Beware! Hamen Prime 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.
Hamen Prime are scammers of the worst kind – they use another company’s name and license number to lure unsuspecting clients while remaining completely anonymous and unregulated. Those scammers don’t have anything to offer you and you would definitely not be earning any sort of money if you choose to open an account with them. What will most probably happen is that you will get robbed before you know what hit you. Don’t trust Hamen Prime – they are as far from legit as humanly possible.
Hamen Prime REGULATION AND SAFETY OF FUNDS
As we mentioned, this broker is trying to fool people into thinking they are a legitimate, licensed broker. They claim to be regulated by the Australian financial authority ASIC. When we checked the company’s name in the ASIC register we had a match but we could not find any additional information on the company HAMEN PRIME PTY LIMITED that actually holds the license. We would generally choose to trust the register but we thought something might be very off here since Hamen Prime has not provided any sort of contact details – not an address, or an email, or a phone number.
Without this essential information, there is virtually no way to be sure that this domain belongs to the company we found in the register. What is most probably happening here, is that the scammers wanted you to think that they are regulated by pretending to be another licensed company but did not provide their contact details to avoid getting detected. Such things draw suspicion though since every legitimate broker would provide an address and a phone number.
Working with an ASIC-licensed broker is actually a smart choice because the Australian financial authority is pretty strict and trustworthy. All Australian brokers must always maintain a minimum capital of A$1 million to prove they are well-equipped enough to survive on the risky financial markets. This sum exceeds the capital requirement in Europe a few times – European brokers must prove a capital of €730 000. Just like in Europe, client deposits must be kept in segregated accounts to assure clients that the broker would not be reinvesting their money elsewhere without permission. Negative balance protection is mandatory – this ensures you won’t lose more money than you already have in your account. So Australian brokers are a more than decent choice – those that are actually licensed, that is.
Hamen Prime TRADING SOFTWARE
Hamen Prime is supposed to be using the well-known trading platform MetaTrader 5. We could not, however, get access to their MT5 terminal because we could not register an account without providing an ID number and a photo of our documents – information we are not exactly willing to give to scammers. Obviously, opening a demo account was not an option.
If you are new to trading, MetaTrader 5 is a must-try. The MT software has been a staple in the industry for the past 15 years because it is simply the best when it comes to functionality. It offers access to a marketplace where you can download a variety of add-on trading apps as well as the possibility of developing your own trading bots, indicators and scripts.
Hamen Prime TRADING CONDITIONS
Hamen Prime did not give any information about their minimum deposit – again, giving partial information would not be something a legitimate broker would do. On the contrary, they would probably provide you with extensive Terms and Conditions – while Hamen Prime only had a few short paragraphs of Terms and Conditions, mostly term definitions. You can easily open an account with a legitimate broker for a tiny amount of money so do that instead of dealing with such scam schemes.
The spreads on a basic account were said to be around 1.4 pips which is not bad but we would not trust any information provided by Hamen Prime without having checked if it was correct ourselves.
The leverage offered by the broker raised a red flag – 1:500. We would generally advise you to stay away from companies offering such high leverage to retail clients. It might be tempting to increase your trading potential 500 times but high leverage is a gamble. Many new traders have lost a ton of money fast while trading with such leverage.
One thing we found interesting and impossible to believe was the slippage levels the broker has announced. We doubt that a broker could have a negative slippage of only 0.38% for a year so we think Hamen Prime is just bragging here and trying to look a bit more attractive to potential customers.
Hamen Prime DEPOSIT/WITHDRAWAL METHODS AND FEES
No deposit and withdrawal methods were announced on the Hamen Prime website and as the Terms and Conditions were extremely brief, we could not find information about additional fees either. Don’t deposit with this broker if you want to see your money again!
HOW DOES THE SCAM WORK?
The way such scams work is usually the same.
You are browsing and you see a banner or an ad for the scammer’s website promising you enormous profit. So you take a look at the website, think it looks good, and register – after all, who would not want to earn money so easily and quickly. And the scammers promise to make an experienced trader out of you in no time. The moment they acquire your contact info, you will start receiving emails and phone calls asking you to deposit. If you do, you will probably see you are making a lot of money soon – a trick aiming to make you invest more.
Time passes, you have made good money and now you want to withdraw. This is the moment the scammers will start making up wild reasons to delay that withdrawal – usually additional taxes. At some point you will start figuring out something is wrong and at that exact moment, the scammers will stop answering your phone calls.
WHAT TO DO IF SCAMMED?
Remain calm and don’t trust any so-called “recovery agents” that say they could retrieve your money if you only paid a small fee. Often enough, these are the same people that scammed you in the first place and even if they are not – that is a whole different type of scam aimed at desperate victims. Your “recovery agent” will disappear as soon as they receive the fee.
What you could do is ask your bank or credit card provider for assistance depending on your deposit method. With credit and debit cards you can file for chargeback within 540 days. Cryptocurrency transactions are non-refundable so don’t trust brokers only offering that payment method. Still, be prepared for the worst since such situations are rarely resolved in a happy manner. If you have verified your account, the scammers might use that as a basis for revoking your claim.
Still, make sure to change any passwords or other sensitive information scammers have received. Notify the authorities and spread the word – in your acquaintance circle and online. You can save a lot of people from the awful situation you might have found yourself in.