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Brocompany.com (Broco) Review Visit site

Updated: Oct 12, 2017
2.344 · 32 REVIEWS
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WARNING:  Broco's licenses from the Mauritius FSC were suspended on December 7, 2010.  On October 21, 2011, those licenses were revoked and Broco was ordered to disolve its business in Mauritius.  The revoked licenses continued to be displayed on Broco's website until May of 2012.

http://www.fscmauritius.org/media/63698/broco_investments.pdf

June 2012 UPDATE:  Broco now has one branch licensed in Panama.  Clients wishing to have their funds under this branch need to contact Broco to make arrangements.  Click here for more details.

July 2012 Update:  There are two FPA Traders Court guilty verdicts against Broco.  The FPA recommends EXTREME CAUTION dealing with Broco.

The FPA has seen information that indicates that Broco's application for a Cysec license was rejected in July 2010.  One of the reasons for this rejection was an open SEC case against the company and some of its shareholders.  The SEC case info is at...

http://www.sec.gov/litigation/complaints/2010/comp21452.pdf

July 2014:  Broco's website us back up.  The FPA recommends EXTREME CAUTION dealing with this company.

July 26, 2012:  The FPA has recieved information indicating that Broco is shutting down.

The FPA has heard a rumor that Broco's branch in Cyprus has changed its name to VIS Technical Support.
Brocompany.com (Broco)

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  • Guilty2
Case IDFiledCase nameVerdict
2012-0632012-07-13Omega75 vs. Brocompany.comguilty
2012-0492012-06-04VacuumTube vs. Brocompany.comguilty

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2.344 · 32 REVIEWS
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Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Sara,
Dubai, United Arab Emirates,
Jul 21, 2014,
Guest

Guess who's back! Broco's website is back online...god help us and them traders out there..
Mike J.,
Philippines, Philippines,
Jul 30, 2012,
Guest

Wow, like seriously things were OK when i was trading with them last year, then I transferred to another broker with a couple of traders that i know, we tried hotforex and I guess it was a wise decision then. but still its kinda sad to see things turning out this way..
Darja,
slo, Slovenia,
Jul 18, 2012,
Guest

Helo Dear Traders!

I have a real problem with Broco investments company because they dont withdraw my existing funds on "my trading account".

After almost 3 months they withdraw only 25% of my requested/existing funds and for 75% of request withdraw i am still waiting.

I dont recommend this broker, because all they say is a lie and a manipulation. Please be careful investors!!!!!
OMEGA,
Germany, Germany,
Jul 17, 2012,
Guest

Issue escalated to Traders Court Omega75 vs. Brocompany.com | GUILTY
Hello Brocompany. com representative,
Hello Mr Prokudin

I am still waiting for your reply to my issue with you..i and all the other FPA members ara waiting for your explanation why you don't send back my funds to my bank account in Germany...i wait since nearly 10 months already...it is 10900,96 dollars altogether that you owe me. maybe if you cant remember my account with you i opened in November 2010, the number is 85803.

To all of FPA members and traders

watch my case here please

http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/20755-scam-alert-brocompany-com.html


2012-06-19 1 Star Hello all Victims of BROCO...

we should begin work together and post all files here, attachments, comments and responses from BROCO...otherwise they will scam us forever...we should ruin ther reputation ....since normally there will be no money left for all of us...
PANAMA regulator is worth nothing for us clients and they will never get again a license in EUROPE after all their behaviour...

2012-05-08 1Star Broco/Brocompany.com

Hello traders..

As far as i know Brocompany is broke. i have heard it from different persons and also from managed account Houses.
Now they try to get some funds in by advertising for "ZERO commissions for deposits and so on. you can read it on their site.
The fact that they show invalid licences is not to describe in words, they have the nerve to do it, so you see, its working. maybe it helps the ones who wait still for their funds. ME including since already 8 months.
the only thing is now to wait and maybe a wonder happens. Maybe ehen they receive enough funds from other "Victims" who lose their funds by trading, WE, the previous customers will get back partial payments.

regards

2011-11-22 1Star Hello ...regarding withdrawals from Broco

HAS ANYBODY received his withdrawal in the last weeks or months?

please post it here.

thank you

2011-11-22 1Star Withdrawal with Brocompany...BROCO

since 6 weeks i am waiting for my withdrawal, nearly 20k. well, its not only me, i know many other clients.
They say that they have problems with the FSC and that they have to regulate it. last info was that they would/shall get back their license back this week/from 21st of November.

