When traders seek for the broker, they are first of all interested in the reliable long-term partner. As our Brokers Station review uncovered, this broker offers a pretty mediocre quality of services if not worse.
Brokers Station Review
Brokers Station Review: Company Information
Every partnership starts with the trust. That is why every broker is expected to provide sufficient company data. Unfortunately, Brokers Station does not allow traders to learn anything specific. It seems that the transparency is not the key focus of this brokerage.
After quite a long search, we have found out that Brokers Station is headquartered in the Republic of Marshall Islands. More worrying is the fact that this company is not regulated by any official authority. Not surprisingly, Brokers Station Forex does not deliver its services to the clients from the US or possessing the US citizenship.
So, the company is located in the offshore territory, but it also claims to be regulated…and where is Brokers Station gets its regulation? Right, at another offshore territory – Republic of Vanuatu.
So, Broker Station claims that its parent company, International Securities Limited is located in Republic of Marshell Islands, but then it also stated that the company is incorporated in Vanuatu. Seems like the company owners got a little bit lost in their offshore business.
What is even more interesting is once you search the web page of Vanuatu Financial Services Commission, you are unable to find any information regarding Internal Securities Limited or Brokers Station. The only link that tells something about the license is the one located on the Brokers Station website…and it links to a .pdf document. We don’t say that it is a fake document, but this does look very strange. Even if we assume that Brokers Station is regulated, what’s the purpose of Vanuatu regulation?
Speaking of false statements, the broker claims on its website brokerstation.com the following information:
Whoever wrote the sentence marked in red either does not know what Return On Investment is or simply tries to lie to the website visitors. ROI, in financial trading, would mean how much money one takes out from his investment. Here, 80% most probably refers to a payout once get at a certain binary options product. But this is nothing close to a real ROI.
Brokers Station Scam Awards
Another funny part comes here. Brokers Station claims to be an award-winning brokerage. On its website it presents a few awards, here you can check them out:
Seems like the broker has been offering some excellent services, at least, from 2013. Right? WRONG! These are pure lies.
Let’s tackle that one by one.
Brokers Station History
It goes without saying that to be awarded for excellence or innovation or growth in 2013, you actually have to exist in 2013. When running a search query for brokersstation.com domain, we see that it only exists since 22nd of November 2016.
So, a broker whose domain was registered at the end of 2016 was awarded in 2013. Makes perfect sense. Does it prove that Brokers Station is a scam? Read on.
Brokers Station Awards
So these scammers claim to be the most educational brokerage, recognized by FX Empie in 2014. This might have a wow effect on some traders. Well, this is a lie again.
Simply google “FX Empire Awards 2014” and you will end up seeing a page with all of the winners. And guess what, Brokers Station is nowhere to be found. Coincidence? I don’t think so.
The winners in this category were FXTM and GrandOption, both of the brands have nothing to do with Republic of Vanuatu, Marshell Islands or any other offshore zones.
This is simply copied
So, there is another award – Fastest Growing ECN Broker Asia 2014 by Global Banking and Finance Awards. Well, once we google, we see that an actual winner in this category was FXTM.
This looks like a pattern, right? Yes. Broker Station scam simply copied the awards from a competitor. Sounds amazing, doesn’t it?
Let’s Stop Here
Essentially, it is possible to stop this review here. It is clear that the brokerage is not legitimate at all. They make false promises of ROI, copy awards from the other brokerages and cannot even determine at which island they are located. Below we will just provide some general overview of Brokers Station Forex broker, but the main conclusion here is – stay away from this scam!
Brokers Station Trading Accounts
Brokers Station offers multiple trading account options, including a free demo. Overall, there are 5 real account types available. Although several types of accounts are supposed to meet different clients’ needs, they resemble each other in many aspects.
Quite strange and somewhat disappointing is that Brokers Station selectively determines the accounts for binary options and Forex trading. To be more specific, Trial account is designed purely for options trading, while ECN, International and VIP – only Forex. It remains the open question why Brokers Station limits the functionality of its platform depending on the account type.
Brokers Station Reviews: The Costs
Another point to make are the inadequate costs. Trading with Brokers Station is expensive, especially if considering the minimum deposit requirements. To create the full-fledged trading account like Conservative, one has to deposit at least $1,000. The spreads here are fixed and start from 3.3 pips for EUR/USD pair. This is definitely higher than the industry average.
In order to get more favorable spreads at brokersstation.com scam, one has no choice but to go for more expensive account types. We would not recommend our readers to do that.
The choice of trading platforms at Brokers Station can be easily called poor. While most top FX and binary brokers offer excellent customizable platforms, Brokers Station limits itself only to the vanilla desktop MT4, bad-looking webtrader and ordinary mobile apps. The broker claims to offer over 250 assets, which include currency pairs, spot metals, stock CFDs and indices CFDs.
In addition, Brokers Station offers arguably the highest max leverage we have seen recently – 1:1000. However, it is important to remember that trading with such enormous leverage does not ensure gains, because potential losses are magnified as well.
Customer Support at Brokers Station
In order to contact Brokers Station, the website provides 3 communication methods to the user. These include phone, email and live chat. In fact, the quality of the client support leaves a lot to be desired.
At Brokers Station scam one should not expect the abundance of the payment options. In fact, there are just a few of them:
- Credit/Debit Cards (Visa, MasterCard, Maestro)
- Bank/Wire Transfer
Although our Brokers Station review did not indicate any extra deposit fees, Brokers Station does charge the commission for funds withdrawal. The withdrawal processing fee is 30 USD (25 EUR or 20 GBP). Furthermore, all the necessary KYC documentation has to be submitted prior to the withdrawal request.