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BronzeMarkets Review - is it scam or safe?

BronzeMarkets Review - is bronzemarkets.com scam or good forex broker?

RATING: 1 / 3 REVIEWS BronzeMarkets
BronzeMarkets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Minimum deposit Minimum trade size Maximum leverage

Spread (& Commission)

Basic $500  0.01 1:400  2 pips, fixed
Standard $1 000  0.01 1:400  2 pips, fixed
Silver  $2 500  0.01 1:400  1 pips, fixed /variable from 0.5 pips
Gold $10 000  0.01 Custom Fix from 0.7 / Variable from 0.5
Platinum $25 000  0.01 Custom Fix from 0.4 / Variable from 0.3

 

BronzeMarkets is a forex and CFD broker that offers the above account types. All of which are said to be commission-free and with leverage up to 1:400 on the MetaTrader 5 platform.  MAM accounts also available with this broker, but we don’t recommend them, nor BronzeMarkets as a whole. We have major concerns regarding this broker, listed below.

 

Nonetheless, we have also included some positive parts of its offering in our review, in an attempt to be as objective as possible.

 

 

BronzeMarkets Advantages       

 

MT5 offered

The availability of MetaQuotes software is a strong advantage in any broker’s offering. MetaTrader 5 is the latest platform issued by the Russian fin-tech company and enjoys increased popularity among both brokers and traders lately. The MT5 has kept most of MetaTrader 4’s valued tools and features, and on top of that allows trading in exchange-traded stocks. The charting of the MT5 is almost the same as that of its predecessor, and it also provides Expert Advisors for automated trading.

 

 

>> Looking for a more reliable MT5 broker? <<

 

 

Seemingly good trading conditions

A spread fixed at 2 pips on majors, such as the one offered on BronzeMarkets’ most basic account type, is in line with the industry’s average. Of course, there are far better brokers who offer better spreads, and you can find some of them on our real-spread comparison page.

 

 

>> Compare the spreads of top-tier brokers <<

 

 

Besides, BronzeMarkets offers high leverage levels, reaching 1:400, which will suit most traders.

 

 

BronzeMarkets Disadvantages

 

Unclear corporate situation, fake claims of regulation

We could not find the name of the company owning the BronzeMarkets’ brand anywhere on its website, which is very alarming. It means that the service provided by this broker is anonymous.



On top of that, the site of BronzeMarkets contains very contradicting information regarding its headquarters and regulation. According to its Terms and Conditions, the governing laws are the ones of offshore island Vanuatu.

 

The “Who we are” section of its website, on the other hand, says that “BronzeMarkets is the proud owner of a Financial Services Board regulation (FSB)”. The FSB is the previous name of the South African Financial Regulator (the new one being the Financial Sector Conduct Authority).

 

In yet another section of its website BronzeMarkets mentions the Investor Compensation Fund (ICF), the compensation scheme which applies to brokers regulated in Cyprus.

 

This is all very confusing. However, our search in both CySEC and FSCA registers returned no results for BronzeMarkets, so we may conclude that this broker is not regulated and not to be trusted.

 

MT5 provided by a third party, possibly related to a group of shady brokers

The MT5 available for download on the broker’s website actually belongs to PremiumTrades Markets – another brokerage brand operated by Silver Wolf Limited, a shady offshore company.

 

Actually, we have reviewed 2 other brokers who use PremiumTrades Markets’ MT5 - IPT Markets and ProFxPremium. Both brands are owned and operated by the notorious Black Parrot Limited, an offshore company behind a number of other shady brokers (TradesPrime, TradeGBP, TradeDAX, to name a few). A number of financial regulators, including Italy’s CONSOB, Netherlands’ AFM, and Poland’s KNF, have issued public warnings against Black Parrot Limited, so you’d better stay away from BronzeMarkets and all the others. Scam companies often change their names and create different brands in an attempt to present themselves as reliable brokers.

 

Unfavorable conditions for MAM accounts

We went through the terms and conditions of BronzeMarkets and found out that holders of MAM accounts are not allowed to withdraw any money within the first 6 months after depositing. That being said, the T&C of IPT Markets contain exactly the same clause.

 

 

Speaking of withdrawals, we have to mention that BronzeMarkets charges a fee of 1.5% of the amount withdrawn. As regards wire transfers, there is a minimum charge of $25 per withdrawal.

 

High initial deposit

One has to invest at least $500 to open a real account with this broker, which is a high initial deposit. Most brokers, including reliable and licensed ones, require $100 - $250 as a start.

 

 

Conclusion

 

The offer of BronzeMarkets might seem attractive at first sight, but when one takes the time to go through its website, things seem very shady. The name of the company behind the brand is nowhere to be found but we have every reason to believe that the people who run this broker are the same who operate the scam company Black Parrot limited.

 

 

>> Looking for a broker regulated in the UK? <<

 

 

To sum up the above:

 

Pros Cons
MT5 available Unclear corporate situation
Competitive spreads Possibly related to a group of shady brokers
Up to 1:400 in leverage Fake claims of regulation
  Unfavorable conditions for MAM accounts, high initial deposit

 

Latest news about BronzeMarkets
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Traders` reviews for BronzeMarkets

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

 

 

BronzeFX not trustworthy

I initiated a withdrawal since early February 2019 .
Not yet been paid till date . my mails not getting any response also . don't trade with them

Eneye saliu 05/16/2019

Can't get money back

BronzeFX are most definitely a scam , you can not withdraw your funds
When you request a withdrawal it takes 2 week for someone to contact you
Then your money disappears out of the account and your told to claim it back from your own bank , however you can not do this as the money has disappeared from the bronze FX account so you have no proof it just looks like you have lost it trading , the robot only puts on train on a week so the whole set up it a scam

Amanda French 05/09/2019

It seems I have been scammed

I invested through bronzemarkets about 3 months ago but it seems I have been scammed because for the past two months I have been trying to contact them but their phone lines are disconnected and my emails are not replied. The names of the guys involved are Tom Novak and Sarah Mihailov


What can I do now please
Thank you
Francis

Francis Kwasi Donkor Mensah 12/03/2018
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