StreamsFX Review All You Should Know About Streamsfx.com

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Contents

StreamsFX Review: All You Should Know About Streamsfx.com

StreamsFX Review: Is StreamsFx a legit broker or just another scam? How much do you know about Streamsfx.com? Are they worth your while? Read our review to find out.

Streamsfx.com is the website of Streams Financial Services Ltd. It is a Forex and CFD brokerage registered in Cyprus. This brokerage claims to provide potential traders with favourable trading conditions like low spreads, trading instruments and numerous assets.

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What StreamsFX Say They Offer

Streams FX claims to provide a sophisticated and user friendly platform that makes trading stress-free and easy. Much experience in not needed on the part of its users because they will be advised and helped along the way by experts.

This brokerage claims to have the most secure and favourable trading platform by partnering with liquidity providers and advanced tech suppliers. This they claim, is aimed at helping traders achieve success and maximum profit.

They also claim to provide measures to ensure that the funds of its users are well protected and secure. Spreads are the lowest at 0.0 and maximum leverage is 1:30.

StreamsFX 500 Trading Platform

True to their claim, StreamsFX uses MetaTrader 4 trading platform. This platform is compatible with several operating systems like Windows, Mac, Android, and iPhone.

A demo account is provided by this broker to give its users a chance to test how the trading platform works before they decide to invest their funds.

StreamsFX Account Types

StreamsFX is provides its users three different account types to choose from, according to their needs. They are Classic, Pro, and ECN. All these accounts can be managed easily and include nice features like max leverage of 1:30 and spreads from 1.6 pips.

For more Information, visit the website.

StreamsFX Withdrawal and Deposit Methods & Fees

This Brokerage’s method of both withdrawal and deposit is via Visa, MasterCard, AstroBank, Skrill, Hellenic Bank and Netter, bank wire. Its minimum deposit is set at $500, which we consider relatively high.

StreamsFX website does not reveal any withdrawal fee and we have no idea how long this brokerage takes to process withdrawal. We suspect that it may take 2-8 working days because of the nature of its only funding method.

Is StreamsFX Licensed?

Streams Financial Services Ltd is fully regulated with 376/19 as its official license number. Its registration number is HE 387124. This firm is authorized and supervised by the Cyprus Securities and Exchange Commission (CySEC).

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Contact/Support

To reach Streams Financial Services Ltd:

Phone: +357 25055782
Email: [email protected]
Address: Archiepiskopou Makariou III 284, Limassol 3105, Cyprus.

Please Note: StreamFx’s live chat support is active from 9 am – 6 pm (GMT+2).

Conclusion

Like every other brokerage, StreamFx comes with a certain amount of risk and we advise potential trader to exercise caution.

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StreamsFX Review – is streamsfx.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Classic $500 1:30 from 1.6 pips
Pro $500 1:200 from 0 pips + $4 /lot
ECN $20 000 1:30 from 0 pips + $3.5 /lot

StreamsFX is a Cypriot forex and CFD brokerage that offers its clients access to the MetaTrader4 platform, as well as a choice of several account types.

Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with StreamsFX.

StreamsFX Advantages

Licensed in Europe (Cyprus)

As the most important thing to look for in a forex broker is regulation, we are starting here. This broker is owned and operated by Streams Financial Services Ltd., a firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

Like most other EU regulators, the CySEC has a number of requirements regarding company capital, staff competence and activities that have to be carried out by a forex brokers in the country. Apart from the minimum capital requirement of €730,000, which should be met on an ongoing basis, license holders are expected to report all transactions to the commission, to keep all clients’ funds in segregated accounts, to provide negative balance protection, as well as compensation scheme coverage (to a maximum of €20,000).

CySEC puts a lot of effort into seeing to the compliance of the above-mentioned requirements by all license holders, which provides significant assurance for the security of the clients funds.

Access to the MT4

As we mentioned in the beginning, StreamsFX usesthe legendary MetaTrader4 (MT4). This easy to use platform has proved to be reliable, offers one of the best charting packages, in-depth market information, as well as automated trading via Expert Advisors, API connectivity, and more. It can be used as a web platform on any browser, as a desktop download, and as mobile apps.

