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The WikiFX Score of this broker is reduced because of too many complaints!

Broker Group

Panama|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.broker-group.com/

Website

Rating Index

Contact

support@broker-group.com
https://www.broker-group.com/
P.O. Box APDO 0601-0395 Ave Perez, Azuero BC Panama, Rep. de Panama
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Broker Group Ltd

Company Abbreviation

Broker Group

Platform registered country and region

Panama

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-04-17
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 35 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Pyramid scheme complaint
Expose
Unable to Withdraw

Unable to withdraw and fraud

I started in Omegapro with my capital. After that, there was a problem with the broker being hacked and with the confidence of continuing with the investment. They made me transfer my money to the broker group but it turns out that now no one has contacted me. I do not get a response from any representative of the platform to withdraw the capital. It would be of great help if everything went well and I could withdraw the capital since it was my savings.

2023-12-29 06:39
Unable to Withdraw

Scam

I invested in OmegaPro because of a former friend who told me about the “unique opportunity” of this business and all with sweetening words on February 2, 2022, everything was going well while I saw the supposed “returns” in my account. I added two people to the “ business”. I invested my capital patiently waiting for the promised return. I invested an amount of $9,000usd divided into 5 accounts, one with the package of $500usd, two with 1,000 and two packages of $3,000usd, which with the total with the commission charged was about 9,000usd that I invested, almost completing the established time of 16 months. On November 25, 2022, the alleged “attack” on the Omega network and everything that followed with “Broker Group” happened. Since I wanted to obtain my capital, I did all the operations that they asked of me for supposedly some day to obtain it, transferring the funds to this new page and selecting the option to withdraw and not continue, for which they charged me a commission which I did not mind since I only wanted the sum of what I had invested out of my pocket. Supposedly leaving a Binance account or some virtual wallet within a period of months, my money was going to be deposited into the account. After more than a year of waiting, I lost hope even though it was very little. And I turn to this complaint since it is the only place where it can be done, I would love to be able to recover even some of the investment since I am not financially well. It would help me a lot, since what I invested was a loan from the bank that the Omega partners themselves helped me take out. Now I have this enormous debt in the bank. From already thank you very much. I attach evidence in images.

2024-01-09 00:36

    Broker Group · Company Summary

    Registered in Panama
    Regulated by No effective regulation at this time
    Year(s) of establishment Within 1 year
    Trading instruments Forex, commodities, indices, shares, cryptocurrencies
    Minimum Initial Deposit Information not available
    Maximum Leverage 1:500
    Minimum spread Information not available
    Trading platform own platform
    Deposit and withdrawal method including crypto currency deposits
    Customer Service Email and address
    Fraud Complaints Exposure Yes

    It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

    In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

    Pros and cons of Broker Group

    Pros:

    • Multiple trading instruments available, including forex, commodities, indices, shares, and cryptocurrencies.

    • No hidden charges on deposits and withdrawals, and a vast array of funding methods and depositary institutions, including cryptocurrency deposits.

    • The company offers its own platform, which is available on multiple devices, and provides up to 1:500 maximum leverage.

    • The website is available in multiple languages, including English, Spanish, German, and French.

    • The company is registered in Panama.

    Cons:

    • Broker Group is not regulated by any financial authority, which raises concerns about the company's credibility and transparency.

    • The spreads are not disclosed on the website, and there is no information on commissions and other costs.

    • Limited information is provided about account types, with only some info about managed accounts that enable clients to invest funds with professional money managers.

    • There are no educational resources available on the website.

    • Customer support is only available through email, and there is no telephone service or online chat.

    What type of broker is Broker Group?

    Advantages Disadvantages
    Broker Group offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, Broker Group has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

    Broker Group is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, Broker Group acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that Broker Group has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with Broker Group or any other MM broker.

    General information and regulation of Broker Group

    Broker Group Ltd. is a company registered in Panama and claims to offer forex, commodities, indices, shares, and cryptocurrency trading with a maximum leverage of up to 1:500. The company accepts a wide range of deposit methods, including cryptocurrency deposits, with no fees charged. However, the company is not regulated by any financial authority, and there is limited information about account types, spreads, commissions, and customer support. Additionally, there are no educational resources available on the website.

