Brokerz Review 2023: Is This Broker Legit or Scam?
Brokerz is the trading brand of the parent company Brokerz Ltd. The company has headquarters in St. Vincent and the Grenadines. This is bad news for their clients, as the country is a popular offshore haven. The broker is entirely unregulated. Because of this, traders don’t have any consumer protections while doing business with Brokerz.
|Regulated by:||No regulation|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||MT4, web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
Warnings From Financial Regulators
There are a couple of regulatory bodies that have noticed this broker’s scam activities. Since, as per many reviews, clients couldn’t withdraw their funds and filed complaints, it resulted in Brokerz Ltd being blacklisted by the UK FCA, Austrian FMA, and Australian ASIC.
All these regulators warned their citizens against the scam Brokerz is conducting. Be aware of it and do not get involved in trading with Brokerz or other binary companies.
Trading With Brokerz
The broker’s selection of assets is entirely passable, much like that of 70Trades. Traders are unlikely to find anything special but should be able to find something. Despite a decent selection, the broker has exorbitant spreads that blow their chances as a viable choice right out of the water. The standard EUR/USD spread runs at 3 pips, far beyond what traders are looking for.
Added Commissions Take More of Traders’ Money
In spite of their high spreads, this broker charges commissions too. Normally, brokers with commissions have low spreads. The terrible trading conditions have led former clients to call out the so-called Brokerz scam, with many complaining about the constant draining of their funds. The commissions essentially add a pip to the spread, making an effective 4 pips.
Warnings Against Brokerz
For those that still aren’t sure about them, our Brokerz review has uncovered several warnings from major financial regulators. The Australian ASIC warns that Brokerz has been making unsolicited calls to investors in Australia. Of course, the broker has no authorization to do so. Further warnings come from the Italian CONSOB, again stating that the broker has no authorization to provide services within the country.
Getting started with the broker’s basic account takes a minimum deposit of $250, in line with most other forex and CFD brokers. They offer leverage up to 1:100. This is too high for novice traders, with the ESMA setting the cap for retail traders at 1:30 in Europe. Unregulated brokers offer whatever leverage they feel like, so it’s not clear how Brokerz settled on 1:100.
Don’t Allow Offshore Brokers to Hold Your Funds
Offshore brokers are tempting to new traders. Because the brokers bend the rules, traders think they can get ahead by trading with them. In fact, the brokers bend the rules to their favor, not to yours. Getting involved with an offshore broker opens traders up to major risks. Investors should heed the warnings from financial regulators and stay away. If it’s already too late, you can contact us to start the process of recovering your funds.
What is Brokerz?
Brokerz is an online trading platform without a license.
Is Brokerz Ltd a scam?
Since the broker has no regulation, we are free to say Brokerz is scamming their clients.
Is Brokerz regulated?
No, the broker does not have a regulation from any regulatory body.
How do I withdraw my money from broker Brokerz?
In case you suspect a fraud, you need to report it and request a chargeback immediately.