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Brokerz Review - Is it scam or safe?

Brokerz review - Is brokerz.com scam or safe forex broker?

RATING: 1.3 / 22 REVIEWS Brokerz
Brokerz is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Brokerz.com is brand of Brokerz ltd which is located in Kingstown, St. Vincent and the Grenadines. It trades in Forex, stocks, commodities, indices and lacks regulation. Check out the whole review to see the advantages and disadvantages of dealing with this broker. 

 

Disadvantages

 

Not licensed, blacklisted by Austrian regulator

 

There is no explicitly stated regulation on the website which inclines us to believe that Brokerz does not fall under any regulatory oversight. Otherwise it would have stated so since regulation is highly valued in the trading world, as it should be. Without it, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. All the more so, considering that the Austrian financial watchdog has officially warned the public against dealing with Brokerz. Due diligence requires us to state this fact and have it in mind if trading with the broker. 

 

Furthermore, besides the possibility of commingling, there is also no safety mechanism by which the clients losses may be recovered in case the broker goes bankrupt or decides simply to skip town. Regulatory agencies such as the FCA or Cysec offer all these assurances and more. We suggest interested traders put their trust in the cliché “better safe, than sorry” and orient themselves to brokerages that can assure compliance with the highest regulatory standards. 

 

>>List of Cysec regulated forex brokers<<

 

High spread

 

Brokerz offers access to their web-based trading platform through a demo account which is always a big plus since it allows potential traders have a look before they decide to put up real money. The spread on the EUR/USD stands at 3.0 pips which is double the industry average of 1.5. Such a difference of a meager pip and a half may not seem very relevant in a single-trade, but take notice that in a long time interval, covering hundreds of deals, such a difference may add up to a substantial amount. To summarize- higher spreads drives up the cost of trading and lowers the raw profit of the trader. Having that in mind, we advise potential traders to be always on the look out for brokers offering lower spreads. 

 

>>List of low spreads forex brokers<< 

 

Commission

 

On top of all that was mentioned above, Brokerz charges a commission of $8 for every lot in/on EUR/USD. This means that an extra 0.8 pip is added to the total spread. Such a commission further increases the cost of trading and works against the trader. Considering the lack of regulation, it may well be said that more favorable trading conditions are available in the trading world for would-be traders and we have linked to them in the review.

 

 

Advantages

 

Trading Platform

 

Brokerz offer their clients access to three trading platforms, including a web-based one and the MT4 trading platform. Both the available variety of platforms and the presence of the MT4 among them should be counted as big advantages for the broker. The MetaTrader 4 platform provides many unique features among which the MQL programming language deserves a special mention since it allows traders to back-test trading strategies with expert-advisor bots. 

 

Low minimum deposit

 

Potential clients of Brokerz may choose from four types of accounts. The minimum deposit for the most basic one is $250 dollars which is higher than the average of $100-150, but still reasonable. It must be said that there are much better-regulated brokers that do not even have a minimum deposit. IG is a leading example of such a broker and we recommend them to potential traders who do not wish to risk a big amount in trading. 

 

Reasonable leverage

 

Potential traders dealing with this brokerage have a 1:100 leverage at their disposal which is pretty reasonable. Although higher leverages are usually seen as advantages because they grant the trader more flexibility in decide how to trade, there is a caveat. A higher leverage exposes you to the risk of losing much more than your initial deposit. Furthermore, dealing with an unregulated broker means no participation in a financial mechanism by which such losses may be compensated. In light of this, we see the offer of 1:100 as reasonable and straight forward. 

 

Products

 

Brokerz offers diverse financial instruments for their clients. Traders can participate in Forex, trade stocks, commodities and indices, as well as trade CFDs on a number of cryptocurrencies such as Litecoin, Dashcoin and Ripple. They do not, however, offer CFDs on Bitcoin. Here is a list of recommended forex brokers that trade with Bitcoin. 

 

>>List of Bitcoin Forex brokers<<

 

 

Conclusion

 

The website of Brokerz is filled with information and is pretty straight-forward and easy to navigate through. This is always a big plus since information and transparency distills confidence in the traders. We had access to the trading platform, we could see the spread and the leverage, as well as the potential commission. 

 

However, we did not come across any info regarding the regulatory status of the broker which inclines to believe that the brokerage does not comply with any regulation. This is a huge problem, as was mentioned, since it puts the security of the clients funds in jeopardy and casts a shadow of doubt over any potential dealings with said broker.  As we believe security to be paramount, we would suggest potential traders direct themselves to safer and better options to which we have linked throughout the review. 

 

Latest news about Brokerz
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Traders` reviews for Brokerz

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Withdrawal pending

Never never use it. I sent two request of withdraw, and after two months, I'am waiting. The customer services always say me that the request is under process, but it's false.

