BrokerOfficial Review – An Introduction

BrokerOfficial is a forex and CFD broker. The broker’s website provides the contact details based in the UK, and is owned and operated by Astercap Ltd. All the forex brokers providing services in the UK are required to be registered with the Financial Conduct Authority but neither the broker nor the parent company is registered with FCA. That’s why we have some major concerns with the broker. Let’s go through the detailed review about this broker.

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About the BrokerOfficial:

BrokerOfficial is an unregulated broker offering a wide range of trading instruments, including 52 forex pairs, ETFs, CFDs, stocks, bonds, indices, commodities and crpto coins. The offerings of the broker are pretty impressive with exotic currencies like Singapore Dollar, Turish Lira, Russian Rubble and many more. Even large number of CFDs on commodities like coffee, orange juice, soybean, sugar, wheat, oil and natural gas, spot metals like gold, silver, platinum, palladium and copper, 23 indices, 46 ETFs, bonds, stocks and all major crypto currencies, including Cardano, Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, QTUM, Stellar, Monero, Ripple and Zcash.

The BrokerOfficial does not offer any demo account to its clients. This means that you cannot test their services and facilities. Broker Official offers four types of accounts to its clients. This includes the Basic, Advanced, Professional and Ultimate account. Now, the problem with the broker is that it requires a huge deposit amount for each account type. If you go for the basic one, then you will have to deposit $1000. If you decide to go for the advanced one, then the requirement is of about $5000. For the professional account, a deposit of about $10,000 is required, and the ultimate account requires a deposit of $25,000 which is way too high. This means that only the filthy rich traders can think of making the investment and this way the broker can grab more money.

Is BrokerOfficial legit or scam?

Unfortunately, the broker lack so much of credit-ability. Its FAQs section on the website is not working; there is no adequate customer support available and the unusual high deposit requirements despite of the unregulated status, points towards the scam and shadiness of the broker. The top most thing that gives a red flag to the broker is the fact that it is not registered with FCA that means I is not licensed to provide its services in the UK.