BRS Futures – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BRS Futures - DO NOT TRADE WITH THIS PROVIDER
2.5/10
100$
Minimum Depositupdated 2021
It is mentioned in the footer of the broker’s website that the website is owned and operated by BRS Futures Ltd – a company that is based in the UK and is listed in the FCA’s database as a regulated firm. Regardless, the problematic fact is that the BRS Futures itself does not claim to be licensed with FCA authority. Hence, it is surprising to see the broker’s name in the FCA’s registry records. Also, the address mentioned on the website of BRS futures slightly differs from the legit firm found in the FCA’s records.
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://brsfutures.com/
Founded: 2018
Regulations: Unregulated
Languages: English
Deposit Methods: Debit/Credit cards (Visa and Master), Wire transfer, and Bitcoin
Minimum Deposit: $50
Free Demo Account: Yes
Number of Assets: 200+ instruments offered
Types of Assets: Forex, CFDs, Indices, Shares, and Commodities
Trading Accounts and Conditions:
BRS Futures offers its clients four types of account:
- Basic Account: With minimum deposit of $250 – $10,000, leverage 1:10, and 50% bonus.
- Silver Account: With minimum deposit of $10,000 – $25,000, leverage 1:20, and 75% bonus.
- Gold Account: With minimum deposit of $25,000 – $50,000, leverage 1:30, and 100% bonus.
- VIP Account: With a minimum deposit of $50,000 and above, leverage 1:40, and a 150% bonus.
In addition to the above-mentioned account types, BRS futures also provides the following account types:
- Premium Account: With a minimum deposit of $50, leverage 1:1000, and spread from 1.
- Advance Account: With a minimum deposit of $100, leverage 1:250, and spread from 0.
- Fixed Account: With a minimum deposit of $250, leverage 1:400, and spread are fixed.
BRS Futures – Advantages:
BRS Futures doesn’t offer any form of advantage or benefit to its clients.
BRS Futures – Disadvantages:
Below are some of the reasons why you shouldn’t trust this firm.
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An Unregulated Enterprise
It is mentioned in the footer of the broker’s website that the website is owned and operated by BRS Futures Ltd – a company that is based in the UK and is listed in the FCA’s database as a regulated firm. Regardless, the problematic fact is that the BRS Futures itself does not claim to be licensed with FCA authority. Hence, it is surprising to see the broker’s name in the FCA’s registry records. Also, the address mentioned on the website of BRS futures slightly differs from the legit firm found in the FCA’s records.
This is not the only reason to call BRS Futures an unregulated entity. This broker is actually using illegally the name of a FCA’s authorized forex broker. This is because firstly in the account types information you will notice that BRS Futures is offering bonuses. Whereas, no licensed UK broker offers bonuses or trading incentives because they have been banned in the UK and EU. Secondly, the broker provides leverage levels up to 1:400 which is another red flag about this broker because no FCA-regulated forex broker will offer a leverage level more than 1:300 as it is the maximum level allowed in the UK and EU. Taking all these grounds into consideration we can conclude that BRS Futures actually is a clone firm that has stolen the identity of a legit authorized firm. The relevant supervisory authorities have issued no warnings against this shady broker yet, but it will soon enough fall on the FCA’s radar and will be blacklisted ultimately.
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.
- Non-Deposited Funds Clause and Bonus Traps
All the mistrustful brokers like BRS Futures mention on their website many terrific clauses to use them as an excuse to deny the withdrawals. The most famous clause that almost every suspicious broker uses is the non-deposited funds clause, which is used as a pretext to cancel the withdrawal requests. It is all mentioned in their terms and conditions section as well as in other legal documents on their official website. These clauses actually regulate the money received from the broker as the trading bonuses, which are illegal and have been banned in the UK, EU, and other jurisdictions.
Furthermore, BRS futures offer bonuses from 50% for a standard account to 150% for a VIP account and these bonuses come with heavy requirements to fulfill that only mess up the customer’s funds. Along with that, the broker has not mentioned what the minimum trading volume is to file a withdrawal request.
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Unusual Fee Charges
Besides, the above-mentioned scam signs, the broker also charges various fee amounts that are either unusual or excessive. For example, there is a transfer fee and processing fee the broker is charging as high as 3500 EUR/USD/GBP, as well as a profit clearance fee for each trade.
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No Demo Account
Added to that, another sign that you are dealing with a suspicious forex entity is that BRS futures only pretends to offer the demo account, while in actual the link to create a free demo account is broken and nothing happens when you click on it. It is the most important option that all legit brokers provide to the clients especially the investors with little or no trading experience.
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Misleading Leverage values
One of the important features when it comes to forex trading is the leverage value. If you notice the leverage conditions offered by BRS futures, you will find two different pictures. In the account types, section leverage is mentioned as 1:10, 1:20, 1:30, and 1:40 for each account type. While once, you register and open an account the leverage jumps from a normal value to 1:400. How is it possible for a self-respecting broker to have such a big discrepancy in the information? Moreover, such a high leverage level signifies two things: a big win or a big loss. While it is also the reality that 70%of traders lose in the transactions with high leverage value.
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Lies About Payment Options
According to the official website of BRS futures, to make a deposit payment the customer has a choice between a wire transfer, debit/credit cards (master and visa), and a bitcoin. Regardless of this, when you will open an account and click on the deposit button, you will be surprised to see that the only payment option available was via credit card.
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Contradiction in the Information of Dormant Account Policy and Withdrawal Fee:
Besides discrepancy in the information of leverage values, another contradiction was also found in dormant account policy. Firstly, it is stated that accounts with three months of inactivity are considered dormant and will be charged a 10% fee each month. Secondly, in another clause, the broker is explaining dormant accounts like the one who have not traded for one month and will be charged a maintenance fee of 99.99 EUR/GBP/USD.
Along with that, another discrepancy was found in the details of the withdrawal fee. At one place on its website, the broker states that they do not charge a withdrawal fee, while at another place the broker claims to charge a transfer or processing fee according to the account type, which can lie between 30 EUR/GBP/USD minimum to 3500 EUR/GBP/USD maximum.
Together with this, the broker has mentioned that these fee amounts are subject to change from time to time. Such a huge contradiction in the information on the official website is showing proof that you are dealing with a suspicious and mistrustful broker.
Conclusion
BRS future is a tricky broker who is pretending to be an award-winning UK-based broker and promises an unparalleled trading experience. While on the flip side, this broker is a master of disguise. Everything on its website looks legit while in fact the broker is a fraud and appears to be a clone firm. You cannot make profits with such hoaxers instead; they will make money out of you if you deposit your funds with them. Therefore, it is better to find a reliable financial services provider like those registered with the FCA in the UK or CySEC in Cyprus.
BRS Futures
Pros
- None
Cons
- An unregulated enterprise
- Non-deposited funds clause and bonus traps
- Unusual fee charges
- No demo account
- Misleading leverage values
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.
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