Diego 02/13/2019

Total scam

Invested £250 gbp to the account after a very hard sell, bombarded with phone calls to invest more from my so called account manager !!!!!!!!!!!!!!.
I traded for the first time and made good money on my investment.
Put in a withdraw request and it was blocked, then a £500 "bonus credit" was put in my account,made another withdraw request and this was blocked as i havent made enough margin.
Asked for the bonus to be removed and was told there is a £160 penalty fee to get it removed.
Still no recovery of my investment but loads of calls asking for more money to be invested, very hard sell.
its a total scam and a very good one.
DO NOT INVEST IN BROKERZ YOU WILL LOOSE EVERYTHING
They are not regulated in the UK.

glynn simmons 02/13/2019

Brokerz Trap Funds

I registered with them with £250. Through their guidance, I made a couple of trades. All losing trades!

I decided to stop and withdraw what was left of my money but they wouldn't have it. They kept giving all kinds of excuses. They even went ahead and opened more trades even though I had asked to withdraw my money.

They are clearly scammers.

Anthony Nwagwu 02/11/2019

Brokerz.com = Scum

brokerz.com
a bunch of scum bags, that when you request your money back don't return it instead invest it on
bad investments and let it slowly disappear away until it is on 0.000. and is from £4.500

DONT INVEST WITH THOSE SCUMBAGS.

gerard conway 02/09/2019

First time I've been scammed

I saw ch7 Australia review this company and in the advert the female presenter said wow $165 profit in 7 minutes...obviously she didn't send any documentation because that took me overnight. I have tried in vane to recoup my $250 but keep getting different stories and they even sent me a couple of days ago a plan to invest in medical marijuana first time I've been scammed

Barry Hayward 01/31/2019

Don’t get involved with this company - SCAM

Firstly you get totally bombarded with phone calls, during which they tell you lies about where they are phoning you from. I was told, by my “Account Manager” that he was calling from a busy trading office in Switzerland. However, after I started blocking their numbers, I started receiving alternative calls, from numerous different numbers which were displayed as coming from various places, including London. When I asked, I was informed that the calls were all coming from the same place via VOIP.

Secondly, I have requested to withdraw what is left of my money. Weeks have gone by and nothing, except a few more, very hard sell, phone calls to try & make me change my mind, has happened.

Luckily I haven’t lost too much money, but it has been an expensive lesson. I wish that I had read the reviews before getting involved!

Jillian Jarvis 01/25/2019

Definitely a scam

I stupidly put my contact details in to their website and received an email from a 'Bob Sacamenno' who said he would be my account manager. After receiving about 10 back to back calls I answered and spoke to Bob who was exceptionally quick in advising me how I would withdraw my funds from the account before trying to rush me through their application process. Bob advised me that I needed to make an initial payment of £250.00 to activate my account. I realised at this point that Bob was nothing more than a scammer desperate to take money off me.

I told Bob I didn't have my card and that I would email him as I now had his details. Before doing that, I quickly googled the company and realised that a hell of a lot of people had been scammed by these and that it was practically impossible to speak to anyone after they'd parted with their cash. I emailed Bob and said I wasn't interested and have since received about 30 calls from their company as well as emails saying that I've 'crossed the line' by referring to him as a scammer. My favourite bit of his email is 'I am working here to help people to give them the best opportunity of their life. I dont care to work with people that are afriad to do something better in their life.'

Later, I received another call this time from a lady who couldn't pronounce my name. I asked why a London number came up on my phone after she had confirmed she was calling from Switzerland. I told her I'd read that this was a scam on the internet and she said, 'how do you know that those sites aren't scams'. I turned around and said 'because they didn't demand £250.00 from me just for going on their website'. Anyway, the call ended with the woman saying 'yes, we are scam. Satisfied it? Satisfied it?'. I don't really know what she meant but at least she confirmed that they're scammers.

I'm sorry for SUCH a rant but, please, just be very careful. Bob and his team of complete morons will rinse you dry and leave you penniless.

I hope I've helped.

Dan 01/16/2019

Brokerz - ladri

Sul sito Brokerz Ho fatto richiesta di un prelievo e dopo 10 giorni circa era ancora in sospeso, ho cancellato richiesta prelievo e ho chiesto un bonifico, sono passati più di 10 giorni ed è ancora in sospeso, guardo il saldo e senza aver fatto nessun movimento i 250,00 euro che avevo sono diventati 150,00 solo dio sa come può essere accaduto. Non ho parole per definirvi, ma qualcosa devo fare, non potete cavarvela così, appena mi è possibile farò una recensione contro di voi (LADRI LEGALIZZATI) che nessun'altro deve più farsi fregare come è successo a me!!!

I soldi andate a prenderli a chi li ha non a chi li guadagna onestamente lavorando anni per avere qualche soldo in piu’!

Vergognatevi,spero che quei soldi che prendete ai cittadini li spendiate in medicine……………
L.D.


Translated by Google:

On the Brokerz website I applied for a withdrawal and after about 10 days it was still pending, I canceled withdrawal request and asked for a bank transfer, more than 10 days have passed and it is still pending, I look at the balance and without making any movement the 250.00 euro I had became 150.00 only god knows how it could have happened. I have no words to define you, but I have to do something, you can not get away with it, as soon as I can do a review against you (LEGALIZED LADRI) that no one else has to be fooled as happened to me!

