STARTRADER

STARTRADER MT5 Desktop

The desktop version of the MetaTrader 5 platform features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and exploit the underlying trading opportunities in multiple ways.

MT5 is arguably best suited for automated trading via its Expert Advisors (EAs). The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions.

The MetaTrader platform is easy to navigate. Even beginner traders can quickly learn where the charts, account info, and watch lists are. However, its cumbersome charts make the platform somewhat difficult to use.

STARTRADER’s MT5 platform is available on both Windows and Mac and supports 52 different languages, including English, French, Spanish, German, Arabic, Chinese, and more.

In addition to the above-mentioned depth of markets tool, MT5 also features:

• Alerts-Setting Option: Traders can set alerts for when the price of a given instrument falls/rises to a predetermined level, which could potentially signal a viable entry opportunity.
• Watchlist Customization: Traders can populate watchlists with their favorite instruments and track market changes more easily.
• One-click Trading: This feature enables instant market entries at the spot price and is invaluable for high-precision traders, such as scalpers.
• Trading from the Chart: Traders can place conventional trading orders directly from the chart, specifying the entry price, volume level, stop and take-profit levels, and more.

Charts

I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

As shown above, a common issue with MetaTrader is that charts can quickly become cluttered, even with just two indicators. This can obscure price action and make it harder to perform detailed technical analysis.

I have broken down the available analytical tools and chart configurations below:

• 38 technical indicators: These include trend-based and volume-based indicators, along with oscillators to analyze price action and assess market sentiment, helping predict market movements.
• 24 drawing tools: Tools like Fibonacci retracement levels and Elliott waves help identify price patterns, support/resistance levels, and breakout points. However, MT5’s design can make price action harder to interpret.
• 21 timeframes: For multi-timeframe analysis, enabling detailed price action analysis.
• 3 chart types: Price action can be displayed as line, bars, or candlesticks, offering diverse perspectives on trading opportunities.

Orders

MetaTrader 5 features three types of order execution: market, pending, and one-click trading (top-left corner). One-click trading allows immediate entries at the spot price.

I have broken down the available order types on the MetaTrader 5 platform below:

• Market orders: Used for immediate entry at the best available price. They guarantee volume filling, though the entry price may differ from the requested price.
• Limit orders: Guarantee exact price entries but won’t be filled if the price doesn’t reach the trigger level.
• Stop orders: They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

MT5 Desktop: My Key Takeaways

MetaTrader 5 is a good option for fast and simple order execution. However, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible charts that are easily scalable, I find MT5’s charting capability too rigid and less effective.

STARTRADER MT5 App

The MT5 mobile app affords quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions. The app is available for both IOS and Android.

The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of MT5.

You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

MT5 App: My Key Takeaways

Drawing from my extensive use of the MT5 mobile app, I found that it efficiently serves its core purpose: enabling traders to manage their positions on the go. The design is streamlined, focusing on key functionalities. Considering the inherent limitations of mobile devices, like smaller screen sizes and the lack of a physical keyboard, it’s unrealistic to expect the app to match the comprehensive features of its desktop version.

STARTRADER VPS

STARTRADER offers reimbursements of $20 and $30 per month for VPS services. The level of reimbursement depends on trading activity and the amount of money on the deposit. Check the details to learn more about the offering.

opy Trading Service

STARTRADER offers a copy trading service, which is available for both signal providers and followers on the MT4 platform.

Tradable Instruments

Compared to the industry average, STARTRADER offers an average amount of currency pairs and a high amount of commodities, share CFDs, indices, and cryptocurrencies.

What are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade with STARTRADER?

STARTRADER Instruments: My Key Takeaways

After more than a week of exploring STARTRADER’s range of tradable instruments, I’ve found their offerings to be well-balanced overall. The platform particularly stands out in commodities, indices, and cryptocurrencies.

Customer Support

STARTRADER Customer Support Test

In my testing, I engaged with STARTRADER’s customer support via their online chat to inquire about key client concerns such as deposit and withdrawal options, account-based currencies, and minimum deposit requirements. I received prompt and informative responses, confirming the support team’s effectiveness in providing relevant information.

