There’s nothing like solicitous attention from a leading broker when you are entering the challenging oceans of Forex trading. Leave your anxieties behind! Brokereo is a truly European Broker. It has taken care to bolster its claim to regulation by seeking and securing regulation from the vast majority of EU states. Regulatory authorities oversee financial services in the leading states (Germany, France, Italy), the prosperous Nordic countries (Sweden, Norway, Iceland, Denmark, Finland), Central Europe, the Baltic States, and more notables. But the lynchpin has been the license secured from the Cyprus Securities and Exchange Commission (number 189/13). The awardee is the parent company Concorde Investments (Cyprus) Ltd.
How to open an account with Brokereo?
To open an account with Brokereo, you only have to click the “open account” button on the homepage of the broker’s website. There’s the application process, besides accepting the broker’s terms and conditions. The five-step application process includes “account information”, “questionnaire”, “deposit”, and “documents”.
As anticipated, Brokereo requires proof of identity and proof of address for verification purposes. This follows from KYC and AML regulatory requirements. The client portal section facilitates this. Besides, this section gives you access to deposit and withdrawal options. In fact, you may manage your trading account from this section itself.
The minimum deposit is EUR 250.
- Account creation – the email confirmation from Brokereo has your login credentials and the link to your account;
- Providing personal information – include only updated information;
- Make your first deposit.
How to get a demo account with Brokereo?
The demo or practice account is exclusively about virtual money. There are neither deposits or withdrawals here. The account is absolutely risk-free. It is your platform for giving free rein to your theories and methods, a test run. You can actually try out both the demo and live accounts in parallel. That way, you run simulations that warn you ahead of possible lacunae in your strategic plans. The live and demo accounts look the same – a great feature from Brokereo! You will that way have simulated trades that are closest to the real thing.
The demo or practice account is accessed from the homepage itself. Pressing the “start” button, you are led to a page requiring personal details registration. However, the input here is not more than just the following:
- Name;
- Email;
- Phone number.
You have to give your consent to T&C, Privacy Policy, and Risk Disclosure at this stage.
How to use charts with Brokereo?
Technical analysis is concerned with price movement and market trends studies, seeking to find stock price. Charts are used with price action or determining the best time to enter or exit a trade. A trading chart shows an asset’s price direction for a specific period. Trading charts with Brokereo can take multiple time frames, permitting traders to forecast future price direction.
- A trading chart could be seen as a graph depicting a stock’s price movement across a given time frame.
- The vertical axis stands for the price scale, whereas the horizontal scale represents the time scale. Price movement trends are studied from left to right, the furthest on the right showing the latest price change.
- Candlestick charts are more popular as they are easier to decipher as compared to line charts or bar charts.
- Candlestick charts show the closing and opening price and the trading range for a given time.
- Trends vary on these charts, as do the periods, however. Price is plotted against time range, the latter being anywhere between an hour and a month. You can combine intraday charts with long-term charts.
- For a complete picture of price movement for the asset, the trader has to be in front of at least two monitor screens.
- The comparative analysis of candlestick charts for the past few days juxtaposed with information gleaned from intraday trading charts with hour-to-hour analysis best helps assessment.
Reading charts:
- The Y-axis stands for asset price, X-axis for time. Therefore, in forex charts, the y-axis represents the exchange rate, whereas the X-axis gives time.
- Traders are called upon to make a decision when :
- The exchange rate has risen from the left side to the right. The market is going to have an upward trend. It is a buyers’ market;
- When the exchange rate has fallen from the left side to the right, the market is going to experience a downward trend, it being a sellers’ market.
Online asset charts
We will very briefly delineate what the different chart types stand for:
- Line chart – a line is drawn from one closing price to the next closing price. When the lines are connected, a currency pair price movement may be identified. A line chart helps mostly with a general overview;
- Bar chart – besides the opening and closing prices, the bar chart will show the highs and the lows. The currency pair trading range is represented by the vertical bar. While the top of the bar shows the highest traded price, the bottom shows the lowest traded price at a given period. The left side of the bar gives the opening price, while the right horizontal hash is the closing price;
- Candlestick charts – price action patterns clearly depicted account for this most popular of chart types at Brokereo. This chart also gives the opening, closing, high, and low values for a certain time frame. Between the closing and opening positions is the ‘body’. To discern if the market has had an upward/downward trend, we are guided by the body’s color. The black colour denotes a downward trend, while the white colour gives a bullish or upward trend.
