Brokereo.com experiences - The crypto exchange review
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The provider Brokereo, founded in 2020, is a CFD broker based in Cyprus which, in addition to trading crypto CFDs, also enables trading in shares, commodities, indices and foreign exchange. When it comes to cryptocurrencies, the offer is appealing with more than 30 digital currencies.
In general, Brokereo offers many advanced trading options. There are no trader commissions with this platform. Moreover, Islamic traders can rely on a Halal-friendly broker.
We have thoroughly tested the provider and reveal everything worth knowing about costs, performance and the offer in general in our Brokereo test.
However, if anyone is in a hurry, we can already reveal that eToro is the test winner in our broker comparison. So for a good and trustworthy broker, we recommend eToro!
Brokereo - History and Background
Brokereo is a brand new broker based in Cyprus, through which CFDs can be traded as well as stocks, commodities, indices, forex and precious metals and cryptos.
The offer includes more than 30 of the most important digital currencies, 45 foreign currencies, over 60 of the most well-known stocks and more than 15 commodities. In addition, Brokereo offers more than 15 of the world's best stock indices.
The company was only founded in November 2020 and consequently practically nothing is known about the team and their background.
The parent company is called Concorde Investments (Cyprus) Ltd and both Brokereo and Concorde are regulated by the Cypriot regulator CySEC.
The US is not an EU or EEA member state due to regulatory restrictions, which means that Americans cannot trade assets on online platforms that do not originate in the US.
Key data | Brokereo |
|---|---|
regulation | Yes, CySEC |
Seat | Limassol, Cyprus |
Minimum deposit | $ 250 |
Maximum leverage | 1:30 (retailers) |
Services | Currency pairs, stocks, indices, commodities, |
Payment methods | Debit and credit cards, Skrill, Neteller, bank transfer, Webmoney |
Trading platform | MT4 |
Trading commissions | Yes, iOS + Android |
Fixed spreads | no |
Registration | no |
App | Yes, Android + iOS |
Demo account | Yes, it's free |
Supported couples | 350 |
Brokereo offer
Brokereo offers the following trading instruments:
In total, Brokereo offers more than 350 assets. This is not quite as many as with other providers, but the more than 30 digital currencies are impressive. Brokereo still needs to increase the range of equities on offer. CFD futures are available and use different futures contracts from exchanges such as the CME or ICE as the underlying.
Brokereo offers CFDs in all areas as well as exotic foreign currencies such as USD versus the South Indian Rupee. Commodity CFDs include products such as coffee, cotton, cocoa or even oil. Those who want to bet on the tried and tested cryptos can of course also trade with Bitcoin or Ether CFDs.
Brokereo registration - step-by-step guide to opening a Brokereo account
Step 1: Open an account
The first step is to register on the trading platform. A user name, an e-mail address, mobile phone number and a secure password are required. Afterwards, the terms and conditions must be accepted and "Trade now" must be clicked.
In addition, the new user must go through a verification process and scan a passport copy and prove the address, for example with an electricity bill from the last three months.
The trader must also answer a few basic questions regarding compliance. In this way, Brokereo can determine how much experience a trader already has. It should be noted that the trader can only start trading once he has successfully completed the compliance.
Step 2: Deposit money
The trader can initiate a deposit on the Brokereo homepage and select the preferred variant in the payment methods. The user account will be topped up as soon as the money has arrived.
Those who first want to familiarise themselves with the functions of Brokereo can use the free demo account and test Brokereo before starting live trading.
Step 3: Trading
After passing compliance, the user can choose MetaTrader 4, WebTrader or the app and start trading. All have the same functions, but MetaTrader 4 is a desktop program with many analysis tools, customisation options and multi-functionality.
Browser-based trading does not mean a downgrade, as it is also based on MetaTrader 4.
Brokereo apps and trading platforms
Brokereo offers the following three trading platforms:
MetaTrader 4
MetaTrader 4 is a stable, flexible and fast-working trading software that is compatible with Windows and Mac computers. The desktop trading software is available immediately after registration, provided compliance has been passed. MetaTrader 4 is the most widely used trading program in the world.
Webtrader
MetaTrader 4 is also available as a webtrader if traders want to log in from another PC and access their account. Most of the features of the "normal" MetaTrader 4 are available, but the settings on the desktop are not visible. Accessing open positions, changing them or opening new ones is possible with the web trader.
Mobile App
Traders can access MT4 from anywhere via their smartphone, as the trading platform is connected to Brokereo's trading server. The mobile app is compatible with both Android and Apple devices.