Deposit and Withdrawal

STARTRADER Deposits

STARTRADER clients can fund their accounts via credit cards, a range of e-wallets, bank transfer, and crypto. In addition to USD and EUR, the broker provides several local currencies.

STARTRADER Withdrawals

STARTRADER provides a wide range of withdrawal options that are available in multiple currencies. As usual, the wire transfer is the slowest method and can take up to 5 days, while the users of e-wallets and crypto will enjoy prompt money transfers.

Account Types and Terms

STARTRADER Account Opening Process

To open an account with STARTRADER, follow these steps:

1. Go to the broker’s website and click “Open a live account”.
2. Fill in your email and input a verification code.
3. Set up a password for your account.
4. In the client area, click on the Live Account to open an account.
5. Fill in the personal details – residence country, nationality, and mobile phone number.
6. Provide the required documents, including ID.

STARTRADER Account Types

STARTRADER clients can choose between a spread-based account (Standard Account) and a commission-based account (ECN Account). In the spread-based account, the broker charges spreads and swap/rollover fees but does not charge commissions. In the commissions-based account, the spreads are tighter, but traders also have to pay commissions.

Demo Account

STARTRADER offers a demo account that introduces traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself prior to or alongside your live CFD account.

Islamic Account

STARTRADER provides Islamic accounts for swap-free trading, as mandated under Shariah law. You can contact their customer support to request additional information.

What is CFD leverage?

Leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of leverage. Essentially, the broker lends the trader money so that they can open bigger positions. Leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

STARTRADER Restricted Countries

STARTRADER does not accept as clients residents of Afghanistan, Cuba, Eritrea, Iraq, the Islamic Republic of Iran, Israel, Liberia, Libya, Malaysia, Nicaragua, Pakistan, the Russian Federation, Somalia, the Syrian Arab Republic, Sudan, and the United States.

Research

STARTRADER provides market research primarily through the News section on its website, featuring weekly market updates and technical analyses on high-profile instruments. These analyses typically spotlight key resistance and support levels, serving as a basic guide for traders. The platform also includes an economic calendar, which is fairly standard for brokers in the industry.

However, when benchmarked against the industry standard, STARTRADER’s research offerings come up short. While novice traders might find value in the outlined support and resistance levels, more seasoned traders will likely need to look beyond StarTrader for comprehensive research and insights.

STARTRADER Research: My Key Takeaways

After tracking STARTRADER’s research articles over an extended period, I found them to be rather basic in their approach. Moreover, the research is confined to daily articles, falling short of meeting the more complex needs of seasoned traders.

Education

STARTRADER’s Knowledge Center on its website offers an array of educational resources, spanning from beginner-friendly articles to more advanced topics like Fibonacci sequences and Pivot Points.

The broker further complements its educational suite with a substantial library of webinars available in multiple languages, including Arabic, Chinese, English, and Spanish. However, it’s worth noting that the webinar section hasn’t seen any updates since June 2023, indicating a potential hiatus in fresh educational content.

The Bottom Line

STARTRADER operates under five distinct entities licensed and regulated in different jurisdictions. All entities extend negative balance protection and ensure client funds are held in segregated accounts for added security.

When it comes to asset diversity, STARTRADER offers a well-rounded portfolio that spans forex pairs, indices, stocks, commodities, and an impressive array of cryptocurrencies. The broker’s forex and stock selections are geared more toward mainstream instruments, while its offerings in indices and commodities cater well to experienced traders.

Platform-wise, traders have the option to choose between the popular MetaTrader 4 and MetaTrader 5 platforms, in addition to a mobile app for trading on-the-go. My evaluation shows that the broker’s Standard Account features competitive fees, which adds value to its spread-based model. Further, STARTRADER offers a diverse set of deposit and withdrawal options, encompassing local payment methods and cryptocurrencies.

Though STARTRADER’s educational resources are robust, its research support leaves something to be desired, particularly for seasoned traders. Overall, STARTRADER has crafted a well-balanced offering that features competitive spreads, a strong lineup of tradable instruments, and a beneficial VPS service.