BrooksInvest is NOT a licensed broker and should be avoided at all events. BrooksInvest claims to be operated by BROOKS INVEST LTD, a UK-based company legally licensed in Vanuatu Financial Services Commission (VFSC). However, it's actually not regulated by any regulator when we checked on the UK’s Financial Conduct Authority (FCA) and VFSC.
This broker also states that its market is primarily in the United States and Canada, but in reality, we didn't find the regulatory information about BrooksInvest in the register of NFA (the regulator in the US) and IIROC (the regulator in Canada). So BrooksInvest is a shady broker without valid supervision and authorization from any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws.
What's worse, the Spanish regulator CNMV has added BrooksInvest to its alert list to warn the public that this firm is not authorised to provide the investment services in the country. You can check full alert or warning from CNMV on BrooksInvest here.
Our final verdict is that BrooksInvest is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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