Bitstarmarkets is a broker that would like to provide traders and investors with a quicker and more flexible way to access the global markets.
Bitstarmarkets claims that they provide over 200 tradeable assets on their “state-of-the art” trading platform.
The broker’s minimum deposit is $250 but does not offer MT4 or cTrader platforms to their clients.
Use these highly recommended trading and investing services provided you’ve found the right broker that offers the popular MT4 trading platform.
Nevertheless, we find this broker rather weird because all professional and well regulated brokers will at least provide MT4 trading software to their clients.
Moreover, they provide a Switzerland physical address and a phone number at +442080894306 so that customers can call them. There’s no live chat.
Traders can also reach them using the company’s business email email@example.com.
Before you consider using this broker, we want you to read this review and find out whether they’re a good fit.
What you need to know is that this broker is very new in this market since their website was created in September 2020.
In this case, a broker will not have any meaningful reviews or feedback from traders.
We generally don’t trust new brokers with zero established reputation.
We also see that they offer 5 account types to their clients. The following table will quickly highlight some key features.
|Basic||1:10||Account Manager, platform walkthrough||$250|
|Silver||1:20||Senior account Manager, technical education||$10,001|
|Gold||1:30||Executive account manager, Technical and fundamental education||$20,001|
|Platinum||1:40||VIP account Manager, Technical and fundamental education||$100,001|
|Diamond||1:40||BD account Manager, Technical and fundamental education||$200,001|
From the table above, we see that the most basic account can be funded with just $250 and from there, Bitstarmarkets requires substantial amounts of money in order for the client to “upgrade”.
The broker has neither talked nor published information about their live spreads.
Therefore, we can’t tell how expensive or cheap it is to trade with this broker.
Also, the fact that they don’t provide MT4 means that this broker lacks the seriousness of a professional broker.
Selling a strange online-based trading platform to a category of client who is used to MT4 trading platform is not easy.
Bitstarmarkets bonuses and conditions
The broker is encouraging traders and investors to “upgrade” to higher account types to qualify for 150% deposit bonuses.
They’re dangling the carrot before your eyes so you can be tempted to risk a bigger amount of money on their platform.
Our advise is that you should be generally cautious and not be in a rush when it comes to trusting new brokers.
Their higher account types are risky because they require a lot of money and yet this broker has not established any reputation yet.
Bitstarmarkets is not a regulated broker
This is the worst finding ever. If the broker is operating from Switzerland as they claim, they should be showing us their FINMA licensing number.
Unfortunately this isn’t the case because the broker does not have a regulatory status.
In other words, authorities do not know that they even exist.
On the contrary, they continue to provide financial services to members of the public, which is illegal.
Regulated brokers will always provide a wide range of benefits to their clients.
For example, they will keep their clients’ capital in segregated accounts which means these funds will not mix with company’s operation capital.
Secondly, there’s often a compensation up to a certain amount, just in case the company goes under.
Those who trade with unregulated brokers are not entitled to these benefits.
That is why you should not trade with Bitstarmarkets.
Bitstarmarkets is not a reliable broker to start with.
We would like them to acquire some feedback from clients first as we monitor their reputation.
Also, we would like them to work on their regulatory status because this will prove to us that they are genuine.
Otherwise, all of us should assume that this website is just a temporary thing where thieves will collect money and then close down.
Of course we do expect that a serious broker will provide the popular MT4 trading platform.
We don’t know why this broker does not provide this software yet it’s the most popula ramong Forex traders.
In short, we do not trust Bitstarmarkets and we don’t see them as a reliable Forex broekr.