Beware! HandelXP 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.
HandelXP is yet another offshore broker that is not deserving of your time or money – here is why:
HandelXP regulation and safety of funds
HandelXP would have you believe it is a German or Luxembourgian broker, as it falsely claims to operate on the following addresses:
Of course, that is not true – the EU, of which both countries are member-states has banned the provision of bonuses – and HandelXP has them available, as well as a leverage that EU brokers are simply not allowed to provide to their clients. This means that the company is not licensed within the Union – meaning that it cannot provide you with the protections brokers with companies that are have come to expect – for example, access to Negative Balance Protection and guarantee funds.
Where HandelXP actually operates from is the Marshall Islands – here is what the broker has to say about its choice of jurisdiction to handle disputes with its clients:
Of course, the Marshalls are quite infamous for one thing – the fact that they do not regulate their Forex markets, which has made them incredibly attractive to scammers of all kinds!
HandelXP trading software?
The broker provides access to a web-based trading platform – it lacks many features we have come to expect from contemporary trading software – industry standard Metatrader 5‘s automated trading, for example! Here is what HandelXP’s software looks like:
The trading conditions are not exceptional – the broker has spreads of under 1 pip on FX majors, sure, but the leverage it has available, 1:100 has been banned by most regulatory jurisdictions – and most brokers that offer it are simply unlicensed and looking to gain more clients, just like HandelXP!
HandelXP deposit and withdrawal methods and fees
HandelXP accepts deposits via credit cards and wire transfers – if you have used the latter to invest, your money is utterly lost! That is because, while credit cards allow for a chargeback to be filed within 540 days of any transaction, wire transfers are always final. That means you would need to contend with HandelXP’s withdrawal policy, which is quite restrictive – here is what it looks like:
If you have been credited with a bonus, you would not be able to withdraw your bonus, or your profits, until you execute a turnover of at least 20 000 times the bonus amount. Sure, you could withdraw before that is achieved, but then HandelXP would simply revoke your bonus. Thus, the bonus becomes a tool to keep the broker’s clients in line and control. Due to similarly abusive policies, bonuses are now banned not only in the EU, but by most major regulators!
There is also a fee on inactive accounts that HandelXP charges, outlined below:
While such fees are not uncommon among legitimate brokers, none of them charge as much as HandelXP – $36 monthly is extremely excessive!
How does the scam work?
HandelXP is undoubtedly running a scam – and what’s more, we know what scheme the broker follows, as we have seen it unfolds hundreds of times before – here is what goes down:
First off, someone stumbles upon the website the scammers run – and on it, they are prompted to make an account, leaving their phone number in the process. As innocuous this sounds, it is crucial to the scammers, since they will use the number to start calling around the clock to demand deposits. No amount of money will be enough for them, and the demands will only stop once their victim either realizes what’s going on, or runs out of money – at which point, the scammers will cut them off and move on to new targets.
What to do when scammed?
Here is how to limit further losses if you find yourself the victim of a scam:
First off, reissue whatever credit cards and forms of ID the scammers had access to – and remove any remote control software they had you install on your PC.
Then, contact your bank and see if you can get a chargeback – and if that is not possible, do not fall for further scams! Any recovery agency that demands an upfront payment for its services is just that – another scam!
Finally, do not hesitate to leave a comment below – that will help raise awareness of the scam, which is an excellent way to combat it!