Barakah Brokers has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to BW Dsux. We’ve received over 5 complaints against Barakah Brokers.
Barakah Brokers operates without regulatory authority and targets Russian speakers. This anonymity raises a serious red flag, signaling possible illegitimacy. They lack basic safeguards like as segregated accounts or negative balance protection. Their unreliability is exacerbated by excessive leverage and restricted withdrawal circumstances. They only take bitcoin payments, which are widely utilized by scam brokers. Potential investors should avoid Barakah Brokers and instead use registered brokers for safe investing.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Barakah Brokers Regulated? Do They Have a License?
The regulatory status of the entity that operates a forex broker is one of the most critical factors to evaluate. This is a significant failure for Barakah Brokers, which is aimed at a Russian-speaking audience. The broker operates anonymously, with no obvious indication of the legal entity or regulatory oversight that underpins it. This is an obvious red flag, as brokers who are reputable are consistently forthcoming about their regulatory status and legal framework.
Barakah Brokers does not offer any guarantees or protections, such as segregated accounts or negative balance protection, in contrast to regulated brokers in the UK, EU, Australia, and the US. This absence of transparency and regulation is a strong indication that Barakah Brokers is not a legitimate financial services provider.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Barakah Brokers might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Barakah Brokers, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Barakah Brokers
Users are granted access to a fundamental web trading platform upon enlisting with Barakah Brokers. Although it includes a few tools and indicators, it does not offer the advanced functionality and customization options that are common to established trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These industry-standard platforms provide a diverse array of capabilities, such as automated trading, mobile versions for all devices, and extensive customization.
The Barakah Brokers platform’s simplicity and constraints indicate that it may be employing manipulated software to deceive users into believing that their funds are being invested profitably. Unlicensed and fraudulent brokers frequently implement this strategy.
The industry standard is substantially lower than the minimum deposit required by Barakah Brokers, which is $500. Leading forex brokers frequently permit customers to establish accounts with significantly lower minimum deposits, occasionally as low as $5. In comparison to more reputable brokers, Barakah Brokers is an unattractive option due to the lack of regulation and the high entry barrier.
Barakah Brokers’ payment alternatives are restricted to cryptocurrencies and an obscure payment processor known as PrMoney. This is a common practice among fraud brokers, as cryptocurrencies offer both anonymity and irreversible transactions, which complicate the process of recovering victims’ funds. In contrast, legitimate brokers provide a diverse selection of transparent payment methods, such as established e-wallets such as PayPal, Skrill, and Neteller, as well as credit/debit cards or bank transfers.
Trading Instruments of Barakah Brokers
Although Barakah Brokers asserts that it provides a diverse selection of trading instruments, such as indices, cryptocurrencies, equities, currencies, and commodities, the absence of regulation and transparency raises concerns regarding the legitimacy of these offerings. It is always more secure to trade with licensed brokers who offer verifiable and secure trading environments.
The trading platform displays a spread of 0.1 pip on key currency pairs, which is remarkably low and suggests the presence of concealed commissions. Nevertheless, Barakah Brokers fails to furnish any extensive information regarding these commissions or other trading conditions, which serves to underscore its lack of transparency and dependability.
Barakah Brokers provides leverage of up to 1:1000, which is excessively high and prohibited in regulated markets. In order to safeguard retail merchants from excessive risk, leverage is restricted by significant regulatory bodies in the United Kingdom, the European Union, Australia, and the United States. Another indication of Barakah Brokers’ unregulated status and potential for substantial financial risk is the excessively high leverage it offers.
Stringent withdrawal requirements are enforced by Barakah Brokers, particularly for accounts that have received bonuses. Frequently, these conditions necessitate substantial trading volumes, which complicates the process of withdrawing funds for merchants. Reputable brokers do not impose such restrictive conditions on withdrawals, thereby guaranteeing that clients have simple access to their funds.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Barakah Brokers Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Barakah Brokers Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Barakah Brokers might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Barakah Brokers reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Barakah Brokers, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Barakah Brokers enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Barakah Brokers reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Barakah Brokers.
You should always look out for consumer complaints. In the case of Barakah Brokers, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Barakah Brokers? You can share your complaint in the comment section or submit an anonymous tip.
Is Barakah Brokers Legit Or a Scam?
Barakah Brokers is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Barakah Brokers can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Barakah Brokers?
Barakah Brokers demonstrates a variety of the hallmarks of a fraudulent broker. It lacks regulatory supervision, operates anonymously, and imposes unreasonable trading and withdrawal conditions. Potential investors are strongly advised to avoid Barakah Brokers and instead consider licensed and reputable brokers who provide transparent, secure, and equitable trading conditions. Ensure that your investments are safeguarded by selecting a broker that is regulated by reputable organizations such as the CFTC, ASIC, FCA, or CySEC (CySEC).
All the evidence suggests that Barakah Brokers might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