Brokereo account types
The three accounts are tailored to the trader's knowledge and expectations.
Silver Account
The silver account with a minimum deposit of 250 euros is the account for newcomers. Spreads start at 1.0 and leverage is possible up to a maximum of 1:500 for professional users. The user can count on a customer support that is available 24 hours a day, five days a week. There are no commissions here.
Gold Account
The Gold Account is suitable for advanced traders who are not yet professionals. In addition to the same offer as the silver account, there is also a 25% swap discount here. Spreads are available from 0.4 and the leverage in forex trading can be set up to 1:500. In addition, the trader gets an account manager.
Platinum Account
With the Platinum account, the swap discount is 50%. This account type is for the almost professionals. Spreads are available from 0.3. The rest corresponds to the Gold Account. So spreads are available from 0.4 and the leverage in forex trading can be set up to 1:500. In addition, every trader is provided with an account manager.
Islamic account
Then there is another account type, but this is reserved for professional users. No protection rules apply to this one. To qualify for this account with additional features, two of the following three criteria must be met:
Brokereo deposits and withdrawals
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Brokereo Fees and Costs & Fee Comparison
There are no deposit fees or commissions at Brokereo. Here is an overview of the possible fees:
Fees on spreads: a spread is the difference between the buying and selling price of an asset at the same point in time.
Overnight fee: Charged daily if a CFD trade or spot FX transaction is not closed before 21:00 GMT.
Inactivity Fee: When no trading is taking place, Brokereo charges an administration fee of €80 per month on inactive accounts for 60 days of inactivity and €120 per month for 90 days of inactivity.
Brokereo | eToro | Libertex | Coinbase | |
|---|---|---|---|---|
Deposit | no | no | no | 3.99% |
Purchase fees | no | 1.9% | 3.08% | 1.49% |
Sales charges | no | 1.9% | 3.08% | 1.49% |
Holding fees | no | no | no | no |
Payout | no | $ 5 | no | $ 0.15 |
Overnight charges | Yes | no | no | no |
Inactivity fee | 80/120 euros | no | no | no |
Spread fee | Yes | no | no | no |
Is Brokereo safe?
Brokereo is regulated by the Cypriot financial supervisory authority CySEC and is therefore a reputable broker with licence number 189/13, which has to fulfil requirements. The head office is in Cyprus and the parent company is Concorde Investments (Cyprus) Ltd.
Further information can be found on the CySEC website.
Brokereo Customer Service
The customer support is competent and available Monday to Friday from 8.00 to 18.00 (CET) via live chat, email, telephone or also via the contact form. For those who want to further their education, Brokereo provides learning materials such as tutorials, videos, seminars, e-books and more.
Is it a Brokereo scam?
This broker is a reputable platform. Brokereo is regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a trusted and well-known regulator in Europe.
With MetaTrader 4, Brokereo offers a robust trading program that is common in the industry. Furthermore, Brokereo's website is SSL encrypted. All transactions are transmitted by first-level PCI compliance services, guaranteeing that data is stored and managed securely.
Brokereo advantages and disadvantages
Many users have already given a positive Brokereo review, and for good reason:
Pros
Cons
Recommended alternative: eToro
We see the trading platform eToro as an extremely successful alternative to Brokereo. This provider is one of the world's most popular online trading platforms and is subject to state regulation and licensing. Here, users can trade not only cryptos, but also stocks, CFDs, commodities and much more. Users will find an extensive, the revolutionary copy trading function, as well as opportunities for further education.
Conclusion of our Brokereo experience
The new broker Brokereo offers a modern infrastructure with MetaTrader 4, a high level of security with CySEC regulation and SSL encryption, and an appealing range of products, especially in cryptos.
The broker divides users into the three different types gold, silver and platinum, which does not appeal to every trader. The incentive to deposit more is also not equally well received everywhere. Spreads and swaps are also dependent on the account type. Fortunately, this broker does not have any trading fees.
Positions are settled quickly and withdrawal requests are executed quickly. This is guaranteed by 70 recognised data centres. In conclusion, we can state that Brokereo is an interesting broker.
FAQ
Brokereo is a CFD and Forex broker based in Cyprus.
Yes. Brokereo is regulated by the Cypriot financial regulator CySEC and offers SSL encryption of the website.
This platform processes withdrawal requests quickly. The processing time can take anywhere from a few minutes to two business days, depending on the withdrawal method.
The prerequisite is knowledge of the financial instrument in which one invests. Basically, it must be noted that cryptocurrencies are highly volatile and trading is therefore always risky. However, for those who are familiar with trading, the luck of the brave is not far away!
