Broker Review

Unauthorised Firm Details

Name: Starfishfx.com
Website: www.starfishfx.com

Starfish FX is an online trading platform offering access to forex, CFDs, and binary options. It markets itself as a modern broker providing a wide range of financial instruments through the popular MetaTrader 4 (MT4) platform. Operated by Starfish Markets Limited, the platform has had a history of operations in New Zealand and Vanuatu, drawing attention from regulators and independent reviewers.

Regulatory and Compliance Concerns

A closer look at Starfish FX’s regulatory status raises significant concerns for potential investors:

• In New Zealand, the broker’s license was revoked due to non-compliance with local financial regulations, highlighting past issues with legal adherence.

• Operating under Vanuatu jurisdiction, the platform benefits from limited regulatory oversight. This minimal supervision increases financial risk for traders, as there is little external protection or enforcement available.

• Starfish FX briefly obtained a Cyprus Investment Firm license but never activated it, later renouncing it due to regulatory non-compliance.

• The broker was expelled from the Financial Commission, an independent dispute resolution body, meaning clients can no longer rely on this organization for assistance or compensation.

These factors indicate that Starfish FX lacks credible regulatory backing in major markets, making it a high-risk platform for retail traders.

Transparency and Corporate Structure

Transparency is another area of concern:

• The company provides very limited information about its owners and management, making it difficult for investors to verify the platform’s legitimacy.

• The official website contains multiple errors, missing pages, and incomplete content, raising questions about the professionalism and reliability of the platform.

Customer Experience and Operational Challenges

Reports from users suggest operational issues that may affect investor confidence:

• Many traders have experienced difficulties withdrawing funds, often facing delays or being asked to pay additional fees before accessing their money.

• Customer support appears to be slow or unresponsive, particularly after funds have been deposited.

• Independent user reviews consistently highlight these issues, reinforcing concerns about the platform’s reliability and trustworthiness.

Conclusion

While Starfish FX promotes itself as a professional trading platform, its history of regulatory non-compliance, opaque corporate structure, and negative user experiences indicate significant risks. Investors should exercise extreme caution and prioritize platforms with verified oversight and transparent operations to safeguard their capital.