1. About Brokerz

    1. What security do I have when trading with Brokerz?

      Brokerz works with many local banks. You can view a complete list of banks within your account area and choose whichever one is best-suited for you.

    2. When was Brokerz founded?

      Brokerz was founded in 2013 by a group of professional traders, investment managers and software engineers.

    3. How does Brokerz determine its pricing structure?

      Brokerz works closely with major banks and financial institutions operating in the CFD industry. By working with several leading banks, Brokerz is able to obtain the best Bid and Ask price on behalf of clients. Working with top-tiered banks allows Brokerz to offer the most liquid, accurate, cost-effective and secure solutions for our customers.

    4. What type of trading accounts does Brokerz offer?

      Brokerz offers 4 types of trading accounts: Classic, Gold, Platinum and VIP. To learn more about account types, please visit the Accounts page.

    5. I’m a novice CFD trader. Can I use Brokerz?

      From beginners to professionals, Brokerz services all levels of CFD traders! Providing 24/7, multi-lingual support, Brokerz offers a flexible platform with powerful tools to assist you in all your online trading needs.

  2. Deposits & Withdrawals

    1. If I choose to send wire transfers. Who should I send it to?

      Brokerz works with many local banks. You can view a complete list of banks within your account area and choose whichever one is best-suited for you.

    2. Which payment methods can I use to deposit funds into my account?

      Brokerz accepts a wide variety of payment methods, such as:

      1. Credit/Debit card (Visa, MasterCard or Diners Club)
      2. Fast Wire Transfer

      For a full list of payment methods, please login to your account and go to the deposit page.

    3. What is the minimum deposit amount for online trading with Brokerz?

      The minimum amount to open a Brokerz account is $/€/£ 250.

    4. Is there a deposit fee?

      Brokerz does not charge clients when they deposit funds into their accounts. However, we recommend you check with your bank or credit card company for any money transfer costs and/or extra charges.

      Please Note: if a client deposits over $2,500, any transfer fees will be covered by Brokerz.

    5. When will my funds appear in my account?

      The time it takes for funds to appear in your account may vary depending on the deposit method used:

      1. Credit/ Debit Cards take approximately 24 hours to process (from time of receipt)
      2. Wire Transfer Deposits take approximately 1 – 2 business days to process (from time of receipt)
    6. How do I withdraw funds from my account?

      In order to withdraw funds you can either log in to your account and select the “Withdraw Funds” tab and follow the instructions there or fill out a withdrawal request form.
      You can also scan and email the request form to: [email protected]

      In order to process your withdrawal request in a quick and efficient manner, please refer to the following guidelines:

      1. Funds can be transferred directly to your bank account by wire transfer or returned to your credit card. However, a withdrawal can only be made using the exact same method you used for depositing. For example; if you deposited using a specific credit card, your funds can only be returned to that same credit card.
      2. Withdrawal requests are usually processed within three business days of receipt of all required documentation.
      3. In order to withdraw funds from your account you must maintain your margin requirements in case you have open positions. If you request a withdrawal of funds from your account and we cannot comply without closing some part of your open positions, we will not be able to fulfill your request until you have closed sufficient positions to enable your withdrawal.

      Please Note: in compliance with anti-money laundering regulations, Brokerz is allowed to transfer funds only to an account bearing your name. Brokerz may require additional information or documentation prior to releasing funds to your account.

    7. Does Brokerz charge any deposit or withdrawal fees?

      Brokerz does not charge any deposit or withdrawal fees. However, please keep in mind that some banks might charge transaction fees. These fees are not covered by Brokerz.

      Please note: any bank fees incurred by VIP clients are covered by Brokerz.

    8. If I withdraw funds, how long does it take to receive the money?

      We work hard to make sure your funds are transferred in a prompt and efficient manner. Regular money transfers normally take approximately three to six business days for approval.
      However, please keep in mind that there are several factors which might affect the speed in which your account is credited/debited.

      These factors include, but are not limited to the specific service you use to wire/request funds.

      Approved wire transfer withdrawals are forwarded to our bank on the day of their approval and are usually sent out from our bank on the same day.

      Wire transfers often make their way between several banks in several countries, and this can take a little longer as foreign financial institutions usually require a few working days to remit funds around the world.

      Once processed, for any withdrawal via bank wire transfer or credit card, please allow up to 7 business days for the funds to reach your bank account.

