|Telephone Number||+44 208 068 3493|
|Email Address||[email protected]|
|Fax Address||Not Available|
|Physical Address||Suite 305, Griffith Corporate Centre, Beachmont, PO Box 1510 Kingstown, Saint Vincent and Grenadines|
|Regulated by||Not regulated|
|Customer service hours:||24/5|
|Recommend a Friend Bonus||Available|
|Special Event Bonus||Not Available|
|Birthday Bonus||Not Available|
|Social Trading||Not Available|
|Social Media||Not Available|
|Platform OS Compatibility||Mac OS , Windows , Android|
|Languages available||English, Russian|
|Platform Provider||PandaTS, Metaquotes Software Corp|
Brokerz was launched in 2013 and is owned and operated by Brokerz Ltd., which is a company registered in Saint Vincent and Grenadines. The website also claims that the clearing services for the broker are provided by All media Ltd., a company registered in Sofia, Bulgaria.
Right off the bat, it is worth mentioning that brokers that are registered in Saint Vincent and the Grenadines cannot be fully trusted. The rules and regulations for registered financial companies operating in the Carribbean country are flimsy at best and do not provide enough guarantee and security to the clients of those companies.
And the proof of the shady nature of the broker is abundant on the web. The official financial regulatory bodies of several European countries have issued warnings against Brokerz.
FCA UK warning:
CONSOB Italian warning:
FMA Austrian warning:
Registering an account with Brokerz is as easy as entering your name, email, phone, and choosing a password.
Once this step is completed, traders can later enter the other information to complete their profile.
Brokerz Trading Platform
Brokerz provides 3 different trading platforms to their subscribers: the popular MT4 from Metaquotes Software Corp, Webtrader from PandaTS and a mobile trading app. The MT4 platform is a downloadable platform that is compatible with Windows, IOS and Android; it is also fully responsive and thus can be opened and used on devices of any screen size.
As the name suggests, the WebTrader is a web-based trading platform and it is also fully responsive. The layout is user-friendly with all the different sections easily accessible and clearly visible.
A summary of the trader’s account is displayed at the top of the platform. All the assets provided by the broker are listed in the left tab and conveniently divided into their different financial markets. Most of the screen real estate is taken by a tab that displays either the chart or detailed information of the chosen asset. A left tab shows more information of the chosen asset as well as the different options to invest in it. And finally, a bottom tab displays all the different open trades with all important information, pending orders and a trade history log.
Placing an order on this platform is straightforward and quick, however, it lacks live streaming news, which has become an industry standard these last few years. This would have really helped traders decide what positions to open or when to close a position.
The trading mobile application of Brokerz is not very popular with about 1000 downloads and it has only 3 user reviews, of which 2 are really bad and the other one though positive, its source and authenticity is shady! The app only has 1¾ stars over 5 and most of the 21 reviews only gave it a 1 star!
The mobile app also requires many permissions to be able to properly function. These include permissions to:
- access Photos/Media/Files,
- access Storage (to read the contents of your USB storage/modify or delete the contents of your USB storage),
- access camera (to take pictures and videos)
- Wi-Fi connections (to view Wi-Fi connections)
- access to other features (to view network connections/to get full network access/to control vibration)
Considering the shady nature of this broker, we would advise traders to be very careful with what they are sharing with them, in fact, we would advise traders to stay away from this application all together!
Brokerz account types
Brokerz offers 4 different account types to their subscribers, namely the Classic, the Gold, the Platinum and the VIP. Each comes with its own minimum deposit and the more advanced the account, the more features and services are offered.
All the account options offered by Brokerz will give traders access to daily briefing & Research, desktop & mobile trader and video tutorials. Traders who choose the Gold account upwards will also benefit from a standard spread of 3 pips, fixed for EUR/US as well as webinars & seminars. Those opting for the Platinum or VIP accounts will get a general account manager and SMS news & signals. The VIP traders will get premium daily analysis and premium customer care...not much of an incentive to choose the VIP account to be frank!
As you can see in the screenshot above, a time-unlimited demo account is also available. This is very convenient for beginners, however, according to the screenshot above, the demo account will only give you access to the MT4 demo platform and not the WebTrader platform.
We tried to open a demo account but was unable to do so as the ‘Open Demo Account’ button was not responsive. However, the customer support representative on the live chat was very helpful in guiding us on how to open a demo account.
Clients must go to their Client Area by clicking on ‘Manage Accounts’ in the drop-down menu next to their name.
Having opened the demo account, we can confirm that unlike what is stated in the account options page, the demo account will give traders access to the WebTrader platform and not the MT4 platform!
Traders of Brokerz can trade in Currency pairs, Stocks, Commodities and Indices; cryptocurrencies are not available to trade with this broker
Two types of products are available for Currency pairs; an ECN CFD and Fixed CFD. 45 currency pairs are available for each product type. These include the most popularly traded pairs, ie, major pairs like the EUR/USD, GBP/USD, USD/JPY, as well as many minor and exotic pairs. The ECN trading has a floating spread, leverage of up to 1:500 as well as a hefty $8 commission per lot. On the other hand, the Fixed CFD trading has a fixed spread from 0.75 to 0.0008 points, leverage of up to 1:500 and no commission charged.
