Brokerz Review Scam Complaint
Brokerz is a forex and CFD broker located in Kingstown, St. Vincent and the Grenadines. The broker is not licensed and owned by the Brokerz Ltd. The broker trades in forex, commodities, indices and stocks. Brokerz is an offshore broker located in St Vincent and the Grenadines, place known for scam brokers. Check out the below given full review about the broker to know all the advantages and disadvantages of dealing with this broker.
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About the Brokerz:
Brokerz is a forex and CFD broker that hasn’t provided any information regarding which and how many types of accounts it offers to its clients for trading. Nothing regarding the trading conditions is mentioned on its website. However, some details that it has provided states that the broker provides a spread of 3 pips which is almost double of the average pip of the industry. High spreads always drives up the cost of trading and lowers the raw profit of the trader, therefore it’s not a good sign. Brokerz provides demo account to the clients which is a plus point but beside that Brokerz charges a commission of dollar 8 on every lot of EUR/USD. This means that an extra 0.8 pips is being added to the total spread of 3. Such commissions do nothing but further increase the cost of trading and of the traders.
Brokerz offers its clients access to three versions of trading platforms, including one web-based and one MT4 trading platform. Both the varieties of platforms and the presence of the MT4 trading platform among them should be counted as a big advantage for the broker. The minimum deposit required for trading with Brokerz is $250 dollars which is higher than the average of $100-150. Potential clients of the broker have a 1:100 leverage ratio at their disposal which is quite reasonable. Although, higher leverages are seen as an advantage to many traders, because they grant them more flexibility in deciding how to trade.
Is Brokerz legit or scam?
Brokerz is an unregulated and unlicensed broker which is based offshore in SVG. Not regulated status snatches the safety of traders by which clients can lose the money and broker is not answerable to them. Even, Austrian financial watchdog has officially has warned the public against dealing with Brokerz. Therefore, the reputation of this broker is not good in the market and it could be a scam so keep your money safe before being sorry.