Brokereo Review – Is it legit or is it a scam?
As Forex trading is growing in popularity all over the world, more and more people are looking for a way to join their local FX market. However, the most major obstacle that they come across is the necessity to choose a trustworthy brokerage to sign up with.
There are different ways in which one can approach the search for the perfect broker, however, no matter how you choose to conduct your research, one thing is for certain – you should always choose the broker with the best security regulations in place.
Usually, it is easier to find such brokers among those that possess an official license from a reputable regulatory authority, such as German BaFIN, UK’s FCA, and the Cyprus-based CySEC. If you do not feel like assessing each individual broker yourself, reading a reliable review about it is a good place to start.
In this Brokereo opinion, we will provide you with a detailed overview of the brokers’ most prominent features, such as the trading tools and instruments that it has to offer, the security regulations in place, as well as its account options, and the commission fees that it charges.
A brief overview
Brokereo is a Cyprus-based brokerage with its headquarters located at Pavlou Nirvana No 4, ALPHA TOWER, Office N 13, 3021 Limassol, Cyprus. This broker was established in 2020 and has started to offer its services right away. As of right now, Brokereo’s customer base is made up of traders from all over the world, and it continues to grow at a rapid speed.
As per usual, our starting point for every broker is its official website. The first thing you notice at Brokereo’s website is the consistency of the design and the clear, comprehensive way in which the information is presented.
At a first glance, the notion of Brokereo scam being an actual thing seems hardly believable, as there is nothing that this broker is hiding from its potential traders – from commission fees to the legal documentation, you can find almost everything within just a few clicks of your mouse.
Moreover, if you still have any questions, there is an option to contact the broker via the chatbox on the website and request any additional information that you need. Overall, the Brokereo website does indeed leave an impression of a broker being both reputable and professional.
Terms and conditions of trading with Brokereo
The potential profitability of trading with a certain broker is a very important factor that everyone should consider while choosing a brokerage to sign up. A good indicator of how successful your trading experience could be is the variety and efficiency of the brokerage’s terms and conditions of trading.
There are no Brokereo promotions available, however, that in itself shows that this broker is more focused on enhancing the tools and instruments of trading that it has to offer, instead of investing more in self-marketing.
Instead, with Brokereo you can get leverage of up to 1:500 (if you are a professional trader), and up to 1:30 (if you are a regular retail trader). This means that every profit that you make using it will be increased by x500, or x30 respectively. Moreover, this brokerage offers 350+ diverse assets to trade with and finding the one that fits you most will not be an issue.
Finally, unlike other brokerages, Brokereo does not charge additional commission for deposit and withdrawals, which means that your funds will stay intact throughout your trading sessions. At the first glance, this broker’s terms and conditions seem very attractive, however, a further assessment will be conducted below to determine whether this is truly the case.
Can Brokereo be trusted?
Brokereo is an official licensee of the Cyprus Securities and Exchange Commission (CySEC). This broker obtained its official license shortly after it was first created earlier this year, and its assigned license number is 189/13.
Being an official licensee of this reputable regulatory body means that Brokereo was able to meet high demanding standards of security and qualification, and is continuously monitored to determine if it follows the rules and regulations in place at all times. With that notion alone, it is easy to see why this broker can be trusted.
Brokereo broker review
At the first glance, Brokereo seems like both a qualified and reliable broker, but let us dive a bit deeper into discussing its specific features. To begin with, let’s have a closer look at the broker’s account options and trading software that it has to offer.
With Brokereo Forex broker you get to choose between three account options – gold, silver, and platinum. Each account requires a minimum deposit of 250 USD but will give you access to different additional services, depending on your account tier. Moreover, each of those accounts can be transferred into the Islamic account, and you can use it to avoid swap commissions in overnight trading.
The main account options are as follows:
- Silver: with this account, you will be getting 0.07 pips for your spreads, a leverage of 1:30, and access to automated trading mode.
- Gold: will give you 0.05 pips, leverage of 1:30 for a retail trader, and a leverage of 1:400/500 for professional traders, as well as the automated trading mode.
- Platinum: with this highest account available you will, too, be able to use the automated trading option, as well as get 0.03 pips for your spreads, and leverage of either 1:30 or 1:400/ 500 depending on whether you classify as an ordinary or professional trader.
On top of the main account options described above, Brokereo FX brokerage will also let you use the demo account for free. This option will be especially useful to those who are only getting started with the Forex market and are yet wary to trade with actual money. With a demo account, you will able to practice your skills and build up your confidence as long as you like before you start with actual trading.
Brokereo trading platform options
When it comes to the trading platforms, this broker also offers an impressive degree of diversity. You can choose between trading via your PC, or from your mobile device. Both options are functioning smoothly, and you can be assured that the lags in the system will not interrupt your trading session.
