Client Accuses StarTrader of Blocking Withdrawals Over High-Frequency Trading and Reducing Balance Without Notice

Recently, a client of StarTrader filed a complaint against this broker. Before investing, he had confirmed to his account manager that the platform did not limit orders that opened in a single day, but when he wanted to withdraw, StarTrader refused him on the grounds of high-frequency trades. Even more shocking was that the platform secretly deducted his balance without notice.

“High-frequency trades” violation and refused withdrawal

According to the client, on March 3, he submitted a 2820UDST withdrawal request to StarTrader, but the request has been displaying as “processing” for three days.

_{StarTrader online chat advised the client to ask for help from his account manager}

StarTrader is a licensed broker regulated by the Seychelles Financial Services Authority (FSA).

StarTrader's customer service failed to explain the situation, instead advising the client to contact his account manager. However, the manager, Mia, restricted access to her social media and rarely responded to his messages. When she did reply, she instructed him to email the platform, emphasizing that he should do so with a 'good attitude.' Despite following her advice and sending the email, the client received no response from the platform.

_{WeChat profile of the account manager Mia}

On March 7, StarTrader rejected the client's withdrawal request and deducted his trading profits, citing a violation of trading rules due to the detection of 'high-frequency trades.' However, the client's account manager had previously assured him that StarTrader imposed no restrictions on the number of orders that could be opened within the same day.

_{The client's withdraw request was rejected due to high frequency trading}

The client said his account balance was secretly deducted

Following the rejection of the withdrawal request, the customer continued trading as usual. On March 7 and March 10, amounts of 1322 USDT and 1262 DUST, respectively, were deducted from the client's balance, while withdrawals remained prohibited.

The client did not initially notice the decrease in his balance until a profit-and-loss statistics system installed on his computer flagged an abnormality. He suspected that StarTrader had deducted his funds without providing any trace or notification, as he was neither informed when the 2584 USDT was deducted nor able to locate any records of the transaction.

The account manager did not explain about the issue.

The client explained that he chose to pay with USDT because Mia assured him during registration that this payment method would allow deposits and withdrawals to be processed either instantly or within a single business day. However, when he attempted to withdraw his funds, the platform failed to uphold this promise. He believed that StarTrader has misled its clients, as the platform's trading rules do not align with its actual practices.

BrokersView has reached out to StarTrader for comments.