Star Profit Trading has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Tradeimparto. We’ve received over 3 complaints against Star Profit Trading.
Star Profit Trading claims to be a regulated and award-winning forex broker. However, it works without transparency or proper licensing, implying a possible scam. It employs phony reviews and a fraudulent trading platform, requiring large amounts with few withdrawal choices. Instead, choose known and regulated brokers.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Star Profit Trading Regulated? Do They Have a License?
Star Profit Trading advertises itself as a regulated, award-winning forex broker. But a deeper look reveals a different story. This post will explain why Star Profit Trading is not a reputable financial services provider and recommend more reliable brokers for your trading requirements.
Regulation is an important feature of every forex broker because it ensures traders’ security and trust. Legitimate brokers explicitly identify the legal companies that control and operate them, as well as their licensing and regulatory oversight. Unfortunately, Star Profit Trading lacks openness in these areas, which is a major red flag for potential fraud.
Star Profit Trading operates anonymously, with no mention of a corporate name anywhere in its Terms & Conditions. The single name mentioned, Crypto Time Finance Pro, most likely refers to another fraudulent product by the same operators. Their homepage contains a bogus UK contact address and a supposed license. A check with the UK Financial Regulator reveals that Star Profit Trading is not a licensed financial services provider.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Star Profit Trading might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Star Profit Trading, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Star Profit Trading
Star Profit Trading claims to provide the industry-renowned MetaTrader 5 (MT5) platform. However, after registration, users are presented with a counterfeit trading interface that lacks crucial features such as real order placing and basic trading characteristics. This is in stark contrast to legitimate brokers, who provide MT4 and MT5 platforms with advanced capabilities, auto trading, custom indicators, and mobile versions.
Star Profit Trading needs a $500 minimum deposit, which is much greater than many other top brokers, who allow trading accounts to be started with much lower sums. Furthermore, while the deposit option includes a variety of cryptocurrencies and e-wallets, only cryptocurrencies are actually accepted. This is consistent with conventional financial frauds, as bitcoins give criminals with anonymity and make it harder for victims to seek reimbursements.
Despite professing to provide a diverse choice of trading instruments, Star Profit Trading lacks the legal and technological infrastructure to conduct real trading. Furthermore, the platform encourages cryptocurrency trading, which is illegal for brokers registered in the UK. The platform does not enable genuine trading software, hence the advertised cheap spreads and commissions are false.
Star Profit Trading advertises a high leverage of 1:500, indicating its illegitimacy. Due to the risks involved, UK-licensed brokers are not permitted to use such high leverage levels. Regulated brokers limit leverage to safeguard retail traders from large losses. Only professional clients who meet severe conditions can obtain greater leverage levels.
Star Profit Trading does not disclose any withdrawal criteria, however such scams sometimes include hidden fees and tactics to block withdrawals. These barriers are frequently related to bonuses, making it practically impossible to withdraw monies.
Those looking to trade without the risk of being scammed should choose brokers based in established financial hubs such as the United Kingdom. These brokers conform to the Financial Conduct Authority’s (FCA) rigorous financial stability and transparency criteria. They offer negative balance protection, separate client assets from operating funds, and engage in guarantee funds that cover a major portion of customer investments.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Star Profit Trading Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Star Profit Trading Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Star Profit Trading might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Star Profit Trading reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Star Profit Trading, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Star Profit Trading enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Star Profit Trading reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Star Profit Trading.
You should always look out for consumer complaints. In the case of Star Profit Trading, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Star Profit Trading? You can share your complaint in the comment section or submit an anonymous tip.
Is Star Profit Trading Legit Or a Scam?
Star Profit Trading is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Star Profit Trading can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Star Profit Trading?
Star Profit Trading does not match the definition of a legitimate forex broker. Its anonymity, bogus licensing, non-functional trading platform, and reliance on cryptocurrency for deposits are all huge red flags. Traders should use authorized and established brokers to safeguard the safety and integrity of their money.
All the evidence suggests that Star Profit Trading might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
