Brokereo: A Comprehensive Review of Trading Conditions, Regulation, and User Feedback

Overview

Brokereo is a Cyprus-based online trading platform established in 2020. Despite its brief history, the company has expanded its services to multiple countries worldwide, offering a range of trading instruments, including forex, commodities, indices, stocks, and cryptocurrencies. Brokereo is regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring a level of oversight and investor protection.

The platform provides access to popular trading technologies, such as MetaTrader 4 (MT4), through desktop, web, and mobile applications. Brokereo offers competitive trading conditions, including leverage up to 1:30, variable spreads, and no commission fees on trades. The company also provides educational resources, market analysis, and customer support in multiple languages.

However, it is essential for potential clients to carefully evaluate the trustworthiness and reliability of Brokereo before investing. User reviews on platforms like Trustpilot indicate a low level of customer satisfaction, with a rating of 1.6 out of 5 stars based on 30 reviews. The company's overall trust index is also low at 0.5/5, reflecting issues with customer loyalty, online popularity, and web presence.

In January 2023, Brokereo announced that it had voluntarily renounced its CySEC license and closed down operations. The company stated that it had taken actions to refund remaining client balances. This sudden closure further undermines trust and highlights the importance of thorough due diligence when selecting a forex broker.

For more information, visit Brokereo's official website at https://brokereo.com/.

Overview Table

Aspect	Information
Year Established	2020
Headquarters	Cyprus
Regulation	Cyprus Securities and Exchange Commission (CySEC) – License voluntarily renounced in January 2023
Trading Platforms	MetaTrader 4 (MT4) – Desktop, Web, Mobile
Instruments	Forex, Commodities, Indices, Stocks, Cryptocurrencies
Minimum Deposit	$250
Leverage	Up to 1:30
Spreads	Variable, starting from 0.1 pips
Commissions	No commission on trades
Customer Support	Available in multiple languages
User Rating (Trustpilot)	1.6 / 5 based on 30 reviews
Trust Index	0.5 / 5
Current Status	Closed down operations in January 2023

Facts List

1. Brokereo was established in 2020 as a Cyprus-based online trading platform.
2. The company offered trading services for forex, commodities, indices, stocks, and cryptocurrencies.
3. Brokereo was regulated by the Cyprus Securities and Exchange Commission (CySEC) before voluntarily renouncing its license in January 2023.
4. The platform provided access to MetaTrader 4 (MT4) for desktop, web, and mobile trading.
5. Brokereo offered competitive trading conditions, including leverage up to 1:30, variable spreads starting from 0.1 pips, and no commission fees on trades.
6. The minimum deposit requirement to open an account with Brokereo was $250.
7. The company provided educational resources, market analysis, and customer support in multiple languages.
8. User reviews on Trustpilot indicate a low level of customer satisfaction, with a rating of 1.6 out of 5 stars based on 30 reviews.
9. Brokereo's overall trust index is low at 0.5/5, reflecting issues with customer loyalty, online popularity, and web presence.
10. In January 2023, Brokereo announced that it had voluntarily renounced its CySEC license and closed down operations, stating that it had taken actions to refund remaining client balances.

Brokereo Licenses and Regulatory

Brokereo was regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 189/13. CySEC is the financial regulatory agency of Cyprus, responsible for supervising and regulating the investment services market, transactions in transferable securities, and the securities and derivatives markets.

CySEC is known for its rigorous regulatory standards and is a member of the European Securities and Markets Authority (ESMA). Brokers regulated by CySEC must adhere to strict guidelines, including capital adequacy requirements, segregation of client funds, and transparent reporting. This oversight provides a level of protection for investors and helps maintain the integrity of the financial markets.

However, in January 2023, Brokereo voluntarily renounced its CySEC license and ceased operations. The company stated that it had taken actions to refund remaining client balances. This sudden closure and relinquishment of its regulatory status raise concerns about the broker's reliability and trustworthiness.

 

Regulations List

• Cyprus Securities and Exchange Commission (CySEC) – License number 189/13 (voluntarily renounced in January 2023)

Trading Instruments

Brokereo offered a diverse range of tradable assets, allowing investors to access various financial markets through a single platform. The broker provided trading opportunities in the following asset classes:

 

Instrument Category	Number Offered	Examples
Forex	Over 50 currency pairs	EUR/USD, GBP/USD, USD/JPY, USD/CHF
Commodities	17	Gold, Silver, Oil, Natural Gas
Indices	17	S&P 500, NASDAQ, FTSE 100, DAX 30
Stocks	60	Apple, Google, Amazon, Microsoft
Cryptocurrencies (CFDs)	30	Bitcoin, Ethereum, Litecoin, Ripple
ETFs, Bonds, Futures, Options	Not offered	N/A

The extensive range of tradable assets offered by Brokereo allowed investors to diversify their portfolios and take advantage of opportunities across multiple financial markets. Having a diverse selection of assets can be beneficial for investors, as it enables them to spread risk and adapt their trading strategies to different market conditions.

