Why BrokerZ Sucks In 50 Words
Unregulated, with a few non-functional links and buttons on their website, shady reputation and a $100 inactivity fee which will have to be paid monthly after 45 days without trading. This fee is obnoxious! First of all, it kicks in way too early (at most brokers it kicks in after 3 or 6 months) and secondly, it is HUGE! Thirdly, It Sucks!
Why BrokerZ Doesn’t Suck In 50 Words
Hmm, this is really hard because I cannot find anything here that can be considered a positive. They don’t even offer Meta Trader 4… if they did, at least I would have something positive to mention. But they don’t, so color me unimpressed!
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. Bottom line is we are dealing with an unregulated broker that has possible connections with known scams from the old days of BO. On top of that, the internet masses are screaming “Scam” all over the place. At this time it’s better that you use extra caution around this broker.
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, a company located in St. Vincent and the Grenadines. Unfortunately, there is no additional information about this company.
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 tradable cryptocurrencies.
The education center contains a Forex Glossary, a Trading School and an eBook, which I honestly didn’t take the time to read entirely because it’s mostly general stuff about Forex. The Trading School is composed of 5 short articles… and I mean SHORT. It’s obviously not a School so don’t be fooled by it. Other than that, they have a working FAQ section but it’s lacklustre.
The minimum deposit is $250, which is very high for an unregulated broker with a bad reputation online. Other account types are Gold ($5,000), Platinum ($15,000), and VIP ($50,000). Huge account requirements, considering that their website is not fully functional, (I’ve encountered missing links and non-functional buttons). Come on, your website is the first interaction a client has with you, so you could give it a bit of TLC.
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 crypto assets to trade at BrokerZ so that’s another let-down.
The broker can be contacted at email: [email protected] and phone: +442039948811. They do not provide an office address, which is another red flag.
BrokerZ.com has generated a lot of complaints and everywhere you look, people are calling them thieves and scammers. Just take a look at our readers’ opinions (below this review) or head over to ForexPeaceArmy to see their 1 star rating and to read the horror stories posted by users. If only half of those 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. This could be because 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 withdrawal processing takes up to 7 business days. It is not clear what the methods or the minimum limits are.
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 it is lacking and the website could use improvements. The website is available in only 2 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 cryptocurrencies, so they score fewer points here. The spreads are huge (floating, 3 pips for EUR/USD at the time of writing) 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
After 45 days without trading, your account will become inactive and you will have to pay an inactivity fee of $100 every month. This is a huge fee and you should be very aware of it! They don’t specify any other fees except 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 only available method was credit card (although we registered a new account for the purpose of this review and to see if more methods become available). It is unclear if more methods will “unlock” and what the requirements are.
Website Extras 8/20
Nothing is extra really, except maybe the huge number of complaints found online and of course, the obnoxious inactivity fee.