BrownFinance – Is Investing A Good Idea?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BrownFinance - DO NOT TRADE WITH THIS PROVIDER
2.1/10
$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: https://b-finances.com
Founded: 2021
Regulations: N/A
Languages: English, German, French
Deposit Methods: Credit/Debit Cards, Wire Transfer,
Minimum Deposit: $250
Free Demo Account: N/A
Number of Assets: 5
Types of Assets: Forex, Stocks, Cryptocurrencies, Commodities, Indices
BrownFinance’s parent firm understands what it’s like to be a trader. They’re here to teach you everything you need to know to take on the global markets with ease, thanks to their world-class trading systems and seasoned team.
Since it was approved by the markets in financial instruments directive (MiFID), a legislation that promotes the transparency for prices and quotes, BrownFinance is making options on specific stocks and commodities. BrownFinance is required to adhere to stringent financial regulations, including capital adequacy requirements and anti-money laundering regulations. BrownFinance keeps enough liquid money on hand to cover trades, as market circumstances can shift dramatically in a short period of time.
All those good things about BrownFinance begs the question, are they true?
Trading Accounts and Conditions
BrownFinance has 5 account types: Silver, Gold, Platinum, Diamond, and VIP. BrownFinance’s terms and conditions pale in comparison to those offered by most genuine brokers. The minimum deposit for a new account is $250, which is reasonable but above the industry standard. There are plenty of reputable brokers willing to start an account for as low as $5.
BrownFinance – Advantages
The website is actually created pretty well. On the other hand, this makes it more convincing to new users looking for their broker. Be wary of this online broker, it is a downright scam and no one should invest any more money in this website.
BrownFinance – Disadvantages
Funds Aren’t Safe
BrownFinance is considered to be a well-known international brokerage firm. They gave a UK address as well as phone numbers in the United Kingdom, the Netherlands, Belgium, Australia, and New Zealand. A broker must be regulated by the FCA — a regulator known for its strictness – in order to offer financial services in the United Kingdom. However, when we looked for all UK-licensed brokers in the FCA register, we discovered something interesting.
BrownFinance Ltd turned out to be a clone of Browns Finance Ltd, a broker formerly authorised by the FCA. The two companies’ addresses and phone numbers do not match. BrownFinance appears to be fully anonymous and unlicensed. This should be sufficient to persuade you to seek the services of a regulated UK broker instead.
The best option is to trade with someone who is licensed. When conducting business in the United Kingdom, brokers must adhere to strict laws; if they do not, they risk being fined or losing their license entirely. A broker must show that they have a minimum capital of €730 000 before they can even begin to operate. For businesses with a large number of clients, this sum can be significantly higher.
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
BrownFinance provides a “strong platform” with “sophisticated charting tools and indicators to undertake thorough price analysis as well as control your trading risks,” according to the company. In truth, the platform was rather basic and lacked any really noteworthy features.
Once you’ve tested the best the industry has to offer – MetaTrader 4 and MetaTrader 5 – such systems will appear even more basic. These platforms are popular among traders because of the numerous useful features they offer – you may subscribe to other people’s signals or create your own trading bots and test them in a sample account or through back-testing. There are many brokers who offer one of the two (or both) versions of the program, so take a look.
Trading Conditions
The platform’s “competitive” spreads were around the ridiculous 11.6 pips – compared to the industry average of 1.5 pips. BrownFinance, on the other hand, claims that “there are no hidden fees with BrownFinance.” BrownFinance is paid mostly through spreads for its services.” We’d say they compensated more than adequately.
In terms of leverage, there were considerable discrepancies. According to the broker, depending on the account type, leverage ranges from 1:20 to 1:400. Our default leverage in the platform was set to 1:5, which isn’t much, and we couldn’t modify it from anyplace. Most scammers would seduce you with enormous leverage and the promise of huge gains, thus it’s strange that a scammer would offer such modest rates.
BrownFinance, however, is an exception, as they do not ask you to demonstrate that you are a professional client before offering you a leverage of 1:400 – they only require a larger deposit. For retail clients in the United Kingdom, the phone number is limited to 1:30. Anyone who wanted to trade with higher leverage had to first qualify as a professional client, which meant working in the financial field for at least a year, making a particular number of large offers in the previous year, or having a capital of at least $500,000. You might be on your way to becoming a professional client if you have two of the three requirements. Otherwise, 1:30 is a good bet.
Deposit and Withdrawal Methods
You should be able to deposit and withdraw money using a credit/debit card, wire transfer, and several e-wallets. However, the platform would only allow customers to pay using a valid credit card, as they are the easiest to reverse.
Conclusion
BrownFinance impressed us at first because their website is surprisingly functional and informational, which is the polar opposite of what most scam brokers today offer.
However, first impressions can be deceiving: how trustworthy and transparent can a broker be if they refuse to supply you with any Terms and Conditions, lie about their spreads and leverage, and project an image of trustworthiness and transparency while being fully anonymous and unregulated? This evaluation should have provided an answer to that question for anyone considering using this online broker.
BrownFinance
Pros
- None
Cons
- Funds Aren’t Safe
- Trading Software
- Trading Conditions
- Deposit and Withdrawal Methods
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more