Actually no money back to clients ...but for sure they open new accounts and accept deposits. well, time will show, but is is not normal any more. it might be scam.
yaodao,
Shanghai, China,
Jun 15, 2012,
Guest

If you deposit fund to Broco, you can say goodbye to your money.

I have proof that Broco refuse return my reasonable withdraw
VacuumTube,
Prague, Czech Republic,
Jun 4, 2012,
Guest

Issue escalated to Traders Court VacuumTube vs. Brocompany.com | GUILTY
Trader's Court Update: The bulk of VacuumTube's money was paid. The remaining dispute is over interest owed and transfer fees.

Hi,
looks like scam, you can deposit money but cannot withdraw.

I am trying already for 2 months without any success. Contacted their support several times however still getting only cheap excuses without money transferred.
Rastislav Hrdlicka,
Bratislava, Slovakia,
May 6, 2012,
Guest

Brococompany is scam you can deposit money but not withdraw! Here is some new comunication with them during last month.


• September 30, 2011 12:16:53 AM MSK — Rastislav Hrdlicka
Who is your regulator on the market? Answer please!!!!!!!!!!!!!
• October 3, 2011 10:43:59 AM MSK — Christos Tzianas
Dear client,

Please check this link, for information's about your question
http://www.brocompany.com/about-us/licences/

Best regards
Tzianas Christos
Personal Broker
• October 30, 2011 10:15:36 AM MSK — Rastislav Hrdlicka
Dear liars,

I contacted people in Mauritius office and they answer that Broco license was suspended immediatly since 7, dec 2010.
http://www.gov.mu/portal/sites/ncb/fsc/download/PublicNoticeBroCoInvestments.pdf
So im wainting for your answer. What are you going to say no?
• October 31, 2011 12:59:53 PM MSK — Christos Tzianas
Dear client,

This is to bring to your notice that BroCo Investments Inc. intends to change the regulatory body due to the confusing activity of its current regulator which is the FSC. BroCo hopes to carry out it activities in such legal environment which will allow the Company to gradually develop for the benefit of its clients whilst its activity is based on the transparent and fair rules and regulations.

We hope that this step will make BroCo services even more affordable for all its clients for their benefit and joy. Such activity demanded BroCo Investments Inc. to exercise certain changes in its management and operations.

Due to this the Company would have to implement some changes in its internal procedures which may result in delays related to financial transactions. In particular the clients may experience some delays with their internal transfers and withdrawals. BroCo investments would like to apologize for such possible difficulties and would do its best to resolve all related issues as fast as possible.

The difficulties are expected to be until the end of October 2011 whilst the Company is trying to avoid potential inconveniences.

BroCo investments would like to thank you for your understanding and wishes you all the best in trading.

Bets regards
Tzianas Christos
Personal Broker
• November 1, 2011 12:36:11 PM MSK — Rastislav Hrdlicka
Dear liars,

Im not so stupid and we wrote also to SEC and FTSE you are on the black list already you Mr. Malev and all your group also we added companies as borsenpower with Mr Costas maybe is your friend. You know its no problem to speak between 4 eyes i will book flight to Cyprus we can talk directly as friends.
• November 2, 2011 3:02:04 PM MSK — Christos Tzianas
Dear client,

We will check your request again and will answer toy until tomorrow about your withdrawal. If you need any more help, please contact me.

Best regards
Tzianas Christos
Personal Broker
• November 3, 2011 11:04:28 PM MSK — Rastislav Hrdlicka
I still did not receive any answer about the withdrawal and nor about penalty, what you have to pay!
• November 7, 2011 1:06:15 PM MSK — Christos Tzianas
Dear client,

Our financial department informed me, that your withdrawal will be done , the latest, until end of this month.

Best regards
Tzianas Christos
Personal Broker
• November 8, 2011 1:18:35 AM MSK — Rastislav Hrdlicka
Dear Mr. Tzianas,

im glad to hear! And what about penalty what you have to pay me for the delayed withdrawal?????
• November 10, 2011 11:01:45 AM MSK — Christos Tzianas
Dear client,

I will ask my director about your request (penalty) and i will inform you as soon i know.

