The FOREXstart brand and the forexstart.org web resource are owned by the dealing group Profiforex, registered in 2010 in the Seychelles. With the license of Seychelles International Business Authority, this association offers the usual set of services for domestic traders, and its rates correspond to the level set by more well-known brokers.
The first thing that attracts attention when meeting with two brands is the contradiction in these dates. On the website profiforex.org no information about the year of the founding, but the portal itself dates back to 2010 – this information is confirmed by reviews on a number of rating services. As for FOREXstart, the dealing center indicates 2007 as the year of its founding. According to separate sources, Profiforex was established in 2006.
License, regulation and liquidity providers
FOREXstart is positioning itself as a Russian offshoot of Profiforex, but the section on regional representations also lists Belarusian, Kazakh and Ukrainian cities. The company’s official name is Carmel Investments Consultants Inc., registered at number 1759670 in Rhode Town, the capital of the British Virgin Islands. Unlike most well-known brokers using an offshore license, this dealing center does not provide information on cooperation with regulatory organizations on its Internet resource. At the same time, there is a section mentioning liquidity providers:
- Deutsche Bank,
- J.P. Morgan Chase,
- Goldman Sachs,
- Bank of America,
- Credit Suisse,
Reputation among customers
The number of registered clients of this broker exceeded 150,000 already in 2011 – four years after its appearance on the market. According to the company’s representatives, more than 85% of its traders earn money on Forex, rather than losing it, which seems like a good indicator for the domestic DC.
ForEXstart reviews can be found on selected rating web resources: in general, they are slightly different from comments about other centers in the CIS. In particular, there are positive opinions, criticism and even accusations of dishonest behavior towards users. The feedback of current traders and investors on specific issues deserves special attention at forexstart org.
Offers for traders and investors
The broker, by and large, offers an average package of services for trading using Meta Trader (4 and 5) or ECN. Like competitors, mobile versions of terminals are supported. The specifications of the trading service include:
- demonstration, cent and standard accounts,
- starting deposit about t t 1 cent for cent accounts and from $5 for standard,
- the cost of pips from 0.1 cents on cent accounts and from 10 cents on standard,
- shoulder up to 500:1,
- 17 currencies, metals, indices,
- support for fixed spreads,
- contracts from 0.01 lots,
- offered foreXstart bonuses as part of various promotions,
- the ability to register an account like Swap-Free,
- contests with cash prizes (200, 150 and $100 for first, second and third place)
- training in trading in the form of online seminars.
Invest FOREXstart service for depositors combines classic trust management, which is defined as “direct investment” and copying transactions. The manager’s choice is based on the rating published by the company. An important advantage of the company is the support of segregated accounts, in which the trader’s funds are kept separately from the broker. However, the negative side of this innovation in FOREXstart remains the high amount of the starting deposit – from 100,000 dollars.