Blue Stars FX Review: Another SCAM in the Industry?

Blue Stars FX offers everyone the opportunity not to miss the chance to learn, start trading on the Forex market, and make a profit. The idea is interesting, but not every broker is suitable for its implementation. Somehow, in recent times, there has been a lot of scam in the industry. Whether this project belongs to the category of reliable ones is what we will determine in our review.

Blue Stars FX General Information

Registration and Client Portal Review

The Blue Stars FX website, in line with its name, greets us in blue tones. However, we wouldn’t say it’s particularly unique or deserving of excessive attention. The website is just like any other, pretty standard. As usual, there are many claims about the broker’s advantages, but a glaring lack of legal information. Furthermore, instead of a proper translation into several languages, an automatic translation plugin is used here. Consequently, the content in all languages except English leaves much to be desired.

The registration process is a relatively straightforward procedure. It involves filling out a form with your personal details, which typically includes your name, address, date of birth, and contact information. You’ll also need to create a password for your account and provide a valid email address and phone number.

However, it’s worth noting that Blue Stars FX doesn’t appear to have a stringent verification process in place. Unlike some other brokers, they don’t seem to verify the accuracy of the information you provide or send confirmation codes to your email or phone for added security. While this might make the registration process faster and more convenient, it also raises questions about the level of security and accountability the broker maintains for its clients.

Upon entering the client portal, users are greeted with an image of Elon Musk, which is rather perplexing and seems unrelated to Forex trading. The overall design of the personal dashboard is quite lackluster and unconventional.

However, it does manage to provide the essential functionalities one would expect, such as access to trading accounts, deposit and withdrawal options, and a basic charting tool. While it’s clear that the design might not be everyone’s cup of tea, it at least offers the core features necessary for trading activities.

Blue Stars FX Trading Conditions

Since the firm is actively enticing traders to become its clients, one might wonder if the broker has any special offerings in store. Let’s take a closer look to find out.

Account Types Review

Blue Stars FX certainly surprises with its trading conditions, but not in a positive way. The broker offers just four types of accounts, with particular attention to the Bronze account. The minimum deposit for this account is a whopping $10,000. Oh, and by the way, there’s no demo account available; you’ll have to open a live one right away. Do you like the idea of depositing $10,000 without testing the trading platform and the overall functionality? Sometimes we can’t help but chuckle at the wild fantasies some of these brokers come up with.

For subsequent account types, you’ll need to deposit even larger sums, ranging from $15,000 to $50,000. As your deposit increases, the broker gradually adds services such as a trading expert and trading signals. Furthermore, the available leverage increases with a larger deposit, indicating that Blue Stars FX likely doesn’t route trades to the interbank market or have any real connection to exchange trading, as the leverage here goes up to 1:200.

Trading Platform

Blue Stars FX offers a trading terminal, but it’s far from what one would expect from a reputable broker. First and foremost, it’s only available as a web trader, which immediately limits your options in terms of customization and performance.

Visually, the terminal leaves much to be desired. Its design is outdated, and navigating through it feels like taking a step back in time. The user interface lacks the modern, user-friendly elements you’d typically find on trading platforms today.

When it comes to functionality, the terminal falls short as well. You won’t find the rich set of tools, indicators, or charting options that are standard on most trading platforms. This lack of features can hinder your ability to conduct in-depth analysis and make informed trading decisions.

Blue Stars FX — Deposit and Withdrawal of Funds

The system offers two primary methods for funding your account: debit/credit cards and bank transfers. However, there’s a catch. The broker imposes a rather hefty commission fee ranging from $25 to $50, depending on the chosen method of transfer.

When it comes to withdrawing your funds, things get even less appealing. The withdrawal process can take anywhere from 2 to 14 days. This extended timeframe is not something you’d typically encounter with most reputable brokers. Blue Stars FX justifies this lengthy delay by blaming it on the transfer process itself, but such extended delays are uncommon in the industry.

Verification

Verification is a mandatory process when trading with Blue Stars FX. This procedure is a standard practice across many brokers and serves to ensure the security and compliance of your account.

During verification, traders are required to submit various documents to confirm their identity, address, and financial information. These documents often include a government-issued ID, proof of address (such as a utility bill or bank statement), and potentially additional financial documents, depending on the broker’s requirements.

Once submitted, the compliance team will review and verify the documents. This process can take several business days to complete. Once approved, traders can access the full range of services offered by the broker, including deposit and withdrawal options.

Additional Options

Blue Stars FX offers traders various additional services, including trading signals and analytical assistance. However, it’s important to approach these services with caution.

One critical aspect to consider is the potential conflict of interest between clients and the broker. Since the platform profits when clients trade, there may be concerns about the reliability and impartiality of the trading signals and analytical advice. Relying solely on these signals can be risky, as they may not necessarily serve the best interests of the trader.

Is Blue Stars FX a Scam?

Currently, it doesn’t appear to be a project worth considering. From its unattractive user interface to its appalling trading conditions, everything about it signals that traders should steer clear. Let’s take a look at a couple of more crucial aspects.

Legal Information and License

We couldn’t find any mention of the broker’s license on the website, which is quite concerning. However, given the high leverage of 1:200, we weren’t expecting much to begin with. Nevertheless, we delved into the broker’s client agreement and discovered that it mentions Estonia as the jurisdiction. The company claims to operate under Estonian law and states that any disputes will be resolved in this jurisdiction. So, we decided to check the Estonian business registry, and unsurprisingly, we found no records of Blue Stars FX. It appears that the company is offering its services to traders unlawfully, leaving little room for speculation.

Bluestarsfx.com Domain Info

The icing on the cake is the broker’s track record. A simple visit to the Whois service revealed that the Blue Stars FX domain was registered on August 17, 2023. Seriously? They haven’t even been in operation for two weeks, and they’re boldly proclaiming their merits? It appears they’re touting virtues that are virtually non-existent.

Contacts Review

The website offers contact phone numbers and even an email address for communication. However, the broker falls short when it comes to having a physical office. Given that this is not a legitimate company, it’s evident that they don’t have an official address.

More Details

Blue Stars FX offers to download AnyDesk and TeamViewer. These programs are often used for remote desktop access. While they have legitimate uses, they can also pose security risks if not used carefully. Here’s why you should be cautious about downloading and using them:

1. If not configured properly, these tools can allow unauthorized access to your computer. Malicious actors can exploit vulnerabilities to gain control of your system, potentially stealing sensitive information or using your computer for malicious purposes.
2. Granting remote access means giving up some degree of privacy. You must trust the person or entity at the other end not to misuse your data or system.
3. Criminals may disguise malware as legitimate remote access software. Downloading these tools from unofficial sources or unknown websites can lead to malware infections.

Pros and Cons

2.6 TOTAL SCORE

Blue Stars FX Summary

Blue Stars FX appears to be a typical fake broker. The lack of information regarding its license and regulation, along with an unusually high minimum deposit requirement for opening an account, raise serious doubts about its reliability.

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Website information content 3

Client Portal 2

Trading conditions 2

Trading platform 3

Deposit and withdrawal 3

Verification 4

Extra options 4

Licenses and guarantees 1

Work duration 1

Feedback 3

Frequently Asked Questions (FAQ)