Having the right broker in your corner can make a big difference in your overall trading journey. Many people have everything they need i.e. the right skills, knowledge and capital needed for a successful outcome, but are unable to achieve it because they don’t have a good broker to support them. In fact, there are some that suffer from outright disasters because they end up with a fraud brokers. Do they exist? Of course, they do, considering how lucrative the space is. Cybercriminals are rampant here and are ready to exploit any opportunity they can find. Therefore, going through this Brokeragea review is of the utmost importance if you plan on using their services.
You will find that most of the people who do end up with scam brokers as their partner are those who don’t bother going through reviews or doing their due diligence. Yes, it does take some of your time and effort, but it can pay off in the long run. You will be able to find a company that’s ideally suited to your needs and provide you everything you want for trading purposes. It can bring you closer to achieving your financial goals. When you don’t skip your due diligence in the case of Brokeragea, you will be able to learn whether you can rely on it or not.
After all, it is presented as a legitimate brokerage that can offer lightning fast execution, top tier liquidity, access to more than 1,200 trading instruments, which include around 100 currency pairs, and about 1:400 leverage. Overall, you will find that Brokeragea sounds very professional and just what you are looking for. But, a look underneath the surface reveals a completely different story altogether. What is it? Find out below:
Background and Licensing
When you want to get to know a broker, it means looking at the entity behind it. You have to determine if it is owned and operated by a legitimate company and has the appropriate licensing. Doing so in the case of Brokeragea sheds some light on the problems associated with this broker. You will find absolutely no mention of the company running its operations, which means you don’t know who you are doing business with.
The website appears to be completely anonymous, as there is no mention of the company, no corporate background and no physical address. All you find on the Brokeragea website is an obscure address. This means there is absolutely no mention about regulation and licensing either and this should definitely be a warning. Another problem with the broker is that their Terms and Conditions are not mentioned on their own website, but in a space known as cloudfront.net.
There is also a reference to St. Vincent and the Grenadines, which is the probably the jurisdiction where the company is operating from. This is not reassuring because most scam brokers hail from there, as it is not properly regulated.
Terms and Conditions
If you check out the terms and conditions provided by Brokeragea, you will find that they are riddled with problems that do nothing to help the credibility of the broker. To start with, they claim that you will be charged fees if they believe you haven’t traded enough. The fee is not specified and neither have they disclosed what classifies as enough trading. Apart from that, they have also mentioned that some daily and annual interest is payable, which does not make sense because it is not something any legitimate brokerage would do.
As a matter of fact, such practices are downright illegal in most regulated markets like Europe, Australia and the UK. If this wasn’t enough, you will find that Brokeragea also offers trading bonuses that are definitely not in your favor. Trading bonuses are not permitted in most regulated markets because they come with minimum trade volume requirements and these are considered unfair to traders. In the case of Brokeragea, they have not outlined the trade volume requirements clearly. To add to it, they have also mentioned that they can change their bonus policy when they can. This is another classic maneuver by scam brokers to prevent traders from making withdrawals.
If the aforementioned problems weren’t enough, you will also discover that Brokeragea has a minimum deposit requirement of a whopping $1,000, which is extremely high. The standard minimum deposit is somewhere between $10 and $250 and most brokers don’t even ask for that these days. The fact that this one is asking for such a high minimum deposit is definitely fishy.
The trading platform provided by a broker is the most important feature they offer because you use it for executing your trades. Moreover, it determines if your trading experience is going to be complicated or easy, so it is not something to be taken lightly. Brokeragea is offering a web based trading platform to its clients, which you cannot access until you sign up.
This makes it shady because a legitimate broker shouldn’t hesitate in showing their trading platform. Another issue with Brokeragea is that they don’t offer the MT4 or the MT5 trading platforms, which are popular in the market because they offer an excellent trading experience.
It is a must to know what payment methods are supported by a broker because you want to be able to make deposits and withdrawal easily. As far as Brokeragea is concerned, they claim to offer you both VISA and MasterCard as well as bitcoins for making your payments. The problem is that there is no way for you to verify this information and so, you have to trust their word for it. Considering their other problems, it is not advised.
When you have gone through these features, it should give you the answer you seek; Brokeragea is not a broker you can rely on. Therefore, it is best for you to seek a different option because you will be risking your hard-earned money and can lose it all.