House Of Brose Review 2021Minimum Spread : 1.3
Foundation Year : 2014
Min Deposit $ 5000
The copyrights for the broker’s website date back to 2019. House of Borse claims that it has a billion customers and whatnot, but if I were a trader, I wouldn’t trade with a firm that offers leverage of 1:100. What kind of exposure is this?
The trader takes the risk of leveraged trading, and the coverable market is just a hundred times more? The European Union has rules that make a trader liable to use a leverage of at least 1:300. What House of Borse offers is so little that we, as a team of researchers were disturbed to even look at it.
House of Borse: Account types
- The supposed broker offers three types of so-called trading accounts to its clients: the silver trader, platinum trader and gold trader. There is also a so-called interest-free account.
- This is actually a self-claimed swap-free account. The broker claims this upfront that the swap-free condition is only open to certain conditions like a forex rollover.
- Apart from that, the broker also says that if a trader actually wants to be swap-free, should pay a swap management fee. Okay, a swap management “fee” for a swap-free account. Does this sound unusual? Because to us, it clearly sounds fishy and this certain trait spells “scam broker”.
- The trader is also not given a choice to choose from the three accounts. The trading volume, however, is the deciding factor as to which trader gets what account.
- The broker bluntly says the more a trader trades, the more points he or she gets and we suppose that is the sorting algorithm for the scam broker
Commission and fee:
The scam broker asks for the commission on each trade and they increase with each account. For example, there is a three-dollar constraint for the platinum account, and the silver account holders have to pay four dollars.
Now pay a little attention:
- The broker asks for four dollars in commission to account that the broker claims are the least traded and the account that witnesses the maximum trading volume is liable to three dollars in commission.
- The novice has to pay more than experienced. This would have been the exact reciprocal in the case of a legitimate broker, but no, House of Borse is not legitimate, it is completely a scam broker.
- Apart from this, commissioned trades are not at all entertained by day traders and swing traders who hold for the minimum time. The volume of trading is the deciding factor for the profits, not the actual profits.
When a lot of small trades add up, they give out good profits. But House of Borse is scammed to the rots of it. So much, that it eats the profit out from each trade that a trader conducts.
House of Borse: Trading platform
1.The broker forces the use of meta trader 4 to its users, the choice of meta trader 5 is kept secondary.
- The older versions of the same platform kept lined up together with a newer one is bound to create a sense of confusion in the minds of the trader.
- Apart from that, the broker also shoves its own trading platform in the lines of metatrader4. So technically, out of the four trading platforms it offers, one is an older version, and another one is a trading application that runs on android.
- Android is not a language that can support applications through which traders trade.
- These applications are very heavy in terms of ram and CPU usage. These applications are bound to crash, and the trade is again, in a loop of loss.
Deposits and withdrawals:
The broker works with the banks and lets the trade knows that it is not being benefited from the charges in any way. This is a whistle lie, as they say in laymen terms. Who’s paying the extra fee in the end? The trader, right?
Besides, some banks ask for fess that is really low, and no matter what, a broker is always earning something out of the commissions. Otherwise, any brokerage firm wouldn’t take the expenditure out to make a different page for deposit and withdrawals only.
The scam broker claims that the bank charges more than 2% for single deposits and single withdrawals. An ideal broker does not ask for any charge from the trader if they wish to take the money they earned.
Education and research material:
The broker gives no educational material at all. There is just an economic calendar that the scam broker provides, and even that as we think is outdated. The economic calendar has to be totally up to date since it provides signals to the traders.
The education material that the scam broker does not provide is the material that is responsible for a trader to get educated but since the broker is a scam, it does not want the traders that are associated with itself to be educated. All the scam broker wants is to keep them in a constant loop of payments.
The broker mentions three regulatory authorities but fails to provide the proof of relevance fo two of them. The sam broker mentions that it is regulated by one authority but just provides the user with the definitions of the remaining two, this is hiding information from the trader. Such practices are clearly scam practices, and the trading community needs to ask questions to the self-claimed legitimate broker. However, what we have seen till now, the broker is a scam and nothing more than that.
House of Borse: The liquidity scam:
The broker says that it is a scam broker. This means at some point it will introduce a liquidity provider to the novice trader. What happens is, that such scam barkers after a point of time, start behaving like the broker to the liquidity provider rather than being the broker to the trader. All the things that these scam artists do are intended towards strict profits to the liquidity provider only.
Scam or safe.”
The broker is a 100% scam as we see it. The broker hides information, provides less than required leverage, and does not provide the traders with a lot of information and educational/ research material. If this is not a scam practice, then we do not know what is. We advise our traders to move their business elsewhere as soon as they can.
The broker is a complete scam and we have reviewed it on a lot of paces. Not in one place, could it establish itself as a legitimate broker.
The broker is a scam to the level that it hides the information from its users. We recommend or traders to move their business elsewhere to more established brokers. Brokers like HFTrading, GlobalTradeATF, ROInvsting to names a few. These brokers are 100% safe and have been in the market for a long time and they justify their presence with a lot of trading opportunities ina a safer environment.
Frequently asked questions:
Will I lose more money with the house of brose?
Yes, of course, you will. Before you lies a whole article stating why the broker isn’t the one for you.
What else, other than checking up on my broker?
Never fall prey to scam practices like copy trading; make sure you have a well-versed and practised strategy of your own. To get comfortable, always go with demo trading.
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