Best regards
Tzianas Christos
Personal Broker
• December 1, 2011 2:21:19 PM MSK — Rastislav Hrdlicka
Today is 1st of December 2011 and i still did not receive the withdrawal nor your answer about penalty, what you own me. Do you want to have problems with SEC and FTSE again? Its not a first time you are doing this to your client. If i will not have the withdrawal this month my lawyer is going to take appropriate action.Have a nice day.
• December 6, 2011 7:05:34 PM MSK — Brokerage Department
Dear Client

We have come to understand that you have become stressed by the current withdrawal delay situation. Hence this letter was put together to explain the current situation and the future plans of the company.
As you may already know the FSC licensed was revoked. It was on hold for more than a year, despite meeting all our obligations and getting positive feedback from the regulatory body. We learned about the revocation early last month. Since then the company has decided to begin procedure to follow the rules of the Mauritius Company and move clients to a new licensed regulated company. During this time Broco Investments is in the process of shifting activity. We have a certain procedure manual which we have to follow and during this time we hope you are patient with us until we finalize everything. It will take approximately two months due to the numerous holidays.
At this stage BroCo Investments Inc. cannot fully comply with its obligations as per the paragraph 2.4.7 of the Agreement due to certain actions taken by the Regulatory Body of the company related to the company’s license suspension and its further revocation.
The issues mentioned above constitute temporary difficulties and by no means are going to lead to failure to fulfill all corporate obligations with respect to the clients of the Company.
By taking into consideration possible inconvenience and losses that may occur due to the temporary inability to carry out funds transfer, the Company would like to propose as follows:
- BroCo Investments Inc. and the client would enter separate agreement; under the said agreement the Company is obliged to pay the client 8% interest fee annually for the assets held in his account.
This interest rate will be applied to the remaining balance of funds held in the client’s account as from the date the Company received withdrawal request from the client until the date the funds are actually released.
The said interest rate will be credited to the client’s trading account on the first day of each calendar month and shall not be capitalized.
- The said agreement shall be available to be signed by both parties on the fifth-tenth day of December, 2011.
- After having this agreement signed by both parties the Company shall start funds withdrawals supported by of its own and side allocated funds.
In case you are ready to accept this offer I hereby would like ask you to provide your answer within ten calendar days since the date this letter is received by you.
This offer is designed to reduce possible negative consequences related to the repayment delays and obviously would help to settle the issue in the most convenient andeffective manner.
This letter is to state that the Company confirms its intentions to comply with all of its obligations in the most convenient for the client manner.

We also have the following updates
1. Currently we are acquiring a FSA license, which will cover not only the United Kingdom but the whole of Europe. This will be ready mid January and all clients may from then onwards become part of an EU licensed Brokerage firm.
2. We received an official letter from the regulatory body in Cyprus, the Cysec. This letter has been attached and translated for you to view. Briefly it is stated that our application is considered and will be reviewed by them again and that in 3 months time we shall receive the Cysec license as well. They have explained in the letter that the decisions and approach they have taken to analyze our application have been incorrect and merit reconsideration. Since they have clearly not been just in reviewing our application they have taken initiative to review it again and have promised a positive outcome in 3 months time.

Translation of the Cysec Letter:
Subject : Appeal to the Supreme Court of Cyprus

With this letter, please be advised that in view of the Supreme Court decision, dated 12 August 2011, which was adopted in appeal number 1589/09, and concerned the illegal formation of the Council of CYSEC, the committee , in a meeting of the 3th October 2011, decide to revoke the contested administrative act, in the appeal number 1346/2010, Broco Holdings LTD -v- CySec (refusal CIF)

The committee believes, that the above appeal, has become obsolete, and reserves the right, to reconsider this case
Regarding your client Broco Holdings Limited, who had applied for granting CIF, we inform you that the application will be reviewed, without requiring the resubmission of the request. Please advice on your client, so that they, in turn, inform the Commission, whether they wish to re-examine the application. If so, your client will acknowledge, that the information submitted with the original application, continue to apply or submit a new modified data, which will be considered.
Thank you for your patience, we are happy to answer all your questions.
• January 9, 2012 10:30:22 PM MSK — Rastislav Hrdlicka
Dear support,

