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Brokereo Review & Opinions: Is it Reliable and Safe in 2023?

3.7 / 5

Brokereo is an online broker that is operated by Concorde Investments (Cyprus) Ltd. The Cyprus Securities and Exchange Commission (CySEC) regulates its parent company. As part of the regulatory requirements, the trader offers clients segregated trading accounts as well as negative balance protection. Both of these features are only accessible to retail traders.

General Information

Brokereo is a relatively new online broker that was established in 2020. The broker aims to offer traders a new trading experience that will learn them how to trade. Its founders consider it part of a new generation of online brokerages with an intense focus on the client’s experience. Traders get access to over 300 CFDs on assets and modern analytical tools.

Traders using Brokereo have access to three account types. These are the Silver, Gold, and Platinum accounts. With any account, traders have access to various CFD instruments that cover commodities, shares, indices, metals, forex, and cryptocurrencies. Clients of Brokereo can enjoy spreads of as low as 0.3 pips when using the Platinum account.

The broker allows traders to use the trusted MT4 platform, which has been around for over two decades via WebTrader and a mobile app. Users also have access to a wide range of educational material including tutorials and ebooks.

Advantages and Disadvantages

Regulated Broker: Brokereo is regulated by CySEC, which is a strict regulator that has numerous customer protection requirements.

Wide Array of Trading Instruments: traders using Brokereo can access over 300 CFDs trading instruments in different categories.

MT4 Platform Support: Brokereo allows traders to use the MT4 trading platform, which has been the industry’s gold standard for over 20 years. With MT4, traders have access to numerous analytical tools and features to help them optimize their profitability opportunities.

High swap fees: compared to the industry standard.

Trading Conditions

The trading conditions on Brokereo are quite impressive. Traders can access leverage of up to 1:500. The high leverage is only accessible to professional traders, which is the maximum cap set by EU-based regulators. Retail traders still get access to an impressive up to 1:30 leverage.

There are also several execution types supported by Brokereo with ultra-fast execution speeds. It ensures that traders can keep up with the fast-paced nature of the market and manage their opportunities.

Underlying Assets

Brokereo gives traders access to over 3000 different CFDs assets. These CFDs assets are drawn from all major asset classes such as CFDs on commodities, CFDs on stocks, CFDs on forex, CFDs on indices, and CFDs oncryptocurrencies. The spreads and swap fees vary depending on the account type and the instrument being traded.

Trading Platform

Brokereo allows traders to make trades using the MT4 platform. With this broker, the MT4 platform is accessible as a standalone desktop application or via the WebTrader. MT4 is the most widely used trading platform in the world and has been around for over two decades. During that time, it has proven to be a reliable and secure platform, which is full of useful features. Whether you use a Mac or Windows computer, you can access the Brokereo MT4 platform.

With the WebTrader, Brokereo’s clients can access the platform using their modern web browser. Simply log in to your account and begin trading directly via the website. Users of the WebTrader will have access to the full suite of features accessible via the MT4 application. Traders can access their open positions, modify them, or open new positions.

Mobile Trading

Users of Brokereo can access their accounts via a mobile trading app. The app comes in the form of an MT4 trading app for iOS and Android devices. Links to download the app are available on the Brokereo website.

With the MT4 app, traders have access to a wide array of features such as real-time quotes, trading on multiple CFDs on asset , tools for technical analysis via the phone, and the ability to manage one’s open positions while on the go.

Demo Account

For those who are unsure of themselves, Brokereo provides traders with a free demo. The demo account comes with an unlimited virtual balance that can be used on all of the platform’s tradable instruments. It is a great account for those who wish to explore the broker’s features without spending any of their real cash.

Account Types

Traders using Brokereo have access to three account types, which are Silver, Gold, and Platinum. The three account types are based on the skills and expectations of traders.

A Silver account is great for novices. The minimum deposit for this account type is 250 EUR. Spreads start from 1.0. Traders get access to 24/5 support and leverage of up to 1:30. They will also get access to over 300 CFDs.

The Gold account is suited to intermediary traders who have advanced beyond the initial stages. Traders will get all features of the Silver account plus a 25% swap discount. Spreads of as low as 0.04 are accessible with this account with maximum leverage set at 1:30.

With a Platinum account, traders get access to all the features of the other accounts plus a swap discount of 50%. For retail traders using the Platinum account, with maximum leverage is set at 1:30. Traders will get access to spreads of as low as 0.03 with this account.

All accounts are accessible as Islamic accounts. The broker promises traders using Islamic accounts that there are no hidden costs or re-quotes. There are no upfront commissions or spread widening; most importantly there are no swap fees. Besides those conditions, the Islamic accounts operate as other trading accounts.

All trading accounts offered by Brokereo can be converted into Professional account. Traders using this designation get access to higher leverage of up to 1:500 and a personal account manager. To access the pro account, traders have to meet 2 out of the 3 requirements. They include maintaining a minimum online trading portfolio of up to 500,000 EUR. Traders must also provide evidence of at least a year’s experience as a trader. Finally, traders need to have had at least ten positions per quarter in the past four consecutive quarters.

Opening an Account

To open an account, visit the Brokereo homepage and click on ‘Open Account.’ Users have to go through a five-step process to complete the account opening process. Additionally, they will need to accept the terms and conditions of the broker. The process can be divided into five parts, which are Account, information, a Questionnaire, Deposit, and Documents.

Before they can begin trading, users need to fulfill KYC and AML requirements set by the regulator. To do that, they will have to provide proof of identity and proof of address. For identity verification, users can provide a driver’s license or a national ID. Proving one’s address can entail providing a utility bill or any other bill with the user’s name and address on it. The documents are submitted in the client portal section, which is accessible via phone or PC.

Funds Withdrawal

Brokereo supports various withdrawal and deposit methods. They include a bank wire transfer, credit and debit cards, and Klama. To do so, one can visit the client portal section. The platform accepts a minimum deposit amount of 250 EUR.

To make a withdrawal, users can contact customer support. Additionally, there is the option to request withdrawals via the client portal. Withdrawal requests can be made 24/7 via the client portal section. To make a withdrawal, users may need to provide a copy of the credit card or bank account statement to confirm they are the owner. The platform does not allow third-party withdrawals. Traders can only withdraw their available funds using the same account they used to deposit funds.

Trader Training

The broker provides traders with access to a wide collection of educational material. They include video courses, tutorials, eBooks, and a video on demand section. Their educational material is designed for newbies as well as advanced traders who wish to advance their knowledge and skills.

Should I Trade with Brokereo?

Brokereo is a safe and regulated platform that provides traders with access to a wide array of CFDs on various assets. Traders have options of different leverage. They will have access to the feature filled MT4 trading platform. Besides that, the swap discount of up to 50% is quite impressive for Retail Platinum accounts. They also have a great education section that will help novices and experienced traders to hone their trading skills. For any traders that are in search of a reliable, sophisticated and intuitive trading platform, Brokereo is a great choice.

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