Thinking of getting into business with Brokerox? Here is what you must know about this broker. Carefully read this review to find out if brokerox.com is the trading platform you will want to trade with.
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About Brokerox Broker
Brokerox is an offshore brokerage company with a lot of promises for traders. The broker is a brand of Glastrox Trade Ltd with a claim of regulation by Marshall Islands Business Corporation Act.
Brokerox location shows Republic of the Marshall Islands.
There are different account types Brokerox offers. See below.
To clarify, in spite the trading instruments Brokerox claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
brokerox.com: Reasons to Avoid This Broker
Firstly, brokerox.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Marshall Islands is know for not having a recognized body to watch its financial activities.
Secondly, we noticed brokerox.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Further, we could not find relevant information as per trading on brokerox.com. The broker fails to provide deposit fee, withdrawal fee as well as its leverage.
These are cons for forex traders to avoid losing money with this scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Brokerox presents us “a time frame of processing different withdrawal”, for Wire Transfer 5 working days; Credit/Debit card 10 working days and online methods 5 working days.
As for an inactive account of 60 days, the broker charges monthly charge of $10.
Minimum Deposit
Brokerox does not specify its minimum deposit.
As for the payment methods, the broker mentioned payment via Credit/ Debit card and Bank Wire Transfer. But, you should not consider making any payment with this broker because it is a risk. So beware!
Brokerox Platform
Brokerox offers web based platform and MT4 (Industry standard trading platform). The presence of MT4 doesn’t make this broker legit because any scam broker can do the same to lure forex traders
As for the leverage, Brokerox mentioned nothing on its leverage. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Brokerox Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is brokerox.com a Reliable Broker?
No, brokerox.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.