StreamsFX Review Summary
StreamsFX has been operating for between five to ten years and is registered in Cyprus. The company presents itself as a provider of trading services in commodities, forex, indices, and precious metals. It advertises spreads starting from zero pips, leverage of up to 1:30, and access through the MetaTrader 4 platform. A demo account is available for practice, but the minimum deposit requirement for certain account types is notably high, reaching up to twenty thousand dollars. Customer support can be reached by phone at +357 25055782 or via email at support@streamsfx.com.
Company Information
StreamsFX is registered in Cyprus and positions itself as a broker offering market access across multiple asset classes. Traders can engage in commodities, forex, indices, and precious metals. While contact channels are available through phone and email, the broker’s official website is not consistently accessible, raising questions about reliability.
Pros and Cons
StreamsFX offers access to multiple tradable instruments and provides the popular MetaTrader 4 platform. However, the broker’s regulatory status is unclear, with its CySEC license flagged as a suspicious clone. In addition, the minimum deposit requirements are relatively high, and transparency is limited due to the restricted access to the official website.
Regulation and Legitimacy
The company claims to operate under the Cyprus Securities and Exchange Commission with license number 376/19. While the license appears authentic at first glance, it is classified as a suspicious clone, making its regulatory standing questionable. The licensed entity is listed as Streams Financial Services Ltd and is registered as an STP broker. Traders should exercise caution when considering this firm.
Market Instruments
StreamsFX provides access to a selection of financial products including commodities, forex, indices, and precious metals. Forex traders are offered around twenty five available currency pairs. Other asset classes such as cryptocurrencies, binary options, mutual funds, and futures are not supported.
Account Types
The broker offers three live account options. The Classic account requires a minimum deposit of five hundred dollars and offers spreads starting from 1.6 pips with no commission fees. The Pro account also requires a minimum of five hundred dollars, with spreads beginning from zero pips and a commission of four dollars per side. The ECN account is designed for higher level traders with a minimum deposit of twenty thousand dollars, spreads from zero pips, and a commission of three dollars and fifty cents per side. A demo account is also available for practice purposes.
Leverage
StreamsFX advertises leverage levels of up to 1:200. While this can increase the potential for profit, it also significantly raises the level of risk. The broker also states a leverage limit of 1:30 under some conditions, in line with European regulatory standards.
Fees and Spreads
Trading fees depend on the type of account. Classic accounts have spreads starting from 1.6 pips with no additional commissions. Pro and ECN accounts offer spreads from zero pips, but commission charges apply at four dollars per side for the Pro account and three dollars and fifty cents for the ECN account. Overall, the fee structure may appeal to experienced traders who prefer tighter spreads, but the high minimum deposit may deter many retail clients.
Trading Platform
StreamsFX uses MetaTrader 4 as its sole trading platform. MT4 is compatible with Windows, Mac, iOS, and Android devices, offering a wide range of charting tools, indicators, and automated trading options. This makes the platform accessible for traders of all experience levels.
Deposits and Withdrawals
The broker supports multiple payment methods for deposits and withdrawals. These include credit and debit cards such as Visa, Mastercard, and Maestro, as well as popular e-wallets like Skrill and Neteller. Bank transfers are also accepted, though processing times may vary. While payment options are diverse, transparency about fees and processing times remains limited.
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