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ForexStart Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Jun 27, 2024

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Available in United States

New Customer Offer 500% Deposit Bonus

Overall Rating

2 / 5

ForexStart is #8 in our binary options broker rankings.

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Customer Reviews

Minimum Deposit $0.10

Trading Platforms MT4

Instruments CFDs, Forex, Binary Options, Stocks, Commodities, Cryptos

Regulators

Account Currencies RUB, UAH

Payment Options Skrill, PayPal, UnionPay, Yandex Money, WebMoney, Perfect Money, Visa, Mastercard, Bitcoin Payments, Ethereum Payments

Pros

• Demo account
• Low minimum deposit
• MT4 integration

Cons

• No copy trading
• No regulatory oversight

ForexStart offers CFDs, binary options and forex on the Mobius Trader 7 and MetaTrader 4 platforms. New clients can register for an account in 30 seconds with a 500% welcome deposit bonus. But is ForexStart legit and trustworthy?

In this broker review, our experts share their key findings, from trading apps and payment methods to margin trading, withdrawals, and the company’s regulatory status.

Key Takeaways

• ForexStart is geared towards Russian traders with local customer support, payment solutions and a RUB account
• The broker offers hundreds of assets, including binary options with 100% payouts and short contract expiries
• The company is not regulated by a trusted financial authority, which will deter many prospective traders
• ForexStart is not the best pick for global traders due to the Russian-centric trading services

Company History & Overview

ForexStart is a representative of Tim Group Limited and was founded in 2007 in Russia.

The brokerage initially provided educational support to investors but soon began to list forex pairs to trade. Since then, the trading firm has grown its asset offering which now includes CFDs, commodities, stocks, cryptocurrency and binary options. The brand also offers a range of promotions, trading contests and additional tools, including a VPS.

But while ForexStart markets itself as a global broker, many of its educational resources, payment solutions and customer support services are aimed at Russian traders.

It is also worth noting that the broker is not regulated by a reputable financial authority, although it does use segregated accounts.

Trading Platforms

ForexStart offers an average selection of trading platforms, including the popular MetaTrader 4 terminal and the less well-known Mobius Trader 7.

MetaTrader 4

MetaTrader 4 is available as a desktop download or via a web trader. This versatile terminal can be used by traders of all experience levels and is provided by most leading brokers. The platform facilitates the trading of multiple asset classes with a particular focus on forex.

Key features include:

• One-click trading
• Nine timeframes
• Access to the MetaTrader market
• All trading information is encrypted
• Option to integrate automated trading bots
• 23 drawing tools and 30 integrated indicators
• Multiple screens to monitor simultaneous positions
• A well-developed system which can be used on most desktops and browsers

How To Trade On MT4

1. Download the MT4 software to your desktop and open the platform
2. Under the main menu, go to ‘Tools’ and then ‘New Order’
3. Supported assets are shown in the drop-down menu
4. Input the relevant trade details, including volume and entry point
5. Add risk management tools such as stop losses and click ‘Confirm’

Mobius Trader 7

Mobius Trader 7 (MT7) is a platform for retail forex traders. The terminal is available on the web, to download to desktops (Windows and Mac) and mobile devices (Android, iOS and Linux).

The platform provides a similar trading experience to MetaTrader 4 with some notable differences:

• Real ECN trading
• A wider range of chart types
• Events from the economic calendar can be embedded onto charts

When we used MT7, we found the user experience was less intuitive than MT4. The mobile app, in particular, was clunky vs the MetaTrader solution.

Markets & Instruments

ForexStart offers a decent range of trading assets:

• Binary options (American and Chinese)
• 40+ forex pairs (including EUR/USD and GBP/JPY)
• Gold and silver (denominated in both USD and EUR)
• 10 cryptocurrencies (including Bitcoin and Ethereum)
• 50+ CFDs (including contracts on indices, commodities and stocks)

The binary options offering, in particular, helps separate it from competitors. Traders can earn up to 100% payouts by correctly predicting whether the price of an asset will rise or fall over timeframes ranging from 30 seconds to 5 minutes. 90% payouts are available on longer timeframes.

ForexStart also provides different variations of forex trading. These include forex ECN, forex big bonus and forex fixed spreads. Again, this is an advantage over many brokers and means investors can find an instrument that complements their trading style.

