Scam Alert: Silver Brook is a Scam Broker

Financial losses are part of forex investments, and investors do journalize them owing to multiple factors, such as poor technical and fundamental analysis or market volatility. However, nobody anticipates getting ditched by a broker. Still, people lose thousands of dollars to scam brokers every year. This piece highlights how scam brokers like Silver Brook trap clients and what you can do to avoid signing up with them.

Silver Brook - A Quick Overview

Silver Brook (https://www.silverbrookfx.com/) is a funds management company that provides automated investment solutions in the forex market. While no details are shared about the company's regulation status or trading policy, the website lacks information about the firm's inception, team members, product portfolio, supported platforms, or payment methods. Though the company reassures clients about the safety of their funds, it doesn't talk about its risk management procedures.

Is Silver Brook Regulated?

No! Silver Brook is not a regulated broker. The company didn't even share its country of origin, leaving no clue for us to find any information concerning its regulatory status. 

Is Silver Brook A Scam?

Yes! Silver Brook is a scam broker, and we'll explain why we believe so. First, the company appears to be hiding its identity, as there is no information about its official address or telephone number. You can only reach the company via email or through a telegram ID. Secondly, it is not a regulated setup. Third, the firm holds a poor reputation amongst investors. 

Moreover, the company shares its performance for the past twelve months on its official website, while it's been only a few months since the firm was founded. 

Lastly, the company claims to produce an average return of above 15% each month and never had a losing month. However, that's not the case.

Generating consistent profits in such a volatile market like forex is quite tricky. If the company is good at making profits, why doesn't it disclose its identity and share its official address? Obviously, the firm doesn't want to be held responsible for the losses. Given all the factors we discussed, the broker is a confirmed scam. 

How Silver Brook Scam Clients?

The company entices clients by showing them a manipulated trading history. When investors sign up with it, the broker asks for a one-time setup fee of $250 to let clients connect to an MT4 or MT5 account. Then, it states its minimum balance as $2000 for copy trading. In other words, clients who deposit $250 for account setup must also deposit $2000 to subscribe to copy trading services. 

Bottom Line

Always investigate your prospective broker thoroughly, such as checking its regulatory status and reputation with concerned regulators and reviewing BrokersView before investing your funds. Even if a broker appears to be a legitimate concern, deposit a small amount to start, execute a few trades, and initiate a withdrawal request, which may help you reduce the risk to a certain extent.