In the stocks’ market, Brokerz offer shares of 79 companies from the USA, Frankfurt, London, Madrid, Italian and Paris stock exchanges. The most popular companies can be traded, such as Facebook, Amazon, Apple, Total, Barclays, BMW, Fiat, and Repsol amongst others. The spread is floating and leverage fixed at 1:10, no mention of the commission charges is made.
17 commodities are available to trade on the platforms of Brokerz, including the basics like Crude Oil, Natural Gas, Cocoa, Coffee, Copper and Gold. the spread is floating for all the commodities apart from Gold and Silver and the leverage offered is 25% of the Account’s leverage.
17 indices from the major financial markets around the world can be traded with Brokerz. These include the CAC40, Nasdaq100, SP500, ad Hang Seng 40 amongst others. The spread associated with the commodities is floating and the leverage offered is 25% of the Account’s Leverage.
Security and Regulation
As we mentioned at the start of this review, Brokerz is not a regulated broker, moreover, its operating company is registered in Saint Vincent and the Grenadines, which is a highly dubious country for financial regulations. Being an unregulated broker, Brokerz is not accountable to any regulatory bodies, and can pretty much do as it pleases. Moreover, traders do not have any sort of safety net in case of fraud and other suspicious activities by the broker.
In their legal page, the safety of funds section, Brokerz claims to use several security protocols on its website. Names and terms like COMODO, 256-bit SSL and 3D-secure are mentioned, however, having scoured the website for months, we could not find their logo anywhere.
And the worst part is that no mention of any local banks is made in the account area! This is without a doubt a deceiving tactic used by Brokerz.
The support team of Brokerz can be contacted via livechat, email and phone. The broker does not specify the hours the support team is accessible. Upon questioning the customer service livechat, we were told that we will be provided with support within 24 hours, no matter when we contact them.
This can be a major problem, as often times, traders need assistance immediately or at worst rapidly. 24 hours is very long in the online trading world where traders can make or lose tens of thousands of dollars in mere seconds!
While at first, the support team was truthful to their claim of providing support within 24 hours, it all changed when we decided we need to test their withdrawal procedures. The support team was not helpful at all with the withdrawal procedures, on the contrary, they used different tactics to try and delay our withdrawal.
Is Brokerz a scam?
Brokerz is clearly a scam. And we came to that conclusion, having spent months trading on their platforms and using their services as well as having scoured the internet for all professional and user reviews about the broker. The internet is literally packed with negative user reviews, most of all about how they were scammed by Brokerz. And on the basis of our own experience, we agree with the accounts of how Brokerz try deceitful tactics to delay and even cancel withdrawals.
Our Final Opinion
Brokerz is an unregulated broker, which is not liable to any legal and official regulatory bodies. Quite the opposite, official regulatory bodies from several European countries have issued warnings against using this broker. While there are many other reasons why traders must stay away from Brokerz, on the accounts of these official warnings alone, we recommend traders to avoid Brokerz.
The education section of Brokerz is an adequate attempt from the broker to provide teaching materials for traders on their platform. It has an FAQ section that covers the most commonly asked questions about the broker, the deposit & withdrawal procedures, the trader’s account and other trading questions.
The Forex glossary explains the most commonly used terms in online trading such as leverage, pip, rollover, spreads, and so on.
The trading school section briefly explains more complex online trading terminologies, analysis systems and also give a few tips.
The video section of Brokerz has 19 videos covering topics such as Forex Basics, Technical and Fundamental Analysis, Trading Psychology, Forex Risk Management, and Margin, Leverage & Stop Outs amongst others.
Traders will also get access to the ebook of Brokerz entitled ‘Guide to Online Forex Trading’.
While Brokerz claims that they offer users ‘a multitude of payment solutions to enable clients to quickly and safely deposit funds into their investment accounts through the deposit page’ - in the own words of the broker from their Accounts page, the truth is that only 4 methods are offered. This hardly defines as multitude!
Once traders have registered with the broker, they can verify their account right away or they can wait to make their first deposit before verifying their account. They have to provide proof of identity, of residence and of payment.
The minimum deposit amount is $250 while the maximum varies between $1,000 and $150,000, depending on the deposit method. Brokerz also gives clients who wish to deposit larger sums the option to make the transfer via bank wire.
As expected depositing funds is very easy and quick with Brokerz; they are quick to take your money, but when it comes to withdrawal procedures, it is another story!
Whereas you only have to fill in a simple form to make a deposit, to make a withdrawal, traders must first make a request. The withdrawal procedures will be initiated only when the request is approved by your account manager. Now, this is the tricky part, as the account manager always seems to find reasons to deny the withdrawal requests.
The conditions and information we could find on the website were:
- Withdrawals can only be made using the same method used for deposits
- Withdrawals are usually processed within 3 business days of receipt of all required documentation
- Margin requirement must be maintained in case trader has open positions
- Funds can only be transferred to bank account bearing the same as the broker account
- No withdrawal fee is charged
- Withdrawal funds can take between 3 to 6 days to reach the bank account of the trader
Brokerz does not offer any bonuses or promotions.