According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $0.1
- MetaTrader4
- 2006
Our Evaluation of ForexStart
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
ForexStart is a moderate-risk broker with the TU Overall Score of 6.86 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by ForexStart clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
The ForexStart brokerage company caters to novice traders, as evidenced by the absence of deposit limits, which start at $0.1, the availability of bonus programs, and the ability to use expert advisors.
Brief Look at ForexStart
ForexStart was a once-popular Forex broker established in 2007, offering traders access to the currency markets. However, over time, numerous clients began reporting issues with withdrawals, price manipulation, and other questionable practices.
Concerns escalated significantly in 2019, with a surge in complaints and allegations of fraudulent activity. Ultimately, the broker ceased operations, leaving many clients unable to retrieve their funds. The precise reasons and circumstances surrounding ForexStart’s closure remain shrouded in mystery.
Throughout its existence, many traders criticized the company’s lack of transparency and the absence of robust safeguards for their investments. These concerns are reflected in numerous online reviews where former clients share their negative experiences.
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- low minimum deposit of $0.1;
- simple and quick registration system as opening an account takes only two minutes;
- permission to use automated trading software.
- difficulties in withdrawing funds;
- access to only 2 trading platforms;
- periodic lags of the trading platform;
- there are limited options for contacting technical support.
- company’s activities are not supervised by regulatory bodies;
- long waits for a response from tech support;
- the trading platform’s frequent bugs and lags make scalping nearly impossible.
TU Expert Advice
Financial expert and analyst at Traders Union
The ForexStart brokerage company has been providing its services to the territory of the Russian Federation since 2007, and during that time it has earned the trust of clients from all CIS countries. The company is also a member of Traders Union and has proven to be a dependable partner who fulfills commitments.
The company’s top priority is to help new traders develop their professionalism and provide favorable trading conditions for all clients, regardless of their trading experience.
The company only provides two types of accounts: real and demo. The client can independently set up an account based on his needs, including selecting the amount of leverage and, if necessary, enabling the swap-free function (Islamic account).
During its operation, the ForexStart broker has received hundreds of reviews from traders from more than ten countries. The reviews include both positive and negative feedback.
Positive reviews are associated with the broker’s loyalty and the provision of the same conditions to all clients. Traders also note the company’s broad range of services, which include everything from active trading to investment programs and binary options. The advantages of ForexStart include a low minimum deposit of $0.1 and a quick registration procedure.
Negative reviews are related to the operation of trading platforms, which frequently fail and stutter, affecting trading. The downside is also the delay in withdrawing funds, as well as the periodic rejection of withdrawal requests without explanation. The client can contact the round-the-clock support service if any of these problems occur.
Due to the ambiguity of the reviews, we recommend that you monitor ForexStart’s position in Traders Union’s ratings and, when deciding on a broker, check the most recent reviews about its service.
ForexStart Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MT4 |
|---|---|
| 📊 Accounts: | Demo, real |
| 💰 Account currency: | USD, AUD, BCH, BTC, CAD, CHF, CNY, DASH, ETH, EUR, GBP, ILS, IDR, JPY, MYR, THB, VND, LTC, NZD, RUB, UAH, XMR |
| 💵 Deposit / Withdrawal: | Visa and MasterCard bank cards; WebMoney, QIWI, Yandex.Money, Perfect Money, Skrill, UnionPay, Bitcoin, DASH, Ethereum, Bitcoin Cash, Litecoin, and StableCoins electronic payment systems, as well as cellular communications |
| 🚀 Minimum deposit: | $0.10 |
| ⚖️ Leverage: | 1:1 to 1:1000 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | From 0.01 lot |
| 💱 EUR/USD spread: | 0 pips |
| 🔧 Instruments: | Fiat currency pairs, cryptocurrencies, metals, indexes, and CFDs on stocks |
| 💹 Margin Call / Stop Out: | 0-100% |
| 🏛 Liquidity provider: | Deutsche Bank, Bank of America, Citigroup, Goldman Sachs, Barclays, JPMorgan Chase, Credit Suisse, and UBS |
| 📱 Mobile trading: | The web version of Mobius Trader 7 |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Instant, Market, Stop Orders |
| ⭐ Trading features: | Permission to use robots to automate trading; Binary options; Protection against a negative balance. |
| 🎁 Contests and bonuses: | Yes |
The brokerage firm focuses on offering services to traders of various levels of professionalism, including beginners. The minimum deposit is only $0.1, making it one of the brokers with the lowest deposit requirements.
Clients appreciate the company’s convenient trading conditions: the size of leverage, the level of margin call, and the availability of swaps are all determined independently by the trader based on his needs. Another advantage of the broker is the variety of services offered: traders can access not only active Forex trading but also binary options and investment programs for passive trading.
The company pitched itself as a broker who is ready to work with inexperienced traders and provide them with an educational grounding. The main page of the broker’s website also contains analytical materials and a schedule of upcoming webinars.
If the client has any technical or other questions, he can contact the support service, which is available 24/7.