    In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

    General information

    Market instruments

    Advantages Disadvantages
    Wide range of trading instruments Lack of clarity on the trading conditions and costs
    Opportunity to diversify investment portfolio Not regulated by any financial authority
    Potential for high returns in volatile markets Limited information on the available assets and their specifications

    Broker Group offers a variety of trading instruments, including Forex, commodities, indices, shares, and cryptocurrencies. This provides traders with the opportunity to diversify their investment portfolio and potentially generate high returns in volatile markets. However, the lack of clarity on the trading conditions and costs, coupled with the fact that Broker Group is not regulated by any financial authority, raises concerns about the reliability and transparency of the trading platform. Furthermore, there is limited information available on the available assets and their specifications, which may hinder traders from making informed decisions. Overall, while the variety of trading instruments is a positive aspect of Broker Group, the lack of regulatory oversight and transparency are significant drawbacks that potential users should consider carefully.

    market instruments

    Spreads, commissions and other costs

    Advantages Disadvantages
    Transparent spread information on the website Commissions and other costs are not disclosed
    Competitive spreads on some instruments Hidden costs may lead to unexpected charges
    Possibility of variable or fixed spreads Lack of clarity on commissions may suggest potential for higher costs

    Broker Group provides a spread page on its website where clients can view the spreads for different financial instruments. The spreads can either be fixed or variable depending on the instrument. While the spreads seem competitive for some instruments, such as major forex pairs, there is no information regarding commissions or other costs associated with trading. This lack of transparency may lead to unexpected charges for clients and make it difficult for them to fully understand the costs involved in trading with Broker Group. Therefore, potential clients are advised to exercise caution and seek further information before making any financial commitments.

    spreads and commissions

    Trading accounts available in Broker Group

    Advantages Disadvantages
    Managed account allows clients to invest with professional money managers No clear information on other account types
    --- Lack of transparency on account features and fees
    --- Limited customization options for account types
    --- No information on minimum deposit requirements or funding options

    Broker Group's website provides limited information on their account types, with the only clear option being a managed account that allows clients to invest funds with professional money managers. However, there is no clear information on other account types, such as standard or VIP accounts, and their respective features and fees. This lack of transparency may be a disadvantage for clients who prefer to have a variety of account options to choose from, or who want to compare account features and fees before making a decision. Additionally, the limited information on account types may indicate limited customization options for clients. There is also no information on minimum deposit requirements or funding options, which may be important considerations for potential clients.

    account types

    Trading platform(s) that Broker Group offers

    Advantages Disadvantages
    Available on multiple devices No mention of third-party platform support
    Customizable layout No information on advanced trading tools
    Real-time market data No mention of backtesting capabilities
    Easy-to-use interface Limited information on platform features and functionality

    Broker Group offers its proprietary platform that can be accessed on multiple devices, including desktops, mobile devices, and tablets. The platform features a customizable layout, real-time market data, and an easy-to-use interface. However, the company does not provide any information on advanced trading tools or features, such as algorithmic trading or social trading. Additionally, there is no mention of third-party platform support, which may limit the options available to traders who prefer to use other trading platforms. Furthermore, the platform does not seem to offer any backtesting capabilities, which could be a disadvantage for traders who rely on historical data to inform their trading decisions.

    trading platform

    Maximum leverage of Broker Group

    Advantages Disadvantages
    Allows traders to open larger positions with smaller amounts of capital Higher leverage increases the risk of significant losses
    Provides the opportunity for potentially higher profits Can lead to overtrading and excessive risk-taking
    May attract more traders who are seeking higher leverage Traders may not fully understand the risks associated with high leverage
    Can be used to diversify a portfolio and hedge against market volatility Higher leverage increases the potential for margin calls and forced liquidation of positions

    Broker Group offers a maximum leverage of up to 1:500, which is significantly higher than the leverage offered by many other brokers in the industry. This high leverage allows traders to open larger positions with smaller amounts of capital and potentially earn higher profits. However, it also increases the risk of significant losses, especially for traders who do not fully understand the risks associated with high leverage. Traders must be cautious when using high leverage and employ appropriate risk management strategies to mitigate potential losses. Additionally, higher leverage can lead to overtrading and excessive risk-taking, so traders should use leverage judiciously and diversify their portfolio to hedge against market volatility.

