Brokereo Review 2021: Fell the Thrill of Trading
Trading is a very delicate and sensitive process. The trading world features several elements and pieces, and the tiniest fault in any one of them can cost you a lot if not attended to accordingly. For this reason, the choice of a good broker is very critical to the success of your trade. Picking out the right broker can help you avoid multiple concerns that can ultimately cost you your capital and profits.
Looking at the current trading market, there are thousands of online brokers that you can opt-in for, and with many of them, you don’t even know if they’re any good or otherwise. This is why we are conducting comprehensive research on brokers, so we can help you make a better-informed decision when picking out one.
This review is a comprehensive analysis of a Cyprus-based broker, Brokereo, and at the end, you can deduce whether this broker is worth your resources and time or not. We will examine the regulations, trading platform, assets, and every other thing to help you conclude whether you should deposit your funds and trade with this platform or not.
Just a glance at the Brokereo website, the attractive and user-friendly design will undoubtedly gain your attention. What’s more impressive is the careful and complete organization of the information therein. Evidently, this is not a broker that has anything to hide.
Essentially, Brokereo is a Cyprus-based broker that deals in Contact for Difference (CFDs), similar to most online brokers you can find around today. As it is located in Cyprus, it is guided by the CySEC regulation and complies with the MiFID II standards. Brokereo offers a vast range of trading opportunities. There is zero commission or fees. The leverage follows the standard MiFID guidelines while featuring a professional account that can help traders and investors increase the leverage. In sum, just a first look at the platform, it seems like a trustworthy and reliable CFD broker.
With that said, now, let’s take a step further into analyzing the primary aspects of Brokereo.
Third-party regulations can massively influence trading security for any brokers. Brokereo has this covered. It is operated and owned by Concorde investments Ltd, which operates with a license number of 189/13 in compliance with CySEC.
The direct impact of this regulation is that CySEC regulation verifies the legitimacy of this broker. However, there are other reasons why you should even appreciate this standard more as a trader. CySEC regulation also provides traders and investors with critical protection of their rights and investments. It emphasizes account segregation to keep the broker’s operational funds and your funds separately. It also ensures negative balance protection to guarantee that you never owe more than you currently have in your accounts. Besides, this regulation also features a compensation fund to protect you against loss of funds in cases where the broker goes bankrupt or insolvent.
Brokereo accounts order almost everything you need in an online broker. This is evident right from the demo account, which offers you an experience of the trading market without the need to pay a dime. The demo account is pretty handy as a tool for beginners and less-experienced traders to practice and test the response of the market to certain conditions and actions. It is a great avenue to slowly learn about trading without losing real money.
If you believe you have all the required experience, you can then opt-in for the live trading accounts. These accounts follow a tiered framework that you can begin with a minimum of $250. Essentially, there are three available accounts, tailored to investors of various experience and expertise levels. They follow the conventional naming pattern i.e. using precious metals, with higher levels signified with the more valuable metals. Thus, the levels are platinum, gold, and silver.
Each account has a leverage of 1:30 for retailers, access to 300CF assets, and hedging. However, the swap discounts and minimum spreads on silver, gold, and platinum are Zero and 1.0, 25% and 0.4, 50%, and 0.3, respectively.
The accounts are further divided into retail and professional accounts. The feature on the retail account primarily aims to reduce risks as much as possible, hence, they are restricted or limited, including the leverage. Conversely, professional accounts can enjoy up to 1:500 leverage alongside some attractive features that will help them maximize their profits. These two accounts are set aside for traders of different levels. The professional, as the name signifies, is mainly for advanced traders while the retail account is for beginners.
Asides from the retail and professional accounts, there is an option for an Islamic account, which retains every feature except overnight swaps. This the best option for people looking to trade while following Islamic standards and regulations as indicated any the Quran and sharia law s
Using Brokereo, every choice is right. Nonetheless, it all comes down to your market understanding and how comfortable you are with your capital and investments. Thus, as a trader decides for yourself.
Registration will not take you a whole day. In fact, you can finish it up within a few minutes. All you need to do is fill up necessary details on the platform and within two business days, Brokereo will review your credentials. On approval, you can start depositing some cash and generate profit from trading.
At the moment, Brokereo offers five primary asset classes you can select from;
- Currency pairs
Overall, you can access over 300 of these assets that you can trade as CFDs on the platform. This number is high enough to offer you the opportunity to diversify your portfolio and guarantee that there is always a profitable market to trade.
Examining the trading conditions, as mentioned earlier, the leverage for each market aligns with the MiFID II standards, with the highest being 1:30 for the retail account users. Besides, the is a bit higher than normal, which the platform compensates with its zero commission. Brokereo runs using an STP execution model, which helps it prevent slippage, and as such, when it comes to spreads, you can be sure of getting what you see.
Brokereo Trading Platform
Brokereo uses an MT-4 (MetaTrader-4) trading platform. If you are an experienced trader or someone who has tried out various forex or CFD platforms, undoubtedly, you would have come across MT-4. It is the industry standard for trading platforms. Besides, as a client on Brokereo, you have the freedom to select from the MT-4 WebTrader, which is the web version, or MT-4 desktop version, or the MT-4 mobile version.
Irrespective of your preferred option, you’ll access a vast range of charts and other management features. As such, the decision over which option to use depends mainly on your choice, not functionality. You can also use every one of them — they sync perfectly. You can place an order on one, manage on the other, and close orders on another version.
MT-4 features 8 distinct order types, 9 timeframes alongside thirty pre-loaded indicators. Besides the MT ecosystem can help you create personalized indicators and signals as there are thousands of them accessible in the community.
Deposits and Withdrawals
Banking with Brokereo is a little bit more restricted than what other online brokers offer. It allows you to deposit using traditional means such as debit cards, credit cards, bank transfers, or other modern payment methods such as e-wallet Klama. You can carry out every deposit on the MT-4 platform with a minimum of $250. While deposits made using credit cards and Klama usually reflect immediately, bank transfers can take up to a could days, usually one to seven business days.
You can withdraw using similar processors within zero withdrawal charges. You can only withdraw your funds to the funding source and usually, you may also need to prove the ownership of your account by providing a copy of your credit card statement and bank statements when necessary.
Although near-perfect trading conditions are necessary, customer services also take up a significant role in maximizing profit on investments. For Brokereo, the customer service is always ready to help you. They provide rational and logical answers irrespective of the rationality or complexity of your problem. You can access the support from Monday — Friday, on the web, telephone, email, or online chat.
With this analysis of Brokereo, do you believe it’s worth giving a try?
There are several exciting and interesting features you will definitely enjoy, such as the MT-4, the range of available assets, and other benefits and security guaranteed by the CySEC regulation. Besides, with Brokereo, you don’t have to worry about commissions, which is especially beneficial for high-volume traders. Nothing discourages a trader than having to pay commissions and fees on every trade made.
Asides from the exciting features, it also has impeccable and almost faultless customer service. While the available times to contact the customer service is pretty limited, Brokereo seems to align with the industry standards by making this service available only during European market hours.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.