If you need an example of a fraudulent firm, we have Brokeragea. The company is offshore, unlicensed, and banned in one EU country. Since we want to ensure that you have a complete overview of the company and understand why not invest in it, we did a detailed review. Find out what traders honestly think before you end up scammed.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | brokeragea.com |
| Blacklisted as a Scam by: | CONSOB |
| Owned by: | Brokeragea Ltd |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2020 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $1,000 |
| Cryptocurrencies: | Available – total 20 |
| Types of Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is Brokeragea a Broker With a Good Reputation?
Brokeragea is a brand of Brokeragea Ltd, a company registered in Saint Vincent and the Grenadines two years ago. Since SVG has no financial regulator, it has become a popular hub for grey-zone firms. Technically, most of them are registered as financial businesses, but none of them is supervised by any authorities. According to the Financial Services Authority of SVG, Forex and CFD trading providers should opt for a license in the country of service. Yet, after checking the registers of the FCA, ASIC, BaFin, and more, we concluded that Brokeragea did not follow the directive and operates unlicensed.
How Unsafe Is An Unlicensed Broker?
Unlicensed brokers are unsafe. Simply speaking, the company has no higher authority, and nobody supervises its activities. It can vanish at any moment, and your money can disappear with it.
Also, we want to invite you to read our recently updated reviews of fraudulent brokers SinaraCorp, PrimeDeltas, and ACE FX. Be careful with these brokers.
Is Brokeragea a Legit Broker or a Scam?
Brokeragea is a scam online trading firm. The broker has no regulations and operates from Saint Vincent and the Grenadines. The company is banned in Italy due to scam activities.
Brokeragea Warnings From Financial Regulators
After a number of complaints, the Italian regulator CONSOB issued an official warning against the Brokeragea trading scam. According to this warning, the firm provides illegal financial services. The domain brokeragea.com was added to the blacklist, and citizens were warned to avoid the firm. If you have any issues with the brokerage, report them immediately.
Traders’ Experience With Brokeragea
While we read numerous negative reviews, we will present you with one of them. That way, you’ll understand the overall traders’ experience.
“Terrible broker, only negative emotions, my balance is already in the red, they just stole money from me and require replenishment, otherwise they will sue, I didn’t even have time to trade! brokeragea.com – scams”
– Sitejabber Customer
Brokeragea Platform – Platform Features
Brokeragea offers a typical WebTrader with no special trading features. Also, the software doesn’t support social trading or automated trading, meaning it’s far behind MT4 or MT5. Moreover, customers can look at available trading assets, choose buying or selling positions, see the margin level and deposit more funds. However, it’s nowhere near enough for the investors to succeed in the market.
Access Terminal from PC, Android, or iOS
The company claims to offer access via desktop, Android, and iOS devices. Basically, the app is the same as WebTrader, without any special features.
However, we highly recommend the MetaTrader app for mobile and desktop devices if you want to start trading.
Educational Features – Free Education for Customers
One of the lures that illicit brokers recently used is offering free education. Thus, if you’re new to online trading and want to get some information first, the broker will provide you with an educational course included in the price. While they call it free education, they will insist that you deposit the minimum amount so that you will gain access to the trading account and be able to learn. Thus, it’s not free and just another tool to hook you into depositing.
All About Brokeragea Accounts
If you’re still interested, here’s an overview of Brokeragea trading accounts.
- Starter – $1,000
- Classic – $2,500
- Intermediate – $5,000
- Advanced – $10,000
- Ultimate – $50,000
- VIP Policy – $100,000
According to the Account Types section, the more you upgrade, the more perks you can get. Likewise, with an Intermediate account, you have technical indicators and economic news. The Advanced account brings fixed pricing, while Ultimate and VIP Policy give access to EU private bank accounts.
Brokeragea Broker – Countries Of Service
According to our research, the broker is mainly active in:
- France
- Canada
- Belgium
- Germany
In the meantime, avoid scammers like 24Trades, Fusionfx24 and Oriontero. So, if possible, tell us about your scam experience.
Brokeragea Range of Trading Instruments & Markets
Brokeragea offers traders to invest in:
- Currency pairs – EUR/USD, CAD/JPY, EUR/CAD
- Indices – Dow Jones, S&P500, DAX30
- Shares – Amazon, Tesla, Microsoft
- Commodities – coffee, soy beans, gold
- Cryptocurrencies – BTC, ETH, XRP
Brokeragea Trading Conditions
Like any unregulated broker, Brokeragea determines its own trading conditions.
About Leverage And Spreads
The leverage is against regulations and goes up to 1:400. While it may be good since you can earn more profit, it can also put you in 400 times higher losses. That’s why most Tier1 regulators have set a limit on the leverage, whether 1:30 or 1:50 for the Forex market and only 1:2 for cryptocurrencies. Besides, spread is not disclosed, leaving trading costs unknown.
Brokeragea Deposit, Withdrawal Methods, And Fees
The company accepts only two payment methods:
- Debit/credit cards
- Bitcoin
Investing in BTC is not recommended since transactions are hard to follow. Thus, scam brokers enjoy transferring your funds from wallet to wallet, hoping to be protected by anonymity and knowing that you cannot get the money back even if defrauded.
Also, as per fees, the company charges 4% annual interest and claims they can apply daily interest according to the client’s standing.
Minimum Investment Amount
The company requires a too high initial deposit of $1,000. While the industry standard is $250, you can find some legitimate firms with Micro accounts starting at $10. There’s no reason to risk so much money with shady offshore fraud. Rather find a licensed broker and enjoy earning profits.
Bonuses – A Fraudulent Method
Despite a regulatory ban on bonuses and other incentives, some scheme firms still insist on providing these. Yet, the company has a clause stating, “If the client obtains a bonus, reward, or promotion with more than 10% of the capital, it will be subject to particular obligations, which shall be determined with specific transaction requirements on each dollar of the bonus funds.” Yet, there’s no such specification, meaning that the firm can simply ban you from withdrawals claiming that you have not fulfilled their imaginary demands.
Customer Support – Communication Channels
According to reviews, customer support contacts clients via:
- Phone calls
- Emails
- WhatsApp and Telegram messages
- Facebook and Instagram
- Dating apps
If you see the name Brokeragea, know that you’re about to be defrauded.
Scammed by Brokeragea Broker? – Let Us Hear Your Story
Have you been scammed by Brokeragea or a similar bogus broker? Let us know. Our chargeback specialists will do everything in their power to help you recover stolen funds.
But What Is A Chargeback?
A chargeback is a way for the bank to recover funds directly from the merchant. Since there’s a time limit of up to 540 days, we need to act fast. Contact us right away to book your free consultation, and let’s recover your funds before it’s too late.