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BrokerOfficial Review - is it scam or safe?

BrokerOfficial review - Is brokerofficial.com scam or good forex broker?

RATING: 1 / 0 REVIEWS BrokerOfficial
BrokerOfficial is an offshore broker. Your money is not safe.

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Broker Official is a forex and CFD broker, offering an impressive variety of trading instruments, including 52 forex pairs, as well as CFDs on ETFs, bonds, stocks, indices, commodities and even crypto coins. However, we have some major issues, concerning the regulatory status of the broker, so if you plan to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $1000 1:200 3,5 pips, floating
Advanced Account $5000 1:200 n/a
Professional Account $10 000 1:200 n/a
Ultimate Account $25 999 1:200 n/a

 

Broker Official Advantages:

 

52 forex pair and a good choice of crypto CFDs

 

As we mentioned, the choice of trading instruments with Broker Official is quite good. On their trading platform we counted over 50 forex pairs with a number of exotic currencies like South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubble, Polish Zloty, Norwegian Krone, Mexican Peso, Israeli Shekel, Hungarian Forint Honk Kong Dollar, Danish Krone and Chinese Yuan.

 

There are also a variety of CFDs on commodities like cocoa, coffee, cotton, orange juice, soybean, sugar, wheat, oil and natural gas, spot metals like gold, silver, platinum, palladium and copper, 23 indices, 46 ETFs, bonds, stocks and all major crypto currencies, including Cardano, Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, QTUM, Stellar, Monero, Ripple and Zcash. Still, here you may check our list of brokers also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

Leverage of up to 200:1, as offered by Broker Official, is perfectly sufficient to support even the most aggressive trading strategy. An yet, you should always use leverage with caution as it is associated with higher risk of loosing your funds with the slightest fluctuation of the market. 

 

No wonder, the the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed on the retail forex market in Europe at 1:30, while similar restrictions in US and Japan limit the maximum leverage to 1:50 and 1:25 respectively.

 

Broker Official Disadvantages:

 

No license

 

Broker Official has a contact address in the UK and is said to be owned by Astercap Ltd.  And as all forex and CFD brokers in the UK are obliged to be registered by the local Financial Conduct Authority (FCA), we diligently decided to check the brokers name in the official Registrar of the Regulator. 

 

Unfortunately we were not able to find neither the name of the broker, nor the name of its parent company and that means all Broker Official operations in the UK and EU in general are illegal.

 

As a rule of thumb, investing with unregulated brokers is extremely risk as most often than not, such entities are involved in scam. 

 

On the other hand, all brokers licensed by reputable financial institutions such as the FCA, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are obliged to follow strict fiscal and ethical rules, among which to maintain a certain level of operational capital to guarantee all necessary payments towards traders, to keep all clients money in a segregated, protected form creditors account, and in some cases even to insure traders money.

 

Traders with FCA regulated brokers, for example, will get back up to 50 000 GBP of their trading capital in the event their broker is unable to pay. Similarly, traders with CySEC brokers are entitled to a compensation of up to 20 000 EUR. Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Excessive minimum deposit requirement

 

The minimum deposit requirement to start trading with Broker Official is 1000 USD and that is about four times higher than what most other brokers ask. Besides, have in mind that some big, well respected players like FBS and IG offer trading account with a minimum deposit of just 5 USD or even less.

 

Uncompetitive spreads

 

As tested with a demo account the benchmark EURUSD spread fluctuated around 3,5 pips, which is much higher than the levels most traders would consider acceptable. Generally, with a standard account spreads are considered good only if starting below 1,5 pips. Anyway, here you may also check our list of brokers, offering tighter spreads: 

 

>> Lowest spread forex brokers<<

 

Neteller and Skrill not accepted as payment methods

 

Broker Official accepts payments with major credit and debit cards like VISA, MasterCard and American Express, bank wire, Orangepay and Zotapay. We miss, however, popular e-wallets like Neteller and Skrill, as well as the option to pay with Bitcoins. So here you may also want to check our list of brokers accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 unsupported

 

Broker Official offers its clients a web based trading platform, which resembles platforms, usually used by binary options brokers. 

 

 

The platform is overly simplified and lacks some basic features, standard with classical trading solutions like the MetaTrader4 – a well known platform, preferred by beginner and professional traders alike. 

 

MT4 has lots of in-build market indicators, excellent charting tools and supports the option to run automated trading sessions with the help of specially designed, customizable trading bots or Expert Advisors. Here you may check our list of brokers, also supporting MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Unfortunately Broker Official turned out to be a unregulated broker and this significantly lowers their credibility. Have in mind that with unregulated brokers the safety of your funds is granted solely by the integrity of the people, who operate the platforms, which quite often is not very high.

 

 

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Traders` reviews for BrokerOfficial

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