Strifor review

Introduction

Strifor broker, established in 2020, initially served B2B sector clients but now offers Forex and CFD trading services to a global clientele. Their main offerings include access to popular trading tools like Forex, indices, metals, stocks, and cryptocurrencies. The brokerage is headquartered in the Trust Company Complex, 101A Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.

Strifor emphasizes an advanced trading platform with a motto of “Move forward,” reflecting their ambition to grow with their clients. Initially registered to serve private clients, Strifor expanded its services to the public sometime in 2022. They offer five diverse account types designed for both beginners and experienced traders.

Strifor is different from other major brokers in the market due to a simplistic website interface design. This Strifor forex broker review will explore all aspects of Strifor’s operations to help potential clients decide if this broker is the right choice for them.

Supported Countries

Strifor positions itself as a global forex service provider, accepting clients from many countries. Clients are acceptable from these countries; Aland Islands, Albania, Algeria, Aruba, Australia, New Zealand, Papua New Guinea, Fiji, Solomon Islands, Brazil, Argentina, Chile, Colombia, Peru, Egypt, Nigeria, South Africa, Kenya, Morocco, India, Japan, South Korea, Mexico, Cuba, Jamaica, Bahamas, Belize, Bolivia, Marshall Islands, Northern Mariana Islands, Puerto Rico, Midway Islands, Wake Island, Haiti, Saint Martin, Saint Vincent and the Grenadines, Anguilla, Turks and Caicos, Seychelles, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Macau, Malaysia, Maldives, Mongolia, Myanmar, Nepal, Oman, Bouvet Island, British Indian Ocean Territory, Christmas Island, Djibouti, Brazil, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Tokelau, Tonga, Tuvalu, Vanuatu, Wallis and Futuna Islands, Bhutan, Laos, Madagascar, Azerbaijan, Turkey, Saudi Arabia, Indonesia, Vietnam, Thailand, Pakistan, Singapore, Qatar, UAE, Venezuela, Bangladesh, Philippines, Norway, Switzerland, Jordan, Tanzania, Uzbekistan, Sri Lanka, Uruguay, Panama.

However, there are certain countries from which Strifor does not accept clients. These include the United States, Bulgaria, Iran, Japan, North Korea, Myanmar, Malta, Austria, China, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Iceland, Liechtenstein, Norway, United Kingdom. 

Customer Service Rating

Strifor has been active in the financial market for a while and has gathered several reviews. On Trustpilot, it has received 12 reviews with an excellent rating of 4.4 out of 5. One reviewer praised Strifor for its favorable conditions for beginner traders. Another highlighted the stable and transparent withdrawal process with no hidden fees. Other reviewers mentioned the low commissions and spreads, and the convenience of withdrawing funds through a crypto wallet. The support team was also praised for being responsive and helpful, solving issues quickly. Notably, all Trustpilot reviews gave Strifor a 5-star rating.

However, on other platforms like reviews.io, there are some negative reviews. One reviewer accused Strifor of fraud, claiming they were swindled out of $60,000. Another reported issues with withdrawing funds, stating that Strifor refused to release their money, citing unpaid taxes as the reason. Another reviewer criticized Strifor for its unreasonable policies and poor service. The reviewer highlighted several issues with the broker, including difficulties with withdrawals, unhelpful support, and a limited selection of assets. They reported that their withdrawal request for 6,570 USDT was denied due to what they described as arbitrary rules. The funds were returned, making it impossible to access their earnings.

Strifor Trading Platforms

In terms of trading platforms, Strifor provides clients with access to the popular MetaTrader 5 software. Although popular in the industry, the inability of traders to choose between platforms acts as a limitation. This can be a potential turn off for potential clients who want the ability to decide on which platform to trade. Also, Strifor fails to offer any proprietary trading platform.

• MetaTrader 5 (MT5): This platform builds upon MT4’s foundation, retaining its functionality while introducing new features such as global stocks, additional chart timeframes, various order types, more technical indicators, and depth of market (DOM) Level II pricing. MT5 offers 21 different trading timeframes and various technical indicators for flexible trading system design. Forex traders can combine trading robots and technical analysis to execute strategies effectively, even during market news events. MT5 provides access to additional analysis tools, hedging capabilities, partial order filling, more order types, and full level 2 market depth.

Trading Denominations on Strifor

Strifor stands out from most forex brokers by allowing clients to denominate their accounts in cryptocurrencies like USDT, Bitcoin, Ethereum, in addition to conventional currencies such as USD and EUR. However, it is worth noting that many other brokers offer a wider range of currency denominations for clients to use.

Company Structure

Strifor Ltd. is a limited liability company with registration number 119264. Its registered office is located at Trust Company Complex, 101A Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960.

Strifor’s partner, 7 LUCKY TRADING (MAURITIUS) LTD, is also a limited liability company, registered in the Republic of Mauritius with company number 206995. It is authorized by the Financial Services Commission of Mauritius with license number GB23202670. The registered office for this company is at 6 St Denis Street, 1/F River Court, Port Louis, Mauritius.

The broker’s website mentions an office in Cyprus, located at 57 Spyrou Kyprianou Avenue, Bybloserve Business Center, Larnaca 6051, Cyprus.

Although Strifor showcases impressive statistics on its website, it does not display any awards or recognitions, which might be a drawback for some clients. Additionally, there is limited information about the team and owners, raising potential concerns.

Strifor Licenses and Regulatory Compliance

One significant concern with Strifor is that it is not regulated by any well-known regulatory agency, meaning it operates without formal oversight and cannot be held liable by such authorities.

However, Strifor Ltd. is a member of The Financial Commission, an independent Forex and CFD dispute resolution organization. This membership provides clients with up to €20,000 of coverage per dispute submitted through The Financial Commission, offering some level of protection.