However, it is important to note that Brokereo's asset offerings were in line with industry standards and did not particularly stand out in terms of variety or unique instruments. Many other well-established brokers provide a similar range of tradable assets.

Trading Platforms

Brokereo offered its clients access to the popular MetaTrader 4 (MT4) trading platform, which is widely used in the forex and CFD trading industry. MT4 provides a user-friendly interface, advanced charting tools, and a wide range of technical indicators, making it suitable for both beginner and experienced traders.

MetaTrader 4 (MT4)

Brokereo's MT4 platform was available for desktop, web, and mobile devices, allowing traders to access their accounts and manage their positions from anywhere at any time. The desktop version of MT4 could be installed on both Windows and Mac computers, providing a stable and customisable trading environment.

The web-based version of MT4 offered similar functionality to the desktop platform, with the added convenience of being accessible through a web browser without the need for installation. This made it possible for traders to log in to their accounts and trade from any computer with an internet connection.

For traders who prefer to trade on the go, Brokereo's MT4 mobile app was available for both iOS and Android devices. The mobile app provided a streamlined version of the desktop platform, allowing traders to monitor their positions, place trades, and access market analysis from their smartphones or tablets.

Platform Features: Brokereo's MT4 platform offered a range of features designed to enhance the trading experience, including:

• Real-time quotes and charts
• Multiple timeframes and chart types
• 30+ built-in technical indicators
• Customizable trading indicators
• One-click trading
• Detailed trade history and account balance

While Brokereo's MT4 offering was solid and in line with industry standards, it did not include some advanced features such as trading bots, automated trading strategies, or a built-in news feed. However, the availability of MT4 across multiple devices and its user-friendly interface made it a suitable choice for a wide range of traders.

It is essential for traders to choose a broker that offers a reliable, stable, and user-friendly trading platform that meets their needs. A well-designed platform can help traders make informed decisions, implement effective strategies, and manage their risk more efficiently.

 

Trading Platforms Comparison Table

Feature	MT4 Desktop	MT4 Web	MT4 Mobile
Real-time Quotes	Yes	Yes	Yes
Charts	Yes	Yes	Yes
Technical Indicators	30+	30+	30+
Customizable Indicators	Yes	Yes	Yes
One-click Trading	Yes	Yes	Yes
Trade History	Yes	Yes	Yes
Automated Trading	No	No	No
News Feed	No	No	No

Brokereo How to Open an Account: A Step-by-Step Guide

Opening an account with Brokereo was a straightforward process that could be completed entirely online. However, it is important to note that as of January 2023, Brokereo has ceased operations and voluntarily surrendered its regulatory license. As a result, the company is no longer accepting new clients or deposits.

Prior to its closure, the account opening process with Brokereo involved the following steps:

Requirements

• Minimum deposit of $250
• Valid government-issued identification document (e.g., passport, driver's license, or national ID card)
• Proof of residence (e.g., utility bill or bank statement)
• Completed online registration form

Account Types

Brokereo offered three account types, each with different features and benefits:

1. Silver Account: Minimum deposit of $250, floating spread, no commission, 1:30 leverage
2. Gold Account: Higher deposit requirement (amount not specified), floating spread, no commission, 1:500 leverage
3. Platinum Account: Higher deposit requirement (amount not specified), floating spread, no commission, 1:500 leverage

Registration Process

1. Visit the Brokereo website and click on the "Open Account" button.
2. Complete the online registration form with your personal information, including name, email address, phone number, and country of residence.
3. Select your preferred account type (Silver, Gold, or Platinum) and base currency.
4. Agree to the terms and conditions and submit the registration form.
5. Verify your email address by clicking on the confirmation link sent to your registered email.
6. Log in to your newly created account and complete the account verification process by uploading the required identification documents and proof of residence.
7. Once your account is verified, you can fund it using one of the accepted payment methods and start trading.

Accepted Payment Methods

• Credit/Debit Cards (Visa, Mastercard)
• Bank Wire Transfer
• E-wallets (Neteller, Skrill, WebMoney)

The account opening process with Brokereo was designed to be user-friendly and efficient, with most accounts being approved within 24 hours of submitting the required documentation. However, given the broker's recent closure and regulatory issues, traders should exercise extreme caution and consider the potential risks associated with entrusting their funds to this company.

