- Brokerz: New and untrustworthy
- More about Brokerz
- Registered or not?
- Ask fees when you are inactive on the site
- Commission asked on every trade
- Terms and conditions are incomplete
- Regulators warnings
Are you considering making use of Brokerz to start trading? Then, you should make sure that you read here. These brokers can’t be trusted. There are so many irregularities, that it is important to know what you are getting yourself into before you register with them. These are all the essential information about them, and the reasons why you might want to find another, more trustworthy broker.
On Brokerz official site they are saying that they are online from 2013, but with further investigation, it is proven that they only started in June 2018. Why would they lie about their starting date?
Their address is in Vincent and the Grenadines, but their telephone number is in the UK. Another reason why you should be really careful of using them for trading. They don’t have a legit address and telephone number, because it is in two different countries. They have a customer service email that you can use to contact them when you have problems with the site.
Brokerz isn’t registered. They aren’t registered locally, or internationally. Meaning that they don’t have a license for being a forex broker. They don’t have a license number and they aren’t regulated.
This means that they are actually illegal, and you might lose all your money when you are using them. They can write their own terms and condition and don’t have any rules that they need to follow. This is why it is so important to make sure that you are using brokers that are registered and regulated. And, Brokerz isn’t.
This is something that many people are complaining about. That Brokerz takes a fee of $100 if you are inactive on the site for a while. For them, you need to be trading all the time. And, the moment that you don’t trade anymore, they are going to take money from you.
This is why it is important to make sure that you are going to trade all the time when you do make use of Brokerz. But, with all the complaints from traders, this isn’t recommended.
Every trade that you are making, they are going to take commission from you. Even, if the profit that you are making isn’t much. They are taking the same amount every time that you trade. The amount that they are taking is $8. This might not seem like a lot, but if you didn’t make a profit on your trade, then this is a huge amount of money.
Most reliable and trustworthy broker sites don’t ask any commission or are taking penalty fees for not using the site regularly. This is why this is one of the worst broker sites out there. Taking commission is still acceptable, but then only a percentage of the profit that you were making, not one amount, no matter if you have made a profit or not.
They don’t need to have standard terms and conditions, because they are not regulated. This can be a serious problem because they can change the terms and conditions without warning.
This is the one reason why their terms and conditions are incomplete. They are making sure that they leave it incomplete, to use it against traders to block their accounts and to take the money that was available in the account. If you want to make sure that you are using brokers that you can trust, then you should compare their terms and conditions to other, reliable sites. If they are the same, then you will be fine. But, if they are different and incomplete, then you might have a problem.
Regulators are warning potential traders about Brokerz forex brokers. This is because they aren’t regulated at all. Making then untrustworthy and actually illegal. This warning is going for all the countries that can use Brokerz for trading forex.
Regulators are regulating the brokers to ensure that there aren’t any irregularities with the site. And, because Brokerz isn’t registered, they can’t be regulated. So, the regulators can’t control what the terms and conditions of Brokerz are.
When you are looking at Brokerz, and you are considering using them as your forex broker, then you should make sure that you know all the facts about them. In short, you can say that they are illegal forex brokers that can make their own rules. And, most of the time, it won’t be in your favor. It is so much better and recommended by regulators that you should make use of brokers that are registered internationally, and that is regulated. Then, you will know that no matter what happens, you will be protected with the normal terms and conditions that forex brokers need to have. You should make double sure before you are considering using Brokerz for trading forex online.