How to use leverage with Brokereo?
Leverage permits traders to enter large volume trades larger than the amount actually deposited in their account. Each trading account type with Brokereo has maximum leverage that you may trade with.
Benefits of opening a trading position with leverage:
- Leverage enables you to open trade volumes larger than your account margin. Irrespective of your trading strategies, leverage usage is beneficial to your trading goal;
- Leverage comes without an interest rate. You pay no interest to your broker at all, regardless of loss or gain.
Brokereo helps you with your leverage trade:
- Trading platform – the best trading platform, the highest execution speed – even Brokereo’s demo account permits you to test run your skills to see if you will be winning your spurs in the near future; ease of withdrawal – the process for withdrawal is simple and handled in 1 business day;
- Favorable leverage – Brokereo has the best leverage offers on the market;
- Fees – considering the high-quality services, the broker’s fees are more than just competitive;
- Tradable assets – bitcoin aside, if you are fascinated by prospects of trading in assets such as forex, indices, and commodities, the broker has your back. Brokereo has a staggering 300+ tradable assets.
Here’s how you go about trading leverage with Brokereo:
Complete the registration form on the account opening page. Confirm that you are 18+ at the time of registration; confirm you have read the T&C; signup form submission; email address verification; transaction review; go ahead and use leverage for your first trade; start trading.
How do you deposit funds in your trading account with Brokereo?
The minimum amount that is deposited has to be at least $250. Deposit methods available are credit/debit card, e-wallet, and wire transfer. Deposits made with credit/debit cards appear in your account nearly instantaneously. E-wallet deposits show up on a business day. The same result is obtained in 5 business days with wire transfers.
Here’s how you make that first deposit to Brokereo :
- Log in to your account, and click the banking tab.
- Opt for your preferred method as there’s an assistance guide you can follow step by step. Otherwise, you can fill in the fields and make the form submission to Brokereo yourself.
Caveats :
- Make sure your email address verification is completed;
- Ask your bank if they have restrictions in place on your cards since that could affect transactions.
How should you contact Brokereo customer support?
Brokereo customer support is accessible Monday to Friday, 8 am to 5 pm GMT through email, telephone, and live chat. Upon logging in to the live chat, you are likely to be greeted by a service agent who will liaise with the relevant departments and resolve your issues reasonably fast.
The ‘contact us’ page on their website requires you to fill in the following details onto Brokereo’s contact form:
- Name;
- Email address;
- Subject;
- Message.
The same page renders access to the management as well, in case your queries are urgent.
What is the procedure to withdraw funds from a Brokereo trading account?
Brokereo has reserved for itself the right to charge a withdrawal fee of EUR 50 in case the trading account shows no activity. The same applies if the client wishes to withdraw an amount that is less than EUR 100. Traders may request withdrawals online. However, they may need to provide a copy of bank and credit card statements in order to conform beneficiaries’ identities. Funds may be withdrawn solely to the original remitting source. Additionally, the withdrawal may not exceed the amount originally deposited by credit/debit card.
- There are no set limits to the withdrawal amount per transaction;
- The Withdrawals Policy as given on Brokereo website determines the time frames in which withdrawal processes might be completed;
- Your initial deposit methods will also be the methods through which your withdrawals will be processed;
- It may take up to 7 business days for your withdrawal to reach your bank account. It is possible to ask the broker for a confirmation after seven days. Subsequently, your bank can aid you in tracking the transfer.
Conclusion
CySEC regulation guarantees Brokereo’s bonafide. There are many reasons to appreciate CySEC regulation, not least the following: Account segregation keeping client and broker operational funds separate; Negative balance protection making sure you are never in debt to the tune of more than what is in your account; Customer compensation fund against broker insolvency.
In the post-pandemic age, risk-free that is imminently drawing upon us. Our duty as supporters/evaluators of a free, fair market free is to welcome new entities. Without having to take recourse to ‘giving them the benefit of the doubt,’ Brokereo manages to stand tall on its own merits. Its legal credentials are eminently impeccable. The broker’s heroism in this confounding pandemic environment worldwide is simply astounding. Brokereo is fated to grow from strength to strength.
