red star fx

Regulators: –

Cryptocurrencies: YES

Minimum Deposit: £100

Maximum Leverage: 1:200

Spreads: Medium

My Score: 1.0

Red Forex or (Red Star Forex) is a relatively new broker that founded in 2018 and they are based in Bangkok, Thailand. Red Star Forex operated by Red Forex Limited that is registered in Hong Kong.

However, they are not regulated by any watchdogs like Hong Kong Securities and Futures Commission (SFC). Also, in their web-site, they are saying “Vanuatu FSA Certificate Coming Soon…”. I can say Red Forex is an unregulated broker right now without a doubt.

What are Red Forex account types? Is Red Forex scam or reliable broker? What kind of deposit/withdrawal methods they offer? You will find all the answers in my Red Forex review. If you are wondering Red Forex spreads, maximum leverage ratio, minimum deposit limit, promotions, etc., let’s begin.

Regulation and Investor Protection

As I said, Red Forex is another unregulated broker. And this is their biggest disadvantage I think. They are incorporated in Hong Kong and Vanuatu, but I couldn’t see any address information in their web-site. They don’t have SFC (Hong Kong Securities and Futures Commission) from Hong Kong and VFSC licenses (Vanuatu Financial Services Commission) from Vanuatu Island.

One of the most important reliability criteria of a forex broker for Forex traders is regulated. So when you work with unlicensed forex brokers, remember that you may encounter problems. In order not to encounter such problems, we recommend that you open an account with reputable forex brokers.

See a List of FCA Regulated and Reputable Forex Brokers

Red Star Forex Account Types, Spreads and Leverage

There are 4 different account types at Red Star Forex: Standart Account, Premier Account, Elite Account and Professional Account. Minimum deposit amount is $100 for Standart account and maximum leverage ratio they are offering is 1:100 according to their websites.

Account TypeMinimum DepositMaximum LeverageSpreads
Standard£1001:200 From 1.6 pips
Premier£10001:200 From 1.2 pips
Elite£10001:200From 0.4 pips+ £5.50/lot
Professional£100001:200From 0.4 pips+ £5/lot

On standard account, spreads are starting from 1.6 pips. On premier account spreads are starting from 1.2 and on elite & pro account spreads are starting from 0.4 pips. I can say premier and elite account spreads are not bad but standard account spreads are kinda higher than other brokers.

Their stop/out level is %50 and this is another big disadvantage of Red Star Forex. Because many brokers offer at least %20 or %25 stop out level. Currencies, indices, shares, metals, energies, futures and cryptocurrencies are available on their platform.

In addition to these, minimum lot size on standard & premier account is 0.01. For other account types, minimum lot size is 0.10. And they offer MetaTrader 5 trading platform.

Deposit/Withdrawal Methods of Red Forex

Red Star Forex offers various deposit/withdrawal options like Bitcoin, Skrill, BitcoinCash, Ethereum, Credit Card and Neteller. Unfortunately, they don’t have wire transfer option.

MethodsFees on DepositProcesssing Time on DepositFees on WithdrawalProcesssing Time on Withdrawal
BitcoinNo Fees InstantNo Fees Instant
SkrillNo Fees InstantNo Fees Instant
BitcoinCashNo Fees InstantNo Fees Instant
EthereumNo Fees InstantNo Fees Instant
VISANo Fees InstantNo Fees Instant
MasterCardNo Fees InstantNo Fees Instant
NETELLERNo Fees InstantNo Fees Instant

Conclusion

Red Forex or (Red Star Forex) has many advantages but also there are important problems. $100 minimum deposit limit is good. They offer MetaTrader 5 trading platform and different account types & different financial instruments like cryptocurrencies.

However, I couldn’t see any promotion or campaigns on their web-site. Also, they are not regulated by any watchdog. They are saying their Vanuatu FSA Certificate is coming soon. But when? I am not sure.  They don’t look like a reliable broker to me and I don’t recommend you to work with them.

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Red Star Forex

1

Trust

0.0/10

Commissions and fees

0.0/10

Customer Service

0.0/10

Platform & Tools

1.0/10

Product Portfolio

4.0/10

Pros

  • Low minimum deposit amount

Cons

  • Not regulated broker
  • High Stop/Out Level
  • High spreads
  • Wire transfer is not available

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2 COMMENTS

  1. Hi,

    Redstarfx is registered and regulated. Awaiting for the regulation certificate in couple of weeks. Currently offering btc and bank wire service as you can check it on the website.
    I see all the services pretty good but the best one that stands out is the PAMM service. An account of 1019 to 1081 in 20 days (im happy as steady returns are awesome)
    I personally recommend this broker and ifI may say you should too try the PAMM service.

    Get in touch with me for further queries

    Cheers,
    Francis

    • They are criminals, they defrauded investors in the 4th quarter of 2018. All thanks to S… V……. and accomplices (You inclusive). Thanks for defrauding unsuspecting investors of their hard earned money invested. You guys can’t escape natural laws , and it would definitely catch up with you all.