Forex Trading

Brokereo Review – An In-Depth Guide to Top Forex Broker

To trade cryptocurrency you need a platform, Many well-known trading platforms which offer wide selections of tradable assets. There is one platform which is new to the trading world, called Brokereo.

So traders, are you looking for a new trading platform? Offering you more advanced trading options and contains a variety of asset classes. Then, Brokereo is one for you.

To know all about Brokereo, read the complete article.

Overview 

Web address: BrokereoParent Company : Concrode Invesments Ltd
Support contact : LinkTransfer types : Bank transfer, Credit Card, Debit Card
Main location : CyprusSupported fiat : USD, EUR, GBP
Daily Volume : ? BitcoinsSupported pairs : 350
Mobile app available : YESHas token: No
Is decentralized :NOFees : Medium(Compare rates)

About Brokereo

The platform is new to the trading world and allows access to cryptocurrency CFD(Contract for difference) trading. Brokereo also offers access to commodities, shares, and forex trading CFDs. The platform is exposed to many varieties of asset classes and has more advanced trading options. It has fewer trading pair choices within the cryptocurrency space. 

Brokers have no dealer charges and they are interested in more serious traders. The traders are Islamic friendly, if you are Islamic faith can be assured as the brokers exclude interest and hidden fees. 

Background

In November 2020, Brokero was launched for online trading. The parent company is Concorde Investments (Cyprus) Ltd. This regulates to operate within EEA members. Brokereo also operates in countries like Iceland, Liechtenstein, and Norway. Due to the restrictions, US citizens cannot trade with online brokerage which uses non-US assets and does not have CFTC license. Since its new to online trading, there is lesser known details about Background 

Brokereo Security

Cyprus Securities and Exchange Commission regulates the Brokero platforms. The platform has several rules and regulations. The platform trades only with cryptocurrency CFDs. Thus, storing of coins in any got or cold wallets is not requires.The platform facilitates separate user’s deposits and profits from the broker’s business account. Brokereo regularly audits to ensure security.

For instance,  when a user’s balance tails off, CySec ensures the user’s position is  automatically closed.this makes no payment to the brokers are required. The CySec regulation provides an equalization fund in case Brokero gets closed due to some reasons. The platform needs external evaluators to review due to no professional review of the platform’s security on press time.

Deposits and Withdrawal

Adversely, Brokereo does not provide any information regarding deposit and withdrawal fees. The payment can be made using different platforms like credit cards, bank transfers, Neteller, and Skrill.

Trading account and conditions

According to the dexterity of Brokereo, the platform offers three account tiers.

  1. Silver tier

This tier is for beginners. The silver tier account requires a minimum deposit of EUR 250, starts the spread from 1.0, and for professional clients maximum forex leverage is 1:500. It provides 24/5 support without the charges and you can access to 300+ CFD assets.

  1. Gold tier

This tier is suited for experienced traders. The Gold tier offers the same as the silver tier with an additional 25% swap discount. It starts the spreads from 0.4, forex leverage up to 1:500.

  1. Platinum tier

This account type is for professionals. The platinum tier offers the same as the gold tier 50% swap discount and starts spread from 0.3.

Apart from these, the platform offers Islamic accounts which prohibits certain rules. It holds the same trading conditions.. This islamic account has no charging interest, no hidden costs, no swap charges on overnight positions, and no time limit for holding the position. 

Brokereo has an additional account tier for professionals. This has no restrictions and is applicable to the retail accounts under certain circumstances. This has additional functions and features apart from other tiers. 

To open the account, the professionals should meet these requirement

  • Trading volume 

The users must have performed large transactions from past four quarters. For each quarter minimum 10 transactions should be done.

  • Market expertise

The user should work for at least one year of financial areas at professional capacity.

  • Financial status

The user’s financial instrument portfolio should exceed EUR 500,000.

Trading fees

The platform does not charge any dealer commission. Due to its business model, they fetch money through spread and the overnight swap fee.  In conjunction with, if you haven’t traded then they have a husky inactivity fee of EUR 80 per month. If you continue to remain inactive for more than 90 days, the fee raises to EUR 120 per month.

Is it worth trading with Brokereo?

Brokereo is new to the trading world but not their team player. They are looking forward  to stabilizing and maintaining trustworthiness in the trading world.

 ]The platform is able to trade more than 300 CFDs like crypto assets, stocks, indices, and many more. This prevents users from losing money. It highlights the in and out of trading for newcomers with courses and tutorials apart from articles and guides.

Metatrader 4 engine is widely used to give access to all the tools regardless of which device you are using. Islamic trading plans provide you with the best offer with no interest or hidden chargers. By referring people and advertising the Brokereo you can earn money. This also helps you with any issues as it deals with excellent customer services.

Brokereo Pros and Cons

Pros

  • Highly secured due to CySEC regulating the Brokereo.
  • Provide you with a professional trader account if you meet the criteria.
  • Islamic plans are available.
  • Tradable assets cover a wide area.

Cons

  • Huge inactivity fees.
  • Only EEA countries can enroll.
  • The account tiers affect the small traders.
  • While trading user’s are unaware of underlying asset

Conclusion

Brokereo provides more cryptocurrency CFDs than most of the platform does. It is regulated by CySEC and has a trustworthy environment. The platform gives access to other tradable assets. For traders looking to diversify the portfolio can opt for Brokereo.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.
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