Reason to avoid: Offshore license
Listed Date: February 12, 2019
Top 3 Regulated Forex Brokers
Beware Brokerz is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Brokerz ltd
- Registration/license: St. Vincent and the Grenadines
Is Brokerz a scam or legit broker?
No, it is not safe to trade with Brokerz. Brokerz is ownув by Brokerz ltd which is an offshore company registered in St. Vincent and the Grenadines.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Lockwood Investments, FXLeader and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
Brokerz offers trading with Forex, CFDs, stocks, commodities and indices. 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”
We advise all investors and traders to avoid Brokerz and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as etoro and plus500.