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Brokerz Broker Review

The trading name of the corporate parent, Brokerz Ltd., is Brokerz. St. Vincent and the Grenadines serves as the company’s headquarters. Given that the nation is a well-known offshore refuge, this is bad news for its clientele. The broker has no regulation at all. Because of this, traders who work with Brokerz are not protected as consumers.

Regulated by: No regulation
Headquarters Country: Saint Vincent and the Grenadines
Foundation year: 2013
Supported Platforms: MT4, web trader
Minimum Deposit: $250
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:100
Demo Account: Yes

Financial Regulators Warnings

Several regulatory agencies have become aware of this broker’s fraudulent actions. Due to several complaints from customers who were unable to withdraw their money and the resulting blacklisting by the UK FCA, Austrian FMA, and Australian ASIC, Brokerz Ltd.

All of these authorities issued warnings to their residents about the scam Brokerz is running. Be mindful of it and refrain from trading with Brokerz or other binary firms.

Brokerz Trading

Broker’s selection of assets is very acceptable. Even if it’s doubtful, traders should be able to discover something. Despite having a respectable selection, the broker’s outrageous spreads completely negate any prospect of them being a sensible option. 

The typical EUR/USD spread is 3 pip, which is much higher than what traders are aiming for.

Added Commissions Drain More Cash from Traders

Despite having high spreads, this broker also charges commissions. Brokers who charge commissions typically have small spreads. 

Former customers have exposed the so-called Brokerz fraud as a result of the horrible trading circumstances, with many lamenting the ongoing loss of their money. The commissions effectively increase the spread by one pip, bringing it to 4 pips.

Warnings Against Brokerz 

For those who aren’t convinced yet, our Brokerz study has turned up a number of cautionary tales from important financial regulators. 

According to the Australian ASIC, Brokerz has been calling Australian investors without their consent. Of course, the broker isn’t allowed to do that. The Italian CONSOB issues additional warnings, once more asserting that the broker is not permitted to offer services in Italy.

Brokerz Trading Conditions

Like most other forex and CFD brokers, the firm requires a $250 minimum deposit to open a basic account. 

Leverage is available up to 1:100. With the ESMA setting the cap for retail traders in Europe at 1:30, this is too high for inexperienced traders. Since unregulated brokers can choose any amount of leverage, it’s unclear how Brokerz arrived at 1:100.

Brokerz Сonclusion

New traders are drawn to offshore brokers. Trading with brokers gives the impression that one can profit because they abide by the law more laxly. In actuality, the brokers change the laws so that they benefit rather than you. Using an offshore broker exposes traders to significant risks.

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