ForexStart Fees

The broker provides a transparent pricing structure, though fees are high vs some alternatives.

Alongside floating spreads (except for the Fixed Spread FX assets), ForexStart charges a commission that varies between instruments:

• CFDs – 0.3 pips
• Forex – 0.3 pips
• Metals – 0.3 pips
• Forex ECN – 0.6 pips

For binary options, there is no commission, however, traders will have to pay a premium on each contract.

The broker does not charge fees for depositing or withdrawing funds. However, payments made by debit or credit cards must be denominated in either RUB or UAH, so traders who need to convert to either of these currencies could face conversion charges.

Payment Methods

Deposits

ForexStart offers a good range of payment methods, including bank cards, popular e-wallets, and cryptos. The majority of transfer methods also offer near-immediate deposits.

Accepted payment methods:

• Skrill
• PayPal
• UnionPay
• Freekassa
• YooMoney
• WebMoney
• PerfectMoney
• Yandex Money
• Visa/Mastercard payable in RUB and UAH only
• Cryptocurrencies including Bitcoin, Litecoin, Ethereum and Tether (TRC-20 and ERC-20)

How To Deposit

There are two ways to deposit with ForexStart:

1. Fill in the form located in the ‘Account Funding’ section. Here, a list of funding options similar to the one above will be available. After selecting the desired deposit method, click ‘Continue Funding’ and follow the instructions provided by the payment provider.
2. Log into your ForexStart account, and click on the ‘Deposit funds’ button. Here, you will be presented with a deposit form which needs to be filled out and submitted.

Withdrawals

Withdrawals from trading accounts are available with the payment methods listed above. However, payments must be made back to the original deposit method, which is fairly standard.

Withdrawals exceeding $5,000 or equivalent will be processed on the same day or the day after if the request is made after 17:00. Transfers to bank accounts will be processed immediately, however, there may be third-party processing delays which could impact the time taken for profits to appear in your account.

Demo Account

ForexStart offers a free demo account where prospective traders can practice strategies and familiarize themselves with the broker’s tools.

To open a demo account, traders must register their personal details, such as name and email address, though no funds need to be deposited. The sign-up process takes no more than 5 minutes.

Note, the demo account automatically closes if there has been no activity after two weeks.

Mobile Trading

ForexStart has not released its own trading app. However, since the broker supports the MetaTrader 4 and Mobius Trader 7 platforms, both are available to download from Apple or Android stores.

Each company has developed its mobile app to provide the same level of user experience customers would expect to receive on the desktop or web solution. Traders can enter, close and monitor positions as well as read the latest news stories and educational materials.

The MetaTrader 4 trading app, in particular, is well regarded by traders with a high rating and over 10 million downloads vs the 10,000 for Mobius Trader 7.

Regulation & License

ForexStart is not regulated by a trusted financial body. Unregulated brokers are not required to adhere to the strict financial regulations imposed by the FCA, for example, and customer funds are at higher risk of fraud and scams. ForexStart’S weak regulatory status should serve as a potential red flag to prospective customers.

With that said, ForexStart does use segregated accounts where customers can store 70% of their deposit in a separate account whilst being able to trade with the full deposit amount.

Bonuses & Promotions

ForexStart offers weekly competitions with cash prizes available. The requirements to win contests vary from performing well in the financial markets to taking a group photo with the FXstart logo and everyone in the photo signing up to the broker. Although some of these promotions are not widespread in the industry, they can be a good way to earn extra capital.

The broker also offers a deposit bonus for new customers that can pay up to 500% of the initial deposit. But while this may seem like an enticing offer, traders must meet tough minimum volume requirements before they can withdraw funds.

In addition, a loyalty program is available with bronze to gold tiers, offering a good way to pick up discounts on fees, alongside other account perks.

ForexStart Account Types

ForexStart offers two live trading accounts; Cent and Standard.

