Beware! Brokeriq.io 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.
Just one look at Brokeriq.io’s website proved that they could not be a very reliable broker – that website contained almost no information about the company behind the broker, or about the trading environment we would get access to. We were also not offered any sort of legal documents although we were explicitly asked to agree to Terms and Conditions we have never read – a red flag if ever there was one.
In the following review, we have tried to cover all the problems we encountered when taking a closer look at Brokeriq.io. We hope that by the end of it you would have reconsidered trading with this broker altogether – they have absolutely nothing to offer and are an insolent scam.
Brokeriq.io REGULATION AND SAFETY OF FUNDS
Brokeriq.io claims to be a UK-based broker “committed to providing the best trading experience”. However, this company is in no way licensed and authorized to offer services in the UK. In fact, the UK’s financial regulatory body, the reputable FCA, has recently warned traders against investing with this specific broker because Brokeriq.io does not have a permit to legally operate on UK grounds.
Needless to say, working with a broker who has done enough to earn an official warning on its name by a regulator as respected as the FCA is not the brightest idea. As the financial authority has mentioned in its statement, you would be able to get access to the same protections that are available for clients of legitimate, regulated brokers. The fact that you would be working with a broker whose activities are not monitored and who would generally be able to conduct business in any way it sees fit is even more problematic – because nobody could guarantee that you would not just get robbed.
We would advise you to turn to a broker who is actually licensed in the UK. Such brokers have to report to the FCA regularly to ensure that they are conducting business in a fair and transparent manner and employing good practices. They also have to meet quite a few requirements – for example, prove their financial stability by maintaining a minimum capital of €730 000 – possibly more if they have many clients – and participate in a compensation scheme. If the broker becomes insolvent, each of their clients could receive a compensation of up to £85 000 because of this compensation scheme. Negative balance protection is also ensured – this means that no retail trader could lose more money than they have in their account at a given time.
Brokeriq.io TRADING SOFTWARE
Brokeriq.io does not seem to offer any sort of trading platform – the only thing you would be able to find in this broker’s Client Area is a chart of prices. Trading with Brokeriq.io would not be possible – which means you have absolutely no reason to want to open an account or deposit.
If you want to check out some decent trading platforms, turn to a broker who offers MetaTrader 4 or MetaTrader 5– these are, without a doubt, your best options. Both platforms are quite beloved and used by millions of traders – the reason for that is more than simple. Both MT4 and MT5 are quite user-friendly but still very functional. You would be able to get access not only to a full charting and analysis package but also to features like Expert Advisors you could employ to track markets and trade automatically, a Strategy Tester, VPSs, a market where you could purchase additional trading apps, and add-ons. You would also be able to set signals for prices going up and down and even develop custom scripts.
Brokeriq.io TRADING CONDITIONS
As mentioned, Brokeriq.io does not offer a trading platform and as a result, there would be no point for us to talk about spreads or leverage – these are terms that could only be applied to brokers who actually offer their clients the opportunity to trade. What Brokeriq.io is something completely different.
The broker is running something that looks more like an investment scam. You will be asked to invest a certain amount of money – in this case, at least $1000 – and then you could just wait and see your investment grow immensely without actually having to do anything. If you subscribe to the most basic plan which lasts 14 days, you could earn 14% interest per day. This means that if you have only invested $1000, at the end of this 14-day-period you would have almost $3000 – without having to take risks, analyze, draw charts, or actually strain yourself.
All of this sounds tempting but there are many problems with such claims – 14% would be a decent annual return rate for most retail investors, but reaching such heights in a day is pretty impossible. The broker fails to explain how it reaches these amazing numbers, we just have to believe them on it. If someone promises unattainable profits with zero effort there is most probably something wrong – such offers are usually a trap, be it a very unimaginative one.
Take your time, educate yourself and only invest with reliable brokers – this is the only way to stay safe and actually be able to profit from trading. Some of the best brokers in the industry actually offer very affordable trading accounts – check out their offers here.
Brokeriq.io DEPOSIT/WITHDRAWAL METHODS AND FEES
Brokeriq.io only accepts deposits made in a number of cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, Ripple, BUSD, Dogecoin, and Shiba Inu. The broker has not provided any sort of alternative to crypto payments. This is a huge red flag – crypto payments are often preferred by such scam brokers because they are irreversible because of the nature of the very technology they are based on. This means that if you have already deposited with this broker, you would not be able to get a chargeback. Such transactions are also anonymous – so be careful to who you transfer money if you are using crypto.
HOW DOES THE SCAM WORK?
Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.
Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.
After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.
At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.
WHAT TO DO WHEN SCAMMED?
Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.
You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.
Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.
If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.
Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.