It is crucial for traders to thoroughly research a broker's regulatory status, track record, and financial stability before opening an account and depositing funds. Traders should prioritise working with reputable, well-regulated brokers that have a proven history of providing reliable services and protecting client interests.

Charts and Analysis

Brokereo provided its clients with a range of educational resources and tools to help them make informed trading decisions and improve their trading skills. However, it is important to note that as of January 2023, Brokereo has ceased operations and voluntarily surrendered its regulatory license. As a result, the availability and accessibility of these resources may be limited or no longer exist.

Prior to its closure, Brokereo offered the following educational resources:

Feature	Description
Market Analysis	Daily analysis and commentary on forex, commodities, indices, and stocks to keep traders informed of market trends, economic events, and trading opportunities.
Webinars	Live sessions led by experienced traders and financial experts covering trading strategies, market‐analysis techniques, and risk‐management practices.
Video Tutorials	On‑demand videos on platform navigation, order placement, technical analysis, and other trading topics to help clients learn at their own pace.
Economic Calendar	A schedule of upcoming economic events and data releases that may impact markets, enabling traders to plan and adjust strategies around key announcements.

While Brokereo's educational resources covered several key areas, they were not as extensive or comprehensive as those offered by some of the more established and reputable brokers in the industry. The company did not appear to provide advanced trading tools, such as in-depth chart analysis or automated trading solutions, which are often sought after by more experienced traders.

Brokereo Account Types

Brokereo offered three main account types designed to cater to the diverse needs and preferences of traders. However, it is crucial to note that as of January 2023, Brokereo has ceased operations and voluntarily surrendered its regulatory license. Consequently, the account types mentioned below are no longer available for new or existing clients.

Prior to its closure, Brokereo provided the following account types:

1. Silver Account:
   • Minimum deposit: $250
   • Leverage: Up to 1:30
   • Spread: Floating, starting from 0.1 pips
   • Commission: No commission on trades
2. Gold Account:
   • Higher deposit requirement (specific amount not disclosed)
   • Leverage: Up to 1:500
   • Spread: Floating (exact details not provided)
   • Commission: No commission on trades
3. Platinum Account:
   • Higher deposit requirement (specific amount not disclosed)
   • Leverage: Up to 1:500
   • Spread: Floating (exact details not provided)
   • Commission: No commission on trades

Demo Account

In addition to the live trading accounts, Brokereo provided a demo account option, allowing traders to practise trading strategies and familiarise themselves with the trading platform in a risk-free environment. The demo account featured virtual funds and real-time market data, enabling traders to experience near-real trading conditions without investing real money.

Islamic Account

Brokereo also offered Islamic accounts, which were designed to comply with Sharia law and the principles of Islamic finance. These accounts did not incur interest charges or rollover fees, making them suitable for Muslim traders who wish to avoid earning or paying interest.

While Brokereo provided a range of account types with varying minimum deposit requirements and leverage options, the lack of detailed information regarding the specific features and benefits of each account type makes it challenging to thoroughly assess their competitiveness compared to other brokers in the industry.

Moreover, the absence of information about the exact deposit requirements for the Gold and Platinum accounts, as well as the limited details on the floating spreads for these account types, raises concerns about transparency and hinders traders' ability to make fully informed decisions when selecting an account type.

Account Types Comparison Table

Feature	Silver	Gold	Platinum
Minimum Deposit	$250	Undisclosed	Undisclosed
Leverage	Up to 1:30	Up to 1:500	Up to 1:500
Spread	Floating	Floating	Floating
Commission	No	No	No

 

Negative Balance Protection

Negative balance protection is a risk management feature offered by some brokers to ensure that traders cannot lose more money than they have deposited in their trading account. In the event of extreme market volatility or unexpected gaps in price movements, it is possible for a trader's account balance to go negative, meaning they would owe money to the broker. Negative balance protection safeguards traders from such scenarios by automatically adjusting the account balance to zero if it falls into negative territory. This means that even if a trader experiences significant losses, they will not be required to pay additional funds to cover the negative balance. Why Negative Balance Protection Matters Negative balance protection is crucial for several reasons:

1. Limiting risk: It ensures that traders cannot lose more than their initial investment, providing a safety net against unexpected market events.
2. Peace of mind: Knowing that their potential losses are capped at their account balance allows traders to manage their risk more effectively and trade with greater confidence.
3. Regulatory compliance: Many regulatory bodies, such as ESMA in Europe, require brokers to offer negative balance protection as a consumer protection measure.

Considering the importance of negative balance protection, it is advisable for traders to thoroughly research a broker's policies in this regard before opening an account. A broker's commitment to providing negative balance protection demonstrates their focus on client safety and risk management. In the case of Brokereo, the lack of clear information about their negative balance protection policy, combined with their recent closure and voluntary surrender of their regulatory license, raises concerns about the overall transparency and reliability of their services.  