      Please note: In compliance with anti-money laundering regulations, Brokerz is allowed to transfer funds only to an account bearing your name. Brokerz may require additional information or documentation prior to releasing funds to your account.

    9. Can I withdraw my bonus?

      Bonus Requirement:

      In order to withdraw your bonus you must execute a minimum trading volume of $10,000 for every $1 bonus. For example; if you received a $100 bonus you will need to have a minimum trading volume of $1,000,000 in order to withdraw your bonus.

      Please note: you may withdraw funds from your account before reaching the minimum trading volume. However, by doing so you forfeit the bonus amount.

    10. Who can help me with questions about my account and/or withdrawals?

      Your Account Manager is ready to help you with any questions you might have. To obtain a quick response, you can reach your Account Manager via email or telephone. If your Account Manager is unavailable, our highly trained support team will be on hand to answer your questions. Rest assured that there is always a staff member available to take care of all your needs and feel free to contact us at anytime.

  3. Account Information

    1. How do I open an account?

      Designed with you in mind, opening a Brokerz account is easy. Simply click on the Sign Up link and fill in the required information page. Once your account has been successfully created you’ll need to send verification documents in order to complete the registration process, these can be faxed, scanned or emailed. As soon as your documents have been approved, you will be able to fund your account and begin trading.

    2. What documents are required to open a Brokerz account?

      In order to activate your account, the following documents are required:

      • An identifying document such as a passport, drivers license or official ID
      • Proof of Address such as a utility bill or bank statement (It must be no more then 6 months old)
    3. I have registered but can’t login to my account. What I should do?

      After registering, you will receive a welcome email with a verification link. Please check your email and follow the link. If the verification link does not work, please try copying and pasting the link into your browser’s address bar. If this does not resolve the issue, please contact the Brokerz support team via chat or email at: [email protected].

    4. Can my company open an account?

      Brokerz will consider accepting corporate accounts. However, corporate accounts will only be accepted after undergoing and passing a rigorous compliance process.

      If you are interested in applying, please contact [email protected] for further details.

    5. Can I open a joint account?

      For more information, please contact [email protected]

    6. What is the minimum transaction size?

      The minimum transaction size depends on the asset you trade, For more information please check our Client Trading Application Form page.

    7. How do I change my account details?

      To change your account details, please contact your Account Manager or a member of our support team.

    8. Does Brokerz charge any commission and/or trading fees?

      Brokerz DOES NOT charge any commission or fee as a result of your trading, Brokerz is compensated for its services through the Bid/Ask spread.

    9. Will someone manage my investments?

      No. Brokerz does not manage funds for its clients as this may create a conflict of interest. In order to remain 100% impartial and always have our clients’ profit and interest in mind, we do not manage funds. However, while you will be managing your own investments, you will be assigned an experienced Account Manager to help you along the way.

    10. Does Brokerz deduct any amount from my account for tax purposes?

      Brokerz does not deduct taxes from client accounts. It is the individual client’s responsibility to handle his or her own tax obligations in accordance with local law.

    11. What happens to my open positions at the end of a trading day?

      All open positions are automatically rolled or swapped over to the next business day. Traditionally, all spot trades in the FX market are performed for a period of two working days (when the delivery of the transaction takes place). Hence, in order to avoid the delivery of the trade, the positions are automatically closed for the original trade date and reopened for the next trade date.

      In order to keep things simple and give maximum advantage to our clients, the open and close rates of the rollover are kept the same as the open position rate. A premium is then added or subtracted based on the difference in interest rate between the two currencies being traded.

    12. Can I trade over the phone?

      Yes. Clients are welcome to call the Dealing Desk which is available 10 hours a day, Monday – Friday. The dealing desk will quote the customer a two way price (Bid & Ask) and the customer may place whichever order he or she chooses. The dealing desk will then confirm the trade. Many customers find that placing trades online is more suitable for fast trading, but all customers have the option of calling the dealing desk.

    13. What is the maximum trade size?

      Generally there is no maximum trade size, but large trades need to be authorized by the dealing room and may have different terms.

    14. What are your margin requirements?

      Brokerz clients can trade using a leverage of up to 200:1, depending on the asset they wish to trade and the trade size. Leverage of 200:1 means that a client is able to open a position which is up to 200 times the size of his or her deposit. For example, if a client has deposited $1,000 he or she will be able to open a trade up to $200,000 in value. A minimum 0.5% margin must be maintained at all times. To learn more about Brokerz trading conditions and margin requirements for assets, please visit our Client Trading Agreement page.

