SEVEN STAR FX -Overview of Minimum Deposit, Leverage, Spreads

General Information

Founded in 2004, SEVEN STAR FX is allegedly a forex trading broker based in Saint Vincent and the Grenadines that provides its clients with the industry-standard MetaTrader4 platform, flexible leverage up to 1000:1, variable spreads on over 120 financial instruments, as well as a choice of three different live account types and 24/5 customer support service.

Market Instruments

SEVEN STAR FX advertises that it offers more than 120 trading instruments across 7 asset classes in financial markets, including currencies, global Indices, metals, energies, soft commodities, CFD futures and cryptocurrencies.

Account Types

There are three live trading accounts offered by SEVEN STAR FX, apart from demo accounts, namely Standard, Premium and ECN. Opening a Standard account requires the minimum initial deposit amount of $50, while the other two account types with the much higher minimum initial capital requirements of $500 and $5,000 respectively. In addition, the broker also offers PAMM and Islamic accounts. The PAMM account starts trading with $100, while the Islamic account is also called the swap-free account, specifically for traders who abide by Sharia law.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard account can enjoy the maximum leverage as high as 1000:1, while the Premium and ECN accounts can experience the leverage of up to 500:1. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spreads are influenced by what type of accounts traders are holding. SEVEN STAR FX reveals that the spread on the Standard account starts from 1.3 pips, the clients on the Premium account can experience spreads from 1.0 pips, while the ECN account can enjoy the lowest spreads from 0.0 pips. As for commissions, only the clients on the ECN account will be charged a commission of $ 2.5 on each side, while the other account types with 0 commission.

Trading Platform Available

When it comes to trading platforms available,SEVEN STAR FX gives traders the worlds most trusted and popular MetaTrader4 platform. It has three different versions containing MT4 Desktop, MT4 Mobile, MT4 Web Trader and MultiTrader. MT4 is known as one of the most successful, efficient, and competent forex trading software, offering a customized interface with advanced order management tools, live quotes, real-time analytics, multiple indicators and more. While with MT4 Mobile, trading can be done from anywhere and at any time through Android and iOS terminals.

Deposit & Withdrawal

SEVEN STAR FX accepts a wide selection of withdrawal options including Bitcoin, Neteller, Skrill, MasterCard, Visa, Regular Pay, Wire Transfer and cryptocurrencies of Tether, Ethereum and Litecoin. While deposits can be processed through the same methods, with the addition of FasaPay. The minimum deposit requirement is $100 for Wire Transfer, $50 for Tether, Ethereum and Litecoin, and $5 for others; while the minimum withdrawal amount is $50 for all available payment methods. The maximum deposit amount is $1,00,000 for Neteller and Skrill, $50,000 for Visa, $10,000 for FasaPay and MasterCard, $3,000 for Regular Pay, and no limit for others; while no maximum withdrawal limit for Regular Pay and Wire Transfer, and clients can request a withdrawal up to the amount they deposited for other payment methods. The broker says that it does not charge any fees, but banking institutions may charge some fees. It will charge a 1% deposit fee for Neteller, Skrill, MasterCard and Visa, 0.5% fee for FasaPay, and free for Bitcoin; while the withdrawal fee of Regular Pay depends on the corresponding bank and free withdrawal for Bitcoin, Neteller, Skrill, MasterCard, Visa and Wire Transfer. As for the processing time of deposit and withdrawal requests, deposits via Wire Transfer usually takes 2-7 working days and deposit via others can be processed instantly; while withdrawal with MasterCard, Visa and Regular Pay take 2 -10 working days and withdrawal with others is instant.

Customer Support

SEVEN STAR FXs customer support can be reached through phone: +13152772288, email: upport@sevenstarfx.com or send messages online to get in touch. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter, LinkedIn, YouTube and Instagram. Company address: Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines.