Starq Emic – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Starq Emic - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://starqemic.com
Founded: 2023
Regulations: Unregulated
Languages: Russian, English, Spanish, German, French, Italian, Chinese
Deposit Methods: Cryptocurrencies
Minimum Deposit: $150
Free Demo Account: Not Provided
Number of Assets: N/A
Types of Assets: Stocks, Indices, Commodities, Currencies, Cryptocurrencies
Trading Accounts and Conditions
Starq Emic offers their clients the following trading accounts:
- Regular: The initial deposit requirement is $150. The maximum leverage is 1:100.
- Progressive: The initial deposit requirement is $1,000. The maximum leverage is 1:500.
- Expert: The initial deposit requirement is $10,000. The maximum leverage is 1:500.
Spreads are not specified and neither are commissions.
Starq Emic – Advantages
There are no advantages to trading with Starq Emic.
Starq Emic – Disadvantages
Starq Emic is a scammer and here are all the issues that point to this broker’s scam:
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Lack of Regulation
Starq Emic claims to be a financial services company that is registered as well as based in Cyprus. The broker provides us with an address in that country as well as a phone number from there too. The broker claims to be regulated by the CySEC – the Cyprus Securities and Exchange Commission.
On their Licenses page, the broker lists multiple regulators – the FSCA of South Africa, the CySEC of Cyprus, the IFSC of Belize and the ASIC of Australia. However, the broker does not tell us that they are licensed by any of these regulators; Starq Emic simply lists their names on their licenses page.
To see if their claim of being regulated by the CySEC is true, we checked the regulator’s online register. We found out that Starq Emic is not regulated by Cyprus regulator. This broker is also not listed with any of the other regulators that they have listed on their Licenses page.
All of our research has revealed that Starq Emic is not regulated in any way and this makes this broker a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by Bank of Russia
The Central Bank of the Russian Federation, more commonly known as the Bank of Russia has issued a warning against Starq Emic. According to the warning, the Bank states that Starq Emic is operating within the Russian jurisdiction without valid licenses, i.e., illegally.
There can be no clearer indication of a broker’s scam than a public warning against dealing with that broker.
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Issues with Trading Platform
Starq Emic is rather vague about their trading platform on their website. The only things the broker states about what their offer is that they offer their clients a Web Platform and a Mobile CFD Broker. However, the broker does not specify anything else about their trading software. They also do not offer any kind of a demo account that would allow prospective customers to see a real version of their trading platform. All of these issues raise red flags about the broker.
And we can see why. When we accessed this broker’s trading platform, we found out that this broker does not offer a decent trading platform at all. Starq Emic offers their clients a poorly designed trading platform, one that is web-based and does not have any functionalities at all. The most that a trader can do on this broker’s trading platform is buy and sell assets.
Such a poor-quality trading platform would only be offered by scammers.
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Issues with Trading Conditions
When you see this broker’s minimum deposit requirement, it looks very good. A $150 initial deposit is very competitive by all market standards. However, that is about the only attractive thing about this broker’s trading conditions.
The spreads are not mentioned anywhere – not even on their trading platform. And we know nothing about their commissions. The leverage of 1:500 is risky and illegal. Since high leverage means a high level of risk, most of the reputed regulators have placed stringent limits on how much leverage a broker in their jurisdiction can offer their client.
In the European Union, of which Cyprus is a member nation, the maximum leverage allowed is 1:30. So, a 1:500 is not only dangerous, it is illegal.
All of this information about their trading conditions tells us that Starq Emic is a scammer.
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Single Payment Method
The only way that you can transact with Starq Emic is via cryptocurrencies and this is a huge red flag that instantly tells us we are dealing with a scammer.
Regulated brokers offer multiple – and safe – payment options. Starq Emic offers only one – cryptocurrencies. And cryptocurrency transactions are all anonymous and permanent. This means that if you make a payment using cryptos, then there is not way for you to find out who has got your money (unless it is a trusted entity) and there is also no way for you to get your money back. And that is why this payment method is such a favorite with scammers.
When a broker offers a single payment option – one that is not considered safe, then you know you are dealing with a scammer.
This is why it is important that you use a safer payment method when dealing with a broker for the first time. The best option is a credit card payment, so that if you are scammed then you at least have a chance of getting your money back by filing for a chargeback.
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Issues with Withdrawal Policy
We need to highlight the fact that this broker does not have any withdrawal policy in place. This means that we do not know how much a trader can withdraw from their account at one time. We also do not know if there is a condition for withdrawal, namely, a trading turnover target and we are not told if there are any fees for withdrawal.
These gaps in information tell us that we are dealing with a scam operation.
Conclusion
Starq Emic is not a broker that is safe – this broker is a scammer and should be avoided.
Starq Emic
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by Bank of Russia
- Issues with Trading Platform
- Issues with Trading Conditions
- Single Payment Method
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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