Barakah Brokers Review: Another Outrageous Broker!
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Barakah Brokers Review
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Regulation
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Fund Safety
Summary
This broker is an unregulated scammer which makes it very risky to work with them. One of the red flags we observed was the bonus and affiliate program. These are unethical business practices that many forex trading scammers engage in. In the affiliate program
Barakah Brokers claims to be always on the broker’s side. Supposedly, they do not do anything that could jeopardize the trader’s profitability. Although this sounds good, it is false and misleading. It’s not unusual for the biggest scammers to present themselves this way. They always want to appear legitimate.
There are many honest and trustworthy crypto brokers in the market today. Unfortunately, Barakah Brokers isn’t one of them. There are many online scams today and especially in forex trading. One of the reasons for this is the proliferation of the internet and the accessibility of the trading brokers. Thanks to margin trading, retail traders can now open accounts with as little as $5.
About Barakahbrokers.com
The broker claims to have four trading platforms, 200 trading instruments and gives 30 trading signals per minute. This last claim is rather bold and unbelievable. The markets are unpredictable and at times, they are not tradable as one cannot find a setup. Offering 30 signals per minute is therefore impossible.
We checked whois.com and realized that the broker registered their domain on 5th March 2024. Thus, they have been online for less than six months at the time of writing this review. The broker’s claim that they have been in the market for 14 years is misleading. This broker is dishonest and dubious. You must avoid such brokers.
Founders and Team
Barakah Brokers has no information about the founders and current team of executives. Scam brokers often rebrand to escape their tainted reputation. By concealing the identities of their leaders or founders, these brokers can easily dissolve their current entity and emerge under a new name.
The lack of transparency regarding leadership can sometimes create the illusion of legitimacy. Scam brokers use this tactic to deceive traders into believing that they are dealing with a reputable and trustworthy entity.
Barakah Brokers Contact Details
Barakah Brokers has an email and phone number. These are however not enough to facilitate good correspondence. A reliable broker should even have a social media page where customers can leave honest reviews and also communicate with the broker at will. Most importantly, they should have a physical address. They have only indicated that their location is Germany without specific details.
By providing incorrect or non-functional phone numbers or email addresses, brokers can avoid being inundated with inquiries, complaints, or legal notices. This tactic allows them maintain anonymity and avoid trader interactions.
Barakah Brokers Regulation Status
This broker is an unregulated scammer which makes it very risky to work with them. One of the red flags we observed was the bonus and affiliate program. These are unethical business practices that many forex trading scammers engage in. In the affiliate program, they pay you when you bring a new trader to the program. All these are marketing gimmicks so they can scam as many people as possible.
We checked the German financial regulator BaFin and found no broker by the name Barakah traders. Worryingly Russian authorities have also blacklisted this broker, noting that they are unlicensed and therefore investors should avoid them. With such evidence, it is clear that this is a fraudulent entity whose main aim is to reap where they did not sow.
Trading Conditions
You can trade stocks, currencies, cryptocurrencies, indices and metals. The broker offers six different accounts and each has its unique parameters. The least minimum deposit is $500, clear evidence that this broker is unsuitable for traders with little capital. The spread is tight at 0.1 pips and the leverage is 1000:1. The leverage is too high and risky for retail traders.
Final Verdict
Barakah Broker is a scam company. Although the website may appear appealing, the truth is that this broker is deceptive in its practices. They have lied about their inception date and that was a red flag.
Although they have not claimed to be registered, that’s the first thing we checked and confirmed that they aren’t. The only way to ensure your money is safe is by trading with honest and transparent crypto brokers.
