Starting Forex trading is not as easy as it might seem. There are a lot of things that newcomers have to keep in mind before they start participating in this market, and one of those things is finding a trustworthy Forex broker. It is crucial to find a company that is capable of offering you stable and trustworthy services, while also keeping you and your funds safe.
Today, we are going to review Brokereo Forex broker. Although this is a fairly new company, we were able to find that it offers amazing services to traders. With more than 300 available trading assets, over 20 analysis tools, cutting-edge trading platforms, and a dedicated support team, Brokereo was created to please every type of trader.
Brokereo is registered and regulated by CySEC, the regulatory agency of Cyprus. Thanks to this, the broker is able to offer services to every EU/EEA member states. So, let’s get right into it and learn everything that there is to know about Forex trading with Brokereo.
Brokereo review – A quick overview
Brokereo is a Forex broker run by Corcode Investment, a company based in Cyprus. This Investment Firm is regulated by the Cyprus Securities and Exchange Commission under license number 189/13. Because of its regulatory status, the broker is able to offer services to the citizens of the EU/EEA member states. Because of the services offered by the broker, Brokereo has received a number of awards. It was recently named as the Best Retail FX broker by Global Rewards Magazine Awards in 2020.
Brokereo was established with Forex traders in mind, but, it is not limited to currency trading only. It offers more than 300 trading assets. This includes cryptocurrencies CFDs, commodities CFDs, and indices CFDs among others.
Trading on Brokers is conducted through the MetaTrader 4 trading platform. As our Brokereo review shows, the broker also offers a mobile trading app and WebTrader.
How safe is Brokereo
When it comes to Forex trading, the number one priority of every trader should be the safety and security of their funds. While there are many companies that claim to be providing safe and secure trading services, some of them turn out to be scammers.
One way to tell if a broker is legit or not is to check their regulatory status. In the case of Brokereo, we were very glad to find out that this broker is regulated by the Cyprus Securities and Exchange Commission, CySEC. This regulatory body stands to be one of the most popular ones in Europe.
Thanks to the regulatory framework of CySEC traders can feel safe with Brokereo. Thanks to the CySEC regulation, Brokereo operates in accordance with the European Union Directive 2014/65/EU on Markets in Financial Instruments, MiFID.
Our review of Brokereo FX broker shows that the main objective of this directive is to create an integrated financial market in which investors are protected and the efficiency and integrity of the market are safeguarded. Every financial and Forex regulator in Europe is required to follow the MiFID directive.
Therefore, if a broker has a license from one of the European countries, it has the right to offer the services to the whole region. As of today, citizens of 28 countries are able to enjoy the services of Brokereo.
Brokereo review – How to get started?
There are several steps that you will have to take before you are able to start trading with Brokereo. First of all, you will have to create a live trading account. Brokereo offers several different trading accounts, created so that everyone can find something that they can enjoy.
There are three major types of accounts available at Brokereo. For beginner traders, Brokereo offers Silver Account. Gold Account of Brokereo should be very useful for accomplished traders, while competent, professional traders might love the offerings of the Platinum Account.
The major differences between these account types include spreads, swap discounts, and support. The maximum leverage for retail traders for every single one of these account types is 1:30. The minimum spread for a silver account is 1, for a gold account is 0.4, and for the platinum, an account is 0.3.
Professional trading account
If you are already a well-qualified trader, there is another offering that Brokereo has for you. As we found while reviewing Brokereo, the company offers a Professional Trading Account. This account includes exquisite trading conditions with one of a kind, unique tools, and features. It is a perfect choice for professional traders who could demonstrate significant trading experience and knowledge in the sphere of trading and finance.
Those using Profesional Account at Brokereo will also have access to leverage of as much as 1:500 and margins drop up to 15%, outstanding and swift order execution, and dedicated account manager.
However, not everyone can create this account. To enjoy the benefits of the professional account, as our review of Brokereo shows, there are some criteria that you have to meet. Out of the following three criteria, you need to meet at least two and provide needed documentary evidence:
- You have to carry out transactions in significant size
- You work or have worked in the financial sector for at least one year in a professional position, which required deep knowledge of the services and financial products
- Your financial instrument portfolio exceeds €500,000
Reviewing Brokereo – Demo Account
Brokereo offers traders a demo trading account. It is a great way for newcomers to start trading Forex. With a demo trading account, you will have access to the real-life trading market, however, you will trade without having to risk your funds. When you are using a demo trading account, the Forex broker provides virtual money for you.
You can use this virtual cash to open and close positions. Many people think that a demo account is only for beginners, but this is not true at all. A demo account is a great way to learn more about Forex trading and grow as a trader. There are many well-experienced traders who are using demo accounts to test out different types of strategies and come up with new tactics for Forex trading.
Islamic account How
Our review of Brokereo Forex broker shows that this company also offers traders Islamic trading account. Islamic account is a halal trading account, which is offered to traders who respect and follow the beliefs of the Quran but still wish to invest in Forex. According to Sharia law, it is prohibited to accumulate any type of interest, because of this, Islamic account holders do not pay or receive any interest rates. Because of this, the Islamic account is also called a Swap-Free trading account.
The fact that Brokereo offers an Islamic account shows that this broker actually cares about its clients and makes sure that everyone can find something that they like and enjoy.
How to create a live trading account?