Brokereo Deposits and Withdrawals

Prior to its closure, Brokereo provided the following deposit and withdrawal options:

Deposit Methods

• Credit/Debit Cards (Visa, Mastercard)
• Bank Wire Transfer
• E-wallets (Neteller, Skrill, WebMoney)

Withdrawal Methods

• Credit/Debit Cards (Visa, Mastercard)
• Bank Wire Transfer
• E-wallets (Neteller, Skrill, WebMoney)

Minimum Deposit

The minimum deposit required to open an account with Brokereo was $250 for the Silver Account. However, the specific minimum deposit amounts for the Gold and Platinum accounts were not disclosed. Withdrawal Fees: According to the information provided, Brokereo did not charge any withdrawal fees. This was a competitive feature, as many brokers in the industry often impose withdrawal fees, which can eat into traders' profits.

Processing Times

The exact processing times for deposits and withdrawals were not specified in the available information. However, it is common for brokers to process deposits instantly for credit/debit cards and e-wallets, while bank wire transfers may take several business days. Withdrawals typically take longer to process due to additional verification and security measures.

Verification Requirements

To comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, Brokereo likely required clients to submit proof of identity and address before processing withdrawals. This is a standard practice in the industry to prevent fraud and ensure the security of clients' funds. While the absence of withdrawal fees was a positive aspect of Brokereo's services, the lack of detailed information about processing times and verification requirements makes it difficult to fully assess the efficiency and transparency of their deposit and withdrawal processes.

Support Service for Customer

Reliable and efficient customer support is a crucial aspect of a positive trading experience. Brokers who prioritise providing high-quality support demonstrate their commitment to client satisfaction and building long-term relationships with traders. Unfortunately, as of January 2023, Brokereo has ceased operations and voluntarily surrendered its regulatory license. This means that the company is no longer providing customer support or any other services to its clients. Prior to its closure, Brokereo offered the following customer support options:

Support Channels

• Dedicated account managers
• Online live chat
• Email support

Prohibited Countries

I was unable to find a comprehensive list of prohibited countries or regions where the broker was not allowed to operate.

Prior to its closure, Brokereo was regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a well-respected regulatory body in the European Union. CySEC-regulated brokers are typically allowed to operate in most European Economic Area (EEA) countries, but they may face restrictions or be prohibited from offering services in certain jurisdictions due to local regulations or licensing requirements.

Prohibited Countries List

• Brokereo's services were available in Africa, Arab countries, China, France, Brazil, Czech Republic, and many others.

Special Offers for Customers

I could not find any specific details regarding current special offers or promotions available to traders. The documents and data shared do not appear to include information about sign-up bonuses, loyalty programs, trading competitions, or partnerships with third-party service providers.

Conclusion

As I approach the end of this comprehensive review of Brokereo, it's important to consolidate the findings and insights gathered throughout the article to provide a cohesive summary that addresses their safety, reliability, and overall reputation as a broker.

Based on the analysis conducted across various aspects of Brokereo's operations, I have serious concerns about their trustworthiness and dependability. While they were previously regulated by the Cyprus Securities and Exchange Commission (CySEC), Brokereo voluntarily surrendered its license in January 2023 and ceased operations. This sudden closure and relinquishment of regulatory oversight raise significant red flags about the broker's stability and commitment to its clients.

Moreover, user reviews on platforms like Trustpilot indicate a low level of customer satisfaction, with an overall rating of just 1.6 out of 5 stars based on 30 reviews. The vast majority of these reviews (96.7%) are 1-star ratings, highlighting a range of issues and concerns experienced by clients. Brokereo's overall trust index is also very low at 0.5/5, reflecting problems with customer loyalty, online popularity, and web presence.

While Brokereo did offer some positive features, such as a diverse range of tradable assets, competitive trading conditions, and educational resources, these are overshadowed by the broker's abrupt closure, poor customer feedback, and lack of transparency in certain areas. The absence of clear information regarding account types, trading platforms, and customer support hours further undermines confidence in Brokereo's operations.

In light of these findings, I cannot recommend Brokereo as a safe or reliable broker for traders. The voluntary surrender of their regulatory license, combined with the overwhelmingly negative user reviews and low trust index, suggests that traders should exercise extreme caution when considering this broker. It is crucial to prioritise working with well-established, properly regulated brokers that have a proven track record of stability, transparency, and client satisfaction.

Traders should thoroughly research a broker's regulatory compliance, reputation, and user feedback before making any investment decisions. It is always better to err on the side of caution and choose a broker that demonstrates a strong commitment to client safety, security, and support.

Brokereo FAQs