Strifor Customer Protection

Strifor is not regulated by any recognized agency, which means it is not held to international regulatory standards. The broker does not offer segregated accounts, so clients’ funds are mixed with company funds, making them vulnerable to loss. Additionally, Strifor does not provide negative balance protection, leaving clients exposed to adverse market movements.

However, Strifor is a member of The Financial Commission, an organization dedicated to fair dispute resolution in the CFD and Forex markets. This membership highlights Strifor’s commitment to customer security by offering an impartial resolution process. In case of disputes, clients are eligible for compensation of up to €20,000, funded from a special compensation pool.

Customer Service

Strifor provides multiple ways for clients to access its support team. Traders can reach support via phone at +35724812052, email, and Telegram. The support team is available 24/5 from Monday to Friday. Additionally, traders can fill out a feedback form on the broker’s website or use the live WhatsApp chat button for instant responses. However, it is important to note that Strifor does not have a detailed FAQ page.

Trading Information

Strifor offers varying spreads and commission rates across its account types. The Basic account features spreads starting from 0.1 points for all trading instruments, with commissions of $8 per lot for Forex and metals trading. The Advanced account offers spreads starting from 0, with slightly lower commissions of $7 per lot for Forex and metals.

The Professional account provides the tightest spreads starting from 0 and the lowest commissions of $5 per lot for Forex and metals. The Islamic account maintains competitive spreads from 0.1 points but has higher commissions of $12 per lot for Forex and metals trading.

The Basic and Advanced accounts are suitable for all types of traders, while the Professional account is ideal for experienced traders seeking lower costs. The Islamic account, despite higher fees, caters to those looking for Sharia-compliant trading options.

Strifor does not offer indicators, forex managed accounts, social trading, VPS servers, or API access for traders. There is also no cashback rebate program. However, Strifor does provide auto-trading services through a third-party provider.

One significant concern is Strifor’s lack of fee transparency. The platform does not disclose trading fees on its website, making it unclear how much is charged for inactivity or if there are any hidden fees. This lack of transparency is a red flag for potential clients, especially since Strifor operates without regulatory oversight and can change its terms at will.

Strifor Leverage

Strifor offers a maximum leverage of 1:500 across most accounts, while professional account holders can use leverage up to 1:200. High leverage can increase potential profits, but it also exposes traders to greater risks.

Deposits and Withdrawals

Deposits

Strifor supports USDt TRC-20, USDt ERC20, BTC, ETH, USDC, among its payment methods, allowing users to deposit funds using popular cryptocurrencies. This option appeals to those who prefer the anonymity and security of blockchain-based transactions.

Also several e-wallets are available.

The Basic account requires a minimum deposit of $20, making it accessible for beginners and casual traders. The Advanced account has a higher minimum deposit of $10,000. For experienced traders and institutional clients, the Professional account mandates a $20,000 minimum deposit. The Islamic account has a lower minimum deposit of $2,000, catering to users seeking Sharia-compliant trading options.

Withdrawals

Strifor offers the same withdrawal as with the deposit methods available. The broker claims to process withdrawal requests within 24 hours of confirmation, provided all KYC and AML requirements are met.

To prevent money laundering and terrorist financing, the broker conducts thorough AML checks on digital assets received from users. This includes assessing the nature and origin of the cryptocurrency and checking the virtual wallets from which the assets are received.

For these purposes, Strifor may use legal information and third-party tools, including specialized software, to analyze the origin of digital assets. Details on the cryptocurrency AML procedure can be found in Strifor’s Terms and Conditions of Service.

Strifor Trading Education and Training

Strifor promotes itself as a user-friendly trading platform, offering educational resources such as news and blog articles. These materials are detailed and clear, making them useful for beginners looking to improve their trading skills. However, for those seeking advanced knowledge, Strifor’s educational content may be insufficient.

Additionally, Strifor does not provide research tools on its website. This absence can be a drawback for many clients who rely on such tools to make informed trading decisions.

Conclusion

Strifor presents itself as a comprehensive Forex broker with various features and offerings aimed at different types of traders. The broker Strifor offers several account types such as Basic, Advanced, Professional, and Islamic accounts, each with different leverage options and minimum deposit requirements, making it suitable for both beginners and experienced traders.

The maximum leverage offered is 1:500 for most accounts, with the Professional account offering up to 1:200. Strifor supports various countries, but it does not accept clients from the U.S., Canada, EU, and EEA countries. Account denominations include popular cryptocurrencies like USDT, in addition to traditional currencies such as USD and EUR, providing flexibility for modern traders.

When it comes to deposits and withdrawals, Strifor supports multiple payment methods, including cryptocurrency transactions. However, the platform has faced criticism for lack of transparency regarding trading fees and potential hidden charges. Strifor is not regulated by any major financial authority, which raises concerns about the security of client funds. Nonetheless, its membership in The Financial Commission provides some level of customer protection, with dispute resolution and compensation up to €20,000 per case.

Strifor’s customer service is accessible through various channels, including phone, email, Telegram, and WhatsApp, available 24/5. Despite this, the lack of a detailed FAQ page might be a drawback for users seeking quick self-help options. The broker offers a range of trading instruments, including cryptocurrencies, forex pairs, shares, metals, indices, and commodities, though the variety might not be as extensive as some other platforms.

Educational resources provided by Strifor include news and blog articles, which are beneficial for beginners. However, advanced traders might find the educational content lacking in depth. Additionally, the absence of robust research tools on the website can be a limitation for clients relying on these tools for informed trading decisions.

In summary, Strifor offers a blend of modern trading features and tools, but potential clients should weigh the benefits against the concerns regarding regulatory oversight, fee transparency, and the comprehensiveness of educational and research resources.