Archives: Brokers

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.

• 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 for the company's 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 in the broker’s words, and of course, it is a high risk.

What is Brokerz?

Brokerz offers trading with Forex, CFDs, stocks, commodities, and indices (Find out on the list of the Best Forex Brokers 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.

• 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 are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the 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. 

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. 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 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.

Brokerz 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 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 the 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 the info on the FBS Broker Demo account by link.

Brokerz Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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.

• Overall ranking and experience for Brokerz is Negative

Brokerz Update

Based on our findings, the Brokerz website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is Trader.Online Sam or Legit Broker?

Trader.Online is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade Trader.Online. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. 

• In order to ensure that a certain entity that provides investment services in financial instruments is authorized to carry out the said activity in a certain country, one should consult the lists of authorized financial intermediaries that usually can be found on the regulators' websites. We recommend checking the registers of the most reliable regulators, such as the Financial Conduct Authority (FCA) in the UK or the Swiss Financial Market Supervisory Authority (FINMA). 

What is Trader.Online?

Trader.Online is an offshore broker that offers Forex and CFDs trading on commodities, stocks, indices, and crypto coins. According to the broker's website, the financial services are provided by IVY Capital company number 86281 with registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands.

• The website is operated by DDK Ltd company number 205094347, with a registered office and operational address: Sofia, Bulgaria. However, the company is not licensed by the Bulgarian Financial Supervision Commission, so offshore registration is the only one the broker has. It means the broker cannot guarantee the safety of the client's funds and cannot offer the same level of protection as other regulated entities. It is a common case for most offshore-registered brokers, and that is why we always recommend avoiding such companies.
• In addition, Trader.Online has recently been blacklisted by the Portuguese Securities Market Commission:
  "The Portuguese Securities Market Commission (CMVM) issues a warning for investors to the fact that TRADER.ONLINE (www.trader.online) is not authorized to carry out any type of financial intermediation activity in Portugal, under Article 295 (1) paragraphs a) and b) of the Portuguese Securities Code."

Trader.Online Review Conclusion

We strongly advise all investors and traders to avoid Trader.Online and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

• Overall ranking and experience for Trader.Online is Negative

Trader.Online Update

Based on our findings, the Trader.Online website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.