STARINEX Review – Why Avoid this Option?

STARINEX Review

Cryptocurrencies have become the next big thing and people left, right and center are clamoring to invest in this market that seems to be expanding into a world of its own. There are endless opportunities that can be explored and many have already made their fortunes from this space. This obviously means that there is a high demand for brokers that are providing access to the crypto market and its many opportunities. But, it is also essential to remember that this space has also seen some notorious scams, which means you need to be very cautious. Some brokers are to be avoided and this STARINEX review highlights some reasons to avoid this particular brokerage.

You might be eager to tap into the movements of the crypto market, but you shouldn’t forget that just because an online broker comes off as an appealing option does not mean it can get the job done. Your priority should be to find a company that can actually deliver what it promises and does not just create an illusion of doing so. Unfortunately, you will find an extremely high number of companies that seem to be doing the latter and many people actually sign up with them without realizing their mistake.

This costs you time, money as well as missed opportunities because you have to go back to the beginning and start over. Of course you would rather not do that and certainly not want to get scammed either. Hence, you should always assess a brokerage carefully before making any decision about it. Bear in mind that fraudulent ones are very good at creating an attractive cover, which you may find hard to resist. This is something you see at STARINEX, which promises its clients instant access to the crypto space, along with stocks, commodities, indices and forex.

It boasts of a bitcoin-based platform that offers you leverage as high as 1:1000. Furthermore, STARINEX’s claims include having a user base spread across more than 150 countries around the world, who have managed to generate a trading volume of about $150,000 within 24 hours. All of this makes the broker come off as truly spectacular and one you would have trouble resisting. But, resist you must because you do not want to make any foolish decisions. As it turns out, STARINEX is not what it seems to be and it is best to avoid this platform. Why? Let’s find out:

Lack of license

The license of an online brokerage is its most important asset because it shows its professionalism and authenticity. Moreover, it provides you reassurance that you are dealing with a company that can be held accountable for its actions and can offer you security. When you look into STARINEX, you will find that the brokerage claims to be owned and operated by two companies, both of which are registered in offshore zones.

The first is STARINEX Trading Services Ltd, which is based in Seychelles, and the second is named Prime Technologies Ltd., which is based in Saint Vincent and the Grenadines. The trouble is that offshore jurisdictions do not have proper regulatory authorities, so a registration and license there serves no value at all. While Seychelles does have a Financial Services Authority (FSA) that does perform some oversight, it still does not come close to a license in other regulated jurisdictions.

As for SVG, their FSA has clearly stated that they do not oversee the forex industry, which means brokers there cannot be relied upon in any way. Therefore, the jurisdiction has become a hotbed for scam companies that can operate there without any problems.

Shady withdrawal policy

When you sign up with a brokerage, you want to choose one that gives you access to your funds easily and quickly. No authentic and genuine company would ever keep you from withdrawing your funds, even if you do not use them for trading. But, scam brokers come up with various tactics to restrict their clients from doing so and STARINEX is one of them. If you check its withdrawal policy, you will find that the broker claims it can ‘freeze’ your account for any reason in order to investigate it.

When that happens, you will not be permitted to make a withdrawal from your STARINEX account, which does not make sense. No brokerage would ever prevent its clients from withdrawing their funds if they are legitimate.

Lack of a good platform

One of the most vital features that online brokers offer is their trading platform, which is used for trade execution. Hence, it is a very important part of your trading journey and not something you want to compromise on. Most people are drawn to STARINEX when they are offered a powerful bitcoin-based platform for trading, which sounds very appealing and advanced.

Unfortunately, this is just another tactic that has been used by STARINEX to draw people to its services because you will find a very basic and oversimplified platform available that has absolutely nothing special to offer. It does not offer you any of the advanced and cutting-edge tools that platforms like the MT4 and the MT5 can offer.

Only crypto payments accepted

You will be expected to make deposits and withdrawals during the trading process and this means checking what payment methods are available to you, so you can do it easily. The problem with STARINEX here is that they are only offering you support for crypto payments. The brokerage only accepts bitcoin deposits and this is a concern. Why? This is because the method has become popular amongst scammers because the payments are final and irreversible.

There is no chargeback option when it comes to bitcoin and other cryptocurrencies, as in the case of credit cards, such as VISA and MasterCard. It is why STARINEX is offering you this option because it makes it easy for scams to get away with your money.

Final Decision

These flaws in STARINEX make it obvious that you are dealing with a scam broker, which is trying to exploit you.