The Mediterranean Broker
Optionstarsglobal is a Forex Trader based in Cyprus. It has been in the marketplace since 2010. We respect its long history, but there are too many complaints registered against this broker. Therefore, we decided to take matters in our own hands and evaluate whether this broker is trustworthy or not.
Optionstarsglobal doesn’t use Metatrader 4. Instead, it uses Tradalogic. This platform offers every major forex pairs with some minors one. There are many commodities, stocks and stock market index you can select from. It trades high and low binary options. It offers turbo options.
These features are nice, but the platform lacks the reliability of MetaTrader 4 and MetaTrader 5. Plus, Tradologic can get overloaded and its easy to manipulate as compared to MetaTrader platforms. The user interface isn’t very simple, and someone from MT4 or MT5 will need time to get the hang of it.
No Demo Account
Demo Accounts are very common in forex trading than they used to be. Yes, they won’t remain forever in the room, but it’s an important feature to have. Its imperative a broker give its trader a chance to try the platform without risking their money. It helps you save money.
For some reason, Optionstarsglobal doesn’t offer any demo account. We don’t know the company refused to offer this failsafe, and it concerns us. This move makes the broker less friendly to newcomers, as they don’t have anything to experiment with.
Optionstarsglobal is regulated by CySEC, a financial regulatory authority of Cyprus. But is it relevant? Following are the most relevant authorities around the world
- National Futures Association (NFA), and the Commodity Futures Trading Commission (CFTC)- United States
- Financial Conduct Authority (FCA), and Prudential Regulation Authority (PRA)- United Kingdom
- Australian Securities and Investment Commission (ASIC)- Australia
None of these authorities approve Optionstarsglobal. Trading with a regulated broker protects the trader. No, it’s not a failsafe. A regulated trader protects you via a legal oversight and are subject to very specific terms of operation. The rules are set by a government body with trader’s interest in mind.
There is no reason to deny withdrawal of trader’s funds or profits. The broker only holds your funds to help you trade; there is no other reason. A broker who doesn’t withdraw your funds when asked is up to something.
We agree the amount of paperwork has increased a lot in recent years. This protects the user against money laundering and other issues, but it doesn’t give the broker authority to deny withdrawal to the trader. It doesn’t make sense, the most a broker can do is process the payment a bit slower
This clearly shows Optionstarsglobal is engaging in malpractices, and it doesn’t promise any growth.
The Optionstarsglobal is guilty of being a scam. We have analyzed the broker in detail and found the issues mentioned above. The website is taken care of, they are not regulated by any respected authority and engages in malpractices. It clearly shows traders should stay away from it.