Beware! Halebore 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.
Halebore is not a worthwhile broker and you should not invest your time or money with the company – here is why:
Halebore regulation and safety of funds
Halebore is not a licensed broker – and yet, it would have you believe it operates from the UK – one of the tightest regulated markets out there. Here is the address Halebore pretends to have an office on:
Any broker that operates from London needs to comply with the requirements of the regulatory body that oversees the UK markets – the FCA. And Halebore falls quite short of them by offering bonuses. The FCA, among with many other regulators have banned the provision of such trading incentives, since brokers would bind them with turnover requirements as a precondition for withdrawals that made them practically impossible. Of course, that is the case with Halebore, but we will examine the broker’s Bonus policy later on in the review. For now it suffices to say that Halebore singlehandedly justifies that ban!
This means that Halebore lies about its address – not something a legitimate company would ever do. But it also means the broker cannot actually guarantee toy the protections that traders with UK brokers have come to expect – for example, there is no telling that it maintains a Negative Balance policy or participates in guarantee funds. If you wish to trade profitably, you need to do so with a company that can give you that edge – and the only ones that can do so are licensed brokers!
Halebore trading software
Halebore mentions it has a web-based trading platform available, but we could not make an account with the broker. All the links that supposedly lead to a registration page did no such thing. Therefore, we cannot compare that platform to industry standard trading software Metatrader 5 – but we doubt it has all of the MT5 features.
We also cannot know what the broker’s trading conditions are, but, given how shady it is, we do not expect them to be anything to write home about!
Halebore deposit and withdrawal methods and fees
Halebore does not mention how it accepts deposits – and without access to an account, we have no way of knowing. However, if you have invested with the broker already, we suggest you file a chargeback – otherwise, you will have to contend with the broker’s absurd fees. Here is what Halebore charges to withdrawals:
A minimum of $35 is what you will need to pay for your request to be processed – and a levy of 10% will be imposed on it if you fail to achieve a 200 times turnover. There is no way anyone can reach that amount reliably! Another ridiculous fee Halebore charges is the one on inactive accounts, seen below:
No legitimate broker would charge as much! But, the worst is still ahead – here is the Bonus policy that makes withdrawing your profits from Halebore impossible:
It states that profits made by trading with Halebore’s bonuses are ineligible for withdrawal. But there is no way to know what money is made how – and Halebore will certainly just use this fee to make you unable to withdraw!
How does the scam work?
Halebore is running a scam – that much is clear. Here is how that scam plays out:
First off, someone stumbles on the website the scammers run, where they are prompted to make an account, leaving a phone number in the process. That is crucial to the scammers, who will then use that number to call around the clock, demanding deposits. More and more money will be taken from the victim, until they run our or realize what’s going on – at which point, the scammers will cut them off and move on to further targets.
What to do when scammed?
If you have been scammed, you need to take the following steps to makes sure you do not suffer any further losses:
Recall what IDs, credit cards and so on the scammers had access to and get new ones issued – also remove any remote control software they had you install.
Contact your bank and ask for a chargeback – and do not trust recovery agencies that demand an upfront payment for their services – this is another scam!
Finally, consider leaving a comment below and telling us about your experience with Halebore – that is the best way to combat the scam, by raising the general awareness of it!
