Beware! Hightradingsfx.com 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.
Hightradings FX is an exposed scam, and it’s so bad that it’s not even worth discussing their fraudulent claims. In fact, it’s a cheap site promising to double clients’ investment every few days and also to offer standard Forex trading and Binary Options. Find out more about this scam scheme in the full Hightradings FX review.
Hightradingsfx.com REGULATION AND SAFETY OF FUNDS
Hightradings FX is a mess. It pretends to be headquartered in California but at the same time displays a UK incorporation certificate to legitimise itself- just enough to confirm that it’s a fishy business nonetheless. Well, we didn’t bother checking the UK company mentioned as the Spanish regulator CNMV already issued a warning against Hightradings FX, exposing it as a scam scheme. Evidently, you’ll waste money on fraud if you deposit.
Hightradings FX is proven to be fraudulent, and as such, it’s unregulated. In general, dealing with entities that are not monitored by trustworthy regulators is dangerous as they are unaccountable, meaning that they can do anything with your money. So, if the broker reviewed defraud you, which will undoubtedly happen if you deposit, it won’t face any consequences for its wrongdoing.
On the other hand, the absence of regulation makes it possible for scammers to remain anonymous while carrying out their criminal activities. In most cases, they are either hidden behind an offshore IBC that’s totally out of reach or just operating completely illegally. Obviously, it’s not a good idea to deposit with entities run by people who hide their identities while bearing no responsibility for their actions, and pretty much every unregulated brokerage out there is a suspected scam.
That’s why we urge people to stay away from unregulated brokers and go for CySEC (Cyprus), and FCA (Britain) licensed ones if they are genuinely interested in trading. Companies holding European licenses should keep deposits segregated, which guarantees that clients won’t lose their money if in case of insolvency. The segregation also improves transparency, speeds withdrawals up and makes chargebacks easier and helps prevent fraud. On top of all that, though, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
Now, see the CNMW warning:
Hightradingsfx.com TRADING SOFTWARE
No software to show. Due to some technical failures, we couldn’t register and access the Client Area, so we have absolutely no idea if there is a platform available or not.
However, the brokerage offers standard CFD trading, Binary Options and some fishy Investment plans. We’ll discuss the latter in the following section, but the Binaries raised the alarm immediately as these are no longer considered trading instruments and were banned by every financial regulator worldwide. Currently, it’s only possible to trade Binary Options on regulated exchanges in the US, so it’s most probably a scam if you see a brokerage offering Binary Options. In fact, some legit brokers offer similar instruments, but they are also licensed by gambling authorities and explicitly inform customers about it.
Now, back to Hightradings FX. As it has no platform, we can’t discuss real-time spreads, trading costs and leverage level, and we don’t really need to as it’s an exposed scam that should be avoided at all costs.
That’s what happened when we tried to register:
Hightradingsfx.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $200 to subscribe to some suspicious investment plan that purportedly brings 25% every 24 hours. That’s a scam! We just need to note that when it comes to fixed income, even the most powerful banks and investment corporations struggle to deliver more than 10% per year, let alone 25% per day. The deposit requirements to open a trading account are unknown, and we can’t prove that standard CFD trading is available at all.
The real funding methods are unknown, but the so-called broker indicates that Payeer and PerfectMoney deposits are being accepted. Well, both mentioned are final, so clients who unfortunately used them to deposit won’t be able to chargeback.
Here are the fraudulent investment plans that we already talked about:
HOW DOES THE SCAM WORK
Hightradingsfx.com is an exposed scam, and now we’ll show what scammers usually do to snavel as much as possible from their victims. So, when the cons get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars to make you begin investing. To gain your trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider more deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!