High leverage for pros

Another thing that could be viewed as an advantage of this broker is the solid leverage levels it offers, up to 1:200. Of course, such ratios are only extended to professional clients in live trading environment, as per ESMA’s guidelines. As most of you probably know, leverage is capped throughout the EU for investor protection concerns.

StreamsFX Disadvantages

Announced spreads above the average

The spreads indicated on StreamsFX’ website are actually not good on all account types. More specifically, the benchmark EUR/USD spread on Standard accounts is starting from 1.6 pips, which is above the average in the sector. So, you’d better sign up for a Pro account with this broker, or choose another company to trade with.

Trouble with demo platform

We registered a demo account with StreamsFX quite quickly and easily, however, when we logged into the MT4 with the credentials provided, things didn’t seem right. See for yourselves:

Click on the image to view full size.

We couldn’t initiate a single trade.

High initial deposit, not that many CFDs

In order to start trading with StreamsFX , a trader has to deposit at least USD 500, which is two times higher than what the majority of regulated brokers require as a start. Furthermore, we found out that thebroker charges a service fee of 2.75% for card deposits and 4% for e-wallets.

Another minor disadvantage of this broker is that its offer could have been broader in terms of tradeable assets. Currently, StreamsFX offers trading solely in currency pairs, and CFDs on indices, precious metals, and commodities.

Actually, most brokers offer wider range of CFDs, also including stocks and cryptocurrencies like Bitcoin. If you are a crypto enthusiast, we have drawn up a list of some brokers offering Bitcoin CFDs which are reliable and licensed.

Conclusion

Overall, StreamsFX appears like a reliable and forex broker: they are licensed in Cyprus and can therefore operate throughout the EU and the EEA; they support the good old MT4 and provide solid leverage to professional clients. Yet, we are a bit concerned that we couldn’t test its MT4 in demo mode.

Here are the highlights of our review of this brokerage:

Pros Cons
Licensed in Europe (Cyprus) Announced spreads above the average
MT4 supported Trouble with demo platform
Solid leverage for pros Not that many CFDs
High initial deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Get Help

Find answers to the most popular questions regarding trading with streamsfx global.

Account Information

If an account is not in use, am I able to archive it?

Archiving your account is not possible at streamsfx. If your account has not had any login attempts for 90 days or has less than 10USD in it, it will be archived automatically internally and will no longer be visible to you.

When are swaps charged at a triple rate for currency pairs and metals?

These charges incur on positions on FX pairs, Silver and Gold that are held overnight on Wednesday.

Since markets are closed on Saturday and Sunday, the swaps cover the interest for those days.

Are the SWAP rates available online?

Yes, you can check the Swap rates on the MT4 platform by following these steps:

View > Symbols > Select instrument > Properties

The two position types are buy and sell. To find the swaps for buy positions, look at the Financing Long option and the Financing short for sell positions.

Since markets are closed on Saturday and Sunday, the swaps cover the interest for those days.

Can accounts be closed or deleted?

Accounts can be closed however your information will be held in our files for a minimum period of 7 years. This is as per the legislation.

If your account has not had any login attempts for 90 days or has less than 10USD in it, it will be archived automatically internally and will no longer be visible to you.

What account types do you offer?

We offer 3 account types: Classic, Pro and ECN. All accounts have the same execution speed.
Their differences are:

The Pro and ECN accounts start at 0.0 pips, whereas the Classic account starts at 1.6 pips.

Classic account: no commission
Pro account: 4 per side per lot (0.0040% notional) in the base currency of the trading instrument.
ECN account: 3.5 per side per lot (0.0035% notional) in the base currency of the trading instrument.

Classic account: 500 USD/EUR.
Pro account: 500 USD/EUR.
ECN account: 20,000 USD/EUR.

More information about our account types at: https://streamsfxglobal.com/accounts/

What documents do I need to register for a Client Area?

As an individual:
Proof of Address (POA)
Proof of Identity (POI)

As a company:
Articles of association, identification document and proof of individual and corporate address.
Certificate of incorporation or company registration card (must show the address, legal representatives, registration data).

