HKSelead review – 5 things you should know about hkselead.com

HKSelead review – 5 things you should know about hkselead.com

Rating: 1

Beware! HKSelead is an offshore broker! Your investment may be at risk.

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HKSelead, or Hong Kong Selead Group Limited, is a failed attempt at creating a convincing scam. The rabbit is out of the hat very early on, and once the hat is left empty, there is nothing else to see. HKSelead’s tricks are few, and its main strength are… actually it has no strengths. The website is bad, the trading conditions and payment methods are critical, and the whole experience made us want to leave as soon as possible. Read on to see what we mean.

The best way to get trading conditions out of shady brokers is through the user area, only accessed when one is registered. So this is where we started, and in a very short time period, we were able to register and access a user area.

From there on, we were able to get a reading on the maximum leverage value of 1:500, while waiting to get approved. This never happened, and we had no access to the brokers trading software, meaning that we will have to rely on the website for all the trading details from here on out. For one, users will be able to trade with forex currency pairs, metals, futures, and cryptocurrencies. And there is a confusing bit on the website that we think states the average EUR/USD spread to be 0.5 pips; we are not sure though.

The website is in English and Chinese.

HKSELEAD REGULATION AND SAFETY OF FUNDS

No matter what the name so blatantly suggests,  the broker does not hold a Hong Kong regulation. First of all, the local Securities and Futures Commission (SFC) has no info on HKSelead which is all the evidence you need to know for sure that HKSelead is not licensed in Hong Kong. Moreover, the city-state is one of the world’s financial centers, and considering this we can never imagine HKSelead fitting in any way there. No one would want it there! We can say that the broker has nothing to do with Hog Kong.

The company is actually completely anonymous,  as there is no contact address, nor any other information. We have reached a conclusion, a while ago, that the most dangerous brokers are anonymous ones, because all such entities are automatically unregulated and risks, on top of being untraceable and undetected.

HKSelead is not licensed! It is a risk to all investors and their money, not to mention a waste of their time.

Any UKEUUS, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency.  The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.

HKSELEAD TRADING SOFTWARE

It is always a wonder to see the MT5, especially when it is used by an unregulated broker. At times like these, we cannot help ourselves but wonder why the broker has acquired it. HKSelead’s irregularity and overall negative standing is completely in opposition with the presence of the MT5, but here we are. This dichotomy puzzles us, but let us not dwell on it. Our readers must only know that even with the MT5 HKSelead is not worth it. No matter what, HKSelead remains unlicensed and a risk to all investors.

HKSELEAD DEPOSIT/WITHDRAW METHODS AND FEES

We could get no payment details from the user area because the broker never verified our live account details, and it never will. All payment sections are locked, and we have to rely on some other source for these important conditions. This other source should have been the website, but as it turns out HKSelead reveals absolutely no payment info on its site.

There are no payment methods, no minimum investment requirements, no withdrawal fees, etc.

If users were sceptical up until now concerning the nature of HKSelead, the lack of payment info should be enough to deter even the most stubborn of readers.

HKSelead is a risk to all because it is unregulated. Do not invest here!

HOW DOES THE SCAM WORK

The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.

First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.

These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!

After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!

WHAT TO DO IF SCAMMED

File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.

Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.

Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.

Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!

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