Brokerz Review
Reason to avoid: Offshore license
Listed Date: February 12, 2019
Top 3 Forex Brokers
Beware Brokerz is a Non-Regulated broker. It is NOT SAFE to trade.
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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.
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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.
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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.
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 |
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.
be aware brokerz is a huge fraud the do not intend to return a cent back,the story has polite account managers almost everyday phone calls and fake assistance to help you make profits ,but as soon as you request even a small amount of your money back that's the end of the story,they dissapear it seems like they never existed the only sign of life there is the support department wich keeps saying we are not aware of your account manager's schedule.There is no happy end at their story.BE AWARE SAVE YOUR MONEY
No news available.
BrokerZ is a scam, you will lose all your money. Do not tranfer any money to them.
If you are planning to start an “investment” with Brokerz, they are calling from the UK, they speak Greek but they are based in Saint Vincent and the Grenadines first contact the Hellenic Police, the Cybercrime Prosecution Directorate for more information. You will find that there are a lot of investigations against them undergoing.
Steer away from this broker if you ever wish to withdraw your money again. Very quick on scamming your account and will tell you anything to get your money and will find every excuse not to return the money unless comply with excessive request for document and I am still not sure if they will return the money even if you comply. In the world of identity theft what they are asking for is excessive compared to other compliant brokers.
@ Lauren ask for withdraw that is where you will have problem. The issue is you can not withdraw
For me it is great way to make side income. I am working a lot so it is important not to take much of my private time. For now I am not complaining. Of course there are bad days when I have losses, but also good days are the best and then there is a lot of chance for making money. Slowly I am making nice amount day by day, and being satisfied
I opened an account in this company and am not led to all those passions that are painted on the sites. Account opened on the recommendation of a friend, he earns with them and recommended me.I started earning, not just draining. Now I know for sure that there are honest companies, you just need to be very careful about finding it.
Stage 1 – Hear about the site (possibly from fake news
Stage 2 – go to the site out of curiosity
Stage 3 – See the “free” sign up
Stage 4 – Sign up, giving your email address and mobile phone number
Stage 5 – Start looking at the site, go to terms and conditions, or look for a Demo option to play with virtual cash
Stage 6 – Before you can do any of this, revieve a phone call
Stage 7 – Answer phone and be met with someone from Brokerz, all within 10 seconds of opening an account
Stage 8 – Tell the person you dont wish to be rushed in to anything, and just want to take a look at the site, then you will get back to them
Stage 9 – The man on the phone does not accept this, and convinces you, there is no need to look at anything, it is really simple, place a deposit and start making money “now”.
Stage 10 – Tell him you are not in this much of a hurry, and would rather look around first
Stage 11 – Get met with all types of offers if you sign up right now, including a “free” 50% bonus on your first deposit.
Stage 12 – Tell the man if the investment is as good as he is saying, in the longterm, then a one off 50% bonus is not really that big an issue, and would be prepaired to miss out on the bonus in order to look around first
Stage 13 – Ok, instead of a free bonus, then we will cover your losses for 1 weeks trading, and if after 1 week you no longer wish to carry on, you can take your money back and close your account.
Stage 14 – Agree to this and get put through to the payments team
Stage 15 – Take the deposit and then inform the client after the deposit is taken, that they are unable to trade until their account is verified, and you can verify it tomorrow when your accounts manager phones you, bye
Stage 16 – Accounts manager phones you, and asks for copy of card, copy of confidential informations, such as bank statements, passports, driving licenses, utility bills, and wants more money from you.
Stage 17 – Decide you no longer wish to continue with this and just want the money withdrawn and put back in your account
Stage 18 – Accounts manager has to go to a meeting and cannot deal with this right now, but will phone you later
Stage 19 – Phone call never comes
Stage 20 – Goes to log in to website, but message says details not recognised.
Stage 21 – speak to customer support, and ask why you cannot log in
Stage 22 – Get told it is because you need to verify your account.
Stage 23 – Ask them how can you verify who you are and withdraw your money if you cannot log in, so Customer support gives you a new log in ID, and lets you in, reminding you that you need to verify your account.
Stage 24 – Go straight to withdrawals and attempt to withdraw the money
Stage 25 – Request gets refused
Stage 26 – Go back to customer support and ask why you request to withdraw your money has been refused, and get told it is because you need to verify your account first
Stage 27 – Argue with the customer services assistant that they should have verified who you were before taking the money
Stage 28 – Be told that she cannot help you farther, as only my accounts manager can make decisions regards to issues of withdrawal, and she will put in a request for him to contact you
Stage 29 – wait for days, call does not come
Stage 30 – Phone the company up, and be told that the accounts manager has tried to phone you twice, but you have not answered, even though you have no missed calls on your phone
Stage 31 – Be told that the accounts manager will make no more attempts to phone you, but will email you, as it seems email is better for you.
