Brief Trader – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Brief Trader - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://brieftrader.com
Founded: 2023
Regulations: Unregistered
Languages: English, Google Translate Languages
Deposit Methods: Cryptos
Minimum Deposit: Not Specified
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Currencies, Stocks, Indices, Cryptos and Commodities
Trading Accounts and Conditions
Brief Trader does not mention the types of trading accounts they offer. On their About Us page, the broker states that they offer a leverage ratio of 1:500. The broker also states that they offer zero-deposit commissions, and 30+ analytical tools. However, they do not mention other trading conditions such as the minimum deposit requirement, the spreads, order execution methods and so on.
Brief Trader – Advantages
There are no advantages to trading with Brief Trader.
Brief Trader – Disadvantages
Here are the disadvantages that tell us that Brief Trader is a scammer:
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Unregulated Broker
Brief Trader claims to be operated by Brieftrader, a company that is supposedly based in Norway. The broker also claims that their parent company is registered with the Securities and Exchange Commission (SEC) under the name GQ Capital Inc. in Belize and that they are regulated by the Belize International Financial Services Commission (IFSC).
It all sounds very legal and legitimate, until you actually analyze what the broker claims. First, if a broker is based in Norway, then they need to be regulated by the local financial regulator, the Finanstilsynet. We checked the regulators online register; Brief Trade is not regulated by them.
Next, there is no SEC in Belize; the regulator in that country is the FSC – the Financial Services Commission. GQ Capital Inc does exist in Belize and it has been exposed as a scammer already.
The lack of precise information and the lack of clear corporate information just tells us that we are dealing with a scammer here – one that is lying about their regulation status and one that is in reality not regulated at all.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FCA
We need to point out that while we were researching whether this broker is regulated or not, we came across a warning from the Financial Conduct Authority of the UK. This regulator is one of the most respected in the world, and according to their warning, Brief Trader is operating without any legal license. That warning also lets traders know that if they deal with this broker, they will forfeit their right to protection from the FCA and other regulatory bodies.
Such a warning cannot be clearer. Brief Trader is a scammer.
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Possible Serial Scammer
The parent company of this broker, GQ Capital Inc has been associated with other online brokerages, all of which have been exposed as scam operations. Some of the other scam operations that are associated with this company are: GQFX, universalfunding.com, and dnb.com.
With all this evidence, we can clearly see that we are dealing with a dangerous serial scammer here.
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Issues with Trading Platform
On their website, this broker claims to offer their clients 3 different types of trading platforms – a WebTrader, a Mobile app and the MetaTrader 4 app. These claims are unfortunately all lies.
Brief Trader doesn’t really have a functional trading platform at all. In fact, when we accessed their client area and checked what they had to offer, we found out that this broker was offering their clients charts imported from TradingView.com; there was no software that actually worked.
The fact that a broker has a non-functional trading platform is a clear indication that we are dealing with a scammer. No legitimate broker would cheat their customers in this way.
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No Real Trading Conditions
A real broker has two main offerings – their trading platform and their trading conditions.
We have already proved that Brief Trader has no trading platform in place. And now we can see that there are no trading conditions available either – not even information on them on their website.
We do not even have basic information such as a minimum deposit requirement. The only thing that this broker states is that their leverages are at 1:500 – which are illegally high, by the way.
For a broker that is based in the European Union (Norway is a part of the EU), leverage ratios cannot be higher than 1:30. Therefore, when a broker offers a leverage of 1:500, we know that we are dealing with an illegal entity – a scammer.
Furthermore, the fact that this broker does not even make the effort to give clear information on a key offering such as their trading conditions simply confirms the fact that we are dealing with a scammer.
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Single Payment Option
Another red flag is the fact that the only way to carry out transactions with this broker is by using cryptocurrencies.
Legitimate brokers will offer their clients multiple payment options – cards, bank wires, banks transfers, e-wallets and cryptocurrencies. When a broker offers only cryptos, it is a huge sign that things are not right with that broker. Crypto transactions are anonymous and permanent and so such transactions should only be carried out with those you trust – not a new, untried broker.
Because of the nature of crypto transactions, they are a favorite with scammers. Scammers can get away with your money and there will be no way for you to get your funds back.
This is the reason why it is so important to use a more traditional payment method like credit cards when dealing with a broker for the first time. This way, if you are scammed, then you at least have the option of applying for a chargeback and you may be able to recover your funds.
Brief Trader is not a broker you can trust at all – not when the only way to make payments is through cryptos.
Conclusion
Brief Trader is a scammer and cannot be trusted. It would be best to find a regulated and trustworthy broker to do business with.
Brief Trader
Pros
- None
Cons
- Unregulated Broker
- Blacklisted by FCA
- Possible Serial Scammer
- Issues with Trading Platform
- No Real Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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