkets does not offer a demo account service. A demo account is a big help to test out its services before actually trading with them. Thus, we could not evaluate their trading conditions, services, and tools, without them.
Leverage and the minimum deposit
StarkMarkets did not share any information about the leverage they provide, but on their platform, we see that their offer is very generous-1:400. We would recommend those willing to use such a high level of leverage to check the list of trusted brokers that offer leverage as high as 1:500.
Higher leverage may seem tempting, but you should remember that it always comes with a price-the higher the leverage, the greater your risk of loss when the market is against you.
We are not sure about this, but the minimum threshold for the Bronze level of StarkMarkets’ most basic account type is $1,000, which is too much. Most brokers will let you open a real account with them at a price of $100 or less.
What payment methods does StarkMarkets provide?
Brokers seem only to use bank wire transfers and debit/credit cards such as Visa, Mastercard, and Russian Mir cards. Most brokers also use electronic wallets such as Skrill and Neteller, and some even allow deposits and withdrawals via Bitcoin.
To sum up, it is not hard to see that StarkMarkets.com is a home for a total scammer company. There are hundreds of other honest ones available. If you’re curious, you can simply check our forex brokers list and find the most suitable one for you.