Contents
- 1 StarTrader Basics
- 2 Our Opinion About StarTrader
- 3 StarTrader Regulation
- 4 Trading Instruments
- 5 StarTrader Account Types
- 6 Standard Account
- 7 ECN Account
- 8 StarTrader Forex Bonuses
- 9 20% Cumulative Bonus
- 10 1% Switch Bonus
- 11 StarTrader Deposits
- 12 StarTrader Withdrawals
- 13 Trading Platforms
- 14 Trading Tools
- 15 Social Trade
- 16 Copy Trade
- 17 VPS Services
- 18 Education and Research
- 19 Customer Support
- 20 Our Verdict
- 21 StarTrader Forex Broker Review FAQ
- 22 StarTrader Forex Broker Review – Similar Brokers
StarTrader Basics
| 🏛️ Based in | Saint Vincent and Grenadines |
|---|---|
| ⚖️ Regulation | SVG |
| 💰 Minimum Deposit | $50 |
| 💳 Deposit Options | Crypto, VISA, MasterCard, Bank Wire, SticPay, PM, Skrill, Neteller |
| 💳 Withdrawal Options | Crypto, VISA, MasterCard, Bank Wire, SticPay, PM, Skrill, Neteller |
| 📌Open an account | Start Trading With StarTrader |
Our Opinion About StarTrader
StarTrader is a new forex broker that was launched in 2019. They are a regulated company with a registration in St Vincent and Grenadines. They are one of the fast-growing forex brokers in the industry. StarTrader is known for placing a high value on transparency, reliability, and security. And they have already won several awards in recognition of the high standard of service they offer to clients in Africa.
As a regulated forex broker, StarTrader offers great online trading conditions. They offer you access to over hundreds of trading instruments including forex, metals, shares, indices, and commodities. They also offer a nice choice of StarTrader trading accounts. There are two main account options – both of which come with low commissions, tight spreads, and ultra-fast trade execution. You can also choose from some best online trading platforms – including MetaTrader4 and MetaTrader5.
If you’re looking for great support, StarTrader would be a good choice. They offer a nice range of tools including trading calculators, market analysis tools, and VPS services. They also provide a good selection of payment methods, for quick hassle-free. And if you’re looking for good customer service then you’ll be pleased to know that StarTrader also provides multilingual support.
StarTrader Regulation
Forex traders in Nigeria will come under the StarTrader (SV) Ltd business entity, which has a registration with the Financial Services Authority of St Vincent and the Grenadines. This is because Nigeria doesn’t have a local regulator.
StarTrader has an excellent reputation for offering a safe trading environment across all of their entities and all of their traders benefit from a high level of client fund protection. They hold your fund in segregated client accounts, separate from their own operational funds. They also offer free negative balance protection, to ensure that if things go wrong, your account balance can never fall below zero.
Trading Instruments
When it comes to trading, StarTrader offers a nice range of CFD instruments. You can choose from six different asset classes. These are:
- Forex – StartTrader offers CFDs on 30+ currency pairs.
- Indices – StarTrader provides CFDs on 20+ global indices.
- Shares – They have 70+ CFDs on shares including Amazon, Apple, and CitiBank.
- Commodities – They have 20+ CFDs on agricultural products, metals, and energies.
StarTrader Account Types
As part of our StarTrader forex broker review, we took a close look at what account types were available. There are two main StarTrader live accounts you can choose from.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Standard | From 1.3 pips | $50 | 1:30 | N/A |
| ECN | From 0.1 pips | $50 | 1:30 | N/A |
Standard Account
The StarTrader Standard Account is a great choice for forex traders in Nigeria. The StarTrader minimum deposit on this account is low which makes it a nice option for traders who are just starting out and have limited trading capital. You can also trade with tight spreads, starting from 1.3 pips. You can also benefit from high leverage and fast trade execution. These are very trading conditions and will enable you to minimise your trading costs.
ECN Account
The StarTrader ECN Account is another good choice for forex traders in Nigeria. The StarTrader minimum deposit on this account is also quite low, which makes it a nice option for people who have slightly more trading capital. You can trade with tighter spreads, starting from 0.1 pips. You can also benefit from fast trade execution and negative balance protection. These are good trading conditions and will enable you to get more out of your online trading.
StarTrader Forex Bonuses
As part of our StarTrader forex broker review, we also took a close look at what forex bonuses were available. There are two main StarTrader forex bonuses you can choose from:
20% Cumulative Bonus
The StarTrader 20% Cumulative Bonus is available until 31st December 2022. The minimum deposit is $250. The offer is applicable for new accounts or same name accounts opened during promotion period. To access the bonus, you must register with StarTrader and fund your account before the deadline. You must also meet all of the other bonus offer requirements. Each account can receive up to $1,000. The bonus is available in all areas except China, Taiwan, Vietnam, Pakistan, Indonesia. Check their website for more details and the full T&Cs.
