Our test result: Based on our test, Brokerz.com is a legit platform. In this review, we will tell you everything you need to know on how to use the broker and suggest a few of the best robots which are reportedly the best for accessing Brokerz.com.
Brokerz.com is currently one of the most popular brokers available. If you are wondering whether it is legit or not, you will discover our take on it this Brokerz.com review. We’ve tested it and have found that it is legit and reliable.
What is Brokerz.com?
Let’s start from some general information on the trading platform. Brokerz was started in 2013 and is located in Kingstown, St. Vincent and Grenadines. According to the website, it was established to give potential users the opportunity to make profits from their hard-earned money by placing investments on a safe platform.
The former is actually an online broker offering the possibility to trade in Forex, CFDs, indices, commodities, stocks and more. Investors have the opportunity to trade in both crypto coins and other currencies. Unlike online brokers that misleadingly hide disclaimers concerning the risks of trading with cryptocurrencies, Brokerz is very clear about it. There is always a risk of losing part or all the funds users invest due to the speculative nature of the market. The platform also seems to have the protection of customers at heart considering that it offers the possibility for customers to educate themselves on the world of crypto.
The downside of trading through online brokers like Brokerz is that they are not based on algorithms following investment strategies that suggest users which investments to make. With online brokers, you are on your own. If you want to invest in platforms that automatically tell you what are the best investments to make, then do not worry, there is a solution. That is what most users do as it is allegedly the best way to increase your chance to make profits if you are an inexperienced investor.
It is unclear whether Brokerz.com is regulated or not. The website does not mention any organization that may be regulating it. However, as we mentioned earlier, there is no doubt that the platform does pay particular attention to potential customers that may be new to the trading market and are probably unsure about the risks it involves.
Is Brokerz.com Legit or Scam?
We have tested the platform and we find it real, transparent and legit. The website claims that Brokerz is a company that has the interests of customers at heart and provides 360-degree support for novices who have not had prior experience in crypto trading. We believe the claims to be true.
We cannot stress it enough: one of the most important aspects we take into account when reviewing trading platforms like this one, is transparency. Other than risk disclaimers and education sections, Brokerz has a “legal” section in which it describes the efforts that the platform makes to avoid money-laundering risks. They express full support for governmental organization combating the illegal practise and claim they have detailed records of all the customers and their transactions. Suspicious transactions will be reported and the account holders may be prosecuted.
Brokerz also dedicates a section in the website on the “safety of funds”, in which it reassures customers on the safety of trading large sums of money online. The platform goes into fair detail explaining the level of encryption of their software. According to Brokerz, the software has a 256-bit SSL encryption. It also claims to be using security software COMODO as well as 3D-secure to avoid card frauds and identity thefts.
What the platform is not completely clear on is that more experienced users are less likely to lose capital so it is always better to have previous first-hand knowledge of CFD trading. If that were the case, not only you would most likely place better investments but you could also compare Brokerz with other platforms yourself and make a decision on which trading platform you prefer. Let’s keep in mind though that Brokerz is trying to attract customers, so it is only fair to allow such a small omission of facts in their webpage.
More into the trading experience, FX VISION has found that the trading space is certainly suitable for beginners and more experienced users. The app is easy to use and offers the possibility to try a demo account, which is always useful when handling a trading platform for the first time. For professional users, there is a wide variety of financial markets to choose from.
These are only some of the aspects that make Brokerz.com a serious and reliable platform, and certainly not a scam. But we have only scratched the surface so far. Let us go into more detail into the characteristics we have mentioned. We will then give you a proper demonstration of how the trading works.
As mentioned earlier, Brokerz offers a wide variety of foreign exchange. Other than CFDs, Forex, currency pairs, commodities and market indices, the platform offers a choice of raw materials, including oil, coffee, sugar and gas. There are also international stocks to choose from, including eBay, Facebook, Twitter, Google and Apple to name a few.
As all online brokers, Brokerz relies on other software to support trades. It uses MetaTrader 4 (MT4), WebTrader and Mobile Trader. The first one certainly is the most popular among the platforms supporting Brokerz.com’s trades. It is a downloadable platform that was developed by MegaQuotes and is used by most of the online brokers on the market. The platform is considered to be user-friendly and easy to use for both beginners and professional users. Experienced customers can also make use of more advanced tools such as indicators and chart types, which can help choose investments if used properly.
Webtrader is another popular platform. It runs on browser so you simply need an internet connection and smart phone, tablet or laptop to be able to access it. Like MT4, data is updated in real-time and the platform is easy to comprehend and simple to use. Mobile Trader is the phone platform that Brokerz uses to support its trade. Like the other two, the platform has a great reputation for being user-friendly and complete.
