Why BrokerZ Sucks In 50 Words
Unregulated, with lots of non-functional links and buttons on their website, shady reputation, and claiming to offer Meta Trader 4 when in fact they don’t. Yep, that’s a first for me: usually, when brokers say they have MT4, they actually do – it’s not that hard – but BrokerZ is in the business of just talking, not doing. They have a download button for MT4 and a full page of text about its benefits but when you press Download you are directed to their own platform, which is nothing close to MT4.
Why BrokerZ Doesn’t Suck In 50 Words
Hmm, this is really hard because I cannot find anything here that other brokers don’t have. If at least they would offer MT4, I would list that as a non-suck factor, but as we already know, they don’t even have that. Tough luck, BrokerZ!
Is BrokerZ A Scam?
BrokerZ may not be a scam but they aren’t on our list of trusted brokers either. The very name suggests it is an off-shoot of BinaryBrokerZ.com that we tracked from inception to closure. BinaryBrokerZ.com used to claim headquarters in Cyprus, tried to imply regulation, and shut its doors in the wake of the EU ban on binary options trading. We also suspect this broker may be associated with the old binary options scam, PrimeBrokerZ but we can’t confirm it. The bottom line is we are dealing with an unregulated broker that has possible connections with known scams from the old days of BO.
Should I Open An Account With BrokerZ?
BrokerZ is an unregulated FX and CFD broker with a questionable reputation. The website is owned and operated by BrokerZ Ltd, located in Kingston, St. Vincent, and the Grenadines. Clearing services are provided by All media Ltd. with a registered address in Sofia, Bulgaria.
The broker is registered in St. Vincent And the Grenadines but is not regulated in any form. The platform is clean, the charts include some technical analysis tools but not nearly enough, and the asset list is quite large but they don’t offer any type of cryptocurrency.
The education center contains a Forex Glossary, a Trading School, and a section for Video Tutorials. If you want to know if those are any good, welcome to the club, I would like to know too, but nothing works on their website so clicking on the buttons does nothing at all. Bummer. They don’t even have a working FAQ section but they do have a working ebook, which I honestly didn’t take the time to read entirely because it’s mostly general stuff about Forex.
The minimum deposit is $250, which is very high for an unregulated broker with a broken website. Come on, your website is the first interaction a client has with you, so you could give it a bit of TLC, or at least make it functional.
Bottom line is that I cannot recommend this broker, especially considering there are way better alternatives out there. One more thing worth noting is that if you are a crypto enthusiast, you will not find any digital currency to trade at BrokerZ so that’s another let-down.
The broker can be contacted at email: [email protected] and phone: +442080683493.
BrokerZ.com has generated a lot of complaints and everywhere you look, people are calling them thieves and scammers. If only half of the horror stories are true, this is one of the worst cheaters around. Our advice: use extreme caution or better yet, stay away!
BrokerZ Regulatory Warning
BrokerZ has not received any specific regulatory warnings but that is not a surprise because the broker is relatively new (the brand, BrokerZ.com) and it is unregulated, so it flies mostly under the radar of financial regulators.
This broker doesn’t bother to offer detailed information about withdrawals (judging by people’s complaints, it’s possible that you won’t ever get to withdraw your money). All they say is that wire deposits take between 3 to 7 days but nothing about withdrawals. It is not clear what the methods are or the minimum limits.
BrokerZ Overall Ratings
User Friendliness 10/20
The platform is decent but that by itself isn’t a reason to trust this broker. Regarding information, most of the links within the website are dead. The website is available in 6 languages, demo accounts are available and US citizens are not accepted.
Range Of Markets, Spreads And Leverage 11/20
They have a wide range of assets, but no cryptocurrency, so they score fewer points here. The spreads are huge (3 pips for EUR/USD) and on top of that, you will have to pay a commission of $8 per lot traded (1 lot means 100K on their platform). The leverage goes up to 1:500, so you will trade 1 lot pretty fast (meaning that you will have to pay a commission).
Fees And Support 10/20
Unfortunately, they don’t specify any of their fees other than the spread and $8 commission per lot traded. The live chat support was unreachable.
Deposits And Withdrawals 12/20
Deposit is easy, it always is, withdrawals may be an issue and BrokerZ doesn’t offer any usable information about the latter. The minimum deposit is $250, which is very high for such a broker and the methods are credit cards, AstroPay, and wire transfers. There may be some fees but they are not specified.
Website Extra’s 8/20
Nothing is extra really, except maybe the huge number of complaints found online and the “fake news” about offering Meta Trader 4.