The money goes to get them to those who have them not to those who earn them honestly working for years to get some extra money!

Shame on you, I hope that the money you take from citizens will spend them on medicines ...............
L.D.


Luca 01/08/2019

Scam & Scum

You put your money in never to be seen again lots of phone calls to tempt you into putting more money in but they will not let you draw it back. I have now put this down to experience of the dirty Bastxxxs in this world conning people out of hard earned cash. SCUM BAGS

Trevor Williams-Yeagers 12/29/2018

Truffa incredibile

Non ti restituiscono mai i soldi inventano tante scuse...Non inviate I vostri soldi li perdete....Mi raccomando...Io li dovrò denunciare

Translated by Google

They never give you the money they invent so many excuses ... Do not send your money you lose them .... I recommend ... I will have to report them

Federico Sottili 12/03/2018

Brokerz.com is fake. Internet scam!

DONT transfer money to them. you will never get it back.

This website is completely fake and SCAM.


I got several phonecalls from guys who claimed they are from the
legal dept. and I have to wait for my withdraw.

they use german or Austrian names but speak with arabic or eastern
European accent.

finally my money disappeared from the brokerz account.
I don't know where it is !.

Hope someday somebody can sue them and bring them in court!

C F 11/30/2018

alles nur Betrug

Brokerz.com ist nur Betrug, sie sehen ihr Geld nie wieder, mir ging es jedenfalls so, und alle Bewertungen über Brokerz.com schreiben das Gleiche, also Finger weg sonst ist das Geld weg

Translated by Google:

Brokerz.com is just a scam, they never see their money again, anyway, that's the way it was, and all reviews on Brokerz.com are the same, so keep your fingers off otherwise the money is gone

Egon 11/28/2018

Stay away from these scammers

Ladri truffatori,non restituiscono i soldi versati.Ti fanno operare ma se guadagni e chiedi un prelievo non te lo rendono e improvvisamente incominciano a fare operazioni con spread altissimi quindi loro guadagnano e tu perdi tutto .STATE LONTANI DA QUESTI LADRI

Translated by Google:

Scammers, do not return the money paid.Ti make it work but if you earn and ask for a withdrawal do not make it and suddenly start doing operations with very high spreads so they earn and you lose everything. STAY AWAY FROM THESE SCAMMERS

Sebastian 11/17/2018

Fake

Get in touch with an agent speaking well italian but wz eastern Europe accent after gave tham in a month up to €50.000 with good earnings at the moment I asked a proof of identity of the agent: denied. Withrowal of € 5000 the same.

Davide 11/16/2018

do NOT open an account

I make a great mistake to open an account with eur. 250,00.. I have never trade and want to close the account. That's a big tragedy because Brokerz wants a copy of both sides of my creditcard copy and my id with all the details. I am not stupid to do that. Brokerz is unreliabele. I think I lost this eur. 250,00. Be warned and do not open an account.

Menno 11/15/2018

Its definitely a scam

I sent them 250 pounds
they wanted to much information so I decided cancel.
They are refusing to send my money back
and need more information (photo both sides of my debit card
bank statement with my address)Which I sent.
Still no money return.
Now I am getting loads of scam calls
(I think they should be imprisoned)

E Smith 11/10/2018

Brokerz.com is a scam

I opened a live account in october 2018 and deposited the minimum $180. I then found out they were not based in the UK. I got nervous and decided to close the account and made a request by the Brokerz platform to return my money and close the account.

To this day I have not received a penny back from them, they have come up with umpteen excuses and they cannot tell me how long it will take or when I will be getting my money back. They expect me to phone their representative using a Swiss phone number. I don't think so. Looks like I've been ripped off. Lesson learned, the hard-cash way. My advise stay away from this lot.

Mr Thomas Quee 11/08/2018

perplessità

continuano a chiedermi copie delle carte di credito, documenti, accesso remoto al mio pc e versamento di altri soldi.......

Translated by Google:

continue to ask me copies of credit cards, documents, remote access to my PC and payment of more money .......

lorenzo 11/05/2018

Brokerz robbed me

I deposited 350 on the account an it didnt went through da account manager called me an told me I didnt do it properly so we did it again an 350 came off me account again... so I made a 700 dollar deposit an only 350 was on the trading account... I got my vsbk statement that showed me 2 payments of 350 was sent to them.... want my money back

Neil 09/29/2018

Pure scammers

If Derek goes bald me myself i will make more than five hundred depozits and this is the only thing i ask from you guys.

Bruce C 09/27/2018

Scammer

These people are scammer and theivies

Tina Storr 09/12/2018

Beware of Brokerz!

I will never advise anybody to work with Brokerz. Since 3 weeks I'm trying to withdraw my deposit and close my account. Since 3 weeks I always get the same answer that my request is under review. That's ridiculous because a request for withdrawal of only 250 EUR is verified within max. 5 days at other Brokers.

I don't know if I will ever get my money back.

I think Brokerz is not a very serious and honest Broker.

My vote is 0 stars!

Kordula 08/09/2018
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