Here is my review after losing a ton of money, probably a year's worth of salary for an average Aussie. I thought to share these observations as a review for anyone looking to work with this SCAM broker.
They are not regulated in Australia, so you are at high risk and can't register any complaints should they not follow what they offer.
Their registered office on the website is at Regus, which is a virtual office, Regus has branches globally including in Australia. You can Google it and find out for yourself. Anyone can rent a Regus office with no trace to their actual location.
Their analysis is from Investing dot com website, and anyone with a bit of knowledge can read it on the website for free.
None of the employees and directors have a social footprint; they use stage names to hide their identity. This itself is a big sign of a scammer, confirmed by one of the account managers.
Starlight commission and spread are way too high compared to other brokers in the market. For example, you get a spread of 0.6 - 1.5 on gold in any regulated broker, whereas they have 4-5 spreads, and their reasoning is high leverage. This itself drain your initial profits
They have the poorest risk and hedging strategy, which reflects that they are not as knowledgeable as they claim to be.
They get rude if you don't take the trade they offer.
Keep in mind that the profit they show on the demo account is mostly algorithmic trade and on bitcoin, whereas they will never allow you to take algo trade on a live account.
They failed to provide their liquidity provider details, which means they maintain their own liquidity pool. This means that your losses in the market are their profits. Such brokers are termed as scammers in the market, and regulators advise individuals to stay away from such companies. In short, their long-term intention is to show you some profits and then induce you to pump more money into the account. Eventually you will lose everything.
During initial calls, they will promise to teach you how to do analysis and mention they will teach you to trade, but in reality, they only call you to buy and sell, nothing else. I can keep going, but the above points should be good enough for an individual planning to start with the company to make an informed decision.
1 year ago
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