Stage 32 – A couple of days later, after going through your emails, you are shocked to find your accounts manager has infact emailed you, 18 hours 32 mins ago
Stage 33 – Click on the email, and recieve a link to a live chat
Stage 34 – Click on the link, and be met with a message telling you the link to the live chat expired 18 hours 31 mins ago
Stage 35 – Enough of all this, you give them the information they want. You have now verified it is you.
Stage 36 – Now you have verified who you are, and it “is” you, you go to withdraw your money
Stage 37 – Application gets refused, because as you signed up to a special offer, where-by any losses incurred from trading are covered by them, you must first use the money to trade, for this agreement to be met.
Stage 38 – refuse to trade, because you know damn fine the trade is going to be a loser, and your money is being taken, so try to fight it through alternative means, such as your bank
Stage 39 – Be completely ignored from this point on
Stage 40 – 45 days pass and £100 vanishes from your account.
Stage 41 – Go to customer services and ask what has happened to your £100, and be informed that if you dont trade for 45 days, you get charged £100
Stage 42 – Go to the Police, to be told it is not a Police matter
Stage 43 – Go back to customer services, and tell them to stuff their money, and just close the account
Stage 44 – Be told that the account cannot be closed after 2 days have passed whilst money is in it.
Stage 45 – Tell them in that case to withdraw the money to you.
Stage 46 – Be told that you have to trade the money first
Stage 47 – Just keep fighting
Stage 48 – Watch another £100 vanish after 90 days.
Stage 49 – The rest vanish after a farther 45 days.
Stage 50 – Go back and request they close the account.
Stage 51 – They refuse to close the account
Stage 52 – What? Why? go back and speak to them again
Stage 53 – Be told that only your account manager can close the account
Stage 54 – After a few days you are shocked to recieve a call from the accounts manager
Stage 55 – The accounts manager is not calling you though to help close your account, he wants £50 from you, as they were only able to obtain £50 of the £100 they were due for the final 45 days inactivity
Stage 56 – You completely lose your rag with the accounts manager, threatening to call the police
Stage 57 – Accounts manager hangs up and refuses to speak to you again
Stage 58 – You go back to customer services and apologise for your outburst, but ask to be put back in contact with your accounts manager, but she tells you he will no longer speak to you due to your abusive behaviour, shouting and swearing, and he is considering handing the recorded conversation over to the Police
Stage 59 – You ask her to now close the account, but she tells you only the accounts manager can close the account, but you need to speak to him first
Stage 60 – After another 45 days, you recieve copious phone calls from Brokerz representatives, and they want £150 for 90 days inactivity,
Stage 61 – You tell them you are going to take them to the highest courts in the land
Stage 62 – They tell you they will bad credit you if you do not pay
Stage 63 – You tell them they cant
Stage 64 – They tell you they can, because you verified who you were, complete with your credit card details
Stage 65 – Tell them but none of this was read out to you when you first deposited, and you were not given the time to read the terms and conditions, even though you requested that they give you time
Stage 66 – Be informed that you should have read the terms and conditions before opening a free account
Stage 67 – You go to citizens advice, and have someone lodge a legal complaint on your behalf
Stage 68 – Recieve another call from brokerz, this time informing you that you owe them a £100 Software fee, because you are bound by their terms and agreement to make at least 20 trades, or get hit with a software bill. And if this is paid, plus the £150 dormant bill, the accounts manager will consider closing your account once he has the relevant information from you to prove that the money you invested at the beginning was not laundered or fraudulent, and for this he will require a signed purchase history of your online transactions
Stage 69 – Stop, and think back to stage 1, all you were doing was sitting at your computer playing your favourite game when a pop up appeared on your screen telling you how Gordon Ramsey made £13m in 1 year through trading with Bitcoin revolution and you ended up at Brokerz and decided to have a little look, though not even intending to do any trading, and now some criminal scamster using legal wording wants to have you pay him £100 every 45 days for the rest of your life unless you can prove to him beyond a shadow of doubt that you are not a fraudster or a money launderer.
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.
GLOBAL THIEVES.
Im not sure they trade at all.Their plalform is totally fake!!
They use strange stragedies against investors to loose their money.
Dont believe in their friendship.this is the best strategy they use to come closer trying to convince you deposit more of your money.
Please BEWARE!!!STAY AWAY FROM THESE CRIMINALS.
BrokerZ is a total Scam!!
The money you invest will never come back to you.
It is linked to another company CFD Trend, run by the same people.
People from CFD Trend – in the name of helping you to get your funds back from BrokerZ will take more money in the name of payment to lawyers.
Best not to invest in BrokerZ and CFD Trend.
You will receive calls with +44 to make you think it is originating in UK, but it is not.
Dont answer calls from these numbers +442038076061, +442080892052, +441216237952, +447459219205, +442031503493, +441512681782, +442080891811, +447930659789, +447466176705
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.
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
Do not invest with this company.
Very pushy advisors on the phone and emails, I have asked to withdraw my funds and close my account and i am still waiting. Nearly two weeks. This company is a scam!