If you decided to open a trading account, the normal question is – which broker to choose? Can this broker scam you? How to know that you are safe? We decided to answer all these questions for you. Who is Brokereo and should you choose this broker? Read our Brokereo review and find out.
| Regulated by: | CySEC |
| Headquarters Country: | Cyprus |
| Foundation year: | 2013 |
| Supported Platforms: | MT4 |
| Founder company: | Concorde Investments Ltd |
Regulation and Security
Brokereo is the company owned by Concorde Investments Ltd. The company was established in 2013 in Cyprus and has CySEC regulation. The license number of this broker is 189/13. When it comes to security, the broker says it’s following ESME and AML rules. Also, MiFid regulation. Therefore, funds are kept in segregated accounts. As it’s the case with many brokers, we were unable to determine which banks are those. Let’s see a little bit more about this broker, is it really following all these procedures.
Brokereo Warnings
We checked the operations of this broker in our review to get a better picture if the broker is really legit as it seems. We found that FCA, the regulatory body of the UK, issued a warning against this broker last month. Seems that the company kept working with UK clients after Brexit. Let us remind you after the UK left the EU, companies that want to operate in the UK need specific FCA permission. It is not enough to be regulated by the EU regulatory body.
In which countries does this broker work?
According to the CySEC license, Brokereo can operate within the EEA zone. As a CIF, the company can provide financial services in third countries if it complies with the trading regime.
In this case, Brokereo can provide its services to Ukraine. When it comes to restricted areas, the broker does not operate in the US. Also, the website states that the company does not give services to UK residents. Makes us question why FCA issued a warning if this is the case.
How Online Trading Scams Work
Online trading scams became very popular in the last couple of years. People are using different techniques and tools to conduct a scam. Most likely, the scenario goes like this – you saw the ad and thought it’s the perfect thing for you. It will help you solve some of your money problems, and maybe make something on top. You apply and then the call comes through. Some lovely person from support makes sure that even if you weren’t totally convinced, now you believe that this is your one-way ticket to financial heaven. You give your funds, and then it starts. They keep asking for more. And more. And when you have no more, you see all your “profits” burning. Or you cannot log in to your account, or withdraw your money, or your account is deleted. And this is when you know that instead of financial heaven, you reached hell.
Scammed by Brokereo?
If it happens that you were involved with Brokereo, and got scammed, we can help you out. How?
Chargeback Is Your Solution! You need to file a dispute and request your money back.
In case you are wondering, what is a chargeback? It is returning funds to debit or credit cards. You are entitled to get chargeback if you were a victim of a scam.
To get help with your chargeback procedure contact us immediately!
Is Brokereo a good broker?
Brokereo is a broker registered by CySEC. However, FCA issued a warning against this broker. We advise clients to be careful.
Is Brokereo a Scam?
Brokereo is a company registered in Cyprus, regulated by CySEC. Yet, there are warnings from FCA about this company. Be careful when opening an account with this broker.
Is Brokereo regulated?
Brokereo is a broker regulated by CySEC. However, FCA issued a warning against this company. Be careful when opening an account with it.
Where is Brokereo broker based?
Brokereo is owned by Concorde Investments Ltd, based in Limassol, Cyprus.
