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Brokerz Scam Broker Review
Brokerz is a CFD trading broker which deals in Forex, commodities, stocks and indices. The broker is owned by Brokerz Ltd. which is based in St. Vincent and the Grenadines. The broker seems to be non-regulated. Check the detailed review of this broker here.
We could not find any information about the regulation of Brokerz broker. This made us believe that the broker is not a regulated broker. Australian regulator has already warned traders not to deal with this broker. Regulatory agencies like FCA, CySec and others regulate brokers in such a manner that they can hardly run away with the funds of the traders. They also build a safety mechanism through which the losses of clients can be recovered. Therefore, dealing with regulated brokers is safer.
Brokerz allows traders to test the platform using a demo account which is good. But the spreads offered by them for EUR/USD is at 3.0 pips which is double than offered by other brokers. High spreads elevate the cost of trading and lessen the profit made by the traders overall.
The cost of trading is further increased since Brokerz adds a commission of $8 for every lot in EUR/USD pair. Brokerz offers MetaTrader4 platform for trading and also two more platforms. MT4 is a robust trading platform used widely in the industry and provides many unique features.
Brokerz allows traders to choose from 4 different types of accounts. The minimum deposit required to open an account with this broker is $250. The leverage offered by this broker is 1:100. Traders can choose from a wide variety of assets offered by Brokerz. The available financial instruments are Forex, stocks, indices and commodities. Traders can also select from a number of cryptocurrencies such as Dashcoin, Ripple, Litecoin etc.
Is Brokerz a scam or legit?
Brokerz has furnished ample information on its website which is good. The MT4 platform offered is also a robust platform that is used by a number of established brokers today. But since there is no information about the regulatory status of the broker, we can conclude that the broker is not well regulated by a respectable authority in its region. Due to non-regulation, the security of the client’s funds is not there and therefore it is suggested not to trade with Brokerz which can be a scam broker. Better trade with brokers who are regulated by respected regulating authorities in their region.