Brokerox – How Legit Is It?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Brokerox - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2021
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: brokerox.com
Founded: N/A
Regulations: N/A
Languages: English, Vietnamese
Deposit Methods: Credit and Debit Cards, Bank Transfers, “Other” Undisclosed Methods
Minimum Deposit: N/A
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Indices, Commodities, Stocks, Bonds
Everything begins with internet advertisements; what else might catch your eye when you’re exploring the web? They feature opulent lives, stunning people, gleaming goods, and magnificent assets and houses. The first step has been completed by clicking on these advertisements. The advertisements direct readers to a broker or middleman site, where they are quickly exposed to investment fraud.
It makes little difference where you wind up; what matters is that the broker has your phone number or e-mail address. Scammers like these because they can contact you with them. The aim of the first wave of scammers is to get the user into the plan with a little first expenditure that creates trust. The second wave of scammers will follow the original investment.
These are the professional con artists, often known as “account managers,” who are in charge of keeping the user involved in the plan for as long as possible. They’ll charm their way into a user’s wallet and influence customers in a variety of subtle but successful ways. The user will not be able to retract after he or she has made a decision. The broker will provide an explanation for why the withdrawal is being stalled or denied.
Trading Accounts and Conditions
There’s not much information available vis-a-vis trading accounts and website conditions since their website is currently down. Surely enough even without looking at the accounts available, you can quickly assume that these accounts have offers so tempting that you think you’ll actually make some money. Beware of offers like these because they might be scams, like Brokerox.
Brokerox – Advantages
The only advantage Brokerox has now is that its website is down, thus rendering this online broker to scam anymore people.
Other than that, Brokerox is an unregulated and unlicensed broker that has nothing to offer in terms of money-making for its clients.
Brokerox – Disadvantages
Obviously Unregulated
The Marshall Islands Business Corporation Act appears to have granted Brokerox a license. This is an excellent point, but it is also completely false. To begin with, the Marshall Islands lack a foreign exchange regulation. There isn’t a single entity that issues licenses that are officially recognized.
Furthermore, the country permits anybody to start a local company without ever setting foot on its property. You can imagine how appealing this sounds to the scammers’ ears.
Second, as a result of this independence, the Marshall Islands Business Corporation Act was enacted. It basically means that Brokerox is included in the country of the islands. There is no reason to believe the company is regulated in that location. Brokerox, in reality, is not licensed anywhere. It’s a danger to everyone, and it’s almost certainly a ruse.
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.
Trading Software And Servers Don’t Belong To The Broker
Both the MT4 and a web-based MT4 are trading software, but neither appear to have anything in common with the broker. This means that the software supplies servers that are not owned or operated by Brokerox.
They are registered in the name of another firm and hence do not belong to the broker. This raises the question of whether Brokerox can be classified as a broker or if it is a complete fraud. The truth is right in front of you.
Deposit And Withdrawal Methods Are Untrustworthy
We can’t find a minimum deposit requirement anywhere on the site, however, we believe we realized there wasn’t one at some time. We cannot, however, be certain about this. Credit cards, debit cards, bank transfers, and “other” payment options are mentioned in the legal documents, but the broker has not mentioned them.
Third-party withdrawal fees may apply, and processing times have not been disclosed. That is all of the payment information we have, and it is inaccurate. The reason for this is that the company is not licensed, making it untrustworthy with sensitive data. Brokerox is a complete rip-off, is unregulated, and poses a clear risk to all investors.
Conclusion
Brokerox is so ordinary and unattractive that we may use it as a benchmark from now on, referring to it whenever we need to make a comparison between substandard brokers. But wait, some readers might be perplexed because Brokerox appears to be in good shape. In a high-risk, high-stakes enterprise, however, “just OK” will not suffice.
Either you provide a platform that is worthy of the attention of regulators, or you don’t. Everything else is, to put it bluntly, noise. Brokerox is just that, cloaked in a web of visual clues and misleading promises. The registration procedure was really professional, which we didn’t expect, but it fits in nicely with the broker’s overall vibe.
Unfortunately, we only got as far as the first stage of the account creation tool before hitting a snag: users will need to give copies of their ID papers in order to finish the process. Normally, we’d say go for it, but because Brokerox is ultimately illegal, we don’t recommend anybody signing up here. We’re in a pickle because we need to get all of our trade and payment information from the website, which means nothing is accurate.
Users are assured that indices, commodities, stocks, and bonds may all be traded. As we noticed when we opened an account, the leverage maximum was 1:500. It’s unusual that no forex pairings are offered anywhere, but given the broker’s dodgy reputation, we’re not too concerned. The company’s website is available in both English and Vietnamese.
It is a joy for us to write the Brokerox review, and we aim to rescue as many people as possible from losing their hard-earned money. Before you do any transaction, it is a good rule of thumb to carefully evaluate all Forex firms, as well as any other company. We hope you found our Brokerox review to be informative. If you want to trade, make sure you choose a reputable, regulated broker.
Brokerox
Pros
- None
Cons
- Obviously Unregulated
- Trading Software and Servers Don’t Belong To The Broker
- Deposit and Withdrawal Methods Are Untrustworthy
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.