Beware! HashTrade.pro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
HashTrade.pro might seem like the next best place for your money but believe us when we say that it’s probably the worst place one can invest his or her money. The signs might not be all visible, but they are all there without a doubt. Perhaps the biggest tell is the structure of the website which copies hundreds of other shady brokers, down to the individual text placements! The only real difference between them and HashTrade.pro is the name and logo. Please read the review, before doing anything that you will regret later on.
The account creation tool was familiar to us, as in, we have reviewed hundreds of brokers that have used the exact same registration form, all of which were scams! The leading user area was expected, as it too was familiar to us in that same suspicious way. The web trader was also shady.
Our leverage was maxed out at 1:100, and we had no real way of changing it. The EUR/USD spread that we read from the platform was 3 pips, which is not at all lucrative to traders at all, and benefits only the broker. The available tradeable instruments are forex currency pairs, cryptocurrencies, commodities, shares, and indices.
The website of the broker is available in English, German, Russian, Italian, and Spanish.
HASHTRADE.PRO REGULATION AND SAFETY OF FUNDS
Here is yet another broker that claims to be located in the Commonwealth of Dominica. A relatively new nation that has gained popularity among that scammer broker community, the Commonwealth of Dominica is another nation that does not possess an FX broker regulator. All forex brokers located there are unregulated unless they hold other licenses from abroad. However, the evidence of this applying to HashTrade.pro is missing.
In fact, aside from the Commonwealth of Dominica claim, there is nothing else to suggest otherwise. We went through the legal documents, which usually hold more details, but there we found nothing. On the contact page, we find further evidence that HashTrade.pro is located in the Commonwealth of Dominica.
Unfortunately, what this means is that the broker does NOT HAVE A LICENSE and is thus a risk to all investments as well as any personal information that a trader might leave.
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! What’s special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
HASHTRADE.PRO TRADING SOFTWARE
We have on our hands a common trading software used by scammer brokers. Mainly it is used due to its visuals, which create the illusion that the terminal is more than average.
The main features that we found were pending orders, a live news feed, one-click trading, time frames, some limited chart customization options, stop loss, take profit, and price alerts. To be honest, it’s not so bad, but the terminal is used mainly by scammer brokers.
HASHTRADE.PRO DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the minimum deposit is $250, and users can fund an account through PayTrio, a Credit card, a wire transfer, and a bitcoin wallet.
The one thing we learn from the withdrawal area is that withdrawals are processed in 24 hours. In typical unlicensed broker style, there are mentioned charges but there are no values attached to these charges. Withdrawal requests are processed within 4 to 7 days according to the withdrawal policy which contradicts what the user area says.
The payment on the website is almost entirely different from the one we get in the client portal area,
Last but not least, HashTrade.pro has included by far the most scammer of all clauses, the Non-Deposited Funds one, which basically reveals all profit gained by the user does not belong to him or her. Users cannot withdraw profit, which begs the question of what is the point in using this scammer broker?
HashTrade.pro is another scammer broker that must be left to dissipate. Do not waste your breath on this one!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a “account managers”, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed of her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!