and where can i download the agreement about the 8 percent of penalty? Thanks.
• January 10, 2012 11:58:23 AM MSK — Brokerage Department
> Dear Sir,
>
> We would like to thank you for your patience. Further to your email please find answers as follows
>
> 1. Please find attached Addendum to the agreement. Please sign it in 2 (two) copies and email the scan to help@brocompany.com
>
> At the same time we would kindly ask you to send the originals by mail to
>
> Broco Group of Companies
> PO Box №69
> Saint-Petersburg
> Russia
> 191023
>
> Once it is received it will be signed from our side and 1 copy will be
> mailed back to you.
>
> 2. The interest will be calculated as described in the Addendum based on
> the date your withdrawal request was initially placed.
>
> 3. We plan to proceed with your withdrawal in the nearest future and hope
> to release all withdrawal requests due no later than by the end of
> January 2012. However we plan to make sure that the funds are transferred
> earlier.
>
> 4. This offer is intended to make sure the company provides compensation
> for inconveniences caused by the delays. Therefore we would like
> to apologize for it and hope that you understand that we are trying
> to
> make sure the situation is resolved in the least stressful for the clients
> manner.
>
> Kind Regards,
>
Attached file: Addendum.pdf
• January 11, 2012 10:37:35 PM MSK — Rastislav Hrdlicka
Dear support,

according to the Agreement, what ive signed with your company, i would like to point out that there are different conditions:

2.4.7. Payment of remains by the Company or part of account balance to Client's operating account is due within five bank business days upon receipt of the request;

6.1.2. In the event of late payment of account balance remains to Client and Client's demand to pay it thereof, the Company is entitled to remitting 0.1% of the delayed payment per every day of delay to Client's account;

So according to the agreement there is a rate of 0.1% for every delayed day. Or do i understand something wrong? Thank you for your answer.
Regards,
• January 14, 2012 9:38:37 PM MSK — Rastislav Hrdlicka
Will i finally get an answer???
• January 23, 2012 3:54:17 PM MSK — Юрий Прокудин
Dear Client,

At first we need to receive from You 2 copies of the Agreement, which must be signed buy You. The one copy will stay by us for the regulation needs, the second one will be sent to You.

Concerning the agreement terms - the premium shall be recorded as a separate amount after the funds are effectively transferred to the Client.

Kind regards,
Broco Client Support
• February 7, 2012 11:22:43 PM MSK — Rastislav Hrdlicka
Dear support,

so when can i expect the transfer? You promissed at the end of nov, then january and its already february and i still did not receive anything !!!!!! If i will not receive the payment of the funds untill the end of the week, my lawyer is taking a legal action according to russian law and also according to EU law legislative. Im losing my patience. Have a nice day!
• February 8, 2012 1:48:55 PM MSK — Юрий Прокудин
Sehr geehrte Frau Hrdlicka,

Jetzt haben wir folgende Situation: wir erwarten in diesem Monat die Lizenzproblemloesung (wir werden eine neue Lizenz bekommen), die uns erlauben wird, alle Ueberweisungen zu machen. Dass, was Ihnen Herr Tzianas und Herr Sakharov gesagt haben, ist korrekt, und ist damit verbunden, dass wir zuerst unsere vorige Lizenz von FSC wieder bekommen wollten, haben aber immer verschiedene Komplizirtheiten gehabt. Unser letzte Ausgang - eine neue Lizenz, auf die wir im MittelFebruar warten. Je schneller wir diese Lizenz bekommen, desto schneller werden alle Ueberweisungen gemacht.

Ihre Anfrage steht als Prioritaet fuer mich, ich hoffe sehr dass Sie ihr Geld am schnellsten bekommen, meinerseits werde ich alles dafuer tun. Wenn ich neue Information fuer Sie habe - werde ich sofort Ihnen schreiben.

MFG

Yuri Prokudin
broker
• May 7, 2012 9:31:33 AM MSK — Rastislav Hrdlicka
Dear Yuri Prokudin if its your real name! Now is May and you are sleeping. Its propably because you will never get new license and your account is blocked by police. Why you are not telling us the true! We can ask directly from police. There is still some chance not to loose time with you.
FX Profisys MA III,
, Germany,
Apr 23, 2012,
Guest

Has anybody invested with Broco through EA24 over GA-Finanz (Mr. Gerd Arndt, Remchingen, BW, Germany) or Wertsystem in Moegglingen (Mr. Odehnal) ? Is there a customer who did get back his money from Broco in the last 12 months ? I have heard they have a million EUR invested in Broco through their customers with a PAMM account which has been managed. There is no phone, no email, no website anymore. It is strange, because I am looking for several months now. But no one is there and can answers question. Maybe the customers has no idea of that forum. What a pity.
positiveday,
Italy, Italy,
Nov 23, 2011,
Guest

I've found this documents on FSC Mauritius that says that in October 2011 have revoked the license to BroCo, and has "been directed to dissolve its business" ...
http://www.fscmauritius.org/media/63698/broco_investments.pdf
hrdlo79,
Slovakia,
Oct 30, 2011,
Guest

Communication of withdrawal money with Brocompany ticket Nr. Ticket #582693

June 23, 2011 4:17:11 PM MSD — R...