ForexStart Key Parameters Evaluation
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Trading Account Opening
Review of the Personal Cabinet of ForexStart
To make your acquaintance with
the ForexStart broker as comfortable as possible, take a closer look at the registration procedure and take a
virtual tour of your user account.
The registration and login buttons can be found on the broker’s homepage. If you already have an active account with the broker, go to the upper right corner of the page and click the Personal Area button. If you are visiting a ForexStart broker’s website for the first time, click on the “Open an account” button to the right of the logo.
If you are registered with a ForexStart broker, you will see an authorization window after clicking on the Personal Area button. To access your user account, enter your email address and password, and then click the Login button. If you can’t remember your password, click the “Forgot your password?” link and follow the on-screen instructions.
After clicking the Open an account button, a new user is taken to a page with personal data fields. Here, enter your full surname, first name, and patronymic, as well as your email address and a password, and then repeat it on a separate line. Before registering on the broker’s website, you can become acquainted with all of the necessary documents, links to which can be found on the right. After opening a real account, the user selects whether he requires a cent or dollar account.
After entering the details, the broker provides a unique password that is required to withdraw personal funds. Be sure to save this password.
The trader can enter additional data on this page at will. This step completes the registration process, and the user can access the Mobius Trader 7 trading platform or the user account by clicking the “Personal Area” button.
After clicking the “Personal Area” button, an authorization window appears, in which you must enter your login information — email and password. Then, repeat the steps.
In the user account, the user can select the type of account — real or demo — as well as the currency for the real account.
After creating an account, the user has access to account settings as well as the deposit and withdrawal functions. To the left of the Deposit button is a settings icon, where the client can select the appropriate leverage, the margin call level, and make the account Islamic by enabling the swap-free function.
The user account is divided into several sections: “Accounts”, “Profile”, “Investments”, “Partners”, and “Options”.
From the “Accounts” section, you can open new accounts, configure them, as well as deposit and withdraw funds. A demo account is also opened there. This section also includes a transaction history, a function of transfer between accounts, a transaction archive, and a balance history.
The “Profile” section contains user account settings such as changing personal data, the password to the user account, and the password for withdrawing funds. From this section, you can contact support service with a problem or question, as well as view alerts and event logs.
From the “Investments” section, users can view activity on PAMM accounts, use the “Copy trade” service, and monitor accounts.
The “Partners” section contains all of the materials required to participate in the broker’s referral program.
The “Options” section takes a user to binary options trading by default.
Regulation and safety
ForexStart has a certificate from GURS. The issuance of a certificate for the provision of financial services occurs if the broker meets all of the requirements of the body that issued the certificate. Otherwise, the company does not have the legal right to provide its services.
Client funds are safeguarded by segregated accounts. A trader at ForexStart can keep up to 70% of his deposit in his personal bank account or the account of a trusted person. To do so, the client needs to request the “Segregated account” option, pass verification, and wait for company confirmation.
Advantages
- The company is certified by GURS
- Client funds are reliably safeguarded thanks to new segregated account standards
Disadvantages
- Absence of bodies regulating the company’s activities
- The funds’ protection function must be activated at the client’s request; it is not enabled by default
- All documents are available on the broker’s website for free
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Real | From $1.5 | No |
Also, this broker’s trading fees were analyzed and compared to the indicators of two competing companies — RoboForex and Pocket Option. Based on the results, brokers’ trading fees were divided into three categories: low, medium, and high.
| Broker | Average commission | Level |
|---|---|---|
|
$1.5 | |
|
$1 | |
|
$8.5 |
Account types
To begin working with ForexStart, a trader must first create a user cabinet on the broker’s website. After registering, a trader can deposit funds into his real account or switch to a demo account. The registration process takes about 2 minutes and requires no additional verification or identification from the client.
Account types:
Trading on ForexStart is carried out through two platforms: MT4 and Mobius Trader 7. MT4 is designed for use on a PC, whereas Mobius is optimized for use on any Android, iOS, or Windows device. There is also a web version of the trading platform.
Deposit and withdrawal
ForexStart received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
ForexStart offers limited payment options and accessibility, which may impact its competitiveness.
- Fast processing times
- Limited deposit and withdrawal flexibility, leading to higher costs
- Deposit fee applies
- USDT payments not accepted
What are ForexStart deposit and withdrawal options?
ForexStart offers a limited selection of deposit and withdrawal methods, including . This limitation may restrict flexibility for users, making ForexStart less competitive for those seeking diverse payment options.
ForexStart Deposit and Withdrawal Methods vs Competitors
| ForexStart | Plus500 | Pepperstone | |
| Bank Wire | No | Yes | Yes |
| Bank card | No | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | No | No | No |
What are ForexStart's minimum deposit and withdrawal amounts?
The minimum deposit on ForexStart is $, while the minimum withdrawal amount is $. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact ForexStart’s support team.
Markets and tradable assets
ForexStart offers a limited selection of trading assets compared to the market average. The platform supports 0 assets in total, including 0 Forex pairs.