Here is a brief description of each of Brokereo’s trading platforms that our Brokereo.com review has determined:
Web trader: will grant you access to 350+ assets to trade with, an automated mode of trading, 60 technical indicators, and +- 10 order types. This trading platform is both web and desktop compatible, however, it cannot be accessed via a mobile phone.
Mobile Trader: with this platform, you will, too, be able to benefit from 350+ instruments, 60 technical indicators, and +-10 order types. However, it is tailored exclusively for mobile devices, and cannot be accessed via the PC.
Both the Mobile Trader and the Web Trader platforms are based on MetaTrader4 software, which has long proven itself as one of the most successful solutions available in the market today. The MT4-based trading software is currently used by almost 90% of the brokers across the world.
Brokereo trade offerings
The variety of trading instruments and tools that your broker has to offer is crucial t determining how successful your overall trading experience will be. Luckily, with Brokereo you can easily ensure that your trading has every option necessary to make your personal trading strategy profitable.
As mentioned earlier, and according to various Brokereo reviews, with this broker you can choose from as many as 350+ instruments to trade with. With that in hand, you can either make your portfolio diverse and resistant to the market volatility or focus on the assets that you understand best. Here are the types of instruments that Brokereo offers:
- Currency pairs
As for trading tools, Brokereo also offers some impressive benefits. A good example of that is the brokerage featuring market execution which basically means that you can place your trades instantaneously and never miss out on the relevant market developments.
On top of that, the leverage that this broker provides to its clients is pretty decent and is more than capable of significantly increasing your overall earnings. Of course, 1:30 for a retail broker is incomparable to the ones reaching 1:500 or even more, but by keeping it relatively low Brokereo actually makes sure that you avoid devastating losses that often come with trading with leverage.
Overall, our Brokereo opinion concluded that the trade offerings with this brokerage are pretty admirable, and one can definitely benefit from incorporating them into their respective trading sessions.
Payment methods and commission fees
Having heard about the unique trading features that Brokereo gives access to you are probably wondering whether the commission fees that it charges are high. While conducting a review of this broker, and after comparing it to the other brokerages available in the market, we have discovered that more than half of the usual commission fees are eliminated with Brokereo.
With this broker, you will not be charged for any account-related or instrument-related fees. The only trading commission that you will come across is the account swap commission for the overnight trading and the actual spreads that can be as low as 0.03 pips. Moreover, Brokereo offers big discounts on swaps: 25% discount for the Gold account and 50% for the Platinum account.
As for Brokereo withdrawal and deposit procedures, we are happy to report that they are both executed smoothly and hassle-free and are not subjected to any additional commission fees. In terms of speed of the transaction, you should expect your deposit to be processed within a few minutes, while the withdrawn funds might take a couple of days to appear on your bank account.
As for the payment methods that you can use for depositing and withdrawals, you get to choose between the traditional options such as debit/ credit card ( Visa, MasterCard) or the online payment solutions.
Security regulations and safety mechanisms
As we have already stated earlier, Brokereo is monitored by the official regulatory body that it obtained its license from – the CySEC. This entity is both very popular among the brokers based in Europe and famous for its high standards of regulation that also abide by the guidelines of MiFID and ESMA – the two financial institutions that oversee the European financial markets.
But what does it mean – can Brokereo be trusted? It certainly can be, because what this means is that your safety is constantly assured, as the functioning of Brokereo is under constant supervision of the CySEC, which will also be the one imposing relevant disciplinary measure if any of the illicit activities are determined.
On top of that, Brokereo does go the extra mile to maintain the safety of its traders’ funds by implementing its own safety measures. Those include:
- Negative balance protection
- Account segregation
- Investor protection fund
To sum this up, we can easily conclude that this broker is both trustworthy and operates in line with all the relevant safety regulations that are accepted by the international bodies across the world.
So, is Brokereo worth joining?
Having read this far, what you are probably looking for is probably a simple answer to whether or not you should actually trust this broker enough to bring your trading to it. The simple answer to this would be, yes most definitely can trust Brokereo with your hard-earned funds, but let us elaborate on that.
First of all, Brokereo MT4 based software will help you execute your trades fast and smooth, which is exactly the kind of trading session that everyone is looking for. On top of that, your profits will be facilitated by the variety of trading assets to choose from, as well as the beneficial trading instruments that Brokereo has to offer.
When it comes to the trustworthiness of this broker, our review has also found that it is beyond satisfactory. Brokereo is regulated by a reputable Cyprus-based body – the CySEC, which monitors every transaction executed by the broker to ensure that it abides by all the relevant regulations.
On top of that, Brokereo implements its own safety measures to provide you with extra peace of mind that is so valuable in Forex trading. In conclusion, this Brokereo combines various features that can ultimately elevate your trading experience while keeping your funds safe at all times, which makes it very easy for us to recommend this broker.