Cent

The Cent account is the best option for beginners with easier entry requirements:

• Margin Call – 15%
• Initial Deposit – $0.1
• Minimum Order Size (lots) – 0.0001
• Access to MT4 and MT7 Platforms – Yes
• Tradable Instruments – Forex and commodities

Standard

• Margin Call – 15%
• Initial Deposit – $5
• Minimum Order Size (lots) – 0.01
• Access to MT4 and MT7 Platforms – Yes
• Tradable Instruments – Forex, Commodities and Indices

How To Set Up A ForexStart Account

1. Sign up using the ‘Visit’ button in this ForexStart review
2. On the ‘Open an account’ page provide the requested personal information. This includes name, email and a chosen password
3. Enter a promo code if applicable or opt in to the welcome bonus
4. Click ‘Open a trading account’
5. Once the account has been opened traders can choose a profile (Cent or Standard) and make an initial deposit

Leverage

ForexStart offers leverage on both its Cent and Standard accounts. The level of leverage available starts from 1:20 and climbs to 1:500, which is much higher than most regulated brokers, increasing both profit and loss potential.

To cap the losses traders can experience trading on margin, Forextstart offers negative balance protection, meaning investors cannot lose more than their account balance.

Additional Tools

As well as the regular competitions and contests, ForexStart offers a good selection of training materials and extra tools.

The broker has over 100 topics on using MetaTrader 4. Each element comes with supporting videos to help customers understand more about the platform, for instance, which is the best forex robot for MetaTrader 4 and what indicators to use when you start trading on forex.

For traders wishing to learn more about the Mobius Trader 7 platform, ForexStart has guides on more than 50 key topics which are all accompanied by screenshots.

ForexStart also publishes recordings of webinars, though they are primarily in Russian so will be of little value to many global traders.

Finally, a VPS is available to clients running automated trading strategies.

Opening Hours

Forex, commodities and stocks are restricted to trading during the week in line with their respective markets. The trading start time is 5 pm EST on Sunday until 4 pm EST on Friday. Cryptocurrencies, on the other hand, are available 24/7.

Customer Support

ForexStart’S level of customer service is far lower than the industry standard. The contact phone number is only free to residents of Russia and the live chat service is often unresponsive. So while they claim technical support is available 24/7, this was not the case when we used ForexStart.

• Email – support@fxstart.org
• Live chat – Icon on the website
• Phone number – 8 800 775-65-06

On a more positive note, ForexStart does host a comprehensive FAQ section where traders can find information on a range of different topics such as how to start trading in the forex market and how to use the demo account online.

ForexStart Verdict

ForexStart offers hundreds of instruments, including CFDs and binary options. A range of payment methods are also available, plus welcome bonuses and loyalty schemes. However, the lack of regulatory oversight and limited customer support will deter many users. The fact that much of the firm’s trading materials and tools are aimed at Russian traders also means that the brokerage is not a great fit for most global traders.

FAQ

Is ForexStart Trustworthy?

ForexStart offers negative balance protection and segregated accounts, however, the lack of regulatory oversight will be a red flag for many traders. Our experts were also unable to verify the legitimacy of some of the companies and affiliates mentioned in their official documentation.

Is ForexStart A Good Broker?

ForexStart may meet the needs of Russian traders, whom the online broker is geared towards. The low minimum deposit of $0.10 may also appeal to beginners. However, for global traders, unreliable customer support and primarily Russian trading materials will be a drawback.

Does ForexStart Have A Quick Start Guide?

One of ForexStart’s strengths is the level of trading resources it offers to customers. The includes guides on MT4, MT7, different financial instruments and the steps to start forex trading. Navigate to the ‘Training’ section of the broker’s site for full details.

Is ForexStart Regulated?

No – ForexStart does not hold a license with a trusted financial agency, such as the FCA, CySEC or ASIC. This is a significant drawback vs alternative brokers.

Is ForexStart Good For Binary Options Trading?

ForexStart offers American and Chinese binary options with competitive payouts up to 100% and contract timeframes that range from 30 seconds to over 5 minutes. Once traders have opened an account, they can open a binary options contract in four straightforward steps. On the downside, the binary options broker is not great for longer-term binaries.

Top 3 Alternatives to ForexStart

Compare ForexStart with the top 3 similar brokers that accept traders from your location.

1. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
2. Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
   Go to Videforex
3. RaceOption – RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.
   Go to RaceOption

ForexStart Comparison Table

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ForexStart vs Other Brokers

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