Cheated by a financial organization, does not withdraw money? Do you want to check the financial company?
Broker BroCo - how the office scams money, review of legal certificates, reviews from ex-clients
Broco was founded in 1997. This is a forex dealer with Russian roots, registered in Mauritius. Over the years, the company expanded its operations internationally, but subsequently faced serious payment problems, which led to its closure. Broco initially operated under a license issued by the Mauritian regulator. In 2011, this license was suspended. The company subsequently claimed to have a Panama license, but the effectiveness and legality of such a license is questionable because the Panamanian regulator did not strictly supervise the activities of forex brokers.
|Year of foundation
|Regulation and jurisdiction
“BroCo” is a dealing center created by Russians to work with traders around the globe. BroCo was part of the BroCo Group of Companies. He called himself one of the most successful, respectable brokers in the Russian Federation. True, instead of Russian registration there was a dash.
Country: Russian Federation
City: St. Petersburg
Address: Nevsky pr., 30, Lit. A, office 3.6 A
- Low entry threshold
- Wide range of assets
- Offshore license
- Price manipulation
- Refusal to withdraw profit
Broco Trader, MirrorTrader, CQG Trader, CQG Integrated Client, Currenex Classic
|Types of accounts
Broco Trader Mini, Broco Trader Classic, Autotrader, CQG, Currenex
EUR, USD, RUB
Bank of Transfer, Visa, Mastercard, HandyBank, EasyPay, Liberty Reserve, LiqPay, RBK Money, WebMoney, Yandex.Money, Деньги@mail.ru, MoneyBookers, Pay2Pay
Currencies, currency pairs, CFDs of shares, indices, ETFs, commodities, futures, exchange futures, options
Currenex, Comex/Nymex, ICE (Europe) ICE (USA), Liffe, Eurex, MATIF, CME (Globex), CBOT
The “kitchen” from the offshore drained deposits due to glitches in the terminal, requotes, slippages, and hidden commissions
Information about BroCo overview of the history of formation
In 2010, the company tried to obtain a CySEC (Cyprus) license, but was rejected due to a criminal investigation against the company’s head associated with the SEC. Broco is a dealing center that declares itself to be a successful project in the Russian Federation. But additionally, registration within the country has not been completed. Plus there were also attempts to enter the Belarusian market, but this did not bring any results.
The next point is licensing. There is not a single footnote to the license on the official website brocompany.ru. Additionally, we checked the register of the Central Bank of the Russian Federation; there is no mention of the service in it. It turns out that the company provides services in Russia illegally, thereby exposing all clients to increased risk.
There are references to a document issued by the Mauritian FSC auditor. After the trial in the United States, the document was withdrawn. Management then began searching for a new market.
Terms of cooperation with the project
The website does not contain a complete list of available assets. However, it is mentioned that the choice of instruments depended on the type of account chosen, including the classic Forex CFD trade.
Accounts are classified as follows:
- mini. Minimum deposit $25. Differences from other types of accounts relate to the size of leverage, the number of simultaneously open positions, limits on the volume of transactions and collateral;
- classic. Minimum deposit $500. Includes the ability to trade by phone.
Replenishment methods include bank transfers (including through local banks of the Russian Federation), cards, electronic payment systems (EPS). Some deposit methods support anonymous transactions, which are not specified. In general, in this case it is important to take into account feedback from ex-clients. Users share stories that they cannot withdraw money, and technical support feeds them with promises that profits are about to be credited to their balance.
In addition, the site contains references to more specific trading conditions:
- from 0.01 lot;
- leverage: Up to 1:500;
- margin call 40% or 80%;
- stop-out: 30% or 70%.
The company supports the following trading platforms: Broco Trader, Strategy Runner, Laser trade, Currenex, MetaTrader 5, Tradex, Alfa-Direct, Quik, VolFix. I would just like to know who is the liquidity provider. Considering that the broker operates without legal registration, the quotes are fake and are drawn by the manager. In general, we have before us a classic scammer that can only exist.
BroCo Divorce Evidence
We invite you to familiarize yourself with the signs of divorce that have been discovered:
- pattracting clients with promises of high income. BroCo attracts users by offering them the ability to copy supposedly successful Forex trades, promising quick and easy money even for inexperienced traders;
- The minimum deposit of $25 is very beneficial for beginners;
- blocking of accounts and no withdrawal of funds. After customers deposit funds, their accounts are suddenly blocked and the money becomes unavailable for withdrawal. BroCo provides no explanation and ignores customer requests;
- no license, fake contact information. BroCo does not have a brokerage license and provides false contact information, which makes contacting it almost impossible.
This scheme is a typical example of financial fraud; apparently, the service’s management did not create a unique approach, but chose the classic method. Unfortunately, as practice shows, BroCo makes money through this service format, where the company uses promises of high income to attract customers.
Of course, here we need to start with the fact that BroCo operates illegally, which makes its activities unreliable and risky for traders. Illegal broker activities expose clients to the risk of losing funds without the possibility of legal recovery. Many clients have encountered problems when trying to withdraw their money. In some cases, money was debited from the account but not transferred to customers’ e-wallets or bank accounts. Opening a BroCo personal account will only lead to losses.
BroCo reviews from ex-clients
We are faced with the fact that there are very few comments about the project. It seems that the BroCo company is little known on the Internet. Or the company’s authors are just beginning to share their own experience.
So, below is the story of how the client believed the managers, then expected his earnings. There’s just no money.
Alexey tried to apply for a withdrawal, and the support fed him with promises that everything would happen soon. The funds just never arrived.
Zhenya doesn’t understand how scammers still work. Because they promise a big profit, but in practice no one gets it. Vladimir does not recommend the terminal, it slows down, and the office operates without a license.
It is interesting that there are no comments for the period when the company just started providing its services.
In general, we are dealing with classic scammers. The company manipulates users, promises one thing, but in practice does not implement anything. For advice on this matter, justwrite to us, managers are ready to explain in detail the intricacies of the process.
Here we need to start with the fact that the project does not havelicenses and legal transparency. The company provides services in this niche illegally. Moreover, to create a more positive image of BroCo, management purchased positive comments online. The company also charges hidden fees, unclear terms and conditions for using the platform, and lacks clear information about risks. The outcome of cooperation with the organization will bring only losses.
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The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about BroCo are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.
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