BroCo

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 After the trial in the United States, the document was withdrawn.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.