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69brokers Review - is it scam or safe?

69brokers Review - is 69brokers.com scam or good forex broker?

RATING: 1 / 1 REVIEWS 69brokers
69brokers is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Basic  €500 N/A N/A
Novice  €5 000 N/A N/A
Standard  €25 000 N/A N/A
Platinum  €100 000 N/A N/A
Executive  $250 000 N/A N/A

 

69brokers is a UK-based forex and CFD Broker, which supports the ever popular MT4 and offers its clients 5 account types, however the trading conditions are far too unclear. What is worse, 69brokers is not regulated, which explains the low rating we gave it.

 

 

69brokers Advantages

 

MT4 supported

As we already mentioned, 69brokers uses the MetaTrader4 platform, which is highly praised in the trading world. Its charting is top-notch, the software is light on the hardware and there are mobile and web versions also available. Besides, the MT4 is especially popular for its Expert Advisors used for automated trading, as well as for its easy customization. 

  

 

>> Find some of the best MT4 brokers here <<

 

 

Many CFDs available, including on cryptocurrencies

Another part of 69brokers’s offer, which might be considered as an advantage, is the rich product portfolio. The broker allegedly offers trading in forex and various CFDs assets– on indices, commodities, shares, as well as a lot of cryptocurrencies.

 

Yet, we would advise crypto-enthusiasts to select a provider from our list of reliable and regulated brokers.

 

 

>> Licensed forex brokers offering cryptocurrency CFDs <<

 

 

69brokers Disadvantages

 

Not licensed, despite the claims

69brokers seems based in the UK, but in the About us section on its website it claims that the company is headquartered in MATAM (Senegal), and has offices in London, Sydney, Limassol and Sofia. The broker also mentions Lydya Financial Limited and claims to be regulated in Cyprus.

 

Lydya Financial Limited operates Forex24 brokerage brand and is indeed licensed by the Cyprus Securities and Exchange Commission (CySEC). However, 69brokers.com is not in the list of domains approved by CySEC. Furthermore, we suspect that 69brokers is not associated in any way with Lydya Financial Limited, and illegally uses its name in an attempt to mislead investors that they are a legit forex brokerage. This is a popular scam tactic known as a `clone firm`.

 

Blacklisted by FINMA

We also found out that the Swiss Financial Market Supervisory Authority (FINMA) has issued a warning against 69Brokers, which is another major red flag regarding this broker. The broker obviously targets European investors, while it is not authorized to offer financial services in the European Union.

 

 

Trading conditions not disclosed, no free testing service

Another major disadvantage of 69brokers is that the broker has not presented clearly its trading conditions. The account types section on its website only features the minimum investments required, while the leverage levels provided and the spreads remain undisclosed.

 

 

>> The spreads of top brokers compared in real-time <<

 

 

Moreover, we could not open a free demo account with 69brokers, which is also a worrisome sign and the usual “tell” of a scammer. All decent brokers offer demo accounts with paper money, which shows that they are transparent about their services and pricing.

 

High initial deposit

To open a live account and start trading with 69brokers, you should invest at least EUR 500, while most brokers require an initial deposit of $100 - $250. Besides, some big players like IG do not have a minimum investment requirement at all. 

 

MT4 provided by a third party

When we downloaded 69brokers’s MT4 platform in an attempt to test it, we noticed that the software is provided by a third party, Trading Technologies Limited. We don’t know whether and how the two companies are related, but we decided to mention this minor detail nonetheless.

 

 

Conclusion

 

69brokers is a forex and CFD broker that shows every possible sign of scam. It is allegedly based in the UK and regulated in Cyprus, but the latter turned out to be a false claim. The broker is obviously not entitled to operate in the EU, as the Swiss financial watchdog warned the public against doing business with it.

 

The EU is a strictly regulated market and all financial services providers operating there should hold a license by an official regulator from an EU country, such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).



>> Find the best forex brokers licensed in Cyprus <<

 

 

Here is our final recap of 69brokers:

 

Pros Cons
MT4 supported Not licensed, blacklisted by FINMA

Many instruments available for trade

Trading conditions not disclosed, no demo accounts
  High initial deposit
  MT4 provided by a third party

 

Latest news about 69brokers
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Traders` reviews for 69brokers

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Don´t trust them!!! Just Scam

69brokers cheated on over 40,000 euros. Are supposedly based in Birmingham, but also have an address in Switzerland. I checked both addresses. In Birmingham it is a student residence and at the address in Switzerland they are not known as tenants. The people on the website have nothing to do with the company except Mr. Wagner.
The BAFIN also warns against 69brokers, as they illegally use the BAFIN logo.
My money is probably gone.

Ulrich Mentrup 05/18/2019
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