Home » BitStarMarkets Review – Bitstarmarkets.com Exposed!

BitStarMarkets Review – Bitstarmarkets.com Exposed!

BitStarMarkets Review - Bitstarmarkets.com Exposed!

BitStarMarkets is a Forex broker that mentions UK contact details and a location in another country. It shouldn’t be a concern itself, but there are no additional legal details, so it’s a notable warning sign! BitStarMarkets is indeed a dealer that provides certain very rare amounts of equity and a spread that renders it difficult to earn. Find out in the total BitStarMarkets analysis why you can stop this Forex broker.

BitStarMarkets Review - Bitstarmarkets.com Exposed!

Income Mentor Box

REGULATION AND Preservation OF FUNDS BitStarMarkets

Apparently, by giving an address in the Alpine region, BitStarMarkets tries to present itself as a Swiss broker, but fails to provide more proof that it’s valid. Switzerland is one of the most stable for traders, but at the same time financial jurisdictions are the most challenging for brokers. If a business intends to acquire a Swiss licence and to offer investment goods and services, 20 million Swiss francs of paid-up capital must be given.

We doubt that BitStarMarkets, going from the unsatisfactory look of their platform and their offerings as a whole, has these funds at their disposal. As anticipated, our research on the FINMA (Swiss Financial Regulator) registry was fruitless. We have noticed nothing in the registry of the FCA (the British financial authority), but BitStarMarkets is also not a UK broker.

However in the T&Cs of BitStarMarkets, we noticed that the rules of the Marshall Islands refer to the deal between them and the merchants. Since the islands do not yet have a financial regulator, let alone Forex controls that take effect, it is an alert sign at all. Brokers from the Marshall Islands are risky to traders and can be stopped at all times. If you make a deposit with BitStarMarkets, your funds are not safe since it is an unlicensed broker that unlawfully sells Forex goods and services in controlled markets.

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Stop BitStarMarkets and deal only with legal brokers that are controlled by CySEC (Cyprus) or FCA (Britain). By enforcing a range of stringent rules and regulations, Europe has built a secure atmosphere for traders’ funds and not unexpectedly, all the world’s top brokers carry European licences. The regulations referred to include a minimum capital threshold of EUR 730 000, consumer deposit segregation, negative account balance security, predefined stop-out thresholds and other customer safety measures as well.

Most notably, though, deposits made by merchants are guaranteed by deposit insurance funds which have been inaugurated in order to better add to the system’s wellbeing. Customers will demand up to EUR 20 000 in refunds in Cyprus, while assurances in the UK are up to GBP 85 000. In the event of a Forex broker experiencing difficulties in meeting its financial obligations, each EU Member State is compelled to establish and further run identical deposit insurance funds, which are seen as the last resort for traders.

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TRADING Applications BitStarMarkets

BitStarMarkets provides a web-based application that they have possibly built on their own. We need to alert traders that such networks are unsafe and volatile and more frequently than not susceptible to theft and market manipulation. At the conclusion of this chapter, you will see what their platform looks like.

We say that traders can focus on brokers from MetaTrader4 and MetaTrader5 since MT is the strongest retail FX trading platform that is not unexpectedly one of the professional traders’ favourites. It is strong and comes with specialised trading software and features such as specialist analysts, open electronic trading, dynamic metrics, the MQL programming language and even a marketplace.

The spread of EUR/USD is something that we have never seen before and that is out of the question. It’s 100 pips, yeah, that’s not our uncertainty, but the actual spread that relates to BitStarMarkets if you sell! It’s an offensive contrast between Buy and Sale quotations that practically renders the opportunity for profit non-existent. The spread is the premium to be paid by the dealer to open a position, and such a large gap renders BitStarMarkets the most expensive broker we have come across. The industry norm is 1 pip or less, but BitStarMarkets proposes 100 times poorer business terms than average!

The overall leverage is upto 1:40, which is a medium-risk ratio. In comparison to the spread, leverage is the second key element of investing, and it therefore has a significant influence on future earnings. The leverage helps traders to expand their stake size, rendering the exchange more affordable, but risks are escalating.

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The maximum allowed ratio that governed brokers could provide as a consumer security mechanism at 1:30 was restricted by the EU, UK and Australia (as of the spring of 2021). For traders, higher amounts are deemed too dangerous, and we advise that traders avoid searching for 1:100 or 1:500 because they could end up trading with scammers easily.

DEPOSIT/WITHDRAW METHODS AND Payments of BitStarMarkets

The minimum initial deposit needed is $250, which is on average $100 in line with offshore brokers, but higher than the norm of monitored brokers.

The means of financing are not explicitly defined, although they can be used with credit cards, wire transfers and Bitcoin. Normal approaches are most certainly inaccessible, such as Skrill or Neteller.

No minimum withdrawal conditions were identified, but due to the incentive programmes that apply, it turns out that withdrawals may be unlikely. We’ll quickly clarify why. There are still no withdrawal costs for submitting. The withdrawal request is said to be handled within 2 days, which seems reasonable, but if the spread begins from 100 pips, do not plan to fill one up and draw profits out!

After 12 months of inactivity, an account becomes inactive and may be entitled to a $30 monthly administrative charge, which is a requirement that follows the requirements of the sector.

Now the critical portion of this analysis is here. When the dealer opens an account, there is a welcome incentive of at least 50 per cent on the investment. But the incentive is final, ensuring that until the dealer performs a certain trading volume, 30 times the value of the bonus plus the deposit, a withdrawal is unlikely. We believe BitStarMarkets can urge traders to take incentives, or even automatically insert the reward! You will find out more about the incentives in the next segment as a tactic deployed by the scammers.

Any packages that are claimed to carry at least 280% reward are also sold by BitStarMarkets, but you shouldn’t believe that because it’s a return that’s not attainable in the real world! Ignore BitStarMarkets because,of the poor trading conditions they have, you are sure to lose your capital!

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