Brokers Park review – 5 things you should know about brokerspark.com

Brokers Park review – 5 things you should know about brokerspark.com

Rating: 1

Beware! BrokersPark is an offshore broker! Your investment may be at risk.

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Brokers Park is just another poorly disguised scam broker. They don’t even bother to maintain some sort of consistency regarding their location and claim to hold an imaginary license. Additionally, their website malfunctioned and didn`t allow us to set up any sort of account. That being said, we had to make conclusions based only on the information Brokers Park had provided on their website and that was completely enough to prove that this is a scam company you should not trust under any circumstances.

Brokers Park REGULATION AND SAFETY OF FUNDS

Brokers Park claims to hold a license in St. Vincent and the Grenadines. This is impossible in itself because the FSA (St. Vincent and the Grenadines Financial Services Authority) has stated multiple times and in various documents that they do “not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA “Regulate, Monitor, Supervise or License” International Business Companies (IBCs) which engage in such activities.” Even if a broker is registered there that does not mean that they fall under any sort of regulation. Brokers Park provides an address for an office in St. Vincent and the Grenadines while also giving a phone number in the UK. Their Facebook page on the other hand is almost entirely in Turkish. So there is no way to say for sure where Brokers Park is situated but they are clearly unregulated and just as clearly trying to lie about it.

What is interesting is that Brokers Park claims to hold multiple awards. What kinds of awards that were exactly, we could not establish because there was no further mention of that anywhere on the website.

Working with such unregulated, anonymous brokers could put you in danger and is a huge gamble. Regulations exist for a reason – to ensure that brokers have enough capital (at least €730 000 in Europe and $20 million in the US) to cover any dangers that may arise. Negative balance protection – something that Brokers Park advertises as some sort of unheard-of luxury – is also a must for regulated brokers. This means that your losses cannot exceed the amount of money you have in your account. Working with registered brokers is always the safer, smarter option and you should stay clear of any fraud that lies about such basic information.

Brokers Park TRADING SOFTWARE

Brokers Park claims to be operating with MetaTrader 5 which is currently the leading software in the industry. As we could not register an account we could not make sure of that although Brokers Park has provided a download link for the basic MetaTrader 5 terminal on their website. MT5 is popular for a reason – it provides access to many useful functions like the possibility to use pre-programmed Expert Advisors (trading algorithms) or the option to develop your own and see how they cope in a demo account and through back-testing. There are enough legitimate brokers that use MetaTrader 5 and you should not waste your time on Brokers Park just because they exploit this established platform.

Brokers Park TRADING CONDITIONS

Brokers Park offers some quite outrageous trading conditions. It allows you to open three types of accounts – Standard, Pro, and ECN. The very mention of ECN in relation to a broker like Brokers Park is laughable. Only the best and most well-established brokers in the industry offer such accounts and Brokers Park is surely trying to pass as such by offering an option like that to clients. All of that is clearly bait for ignorant new traders that have heard the term and think it is prestigious but don`t know what exactly it means or how it is applied.

Brokers Park offers dangerously high leverage of 1:500. This is again bait for new traders trying to make a lot of money fast. However, such high leverage rates are banned in most countries where some sort of reliable regulatory body is operating because they come with a risk for fast loss. In comparison, the UK where Brokers Park has provided a phone number has a leverage ratio of 1:30.

We could not exactly establish what the spreads for every type of account are as we did not manage to set up an account. On the website, they are advertised only as “variable” and “low” with no specific numbers.

Brokers Park DEPOSIT/WITHDRAWAL METHODS AND FEES

Terms and Conditions were not available on the Brokers Park`s website. They made no mention of the size of the initial deposit. Usually, you could open an account with a legitimate broker for anywhere between $10 and $100. Scammers could demand much higher minimum deposits but we could not establish if this is the case here.

As for Deposit and Withdrawal, Broker Park has named more than enough options – Visa or MasterCard, wire transfer, Skrill, Neteller, Bitcoin and the online payment system Perfect Money.

HOW DOES THE SCAM WORK?

Usually, such scams start with an ad or banner you see on the Internet that advertises the company in question as offering impossibly high profits. Such scammers want you to see them as the easy way to a luxurious lifestyle and would do anything to get your attention.

The moment you provide them with any sort of personal information or contact details, you will start receiving calls from these cons asking you to pay an initial deposit of a certain amount. With time, you will be asked to invest even more money. To compel you to do that, these experienced frauds can make it look like you are making huge profits. But the moment you decide to try and withdraw your money, they will come up with reasons to prevent you from doing so like making up additional taxes you should pay. This is done to ensure the time period in which you can get your money back through Visa or MasterCard withdrawals runs out. Currently, that time period is 540 days.

It is virtually impossible to get your money back if you have paid with some sort of cryptocurrency and for that reason, such payment methods are preferred by scammers.

WHAT TO DO IF SCAMMED?

If you fall victim to such a scam and are using a credit or debit card, you should file for a chargeback right away. If you were paying through bank transfers, you should contact your bank immediately and ask for assistance. As stated, scammers might deny you the chargeback on the basis of the fact that you have verified your account and sent them your personal info. There is little you can do in such cases. If the frauds had gained access to any sensitive information like banking passwords and usernames, it would be best for you to change those.

One last thing you should remember – don’t trust any “recovery agents” that offer you a fast refund. Such people exploit scam victims` hopes of gaining their money back by either collecting a fee or asking you to reinvest. Once this is done, you will never hear from them again.

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