Beware! HND Global 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.
HND Global claims to be one of the leading brokers in Australia committed to providing high-quality foreign exchange trading and commodity services for global institutional and retail customers. It also states that as a financial company with an excellent long-term reputation, its multi-bank quotation terminal brings advantageous quotations, high-quality transaction speed execution, and flexible leverage options. Sounds promising, but HND Global is a scam, and we are going to prove it in the following review. For now, though, just bear in mind that it’s not licensed by the British regulator FCA.
HND Global REGULATION AND SAFETY OF FUNDS
So, on separate website pages, HND Global claims to be a legit British broker, leading Australian exchange and also NFA regulated in the USA. Well, none of it is true- HND Global is just another shady unlicensed brokerage aiming to defraud as many customers as possible out of their savings. Now, let’s get into detail about it.
The first thing to note is that HND Global pretends to be a British broker. As seen from the first screenshot below, it introduces itself as a brand of a UK company that’s supervised by the British government. Well, that’s partly true because we traced the company, but it doesn’t have a license to operate Forex brokers; therefore, HND Global isn’t legit. If it wanted to call itself a genuine broker, it would have obtained FCA authorisation to prove it merely wants to do business and to guarantee it’s transparent and accountable for its actions.
What’s more, as already mentioned, and as you can see from the screenshots at the bottom of the section, HND Global also says to be Australia and USA authorised, which it’s not. So the people running the brokerage fraudulently lead customers astray, tricking them into thinking that it’s a safe and adequately regulated company- a major red flag revealing its actual fraudulent intentions. And as HND Global is unregulated and unaccountable, it can right away steal clients’ funds, getting away with its misconduct.
That’s why it’s always a better choice to open accounts with companies authorised by trustworthy financial regulators like CySEC (Cyprus) and FCA (Britain) if you are genuinely interested in trading. Both mentioned force brokers to keep deposits segregated, thus ensuring that clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate clients in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.
At last, you’ll lose money to fraud if you deposit with HND Global because it’s a scam.
HND Global TRADING SOFTWARE
Unfortunately, HND Global comes with MetaTrader 4, which is the best retail Forex platform, alongside MetaTrader 5. We said unfortunately because many people can inaccurately believe that HND Global is a trustworthy broker. Well, it’s not; that’s still a scam setting.
Anyway, the trading costs are also generally favourable for traders- 0.5 pips spread for EUR/USD, which is actually in line with the industry standards. Simply put, customers pay $5 per lot traded while the industry standard is $10 or less. Well, as you probably guess, the competitive spread adds fuel to the flames because it can single-handedly entice people into the fraudulent scheme. We might get you bored, but we need to repeat it once again- HND Global is a scam, and you should avoid it, notwithstanding the favourable trading conditions.
The platform also reveals the risks involved- while opening a virtual money account, we saw that the max leverage we could choose was 1:200. This ratio is too risky for most retail clients, and it’s actually prohibited in the UK and Australia (1:30 max) and the USA (1:50). So, the leverage offered itself proves that HND Global isn’t legit.
HND Global DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is actually unknown. However, while searching for information about that, we found out that the brokerage presents itself in a totally incomprehensible way. As you can see below, it’s prattling some stuff about “used prepayment”, “occupation of deposit”, “position establishment”, and so forth. No legit Forex broker is so muddy in the presentation of its services!
The ignorance aside, there is no reliable information about withdrawals, fees or any other valuable trading provisions. In fact, HND Global doesn’t even have adequate legal documentation, which proves again that the broker is a scam.
HOW DOES THE SCAM WORK
Hitherto we were busy exposing HND Global as a scam, and now we’ll show you what scammers usually do while carrying out their fraudulent business.
So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the 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 going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.
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 particular scam, too. 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!