    Deposit and Withdrawal: methods and fees

    Advantages Disadvantages
    No hidden charges on deposits and withdrawals Not regulated, so no oversight on deposit and withdrawal procedures
    A vast array of funding methods and depositary institutions, including crypto currency deposits Lack of clarity on deposit and withdrawal processing times
    Limited information available on withdrawal fees or minimum withdrawal amounts

    Broker Group offers a competitive advantage in terms of their deposit and withdrawal procedures, with no hidden charges and a wide range of funding methods, including cryptocurrency deposits. However, the lack of regulation means that there is no oversight on deposit and withdrawal procedures, which may be a cause for concern for potential clients. Additionally, there is a lack of clarity on deposit and withdrawal processing times, and limited information on withdrawal fees or minimum withdrawal amounts. It is recommended that clients carefully review the deposit and withdrawal policies before engaging with the company.

    deposit and withdrawal

    Educational resources in Broker Group

    The lack of educational resources offered by Broker Group is a significant disadvantage for traders. Educational resources are critical to understanding the markets and making informed trading decisions. Without access to educational materials such as webinars, tutorials, and articles, clients may struggle to improve their trading skills and knowledge. Furthermore, educational resources are particularly helpful for novice traders who need to learn the basics of trading, such as fundamental and technical analysis. The absence of educational resources may also indicate that the company is not committed to helping its clients succeed in trading. In summary, the lack of educational resources is a significant drawback for clients who seek to improve their trading skills and knowledge.

    educational resources

    Customer service of Broker Group

    Advantages Disadvantages
    Email support available No telephone or live chat support
    Mailing address provided for contact Limited options for immediate assistance
    Lack of transparency on response times or availability of support staff

    Broker Group appears to have limited options for customer care with only email support available and no telephone or live chat support. While a mailing address is provided for contact, there is no information on response times or availability of support staff. This lack of transparency may be frustrating for clients who require immediate assistance. However, the email support option can still be beneficial for clients who have non-urgent queries and can wait for a response. Overall, the limited options for customer care may be a disadvantage for Broker Group, and they may need to consider additional support channels in the future to improve their service.

    customer support

    Conclusion

    In conclusion, Broker Group is an unregulated company based in Panama that offers a range of financial instruments, including forex, commodities, indices, shares, and cryptocurrencies. The company provides its own platform, which is available on multiple devices, and offers a maximum leverage of up to 1:500. Deposits and withdrawals are processed without hidden charges, and the company offers a variety of funding methods, including crypto deposits. However, the company lacks educational resources and customer support is limited to email only. The company's website also lacks transparency on account types and fees. While the company offers some advantages, such as low spreads and no deposit or withdrawal fees, its lack of regulation and limited customer support should be considered when choosing a broker. Therefore, investors should proceed with caution when considering Broker Group as a potential investment partner.

    Frequently asked questions about Broker Group

    • Q: Is Broker Group regulated by any financial authority?

    • A: No, Broker Group is not regulated by any financial authority.

    • Q: What financial instruments can I trade with Broker Group?

    • A: You can trade forex, commodities, indices, shares, and cryptocurrencies with Broker Group.

    • Q: What is the maximum leverage offered by Broker Group?

    • A: The maximum leverage offered by Broker Group is up to 1:500.

    • Q: What are the deposit and withdrawal options available with Broker Group?

    • A: Broker Group offers a vast array of funding methods and depositary institutions, including crypto currency deposits. There are no hidden charges on deposits and withdrawals, and no fees are charged.

    • Q: Does Broker Group offer any educational resources?

    • A: No, Broker Group does not offer any educational resources.

    • Q: What is the customer support service available with Broker Group?

    • A: Broker Group offers support via email only. There is no telephone service or online chat available.

    • Q: Is there any information available about the account types offered by Broker Group?

    • A: The website of Broker Group does not make it clear about the account types, with only some info about the managed account that enables clients to invest funds with Professional Money Managers and participate in the exceptional returns of Alternative Assets.

    frequently asked questions

    User Reviews

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    4

    Comments

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    $$$892
    6-12months
    For traders, the Global Forex Broker Regulatory Inquiry app is revolutionary. It facilitates seamless access to regulatory information through its user-friendly interface, ensuring compliance and peace of mind. Continuous updates and exhaustive assets make it a fundamental apparatus for any forex dealer exploring the complex administrative scene.
    2023-07-07 01:46
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    0
    0
    倩27228
    more than one year
    Hateful! I traded with this broker for 6 months. However, one day they decided to delete my all my profits arguing that I was arbitrage which was not what I was doing. Poor regulation and protection as they can do whatever they want. My advice, this broker should be fined by a decent regulator.
    2023-03-20 18:25
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    0
    0
    云淡风轻8615
    more than one year
    Stable chart, tight spreads, and fast deposit. I started an account here mainly for trading forex. Spread is fine by me and got good advice from their support about depositing and withdrawing money as well.
    2023-02-27 18:09
    1
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    36
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