- Multiple markets
- Futures not available
- Small selection of currency pairs
Supported markets vs top competitors
We have compared the range of assets and markets supported by ForexStart with its competitors, making it easier for you to find the perfect fit.
| ForexStart | Plus500 | Pepperstone | |
| Currency pairs | 60 | 90 | |
| Total tradable assets | 2800 | 1200 | |
| Stocks | Yes | Yes | |
| Commodity futures | Yes | Yes | |
| Crypto | Yes | Yes | |
| Stock indices | Yes | Yes | |
| Options | Yes | No |
Investment options
We also explored the trading assets and products ForexStart offers for beginner traders and investors who prefer not to engage in active trading.
| ForexStart | Plus500 | Pepperstone | |
| Bonds | No | No | |
| ETFs | Yes | Yes | |
| Copy trading | No | Yes | |
| PAMM investing | No | Yes | |
| Managed accounts | No | No |
Customer support
ForexStart provides its clients with round-the-clock support. A trader can contact a specialist at any time of day or night with questions or issues, which the support service will address.
Advantages
- 24-hour support service
- Traders are assisted by experts
Disadvantages
- The work of the support service is not sufficiently prompt
- Limited communication methods
Communication with the support service can be done using:
-
the email address specified in the Contacts section;
-
feedback forms on the website.
Contacts
| Foundation date | 2006 |
|---|---|
| Registration address | 160-180 Water St, New York, NY 10038, USA. |
| Official site | forexstart.com |
| Contacts |
+1 917 993 96 90
|
Education
In addition to comfortable trading conditions, ForexStart offers a large educational base to clients. A beginner will be able to understand the basic principles of the market with the help of articles, dictionaries, as well as detailed analyses and instructions. A professional can improve his skills by using deep analytics.
The learning process will be more effective if, in addition to studying the theoretical part, the user applies what he has learned by trading on a demo account. This method aids in the consolidation of previously acquired knowledge and the testing of its applicability in practice.
The demo account is ideal for new traders looking to hone their trading skills and gain a better understanding of the market. A demo account will serve as a testing ground for new trading strategies and styles for an experienced trader. As a result, regardless of professionalism, the client obtains the necessary skills while not putting his capital at risk.
Comparison of ForexStart with other Brokers
| ForexStart | Bybit | Eightcap | XM Group | Octa | NPBFX | |
| Trading platform |
MetaTrader4, Mobius Trader 7 | MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MetaTrader4, MetaTrader5, OctaTrader | MT4 |
| Min deposit | $0.1 | No | $100 | $5 | $25 | $10 |
| Leverage |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:40 to 1:1000 |
From 1:200 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 0 points | From 0.8 points | From 0.6 points | From 0.4 points |
| Level of margin call / stop out |
No / 100% | No / 50% | 80% / 50% | 100% / 50% | 25% / 15% | No / 30% |
| Order Execution | Instant Execution, Market Execution | Market Execution | Market Execution | Market Execution | Market Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | Yes | No | No | No | No | No |
Detailed review of ForexStart
The ForexStart brokerage firm has been operating in the Russian market since 2007. During its operation, the broker established 37 representative offices in CIS countries, received over 20 awards, and gained over a thousand reviews from clients worldwide.
The company is registered in Mahe, Seychelles, and certified by GURS (Global Unite Responsibility System), a reputable regulator. Client funds are safeguarded by using segregated accounts for deposit storage. ForexStart allows clients to keep up to 70% of their funds in a personal bank account or the account of a trusted third party.
ForexStart by the numbers:
-
13 years of experience in the CIS financial market;
-
37 representative offices globally;
-
Its 2 main offices are in New York and Hong Kong;
-
trader-chosen leverage ranging from 1:1 to 1:500;
-
$0.1 is the minimum deposit;
-
opening an account takes only 2 minutes;
-
21 awards for competent service delivery and progressive development;
-
100+ is the number of trading instruments available to traders.
ForexStart offers a wide range of services to both novice and experienced traders
ForexStart is a broker that aims to provide equal trading conditions to all clients, regardless of experience level.
The company provides traders with two types of accounts, both of which have the same basic trading conditions: real and demo. Thus, all clients, regardless of their experience, are treated equally, which is the broker’s goal. The trader can adjust the account according to his needs. ForexStart does not impose a fixed leverage, margin call level, or absence of swaps. All of these functions are managed by the trader independently. The client can also protect his funds on his own by using the “Segregated account” function.
In ForexStart, there are two types of order executions (Instant and Market), which allow for maximum accuracy and speed in opening and closing trades.
Furthermore, there is a function for copying traders, PAMM accounts, and investment programs that traders can use to earn money without actively participating in market trading.
Advantages:
quick account opening, and registration takes only 2 minutes;
low minimum deposit is $0.1;
no restrictions on the number of lots;
the broker permits the use of robots for trade automation.
a large number of deposit and withdrawal options;
the ability to independently set the required leverage from 1:1 to 1:500;
profitable partnership program;
a diverse range of services, including active trading, binary options, and investing
a comprehensive educational program for beginners;
unlimited time to use the demo account;
protection against a negative balance.
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