Beware! HssMarkets 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.
HssMarkets is a broker that claims to be “putting their clients first since 1998.” Later on, they state that “For more than 30 years, we’ve been empowering clients by helping them take control of their financial lives.”. Even in these statements, there is a calculation mistake that can show you how badly thought-through the whole scheme is. There is no way this company has been in business for 30 years (or 21 or 23 depending on which part of the website you are looking at). Their website is not even finished as it gave us no access to important sections like the Terms and Conditions. We could not access those through the registration form either so we only had the FAQ section to judge from and decide if this broker is worth investing with or not. The answer is of course an absolute no. Their website is full of inconsistencies we could not look past. They claim to have received “15+ global awards” with no mention of what those were. Interestingly enough, there are paragraphs of their website that are only available in Latin. This is a scam company that will strip you off of your savings without blinking an eye.
HssMarkets REGULATION AND SAFETY OF FUNDS
It was incredibly hard to find any mention of something as vital as regulations on the HssMarkets` website. We did find some information in a footer in a subsection of the website that stated that HssMarkets is regulated by the Central Bank of Ireland, the Australian regulator ASIC, the South African one FSCA as well as the regulatory bodies of Japan and Abu Dhabi. It did not come as a big shock when we found out that the registers of none of these regulatory bodies contain the name of HssMarkets and they are in fact completely unregulated. They have not provided any phone number and the only way to reach them is via email.
It is incredibly dangerous to work with unregulated brokers, especially ones that have the audacity to lie about holding some sort of license. Clients of licensed brokers can benefit from the strict regulations such brokers follow. Negative balance protection is guaranteed – the sum of money you lose while trading cannot exceed the sum of money you have in your account. Registered brokers also have to maintain a steady minimum capital – 1 million AUD in Australia and 730 000 EUR in the EU and the UK. So becoming a client of such brokers is a far better decision than making business with somebody as anonymous as HssMarkets .
HssMarkets TRADING SOFTWARE
HssMarkets uses a quite unimpressive web-based platform that lacks many of the functions industry staples like MetaTrader 4 and MetaTrader 5 have to offer. The platform is simple to use but we could not find any mention of MT4 and 5`s typical functions like the ability to create your own trading algorithms or get access to a trading community where you can try other traders` strategies. With HssMarkets you cannot even open an actual demo account.
Hssmarkets TRADING CONDITIONS
As we could not access the Terms and Conditions, we could not get the full picture of what HssMarkets had in stock. There is no mention of spreads or minimum deposit. However, we did learn that HssMarkets offers the absurd leverage of 1:500 – far higher than the 1:30 that is the norm in both Europe and Australia. Such high leverage means that you have enough space to trade big and make huge orders. On the one hand, this means that you could earn a lot of money very fast. On the other hand, you are exposed to a risk of losing big time. That`s why such high leverages are usually not available to beginner traders as a sort of security measure in their own best interest.
Another problem is that a bonus of $600 is offered. Bonuses are strictly prohibited in both the EU and Australia and no legitimate broker would offer you one if they don`t want to lose their license.
A few satisfied customer testimonials wrapped the whole picture up – HssMarkets were probably using stock photos of random people they found on the Internet and did not even bother to cut properly so that the image would not cover parts of the text.
HssMarkets DEPOSIT/WITHDRAWAL METHODS AND FEES
You can fund your HssMarkets account with Bitcoin, Visa/Mastercard, Western Union, Skrill, Moneygram, Paypal, Netteller and PerfectMoney. You should however beware of any cryptocurrency deposits in relation to such scammers – such deposits cannot be retrieved. You have the best chance of getting your money back if you were using credit or debit card but funnily enough, there seems to be no way to make a withdrawal in such a way through the HssMarkets platform. This is weird because they have mentioned in their FAQ that “All withdrawals can be processed with any of the available deposit methods.”.
HOW DOES THE SCAM WORK?
Such scams work in a simple but effective way. You see a banner or an ad on the Internet and get redirected to the scammer’s website where you get all sorts of promises for earning money the fast and easy way. You get led on by fake license numbers, satisfied customer testimonials and grand words. So you provide your contact details – an email and a phone number.
The moment this happens the first stage of the scam comes into play. You get bombarded with phone calls and emails asking you for a deposit. With time, you might start seeing that you have actually earned a decent amount of money and start investing bigger sums. This is in fact a deliberate trick trying to milk you as much as possible before you figure out something is not quite right.
The problem emerges when you try to get access to that money. The scammers might come up with different reasons why that cannot happen like making up more and more additional taxes. They might claim you cannot draw your money because of some clause in their Terms and Conditions which is why you should always read those carefully and know what you are agreeing to. Finally, they might ask you to verify your account before you get access to your money by sending them your picture next to a personal document or proof of address – something legitimate brokers also do as soon as you open an account with them. But in case you are dealing with scammers, this is done just so they can prove that you are indeed their client. In this way, they can claim that you have invested all your money with them voluntarily and make it impossible for you to demand a chargeback later on.
WHAT TO DO IF SCAMMED?
You should contact your bank or credit/debit card provider right away and ask for assistance. If you have used a credit/debit card to deposit, you could file for chargeback within 540 days. In case you were using a cryptocurrency, there is virtually no way to get your money back. If you have given scammers access to your computer or your banking details, you should make sure to change any passwords right away. You can also contact authorities and try to inform as many people as possible about the scheme you fell victim to.
Finally, you should never trust any companies that promise you a quick way to get your money back. Such “recovery agents” might ask you for a fee to retrieve your investment and run off as soon as they have received that fee. Often enough, they are the same people that scammed you in the first place.