Brokerz Union Review Scam Complaint
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Brokerz Union is a Bulgarian binary options broker. The broker claims to be headquartered in the UK and the brokerage company is owned by PLZ Ltd. The owner company PLZ Ltd is operating out of Sofia and is not registered with any regulatory authority. It offers trading in cryptocurrencies but is this broker genuine or is another scam; in this review all the details about the broker is explained as it has many signs of a scam broker.
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About the Brokerz Union:
Brokerz Union is an unregulated broker that offers two types of accounts, Starter and Premium, and a demo account. The broker has not disclosed the minimum deposit that is required with each of these accounts. The broker even lacks the information regarding what would be the payout percentages or the expiration time of the options. When the website of the broker is checked, there is no information given about the trading conditions and the list of instruments that it offers, which clearly indicates that the broker is shady and could be a scam. Brokerz union even charges an extreme 25% commission on the withdrawals in banks.
The platform provided by the broker for trading is its own web based platform which is quite simple to use but has nothing special compared to the other platforms available in the market. Moreover, there are good number of technical analysis indicators in a drop-down menu, which could not actually be applied in their demo account facility. The offerings of the broker in binary options are quite limited, as popular financial instruments like forex pairs, CFDs on indices, commodities and stocks, are not available for trade with this broker. As the broker is headquartered in the UK, it should be known that both the UK and Bulgaria are members of the EU, where currently binary options trading is not allowed, hence, Brokerz Union operates illegally.
Is Brokerz Union legit or scam?
Brokerz Union is an unregulated broker which is operating illegally in the UK and Bulgaria. It is not registered with any financial authority and seems to be hiding most of the details relating to trading with this broker. Nonetheless, it claims to be a fine Binary options trader, which it definitely is not. One strong point that gives the broker red flag is the UK’s Financial Conduct Authority has issued a warning against the broker and asked the public to protect themselves from such scammers.