    15. Does Brokerz use margin calls?

      Absolutely. The WebTrader platform will trigger a margin call notification when your account equity level falls to 100% (or less) of the required margins by your open positions. If the equity of your account falls to 20% of the required margin then the platform will close all open positions. The service is not available in MT4.

      For example; a client opens a 200,000 USD/JPY position with Equity holding at $2,000. The Margin Requirement for such a position would be $1,000 (which stands for the Used Margin as well). If the client’s Equity falls to $1,000, the client will receive a Margin Call notification. If the client’s Equity continues falling and drops to $200, the position will be closed at market rate.

    16. Is CFD trading risky?

      It is worth keeping in mind that Foreign Currency & CFD trading carries a high degree of risk and may result in serious financial loss. Foreign Currency & CFD trading is not suitable for everyone. The high degree of leverage and volatility involved in CFD trading means that transactions can result in heavy losses as well as significant gains. We recommend that you trade with extreme caution and care. For help and guidance, make sure to take full advantage of all our services and highly trained support team. We also have a comprehensive library of educational resources available on our website. To help minimize potential losses, we also provide essential trading tools such as stop loss orders. However, such tools do not remove the significant element of risk that is involved in CFD trading. To learn more about the risks involved with CFD trading, please visit the Risk Disclosure page.

    17. What hours can I trade?

      Due to very low liquidity (and until further notice), trading hours will open on Sunday at 22:00 GMT and close on Friday at 22:00 GMT.

  4. Trading Questions

    1. How many trading platforms are available?

      Brokerz offers 3 trading platforms:

       

      1. MetaTrader 4: take advantage of one-click, at-best order execution, advanced technical analysis and unmatched automation capabilities!
      2. Brokerz WebTrader: a user friendly web platform which synchronizes all trades with your MT4 account.
      3. Brokerz Mobile Trader: a state-of-the-art platform developed using HTML 5. Market Mobile Trader is compatible with Smartphones that support HTML 5.

      To learn more about the trading platforms, please visit the Platforms page.

    2. What are the recommended system requirements for using Brokerz trading platform?

      The recommended PC requirements are:

      Computer: Intel Pentium IV 3.0GHz, 512 MB RAM, or higher

      Monitor: A minimum resolution of 800×600 pixels

      Operating system: Microsoft Windows XP, Windows 2000

      Web browser: Microsoft Internet Explorer 6.X

      Internet connection: Broadband internet connection with a min 1.5 MB download speed

      Note: Systems that do not meet these requirements may experience limited functionality.

    3. Do I have trailing Stop and OCO options?

      Yes. Our professional trading platform offers an extensive set of features and powerful tools to help assist both novice and professional traders.

    4. What is Trailing Stop?

      A Trailing Stop is a stop-loss order that automatically adjusts itself as the market rate moves in the direction of your open position. The trailing price literally trails behind rising prices, allowing you to capture more profits while ensuring that if prices suddenly drop you are still protected by the automatic Stop-Loss order.

      Important Note for MetaTrader 4 Platform:
      Since Trailing Stop works on the client terminal side, unlike Stop Loss and Take Profit that work on the server side, it won’t work if the client terminal is closed. If the client terminal is closed, only Stop Loss that was placed by Trailing Stop before the terminal was closed can trigger.

    5. What does OCO stands for?

      OCO stands for One Cancels the Other and is a contingent order providing that one part of the order is cancelled if the other part is executed.

      To learn more about our trading platform, please visit the Trading Platform page.

    6. Can I change the layout of Brokerz trading platform?

      Yes, once you have logged to Brokerz trading platform you can customize the platform’s layout according to your personal preferences. This enables you to organize windows, add charts and create new workspaces.

    7. When is the CFD market open for trading?

      The CFD market is open for trading 24 hours a day, five days a week. The market opens on Sunday evening at 22:00 GMT when Asian markets open, and concludes on Friday night when the New York markets close.

    8. What is the rollover?

      A rollover is when interest is paid or deducted from open positions. Trading currencies always involves two different currencies with their own individual interest rate. When you buy a currency that has a higher interest rate than the sold currency, you will be paid interest. However, when you buy a currency with a lower interest rate than the sold currency you will pay interest, and money will be deducted from your account. A rollover applies only to overnight trades.