Some additional documents may be requested depending on the country, beneficiary etc. (offshore:).

E.g.:
1. Certificate of incorporation
2. Articles of association
3. Memorandum of understanding
4. Certificate of good standing
5. Certificate of incumbency/ Register of Members
6. The last full year’s audited accounts

Can I have both demo and live accounts functioning simultaneously?

Yes you can by installing the MT4 platform in two separate folders on your computer. One for each account.

Can the balance of my demo account be altered?

Yes by sending an email with your demo account number and balance to our Support team.

Are trading conditions the same on my demo and live account?

Yes they are the same for both accounts. The only difference is that no slippage occurs on the demo account.

Are my funds protected at streamsfx?

Streams Financial Services Ltd is authorized and regulated by the Cyprus Security and Exchange Commission (CySec) of the Republic of Cyprus and is required to segregate retail client funds from the company’s own funds.

As a member of the Investor Compensation Fund (ICF) in Cyprus, all clients of Streams Financial Services Ltd are covered in the event of default by Streams Financial Services Ltd. Retail clients are covered up to the value of €20,000.00.

How do I open a MetaTrader 4 account?

You can do that through the Client Portal. Open an account with us here.

How can I change or delete a trade in the MT4 platform?

On the MT4 platform, you can modify or delete the trade through these steps:
Right-click on the instrument you placed the trade with

  • To modify: ‘Modify the trade’
  • To delete: ‘Delete the trade’.

How can I recover my MT4 password if I forget it?

You can recover your password through your MT4 account in the Client Area. Feel free to contact the Client Support team should you have any issues.

What can I do if I forget my Client Area password?

Follow these steps:

  • Go to the Client Area login page
  • Click on the ‘Forgot your Password?’ link under the ‘Login’ button
  • Follow the instructions on how to reset your password

Feel free to contact the Client Support team should you have any issues.

Where can I access information about my account balance and my trading history?

Everything can be found in the MetaTrader 4 platform. The account balance can also be seen in your Client Area.

Deposits and Withdrawals

Can money be withdrawn if I have an open position(s)?

Yes, however, at the moment of payment, your free margin must surpass the amount specified in the withdrawal instruction including all payment charges. Free margin is calculated as equity minus the necessary margin.

If the account does not have sufficient funds, the withdrawal request will not be carried out until the correct form is submitted or the open positions are closed.

Are we allowed to make broker to broker transfers?

No – we only offer our standard payment methods.

How do I deposit funds?

You can make a deposit through your Client Area using any funding option you wish.

What is the minimum deposit?

The minimum deposit required for all account types is $500. However, for an ECN account, your balance needs to reach a minimum of $20,000.

How can I withdraw funds from my account?

Through your Client Area, you will need to fill a form to withdraw money with no fees.

Do you have any charges on deposits and withdrawals?

Please refer to our Costs and Charges regarding the fees.

How fast are withdrawals processed?

Within one working day.

How long does it take for funds to reach my account?

The time necessary for the funds to reach your bank account varies depending on your bank. Bank withdrawals can take up to 3-7 working days. Credit/debit card withdrawals can take up to 8 working days.

Can withdrawals be made with a different payment method from the one used to deposit?

streamsfx policy is to process withdrawals via the same method that you used to deposit. However, upon request, we can send any profits via other payment methods under your name.

Trading Conditions

Is the MT4 platform compatible with Mac?

Yes the MetaTrader 4 platform can be used on both Mac and Windows.

What are your spreads?

We offer floating spreads for all account types – Classic, Pro, and ECN.

Classic account: variable spreads, starting from 1.6 pips with no commissions.
Pro account: variable spreads, starting from 0.0 pips with low commissions.
ECN account: variable spreads, starting from 0.0 pips with low commissions.

Market spreads may widen considerably at market opening and closing times and prior to announcements. Thus, you must ensure that you have adequate funds on your account to cover this possibility.

Do you offer MT4 MultiTerminal?

