BrokerCreditServiceLtd Review – Why Avoid this Broker?

BrokerCreditServiceLtd Review

The last few years have seen a massive number of people flow into the financial markets, all with the goal of taking advantage of the opportunities to make high returns. Other forms of investment have not been offering the same level of returns, which has driven people to explore the different markets.

In order to do that, you need to open an account with an online broker. There are a ton of them to be found, each promising you everything on a platter. But, this BrokerCreditServiceLtd review will tell you that you cannot believe everything you read.

This is the internet, which means that you have to take everything with a grain of salt and not just consider it the truth. Otherwise, you will be the one dealing with the repercussions if it turns out to be false.

This is certainly true in the case of an online broker that promises you professional services and everything else you require for a profitable trading experience. You should bear in mind that it is natural for each company to present itself as the best, but whether it is so or not is your job to determine.

If you make mistakes during this process, you could end up with the wrong broker. This could result in a poor trading experience, or you getting scammed out of your money. Both are circumstances you want to avoid because your goal is to make profits and not lose your funds.

It will only happen if you have the right brokerage to assist you during the process. Therefore, you should be focused on checking a company before you consider them worthy enough to sign up.

It can be tempting to choose BrokerCreditServiceLtd when you first come across it because it seems to be regulated by some of the top authorities in the world and has a lucrative leverage. However, it is better to avoid this broker and you can discover why if you take a closer look. Let’s get started.

False licensing claims

Dealing with a licensed online broker is recommended because regulated brokerages can offer you quality trading services in a secure environment.

Hence, you can trade with complete peace of mind and have access to the best services and tools needed for the process. The fact that BrokerCreditServiceLtd claims to be licensed by some of the world’s leading regulatory bodies would undoubtedly impress anyone.

To begin with, BrokerCreditServiceLtd claims to be licensed European brokerage, which has a license from the Cyprus Securities and Exchange Commission (CySEC).

It also claims to be regulated by other authorities including the National Securities Market Commission (CNMV) in Spain, Polish Financial Oversight Commission (KNF), the National Commission for Companies and the Stock Exchange (CONSOB) in Italy and the Federal Financial Supervisory Authority (BaFIN) in Germany.

The names are definitely going to overwhelm anyone and it makes BrokerCreditServiceLtd appear as a powerful brokerage that should be chosen right away.

But, it is not possible for it to be licensed by these regulatory authorities at all. Why? This is because the leverage ratios offered here are far higher than 1:30, which is the cap imposed on leverage in the European Union.

But, you can still verify this by running BrokerCreditServiceLtd in the online registers of these regulatory authorities with the license number provided on the website.

You will not find any company mentioned by this name, which shows that it is making false claims about its regulation. Its goal is to fool people into believing it is regulated, so they will sign up.

Lack of professional trading platform

The trading platform is provided by an online broker and is the most crucial tool because you have to use it for doing all your trading activities.

Whether it is executing your transactions, performing analysis, or using other tools, you need to have a trading platform. But, not every brokerage offers you the same platform due to which you have a different experience.

You will find that BrokerCreditServiceLtd is offering a web trading platform that it claims is professional, but it is just a basic platform that does not have the bells and whistles you will find in some of the top platforms in the market.

Most reliable brokerages would offer the MT4, or the MT5 that are award-winning and cutting-edge trading solutions capable of offering a seamless trading experience.

Excessive leverage ratios

As mentioned earlier, the leverage ratios that are offered at BrokerCreditServiceLtd are certainly not in your favor. There is no doubt that higher leverage can give you great flexibility, but you have to remember that it can also result in losses for you.

Thus, you should not consider high leverage to be an advantage and choose a broker based on this factor.

The leverage ratios that are available at BrokerCreditServiceLtd go as high as 1:200, but regulatory authorities in Europe and the UK have imposed a cap of 1:30 on leverage that can be given to retail traders.

This is due to the risks involved and since BrokerCreditServiceLtd does not follow this rule, it shows that the brokerage is not regulated by these authorities.

Confusion about payment methods

Another reason for you to avoid BrokerCreditServiceLtd is that the company itself is not sure of what payment method it offers.

When you go through the details, you will find that it claims to support only wire transfers, which is not a good thing because payments via this method are not eligible for chargeback, so you will not be able to get a refund.

But, as it turns out, the actual payment method that BrokerCreditServiceLtd supports is credit card payments and these are eligible for a chargeback.

You will find another problem when you think about making a deposit and that is the whopping requirement of $5,000 as minimum deposit. The standard amount is $250 and this is way higher than that, which is another reason to avoid this platform.

Ending Thoughts

It is apparent that there are strong reasons for you to steer clear of BrokerCreditServiceLtd when you are looking for a good online broker.