How to sign up on Brokerz.com directly
If you do wish to trade on Brokerz.com directly, go on their website and sign up. You will be asked to type in your name, last name, email address, phone number and password. You will then be redirected to the trading platform. There you can either deposit your funds or switch to a demo account. You will have 25,000€ available in demo mode. Even though you will be unable to make profits in demo mode, you will have access to all the features of a fully functioning account such as trading history, trading charts, assets list and investment choices. We suggest to start trading once you feel familiar with the way the platform works.
At any point in time, you may upgrade your account. The website offers four different account types. The most basic account type is the “classic” one. It offers a minimum deposit of $250 and provides access to daily briefing and research, desktop and mobile trader as well as video tutorials. These characteristics are present in all account types.
The upgrade of the Classic account is the “gold” account. In addition to the basic briefing, research, trading platforms and video tutorials, it also offers a standard spread of 3 pips for the Euro-US dollar currency pair as well as webinars and seminars. Its minimum deposit is $3,000. We then have the Platinum account, with a minimum deposit of $10,000. On top of the “Gold” advantages, the account offers a general account manager as well as SMS News and Signals. Finally, the VIP account requires a minimum deposit of $20,000 and has the same characteristics as the Platinum account plus Premium Daily Analysis and Premium Customer Care.
In case you are unfamiliar with the term, the leverage is the debt a person or entity uses to buy assets. In the forex market, investors basically use loans issued by the broker, Brokerz in this case, to make money from the changes in exchange rates between two countries. Brokerz.com offers a leverage of up to 1:100. In other words, the investor must have in his account a minimum of 1% of the total value of the trade he wants to make. A 1:100 leverage is reasonable. There are brokers that offer higher leverage but offering high leverage also mean allowing customers to take greater risks, which is not necessarily in the interests of customers.
Commissions and Spreads
Commission and spreads vary depending on the account type a user has. The broker in question charges a commission of $8 for a trade involving EUR/USD, adding an extra 0.8 pip to the total spread. For the same currency pair, the spread is a standard 3 pips with gold, platinum and VIP accounts.
Deposits and Withdrawals
For deposits and withdrawals Brokerz accepts a wide variety of payment methods. The online broker allows debit or credit card, both Visa and MasterCard. It also accepts Bitcoin, VLoad, Secure Virtual credit card and AnyWires. They also accept transfers in US Dollars, British pounds and Euros. If you wish to pay in other currencies contact customer services first to make sure they accept the currency. We also suggest to contact customer support in case you run into any trouble or have doubts whilst depositing funds into your account, they will be able to help.
You can trade with an app downloaded from Play Market
Education and Resources
The Brokerz website boasts a remarkable variety of education tools to inform potential users on the best ways to trade with crypto. The tools also effectively inform users on the risks associated with trading in the market. The broker offers e-books, trading schools, video tutorials and even provides forex and CFDs glossaries. Not many brokers on the market make such efforts to facilitate the trading experience of new users by showing a willingness to protect them from the risks of trading.
According to our test of the platform, there are bonuses and promotions on offer. In fact, the website provides a whole section on the terms and conditions of bonuses and promotions. When signing up there is also a possibility to type in a supposed promotion code. However, the broker is not completely clear as to what kind of bonuses are offered or how to obtain them.
Customer support staff will be available 24/7. There are a number of ways to contact customer services, which shows a certain level of professionalism and makes the platform even more reliable. The website provides a phone number and email address at the bottom of the main page of the Brokerz.com website. A live chat is also available at all times in case customers need to reach out to a member of staff immediately. The website is also available in Spanish, Italian and Russian.
According to our test, Brokerz gives sufficient space to customer support in their webpage. In general, both the contact information and the possibility of a live chat are available on every page of the website and there are also clear efforts to make the website accessible in various languages. This increases the reliability of an online broker.
What makes Brokerz.com unique?
As we have mentioned throughout this review, there are certain aspects of Brokerz that make it stand out amongst other trading brokers.
- Is user-friendly.
- Offers the possibility to try a demo account.
- Provides a wide variety of foreign exchange.
- Offers 24/7 customer support in many different languages, including Russian, Italian and Spanish.
- Provides a great variety of tools to inform customers on how to trade in crypto.
- Is clear on the risks of trading.
- Has a FAQs section.
- Strives to protect customers from the risks associated with crypto trading.
- It is not sufficiently transparent on the matter of bonuses and promotions.