We do not offer MT4 MultiTerminal. However you can install multiple MT4 platforms and place them in different folders.

How to look at historical data?

You can download historical data from the MT4 trading platform through the following steps:
1. Tools
2. History Centre
3. Choose the trading instrument of your choice
4. Press the ‘Download’ button

History will then be available on your trading platform, so you can click on:
1. File
2. Open offline
3. Open offline chart

Is tick data provided?

No we do not provide tick data since MT4 is not able to store all ticks leading this data to be inaccurate.

Do you offer negative balance protection?

streamsfx covers the negative balance, to make sure that their clients do not lose more money than they put in.

What is streamsfx’s trade execution model?

streamsfx is a CySec regulated broker with a fully automated No Dealing Desk (NDD) execution mode.

What is a slippage?

At streamsfx, we clear our clients’ trades and retranslate quotes which we receive from our liquidity providers.

In case of sharp movements in the market, slippage may occur. Note that during high volatility, the risk of slippage is significantly higher.

Are hedging and scalping allowed?

Hedging and scalping are both allowed. The required margin for hedging positions on Classic, Pro, and ECN accounts is 0.

In case of sharp movements in the market, slippage may occur. Note that during high volatility, the risk of slippage is significantly higher.

What is streamsfx’s order execution speed?

Our average execution speed is around 100 milliseconds.

In case of sharp movements in the market, slippage may occur. Note that during high volatility, the risk of slippage is significantly higher.

What are the minimum and maximum position sizes available?

  • Minimum trade size: 0.01 lot
  • Maximum trade size: 50 lots

In case of sharp movements in the market, a slippage may occur. Note that during high volatility, the risk of slippage is significantly higher.

What is the commission on the ECN account?

  • The commission is 3.5 per side per lot (0.0035% notional) in the base currency of the trading instrument.

What is the commission on the Pro account?

The commission is 4 per side per lot (0.0040% notional) in the base currency of the trading instrument.

What are the benefits of trading with streamsfx?

Trading with streamsfx is fast and efficient. With various payment methods and a team of experts at your disposal, you will experience real trading with low spreads starting from 0.0 pips and ultra-fast execution speed of 0.1 second on average.

Where is streamsfx regulated?

streamsfx is a trading name of Streams Financial Services Ltd, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) of the Republic of Cyprus.

What are your trading hours?

  • FX trading is offered 24 hours a day, 5 days a week and you can trade from Monday 00:00 to Thursday 24:00 and on Friday from 00:00 until 23:58 (MT4 Server time).
  • CFDs on stock indices and WTI, streamsfx has specific trading hours listed here. The server time is set to GMT+2 and GMT+3 during DST in the US and Europe.

What spreads do you offer?

  • Classic account: start from 1.6 pips
  • Pro account: starts from 0.0 pips.
  • ECN account: starts from 0.0 pips. Market spreads may widen considerably at market opening and closing times and prior to announcements. Thus, you must ensure that you have adequate funds on your account to cover this possibility.

What commissions will I be charged for trading on the MT4?

  • Classic account: no commissions
  • Pro account: 4 units of the base currency per side per lot
  • ECN account: 3.5 unit of the base currency per side per lot.

Does streamsfx have a dealing desk?

No, we do not have a dealing desk since we are an NDD broker thus all our procedures are automated.

Is there a chance of slippage in your platform?

Slippage may occur depending on the market and volatility. The slippage can be both positive and negative slippage.

How many platforms does streamsfx offer for trading ?

streamsfx offers only MetaTrader 4 for both desktop and mobile phone.

Sign up with streams fx global and explore the financial markets with exceptional trading conditions.

Streams Global Markets LLC is registered at St. Vincent and the Grenadines with company number 219 LLC 2020 (First floor, First St Vincent Bank Ltd building, James street, Kingstown, St Vincent and the Grenadines.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investors accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Restricted Regions: streamsfx global does not provide services for citizens/residents of European Union, Australia, Canada, USA, Japan, New Zealand, Israel, Belgium, China, Hong Kong, North Korea and Iran. The services of streamsfx are not intended for distribution to, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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