1% Switch Bonus
The StarTrader 1% Switch bonus is available until 31st December 2022. The minimum deposit is $3000. The offer is applicable for new accounts or same name accounts opened during promotion period. To access the bonus, you must register with StarTrader and fund your account before the deadline. You must also meet all of the other bonus offer requirements. Each account can receive up to $200. The bonus is available in all areas except mainland China. Check their website for the full T&Cs.
StarTrader Deposits
Funding your account is easy. StarTrader offers a basic range of payment methods. You can deposit money using a debit card, credit card, wire transfer, or cryptocurrency transfer. Alternatively, you can fund your account using an accepted ewallet such as SticPay, PM, Skrill, and Neteller. StarTrader does not charge any deposit fees.
StarTrader Withdrawals
Withdrawing funds is also easy. StarTrader offers a basic range of withdrawal methods. You can withdraw money using a debit card, credit card, wire transfer, or cryptocurrency transfer. Alternatively, you can withdraw money from your account using an approved ewallet such as SticPay, PM, Skrill, or Neteller. StarTrader does not charge any withdrawal fees, but it does pass on any fees charged by banking institutions.
Trading Platforms
StarTrader uses MetaTrader4 (MT4)) – one of the top online trading platforms in the industry. The platform is available on desktop, mobile, and tablets.
MetaTrader4 (MT4) is a great trading platform for forex trading in Nigeria. It has a nice design that is easy to navigate. You can use the StartTrader MT4 platform to trade forex, cryptocurrencies, indices, shares, and more. It comes with plenty of user-friendly trading tools. For example, it has several advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. You can use the tools to carry out technical analysis, manage your risk, and implement your trades.
MetaTrader5 (MT5) is another great trading platform for forex traders in Nigeria. It has a simple interface and many built-in features. As with MetaTrader4, you can trade a wide range of financial instruments such as forex pairs. The StartTrader MT5 trading platform also has a good selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. You can use it to carry out market analysis, leverage advanced tools, and to implement your trading strategies
Trading Tools
StarTrader offers a basic suite of online trading tools. They have a free economic calendar that you can use to monitor and trade global economic events. They also have their own News Room with weekly video market updates and daily technical analysis. If you’re looking for more tools to help with your trading, you can also looking into their social trade, copy trade, and VPS services.
Social Trade
Social Trade is a platform where you can connect with traders, follow their trading behaviour, learn from their trading strategies, and implement them to enhance your trading skills. If you choose to trade using the platform, you can quickly and easily implement other people’s strategies using automated technology. You can also talk to and socialise with other traders in group chats.
Copy Trade
Copy Trade is a platform that allows you to take a more diversified approach to trading. You can use the platform to follow professional investors from all over the world. You can also use it to monitor their strategies, track their performance, set up exclusive forex portfolios, and copy trades on a real-time basis.
VPS Services
As part of our StarTrader forex broker review, we also checked their VPS services. StarTrader offers a reimbursement program for VPS services. The service itself is provided by a 3rd party provider. If you meet the minimum requirements, then you can apply to StarTrader for a reimbursement towards the VPS service costs. The amount of money you get back will depend on your minimum deposit and trading activity. Check their website for more details and the full T&Cs.
Education and Research
StarTrader offers a basic education service. They have a knowledge centre for beginners. It has many helpful forex trading articles covering trading terminology and other foundation topics. They also have a webinar series for beginners. It is run by experienced traders and covers topics such as fundamental analysis, technical analysis, and trading strategies.
Customer Support
StarTrader offers great customer support. Their support team can be reached online via a contact us form. They can also be contacted via an online chat service. On social media, StarTrader is on Facebook, Twitter, Instagram, LinkedIn, Telegram, YouTube, and more.
Our Verdict
StarTrader is a new forex broker that offers great trading conditions, market-leading trading platforms, and top trading support. In addition, it offers good educational resources, a helpful copy trading service, and a secure trading environment. Thank you for reading our StarTrader forex broker review.
StarTrader Forex Broker Review FAQ
Yes, StarTrader in Nigeria is a good broker. They have two account types, both of which have low minimum deposits. StarTrader has a good range of trading instruments including forex, stocks, indices, and metals. They also have high leverage, tight spreads, and fast trade execution. In our opinion, they are a good forex broker and a great choice for Nigerian traders.
Yes, StarTrader is a legit broker. They offer a reliable forex trading service, fair trading platforms, and helpful trading tools. StarTrader provides a good level of client fund safety, operating with strict security and client fund protection measures. They also have a good range of payment methods, for added convenience. In our opinion, StarTrader is a legit broker and a good choice for Nigerian traders.
StarTrader is regulated by CySEC. However, forex traders in Nigeria will come under the StarTrader (SV) Ltd business entity, which has a registration with the Financial Services Authority of St Vincent and the Grenadines. This is because Nigeria doesn’t have a local regulator. Traders under the SV entity can still expect high levels of client fund protection and customer service.
If you’re ready to start trading, you can open a StarTrader account.
StarTrader Forex Broker Review – Similar Brokers
StarTrader is a great choice for forex traders. However, if you want to see some alternatives, there are also many other great forex brokers in Nigeria. Here are some similar companies.
If you’d like more information about other companies, feel free to browse our forex broker reviews.