Brokeragea Review: Lies behind This Scam Broker
Brokergea review, we have found that this broker is nothing short of a simple investment scam being run from an offshore location.
That location is the consistent scam favorite, Saint Vincent and the Grenadines. Like most other scams run from this location, this brokerage requires a ridiculous minimum deposit of $1000 so that is 2 of the most common red flags scam brokers display right there.
If that is not enough for you to realize that this is a blatant fraud then we suggest that you read the rest of the article which details all of the other issues that arise when you take a closer look at this scam brokerage.
|Headquarters||Saint Vincent and the Grenadines|
|Platforms||Basic web trader|
Brokeragea License and Safety of Funds
To put it simply this is an investment scam and your funds are not safe in the least with these scam artists.
The slightly more complicated explanation is that this broker is based in Saint Vincent and the Grenadines, an offshore location that has become scammers’ preferred choice over the past couple of years.
This is due to the fact that while SVG does have financial authority, this authority has no power to provide oversight to forex brokers. The FSA is in charge of providing oversight to banks, not investment firms.
This allows brokers like BrokerGea to get away with all of their awful and predatory business practices.
What Trading Platforms Are Available?
This brokerage does not make great claims about its proprietary trading platform; they just provide links that lead to nothing on its website.
It is safe to say that this should be a strong deterrent to anyone considering signing up with this broker. If that is not the case be warned that the average experience in similar cases is as follows; the broker either does not provide a functional trading platform at all or they do provide one but it has the absolute bare minimum in terms of features.
When trying to choose a broker it is important to take into account what platform they offer as well as verify that they actually offer this platform before making a deposit. This is not an issue with legitimate brokers as they tend to offer platforms like MetaTrader 5.
Account Types Available at Brokeragea
When it comes to account types, this broker continues their trend of being shady. We say this because when you click on the “Account Types” link in their menu bar, you are greeted with an error.
|Broker||Brokeragea||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
This means that this page does not exist, this happens to be true for all of the links in their quick menu.
Generally, legitimate brokers are incredibly transparent with what each different account type offers as this is a means of getting people to sign up for the right kind of account that meets their needs. This is not the case with this broker.
Deposit and Withdrawal Procedure
This broker has set an incredibly high minimum deposit at $1000, something that is far beyond what legitimate brokers ask for. As you will see below legit brokers generally ask for deposits ranging from $5 to $100 while scam artists try to squeeze as much money as they can from their victims as fast as they can before they realize they are being scammed.
In terms of making a withdrawal, there is no indication that this is at all possible with this broker as there is no mention of the procedure or the terms of withdrawing your money from your account
Additionally, this broker claims to accept credit card payments as well as payments made with bitcoin. The likely truth is that they do not accept payments made with credit card as these are subject to chargebacks while crypto payments are irreversible.
How Does the Fraud Operate?
Social media is regularly used by investment scammers working in offshore areas like the Saint Vincent and the Grenadines to trick victims by promising them quick and simple ways to get rich in exchange for their contact details.
Once they have this contact information, they keep pestering the victims until they give in and make a deposit. It is also a common tactic to get the victim/client to fund their account via crypto currency, as the payments are irreversible.
When they face a malfunctioning trading platform or discover that the minimum withdrawal amount is far out of reach, they realize that they can not retrieve their funds, but at this point it is too late.
Forex Brokers Suggestions
We advise checking out some of the brokers below, all of whom we have reviewed in the past. These six brokers have undergone the highest degree of regulation from top tier regulatory bodies, which ensures that your money is safe with them. Additionally, these brokers are appropriate for traders of all experience levels and provide a variety of entry points due to their modest minimum deposit requirements, which range from $5 to $100.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Over the past decade or so scam brokers have made a home of Saint Vincent and the Grenadines due to the complete lack of any regulatory oversight and BrokerGEA is no different.
They have chosen this to be the location of their headquarters as the FSA (the local financial authority) has no power to control nor regulate the actions of brokers set up in SVG. This alone should make it fairly clear that this broker is clearly up to no good.
The next issue is that the broker’s website barely functions and this means that all of the necessary information that potential clients could want to know before making such a large deposit is completely unavailable.
The final nail in the BrokerGEA coffin is the fact that the broker clearly tries to steer clients towards making a payment in cryptocurrency, a huge red flag in the investment world.
FAQs About Brokeragea Broker
Is Brokeragea a Good Broker?
This is just another basic scam broker based in SVG.
Does Brokeragea Offers a Demo Account?
This brokerage does not offer a demo account for their clients
How Long Do Brokeragea Withdrawals Take?
There is no indication that this is at all possible with this investment firm.