Is Brokereo a legit broker?
After careful review, we have discovered that Brokereo is not as legit as it seems to be. Once you open their website, you will see a CySEC regulated broker. And it all sounds amazing. Until the moment you see that this same broker has been blacklisted in the UK and Italy. Why would a member of the EU blacklist a brokerage approved by another EU country? Let’ see in our Brokereo review.
- Regulated by: CySEC
- Headquarters Country: Cyprus
- Foundation year: 2013
- Platforms: MT4, web trader
- Instruments: FX, commodities, indices, shares, cryptocurrencies
Brokereo Regulation and Security
Brokereo is a Cyprus-based broker owned by Concorde Investments (Cyprus) Ltd. The company has had CySEC regulations since 2013. The broker claims to follow ESMA rules and to be MiFID compliant. However, we cannot find the list of banks where the funds are or any other word about the security of your money. The broker can legally operate within the EEA zone. So, why are there complaints about it?
As previously mentioned, the broker has been blacklisted by the UK FCA and the Italian CONSOB. Also, the Netherlands AMF made a clear statement about Brokereo saying that the broker does hold an EU passport by CySEC, but the AMF does not directly regulate the broker and the clients should be aware of that. This makes us wonder, why would other countries from the EEA zone make such a statement if everything is alright with the Brokereo broker. After the warning from the UK, the broker stated on the website that it does not provide financial services to UK residents. Was it really necessary to be punished to stop illegal activities?
What can you trade with a Brokereo broker?
A good thing to say about Brokereo broker is that the offer of trading assets is quite wide. The broker offers trading with shares, indices, cryptocurrencies, and commodities, as well as Forex market trading. All the trades are executed on the MT4 platform and a web trader. We have to say that it’s a good thing, having MT4. On the other hand, the leverage this broker provides is 1:500, and as per CySEC, it’s allowed to have leverage up to 1:30 for the Forex market. It’s yet to be seen if CySEC will react to this high leverage offer by the Brokereo broker.
Deposit and Withdrawal Methods
The minimum deposit with Brokereo broker is $250 and can be made via debit/credit cards, Skrill, Neteller, and a wire transfer. However, there are no fees and commissions listed anywhere. We tried to find withdrawal conditions, but no luck with this as well. The only thing we’ve seen – withdrawal needs to be done using the same payment method you used to make a deposit. This does not make much sense, since you might deposit using an E-wallet but you want to have funds in your bank later. And since both of these payment accounts belong to you, there is no reason not to be able to do so
Conclusion about Brokereo
Brokereo is a company owned by Concorde Investments Ltd, based in Cyprus, and regulated by CySEC. The company has permission to operate within the EEA zone, however, there are regulatory warnings about the broker from this same EEA zone. The broker officially listed that it does not operate in the UK after being blacklisted by the FCA earlier this year.
If you have been misled or scammed by Brokereo, do not hesitate to look for help!