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The WikiFX Score of this broker is reduced because of too many complaints!

Starek

United Kingdom|2-5 years|
Suspicious Regulatory License|MT4/5 White Label|Chinese market only|High potential risk|

https://www.starekforex.com/index4.html

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

1
Server Name
StarekCo-Live MT5
Server Location Hong Kong

Contact

+0044 4374206
cs@starekforex.com
https://www.starekforex.com/index4.html
First Floor, Providence Complex, Providence, England
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+0044 4374206

Broker Information

More

Company Name

Starekco., Ltd

Company Abbreviation

Starek

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 2
Previous Detection : 2024-02-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 13 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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    Starek · Company Summary

    Note: Stareks official site - https://www.starekforex.com/index4.html is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    General Information

    Starek Review Summary in 10 Points
    Founded 2-5 years
    Registered Country/Region United Kingdom
    Regulation Not regulated
    Market Instruments Forex
    Demo Account Not disclosed
    Leverage Up to 1:100
    EUR/USD Spread 0.2 pips
    Trading Platforms MT5
    Minimum Deposit Not disclosed
    Customer Support Phone, Email

    What is Starek?

    Starek is a global brokerage firm based in the United Kingdom that offers Forex as market instruments to traders. However, it is important to note Starek is currently not regulated by any recognized financial authorities which raises concerns when trading.

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    Pros & Cons

    Pros & Cons

    Pros Cons
    • MT5 trading platform • Not regulated
    • Competitive low spread • Many negative reviews from their clients
    • Website unfunctional
    • Lack of transparency
    • Commissions charged
    • Limited trading instruments

    Starek Alternative Brokers

    There are many alternative brokers to Starek depending on the specific needs and preferences of the trader. Some popular options include:

    • Plus500- Plus500 stands out for its intuitive platform, extensive range of tradable assets, and commission-free trading, making it an attractive option for traders looking for a user-friendly and cost-effective trading experience.

    • Darwinex- Darwinex is a unique social trading platform that allows traders to turn their strategies into investable assets, providing an excellent opportunity for both skilled traders and investors looking to diversify their portfolios.

    • FXCM- FXCM is a well-established and reputable forex broker that offers a wide range of trading instruments, competitive spreads, and reliable execution, making it a suitable choice for traders of all levels.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is Starek Safe or Scam?

    When considering the safety of a brokerage like Starek or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

    • Regulatory sight: It is not regulated by any major financial authorities, which means that there is no guarantee that it is a safe platform to trade with.

    • User feedback: Total 14 pieces of exposures on WikiFX of unable to withdraw, scam, fraud and account suspend are serious red flags that cannot be overlooked, immediate attention and caution in any financial dealings with this broker is suggested when traders consider trading.

    Ultimately, the decision of whether or not to trade with Starek is a personal one. You should weigh the risks and benefits carefully before making a decision.

    Market Instruments

    Starek provides forex trading service to its clients, offering a comprehensive and diverse range of currency pairs to trade. With a focus on the foreign exchange market, Starek provides access to major, minor, and exotic currency pairs, accommodating the diverse preferences and trading strategies of its clients. The platform is said to be equipped with advanced trading tools and technology, enabling traders to execute trades with precision and efficiency.

    Leverage

    Leverage

    Starek offers a leverage up to 1:100 for their trading accounts. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller initial investment. With a leverage ratio of 1:100, traders can amplify their potential profits, as well as their risks, significantly. Traders who are experienced and have a solid understanding of risk management may opt for higher leverage to enhance their trading opportunities. However, it is crucial to approach leverage with caution and consider individual risk tolerance, as higher leverage also increases the potential risk.

    Spreads & Commissions

    Starek, as a broker, offers a competitive EUR/USD spread of 0.2 pips, indicating a tight and favorable pricing for traders engaging in this currency pair. In addition to the spread, clients are charged a commission of $2 per lot traded. The commission-based structure ensures transparency in the trading costs, allowing traders to have a clear understanding of the expenses associated with their trades. The combination of a low spread and a fixed commission per lot may appeal to traders seeking a cost-effective trading environment. However, traders should consider their trading volume and strategy to evaluate the overall impact of both spread and commission on their trading performance. As with any broker, it is essential for traders to review the complete fee structure and consider their individual trading needs and preferences before making a decision.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commissions
    Starek From 0.2 pips $2 per lot traded
    Plus500 From 0.5 pips No commissions
    Darwinex From 0.0 pips Variable (depending on account)
    FXCM From 1.3 pips Variable (depending on account)

    Trading Platforms

    Starek provides traders with access to the widely acclaimed MetaTrader 5 (MT5) trading platform, a versatile and robust platform known for its advanced features and capabilities. With MT5, traders can access a diverse range of financial instruments, including forex, stocks, commodities, and indices, expanding their trading opportunities beyond just forex. The platform offers sophisticated charting tools, technical indicators, and analysis capabilities to aid traders in making well-informed decisions. Additionally, MT5 allows for automated trading through Expert Advisors (EAs), enabling traders to execute strategies even in their absence. However, traders should be aware that the effectiveness of the platform depends on various factors, including internet connectivity and server stability. While MT5 is widely popular, traders should assess their individual trading needs and preferences before deciding on a platform.

    See the trading platform comparison table below:

    Broker Trading Platforms
    Starek MT5
    Plus500 MT4
    Darwinex MT4/5
    FXCM MT4

    Overall, Stareks trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.

    User Exposure on WikiFX

    Encountering a total of 14 pieces of exposures on WikiFX, most related to difficulties in withdrawing funds, and some scam, fraud and system cases, these serve as an alarming signal that cannot be ignored when considering this particular broker. These serious red flags are indicative of potential risks and malpractices within the company's operations. Traders and investors must exercise extreme caution and conduct thorough due diligence before engaging with the broker. The documented instances of scams and withdrawal issues on WikiFX raise significant concerns about the broker's reliability and credibility. It is essential for individuals to prioritize their financial security and seek out brokers with transparent and trustworthy track records to safeguard their investments and avoid potential pitfalls. If you find such fraudulent brokers or have been a victim of one as well, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

    User Exposure on WikiFX

    Customer Service

    Starek provides multiple customer service options to assist its clients in different areas. Customers can reach out to Starek through various channels to address their queries and concerns as below:

    Phone: 00444374206

    Email:cs@starekforex.com.

    Conclusion

    According to available information, Starek is a non-regulated United Kingdom -based brokerage firm. While the firm offers Forex as market instrument, it is important to consider certain factors such as lack of regulations and transparency that may raise concerns. Besides of this, 14 pieces of exposures on WikiFX related to difficulties in withdrawing funds, scam, fraud and system slippage also indicate this broker might not be reliable. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from Starek before making any investment decisions.

    Frequently Asked Questions (FAQs)

    Q 1: Is Starek regulated?
    A 1: No. It has been verified that this broker currently has no valid regulation.
    Q 2: Does Starek offer the industry leading MT4 & MT5?
    A 2: Yes, it offers MT5 platform.
    Q 3: Is Starek a good broker for beginners?
    A3: No. It is not a good choice for beginners because it is not properly regulated and theres reports of scam, unable to withdraw on WikiFX.

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