Creating a live trading account at Brokereo is very easy, you will only have to follow a few steps to do so. First of all, you will have to provide general information about yourself, such as your name, last name, phone number, etc.
The Forex broker follows the KYC policy, which means that you will have to provide several documents to verify your identity. These documents include your passport or ID, a bank statement, and several other documents that you can find on the website of the broker.
Trading instruments of Brokereo
Brokereo offers traders more than 300 trading instruments. Among them are:
Currency trading at Brokereo
Forex trading is the biggest financial market globally. According to the official data from 2019, the average daily turnover of Forex was as much as $5.6 trillion and this number increases every day. There are more than 45 currency pairs available for trading at Brokereo, and the leverage is up to 1:30 for retail traders, and 1:400 for professional clients. You can also use market analytics and different types of research tools to pick up the Forex opportunity which suits you best.
Brokereo focuses a lot on Forex trading, because of the popularity of this financial market. You can trade every type of currency pairs, such as Major Currency Pairs, Minor Currency Pairs, and Exotic Currency pairs with Brokereo.
Brokereo review – Cryptocurrencies
Thanks to CFDs, you can trade more than 30 cryptocurrency assets without actually having to own them with Brokereo. There is no commission and free deposit at this Forex broker, making trading cryptocurrencies a great choice for those who want to diversify their portfolio. Since you are using CFDs to trade with Brokereo, you are basically taking advantage of the price changes. This means that can earn money even when the prices are decreasing.
More than 15 commodities available at Brokereo
Commodity trading has always been very popular among investors. There are two major types of commodities available in Forex, soft and hard commodities. Soft commodities are the ones that are a product of the agricultural activity, such as wheat, flour, cocoa, and others. Hard commodities are those like crude oil, precious metals, etc.
You can trade more than 15 commodities at Brokereo. Commodities are considered to be one of the most reliable investment options. It offers you a decent variety of assets choice, daily price hikes, and top-rated analysis tools.
Review of Brokereo – Stocks trading
Stocks are among the most popular assets globally. Brokereo offers more than 60 CFDs on popular international stocks, with no commissions and instant access to the market. You can trade stocks of the leading, blue-chip companies, or go with a startup, growing companies.
You can trade the shares of companies such as Tesla, Zoom, Apple, Amazon, and dozens of others.
Indices trading at Brokereo
Brokereo offers traders access to more than 15 major world indices. If you want to diversify your portfolio and make it full of global companies, you can use Brokereo to do so. This company offers you access to indices such as DAX30, S&P 500, ASXSPI 200, and many others.
Unlike stocks, when you are trading indices, you don’t have to choose between thousands of companies, rather, you can place your bids on all of them together. You can speculate on the price of shares put together by predicting the overall market movement. You can use over 20 analytical tools to make trading easier.
Reviewing Brokereo – Trading metals
Investors have always been very interested in metals. For decades, gold was something that everyone viewed as the safest investment option. Today, you can trade gold, silver, platinum, copper, and many other metals via CFDs with Brokereo.
Make your first deposits
Once you have created your live account and chose which assets you want to trade, it is time for you to make your first deposits. Our review of Brokereo shows that this company offers traders access to a list of leading payment solutions. You can make payments with credit/debit cards, direct bank transfers, and online payment solutions as well.
The broker access payment made with credit card providers such as Mastercard, Maestro, and Visa. As for the online payment methods, you can choose either Skrill or Neteller. The broker does not charge any commissions on deposits, however, keep in mind that there might be some type of fee charged from your payment issuer.
As for withdrawals, you can use any of these solutions as well. The withdrawal requests can only be submitted online via the official Client Area on the website of the company. All payments made before 10 am GMT on working days will be submitted on the same business day. As for the withdrawals made after 10 am GMT, they will be submitted the next business day.
Also, keep in mind that withdrawals can’t be made towards any other third party or anonymous account, you have to withdraw your funds with your own bank account.
Trading platforms of Brokereo
As our review of Brokereo shows, this broker offers traders access to the trading market with the help of the MetaTrader 4 trading platform. MT4 is the most popular trading platform globally. Created by a Russian company MeatQuotes in 2005, this trading platform has changed the game and set new standards in the market.
Thanks to MT4, Brokereo also offers trader browser-based WebTrader and special applications for mobile phones. This way, you can always stay in touch with the trading market. Mobile trading has become increasingly popular in recent years. With Brokereo, you can trade Forex with both iOS and Android devices.
Review of Brokereo – The website
The website of the broker looks very good and modern. It is very easy to navigate and you can very easily find any type of information that you need. The website of the broker is available in 6 European languages, including English, Dutch, German, Portuguese, Spanish, Italian, and Swedish.
From any page, you can also access the live chat, where you can get help if you need any. You can also always directly contact the customer support team either with a phone number or special email. We tried contacting the customer support team on our own and we were very glad to see that they are very helpful.
Final thoughts on Forex trading with Brokereo
After going through the details of this Forex broker, we were able to find out that this company offers amazing services to traders. There are more than 300 trading assets available for traders right this moment, including currency pairs, cryptocurrencies, metals, and commodities among others.
The Forex broker is regulated by CySEC, a famous regulatory body of Cyprus. The Forex broker very strictly follows the restrictions and requirements of this regulatory body, which makes us believe that Brokereo is safe to trade with. Therefore, we absolutely recommend this broker to our readers.