Good afternoon,

i would like to ask, how long does it take to get the funds from Broco to my bank account? I submitted the request for withdrawal last Friday and the money are still not on my bank account. I know that the funds depositing took 3-4 working days. Did you already send the money or is there something wrong?Thanks for the answer.
June 24, 2011 12:03:05 PM MSD — Christos Tzianas
Dear Ms. R...,

Your withdrawal request is all ready in process and will be done as soon as possible. Please contact me if you have any question or if you need any help.

Best regards
Tzianas Christos
Personal Broker
June 24, 2011 1:02:08 PM MSD — R...
Dear Mr. Tzianas,

what does it mean exactly as soon as possible? The funds hasnt been sent already? I requested it one week ago! Could you please tell me, when will be the funds transfered to my account?Thank you!

Best regards
R...


June 27, 2011 9:56:02 AM MSD — Christos Tzianas
Dear Ms. R...,

The funds hasn't been sent already, but your request is in process. As soon our financial department check your request, your money will be sent.

Best regards
Tzianas Christos
Personal Broker
June 27, 2011 10:39:33 AM MSD — R...
Dear Mr. Tzianas,

im asking how long exactly it will take to send the funds to my account? How many days??

Best regards
June 27, 2011 11:10:51 AM MSD — Christos Tzianas
Dear Ms. R...,

I cannot know how long exactly it will take to send the funds to your account.It depends on the financial department. Please be patient and we will send you, your money as soon as possible.

Best regards
Tzianas Christos
Personal Broker
June 27, 2011 7:35:08 PM MSD — R...
Dear Mr. Tzianas,

but please...in the agreement there are 5 banking days for the withdraw. Im losing money by everyday. I find it very unprofessional to deal with your clients in this way. Even your financial department should have some deadlines to keep. I need to know the exact time border, when i can expect the money. Thank you for your answer.

Best regards
June 28, 2011 12:32:05 PM MSD — R...
Hello Mr. Tzianas,

will i get finally an answer? Thank you!
June 28, 2011 12:51:41 PM MSD — Christos Tzianas
Dear Ms. R...

Your request is in process and it will be done as soon as possible. Please be a little patient.

Best regards
Tzianas Christos
Personal Broker
June 29, 2011 7:14:09 PM MSD — R...
Dear Mr. Tzianas,

i think im patient enough. I kindly ask you to tell me the reason, why Brocompany is broking the rules set in agreement and did not pay the funds in 5 banking days. For me its not normal, that my personal broker is not able to tell me, how long the financial department will process the request. Is it so unusual for Brocompany that somebody want to withdraw the funds?? So im asking again: How long the financial department usually process the request?
Or even better please give me a contact to the financial department and i will communicate with them, because you are not helping me at all.

Best regards
June 30, 2011 10:06:52 AM MSD — Christos Tzianas
Dear Ms. R...,

Your request is forwarded to the director. If you need more information's please send an e-mail to k.soboh@brocompany.com

Best regards
Tzianas Christos
Personal Broker
September 30, 2011 12:19:52 AM MSD — R...
October 3, 2011 6:27:25 PM MSD — Christos Tzianas
Dear Ms. R...,

I answered already your questions, If you need any more help , please contact my director k.soboh@brocompany.com

Best regards
Tzianas Christos
Personal Broker

This is only one ticket i have another 6 i will release them in the future if necessary.

2011-07-25 1 Star Sony what are you going to do? I have invested 8000 USD. The course was exactly the same as in a report from the SEC http://www.sec.gov/litigation/complaints/2010/comp21452.pdf I decided to choose the balance of 4500 USD on 20/6/2011 until now nobody take any action. Does anyone have an idea how to get money back? I'm going to write to SEC maybe they will have some idea how to get money back. Last time Broco and Mr Matslev payed 3 mil. dollars.