Breakaway Forex Broker provides real users with * positive reviews, 1 neutral reviews and 1 exposure review!
Risk Control
License
ASIC Regulated 
Approved, but funds not received and customer service is unresponsive.
Their copy trading is super convenient, but they still charge an annual fee of 6000 for the EA.
In the ever-evolving landscape of forex trading, Breakaway emerges as a new player, claiming to offer a diverse range of trading instruments and a user-friendly experience. However, the reviews present a mixed picture, highlighting both potential advantages and significant red flags. Key features include high leverage options and a minimum deposit requirement that may attract novice traders, but concerns about regulatory compliance and customer service cast shadows on its legitimacy.
Note: It's crucial to understand that the regulatory environment varies by region, and the differences between entities operating under the Breakaway name can significantly impact user experience and trustworthiness.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 6 |
We score brokers based on a comprehensive analysis of user feedback, expert opinions, and factual data.
Founded in 2024, Breakaway operates under the banner of Breakaway Ltd., with a primary focus on forex and CFD trading. The broker offers access to the MT5 trading platform, which is known for its advanced features and multi-device compatibility. Traders can access a wide range of assets, including currency pairs, commodities, and cryptocurrencies. Despite its claims of regulation by ASIC in Australia, concerns regarding its overall legitimacy persist, as it operates with an appointed representative status rather than a full license.
Regulated Areas: Breakaway claims to be regulated in Australia, but it operates under an appointed representative model, which raises questions about its full compliance with regulatory standards. This lack of clear regulation is a significant concern for potential traders.
Deposit/Withdrawal Currencies: While the broker has not explicitly stated the accepted deposit and withdrawal methods, it is inferred that they may partner with various banks and electronic wallets based on their website.
Minimum Deposit: The minimum deposit required to open an account with Breakaway is reportedly just $10, making it accessible for novice traders looking to enter the forex market.
Bonuses/Promotions: Information regarding bonuses or promotional offers is limited, and potential users should be cautious of any offers that seem too good to be true, as they often come with hidden conditions or risks.
Tradeable Asset Categories: Breakaway allows trading in various asset classes, including forex, commodities, and cryptocurrencies. However, it does not support shares or bonds, which could limit investment strategies for some traders.
Costs: The cost structure appears competitive, with spreads starting from 1.5 pips for micro accounts and potentially lower for ECN accounts. However, high leverage options of up to 1:1000 may pose significant risks for inexperienced traders.
Leverage: The high leverage offered by Breakaway can be both a double-edged sword. While it allows for potentially higher profits, it also increases the risk of significant losses, especially for those who may not fully understand the implications of leveraged trading.
Allowed Trading Platforms: Breakaway primarily utilizes the MT5 platform, which is well-regarded for its user-friendly interface and robust trading tools. However, the lack of options for MT4 may deter some traders accustomed to that platform.
Restricted Areas: There is no clear information on restricted regions, but potential users should verify whether their country of residence allows trading with Breakaway.
Available Customer Service Languages: Breakaway offers customer support in multiple languages, but the quality and responsiveness of this support have been questioned in user reviews, with many reporting difficulties in reaching customer service.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 6 |
Account Conditions: While the minimum deposit is low, the account types offered are limited, which may not cater to all trading preferences. The lack of clarity regarding withdrawal methods also raises concerns.
Tools and Resources: The MT5 platform is a strong point, providing various trading tools and resources. However, the absence of educational materials or market analysis tools could hinder novice traders.
Customer Service and Support: User reviews indicate significant dissatisfaction with customer support, with many experiencing long wait times and unresponsive service, leading to frustration when issues arise.
Trading Setup (Experience): The trading experience on MT5 is generally positive, yet the high leverage and potential risks associated with it may not be suitable for all traders, particularly those new to the market.
Trustworthiness: The lack of a full regulatory license and the appointed representative model raise serious trust issues, as many experts warn against trading with brokers that do not have comprehensive regulatory oversight.
User Experience: Overall, while the platform is user-friendly, the issues surrounding customer support and regulatory compliance can detract from the overall user experience, making it essential for potential traders to weigh these factors carefully.
In conclusion, the Breakaway review paints a picture of a broker that, while offering some attractive features, is also fraught with risks and uncertainties. Traders are advised to proceed with caution and conduct thorough research before engaging with this broker.
