There are countless online brokers who offer specialized services. Some have expertise in stocks while others in precious metals. The most common online brokers, yet, the most difficult to find are online Forex broker. Forex trading became popular in 1982 but the market has exploded in the last decade. Owing to the advancement in technology that has made Forex trading cheaper and accessible to all, this market welcomes millions of new traders and investors and thousands of new online brokers every year. While modern technology allows you to trade any currency pair while sitting at home, it also poses a few threats. If you are not working with a reliable and trusted online broker, you can be easily cheated or hacked. Instead of being gullible, you should educate yourself about finding an established Forex broker. STForex is one of the online Forex brokers who offer good services at competitive prices. But is this company the one for you? We believe that you will have your answer by the end of this article.
All You Need to Know About STForex
We will give you our unbiased STForex review that will allow you to understand what this company stands for and how does it operate. Founded in 2008, STForex offers trading services for Forex, CFDs, and stocks. Its head office is in St. Vincent, with a sister office in Grenadines. It is regulated by the Financial Commission (FinaCom). It has a good reputation and claims to have a technological and innovative approach to working in the Forex market. It has a listed stock symbol which legalizes the sale or purchase of shares made under the name of the company.
This is the surface information about the company. One needs to understand how an online Forex broker works in order to make sure that they are signing up with someone who will complement their trade strategies. Let’s discuss the positives and negatives of STForex before we can make the final decision.
The Positives of STForex
Let us begin with the positives of this online Forex broker:
- Types of accounts: every online broker customizes its account to best fit the need of its customers. At STForex, you are offered four different types of Forex trading accounts – standard, silver, gold, and VIP. Every account offers a variety of benefits. If you are a new trader, we would suggest you begin your journey with the standard account and then move your way up. STForex also offers demo accounts to its customers where you can do real-time demo trades. This process will allow you to understand its trading platform in a better light. You will get the knowledge of how trades are made without using real money.
- Minimum deposit: it is claimed that you can start trading with STForex with a minimum deposit of $1. However, such is not the case. Its minimum deposit for every account is different. You need to deposit $200 for the standard account, $1000 for the silver account, $5000 for the gold account, and $20000 for the VIP account. The advantage here is that you can easily begin trading with the company with a minimum deposit as low as $200.
- Regulated broker: no offer, discount, or deal should be enough to make you work with a trader that is not regulated. Fortunately, STForex is a regulated online Forex broker. It is under the authority of the Financial Commission (FinaCom). Regulated brokers are not allowed to be dishonest about the market price of the securities to trick their clients. They are also legally answerable to their regulating authorities in case a dispute generated by the client or any other company. You can rest assured that you will be treated fairly.
- Safety of funds: Being a regulated online Forex broker, STForex is bound to keep its clients’ funds separately from the company funds. In no case, it can use your funds. Thus, if the company goes bankrupt for some reason, your funds will still remain safe.
- Educational material: it is interesting to see that STForex offers various online courses to its clients. Unlike other brokers who offer just a few papers and case studies, STForex offers several courses that you can attend for free. You can easily find them on its official website.
- Type of platform: there are various types of platforms that are offered by online Forex brokers. It is a medium through which traders and brokers communicate and trade. It has to be user-friendly and secure. STForex offers the MT4 trading platform which is considered to be an excellent and fast trading platform.
- Easy funding and trading: STForex allows its clients to deposit or withdraw money using various payment methods. You don’t just have to wait for a wire or bank transfer to happen that can take days to clear. You can use PayPal, Payoneer, Skrill, and Nettler, along with the conventional methods, to make the payments. Since you can easily make large investments using various methods of payment, this company also offers scalping and hedging which is always an advantage to have.
- Quick withdrawal: many traders and investors often find it infuriating when they are not able to get their money on time. Sometimes, withdrawals can take weeks to clear. Ideally, the withdrawal time should be no more than 3 days. STForex has taken this a step further. They initiate certain withdrawals within 60 minutes.
- Customer care services: offering good customer support helps the online traders to rank high in the list of efficient brokers. STForex is also among the few online Forex brokers who offer 24/7 customer support. In addition to that, they also offer non-stop trading. You can trade with it at any time of the day.
The Negatives of STForex
Our STForex review will state all the negatives of this broker as well:
- Limited regulations: STForex is a regulated broker. This means that there are various laws and rules that apply to it. However, it is not regulated by any major regulatory body like the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).
- Commissions and fees: one of the biggest drawbacks of hiring STForex as your online broker is its numerous commissions and fees. Along with the brokerage, it also charges its clients for almost everything. This is a significant disadvantage and does not sit well with most traders and investors. These are the charges that you will be paying:
- Withdrawal fees that will depend on your payment method
- A deposit fee
- Additional charges on inactive accounts
How to Open a Forex Trading Account with STForex
If you have decided to choose STForex as your online broker, you can proceed further and open a trading account with the company. We would advise you to first open a demo trading account and then advance to a real account. Here is what you will need to open a standard trading account:
- Your passport’s colored photocopy
- Your driving license or any other valid national ID
- Bank statement for the past three months of your current account with your address on it or a utility bill.
Opening a trading account can be a tedious task as every document is thoroughly checked and verified. This is a time-consuming process. Brokers like to make sure that they are dealing with a genuine client. You might be asked to submit more ID proofs or financial documents in addition to the ones stated above. Once the broker is satisfied with your background, they will open an account for you and you can start trading with it.
Our Final STForex Review
Every trader and investor has different expectations from its broker. Therefore the question of whether STForex is the best online Forex broker or not is extremely subjective. However, there are certain frequently asked questions that we can answer. These will certainly help you in deciding if STForex is the right broker for you or not.
Q1. Is STForex legal?
Since STForex is regulated by the Financial Commission (FinaCom), it is safe to say that it is a legal entity.
Q2. Is STForex safe?
STForex has been offering brokerage services to clients around the globe for more than 10 years and it is a regulated broker. Therefore, we can say that it is safe to work with. However, we cannot look past the factor that its regulatory body is not the most sought-after. It does not set any benchmark in the market.
Q3. Is STForex a good online broker?
STForex claims to be serving over 10,000 active traders. It is among the top trusted online brokers.
Q4. Is there a minimum deposit?
Yes, it is compulsory for every investor and trader to submit a minimum deposit to the online broker. AT STForex, there is a minimum deposit for every account that you will hold, starting at $200.
Q5. Is there an additional fee?
Yes, there are various additional fees and charges. You have to pay for inactivity, withdrawal, deposit, and various other things. You will get more details on its official website.
Q6. How is the customer support at STForex
STForex offers round-the-clock customer care services. It is fairly rated.