Brokerz Review (2023)
Is Brokerz a scam or a legit broker?
Brokerz is not safe to trade with it. Brokerz is owned by Brokerz ltd which is an offshore company registered in St. Vincent and the Grenadines.
What is Brokerz?
Brokerz offers trading with Forex, CFDs, stocks, commodities and indices (Find out of the list the Best Forex Broker for you). Brokerz was founded in 2013 by a group of professional traders, investment managers and software engineers. The broker doesn’t disclose any information about its regulation and we suppose it does not fall under any regulatory oversight.
About Brokerz
| 🗺️ Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is Brokerz safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | GO Markets - licensed by ASIC in Australia |
License & Regulation
Is Brokerz regulated?
However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.
In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such companies means the trader will believe only on the broker’s words, and of course, it is a high risk.
Is Brokerz a scam?
Moreover, Brokerz has been blacklisted by the Austrian Financial Market Authority (FMA):
“Brokerz Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others”
The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As Uptos got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.
Brokerz in India
Brokerz has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here. Check the list of Forex Trading Brokers in India.
Brokerz in the USA
The United States is one of the countries that is not accepted by Brokerz. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Brokerz, you are only permitted to trade with the U.S regulated platforms.
Deposits & Withdrawals
The minimum amount to open a Brokerz account is $/€/£ 250. Brokerz accepts a wide variety of payment methods, such as: Credit/Debit card (Visa, MasterCard or Diners Club), Fast Wire Transfer.
Brokerz does not charge clients when they deposit funds into their accounts. However, they recommend you check with your bank or credit card company for any money transfer costs and/or extra charges.
If a client deposits over $2,500, any transfer fees will be covered by Brokerz. Funds can be transferred directly to your bank account by wire transfer or returned to your credit card. However, a withdrawal can only be made using the exact same method you used for depositing. Withdrawal requests are usually processed within three business days of receipt of all required documentation.
Apps
All of the Brokerz’s mobile trading platforms are completely integrated with their trading software and online trading platforms, made to give traders the flexibility and choice of trading on their desktop, tablet or mobile. The traders get 24 hour dedicated support and trading platforms accessible whenever they need.
Demo Account
The broker offers a time-unlimited Demo account that provides you access to its MT4 demo platform. You can open as many demo accounts as you wish and have the chance to become familiar with the platform and its functionality for an unlimited period of time. For beginners, demo trading is the recommended starting point (Best Forex Trading Platform for Beginners). The broker is able to provide screen sharing demos of how to use the software with a member of their technical team. More experienced traders might also find this demo account useful to understand broker’s trading conditions, pricing and the symbols it offers. They might also be interested to conduct back-testing or try out manual or automated strategies, all of which are supported. Also check info on FBS Broker Demo account by link.
Conclusion
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
Yet, it is always great to hear your personal opinion about Brokerz. So you may share your experience or thoughts or discuss them below or ask us for additional information.
Reviews
Comment AreaSTAY AWAY!!!!
They called me and made me an offer of a free manager by depositing 250€ that is usually offered with big accounts over 25.000€. When I told them that I hear many complains from people trying to get their money back , they replied that this is happening because they lost their money or because they want to withdraw the bonus of start up offered by the company. I insisted to explain me if there where any restrictions with bonus and if i could withdraw any of my earning or my funds and close the account any time i wanted and , of coursce , they replied yes. “The restrictions are not for Greek citizens and we want a big Greek market , that’s why we make you this big offer” .
In 19/4/2019 I opened an account of 250€ by credit card and they offered me a bonus 150€.
After that i was communicating every day with the consulting manager of the company named K.Maltezos ( I am sure this is not his real name ) by phone.
Of course every day he did not forget to remind me that if i had more money i could invest more safely with more earnings.One month later he told me that he could not continue with me because he had to manage bigger accounts , I complained that this was not in the agreement made with the company and he replied that the company will continue with assistance with a secretary.
I continued by my own and i reached my account to 586.58€ , that is 150€ bonus + 336,58€ my own funds. I closed all my open trades and tried to withdraw 50€ . They rejected my withdraw with an email message that i was not able due to bonus restrictions. I complained and after a week they called me to make me a new offer. ‘ I you invest more than 8.000€ i will make you big profits “ said to me a new consultant account manager. Of course i complained about the money i could not withdraw and his i telling me to invest more. He assured me that there nothing to worry and my money are safe and belong to me and this happening because i asked for a small amount of withdraw, if i wanted i could withdraw all my money but i had to close my account. I sayed that this is a good idea and then i can come back with a new account . I quess he realized that he could not persuade me and just hanged up the phone to me.
I tried to withdraw 335€ and my fears came true. The same email come back to me about bonus restrictions.
If you are from greece I need to communicate with you immediately
Cheats have stolen me
I have been scammed by them I remember two names one is Roy Evans and the other are Alex Johnson.
They have taken 750 Dollars in two weeks.i became suspicious after the second withdrawal, but the third was so quick without my say-so and I began to investigate them.
I am trying to get my £250 back from them and these are the same names I have spoken to and also had the phones calls dropped on me twice today saying that they dont hold peoples card details on their systems and no DPA or SECURITY processes when they calm you. I wish I had not done this and feel so stupid, but I will hound then for my money back.
Hi so reading this I fear I have been a mug and fell for this. Reading above the same behaviours appear to be all the way through these like trying to withdraw, trying to close accounts, open trades etc. So I am worried, is there a way to get any of your money back through help or scam recoveries has anyone tried
If not I will right it of to poor judgement on my behalf
Dear Stuart,
Unfortunately, there is a very small chance of getting your money back. We would recommend you to report about this case to your local police and also regulatory authorities in your country.