Beware! Broker Major is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Broker Major is a forex broker trading in indices, commodities, stocks and crude oil. We do not consider this broker to be legitimate and reliable to trade with.
Broker Major Regulation and safety of funds
First of all, Broker Major is a company with an address in the offshore zone of the Marshall Islands. You should know that the Marshall Islands (MI) is a jurisdiction where there is no financial regulator. Practically, you can register your forex company on the Internet without having to go there. This makes trading with Broker Major extremely risky!
Second, CONSOB which is the Italian government agency regulating the Italian stock exchange, has already issued a warning that this broker is illegal (screenshot below).
You should avoid at all cost trading via brokers such as this one as if you do so, you are probably going to lose all your money! Instead, we recommend you to look up brokers from the well-established jurisdictions, such as EU, UK or US. There, in order to be licensed, forex companies must meet many stringent requirements to prove that they are not scammers. For example, in US, to be licensed, a broker must have an initial capital of no less than $20 million! As you can see, no scammer will invest so much money just to look legit. This measure in its own is enough to keep scammers away. In Europe, forex brokers regulated by FCA or CySEC must have an initial capital of 730,000 EUR which is also enough to keep scammers away. In addition to that, licensed brokers must contribute to a compensation scheme from which clients can be compensated in case of bankruptcy. If that happens, clients of forex companies regulated by CySEC will be compensated by up to 20,000 EUR per person, and those from companies regulated by FCA will be compensated up to 85,000 GBP per person. These are excellent conditions that provide a peace of mind for the traders and you are strongly advised to seek such forex brokers instead of the shady ones from entities with no regulation.
Broker Major Trading software
Broker Major offers to its clients the Sirix trading platform. Although this platform is considered to be a good one, it cannot measure up to the MetaTrader 4 and the MetaTrader 5 which are considered to be the Rolls-Royces of platforms in the forex world. They are choice number one among over 80% of the brokers for their excellent trading tools and instruments, such as the plethora of charting options that provide the trader with tools to analyse the fluctuation in price and predict the future direction of exchange rates and make profit. In addition to that, these two platforms come with a code base with customs scripts, an app market, VPS, auto trading option and a financial calendar.
Compared to them, Sirix just look very basic and if you take a look at the screenshot below, you will see on the left side the menu with the currency pairs and their bid/ask price and in the middle, there is a display of the fluctuation in price chart for EUR/USD currency pair. From we can see as bid/ask price, we can calculate the spread to be 0.4pips which is tight. In the account types information, we noticed that the leverage offered by the broker is actually quite acceptable – 1:50 and is similar to what brokers in US may offer to their clients.
One of the features that Sirix has is the social trading which gives traders access to the live trades of other traders. Clients of the Sirix platform can copy other traders who they may consider more experienced in the hope of making a profit. They can also see how many others have copies this trader. However, you should be aware that mirroring what another trader is not always to your benefit and you may finish by losing money instead of making a profit.
Of course it matters what platform the forex broker will offer to its clients, as we saw that there are some really excellent platforms compared to Sirix. However, the trading platform always comes secondary to the licensing of the forex broker. If the broker is not licensed, forget about trading with it, no matter the platform!
Broker Major Deposit/Withdrawal methods and fees
Broker Major offers 4 different trading accounts, as you can see from the screenshot below – Mini, Standard, Gold and Platinum. The minimum initial deposit for the Mini account is $500. The other accounts start at $5,001, 10,001 and 15,001 respectively.
The deposit and withdrawal methods are rather restrictive and are not to the client’s benefit. For example, the minimum amount to make a deposit via credit card is 250 EUR/GBP and the maximum amount that can be deposited per credit card per month is 30,000 EUR/GBP. We are not sure why the broker must impose such restrictions to its clients.
If you look at one of the horizontal bands on the company’s website, you will see a variety of payment methods (screenshot below) – VISA, MasterCard, Skrill, Neteller, TrustPay, Deal, Euteller, Sofort, GiroPay, Paysafecard, Teleingreso, Neosurf and Ticket Surf. However, when they open real accounts and want to make a deposit, traders will see only 2 options available – cashier and World Voucher. The information on the horizontal band is very misleading and aiming at fooling the traders into thinking that they have more than 2 options available to them.
Another thing we are not happy about is the fact that the minimum amount of withdrawal via a wire transfer is 3000 EUR/GBP! Needless to say, this amount is too high and does not give traders much choice. In addition to that, we found the withdrawal processing time rather long – 5 business days to process the withdrawal request by the broker and another up to 10 business days for the funds to reach the client’s credit card or bank account. What happens if you need your money urgently? Wait, wait, wait!
The policy on dormant account, according to the company’s policy is that if an account stays inactive for 6 months, the company will deduct 10% each month. Again, not fair to traders as 10% could be quite a big amount. Legit brokers who charge fees for dormant or inactive accounts will charge a fixed amount for fee, not a percentage!
In the Terms and Conditions document, we found that there is a mention about bonuses and non-deposited funds which are basically the broker’s funds they have given to the trader to make use of in transactions. You should be aware that bonuses and non-deposited funds come with heavy to fulfil requirements and can mess up the trader’s funds and withdrawal options. Licensed brokers do not offer any bonuses or non-deposited funds and this is one of the indicators to distinguish between legit brokers and scammers. Furthermore, Broker Major does not specify what the conditions for accepting a bonus or non-deposited funds are which may be a trap.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or the social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.