Trade Horizon review – 5 things you should know about tradehorizon.com

Trade Horizon review – 5 things you should know about tradehorizon.com

Rating: 1

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

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Trade Horizon claims to be a forex broker based in one of the leading global financial centres. In reality this is yet another scam scheme, or at least a preparation for one.

At the time of writing this review, the Trade Horizon website is clearly still a work in progress – placeholder text is used in many places, and basic functionality such as the ability to register an account is missing. However, the intention behind this site is obvious, and it is not to provide a true brokerage service. It is highly recommended to stay away from Trade Horizon, both now and in the future.

TRADE HORIZON REGULATION AND SAFETY OF FUNDS

On the website one can read the claim that “Trade Horizon brand is authorized in various jurisdictions around the world and is a reputable Forex & CFDs online brokerage”. Nowhere, however, can evidence be seen to support this claim.

The website is clearly unfinished, for example the “About Us” section says “company name” instead of the company name itself.

The footer on the website states that the legal entity behind Trade Horizon is a company named Panelid Limited, with the registration number and registration date “To be announced”:

An address is given in London, United Kingdom. A company with this name, registered in early December 2021 and owned by a Cypriot national, can be found on the UK’s general register of companies. However, this company is not a broker and its nature of business is listed as ‘other education’.

In order to operate from within the UK, a broker must be licensed by the Financial Conduct Authority (FCA). However, a Panelid Limited cannot be found on the regulator’s register:

The legal ambiguity with Trade Horizon does not stop there. One can read in the Terms and Conditions that the agreement between the Trade Horizon and the client will be subject to the laws of Hungary:

Trade Horizon is also not listed among the brokers authorised by the Hungarian National Bank.

Obviously, the people behind this website do not have the right to carry out brokerage services in the UK or any EU member state. If you have decided to trade on the financial markets, you need to make sure that the broker you choose is indeed licensed and overseen by a powerful regulatory institution such as Financial Conduct Authority.

These brokers have to meet stringent requirements for financial stability and transparency of operations. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

TRADE HORIZON TRADING SOFTWARE

Trade Horizon claims to offer commercial software of its own development. However, there is no download or web platform link on the website.  At the time of writing this review, there was also no functioning account creation form.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

TRADE HORIZON TRADING CONDITIONS

The Trade Horizon website describes four types of trading accounts – Bronze, Silver, Gold and Premium. The minimum deposit is extremely high – 10,000 USD. Real brokers typically offer much more favorable terms for novice traders. Many of them make it possible to start trading for a minimum deposit of just 100 USD or even less.

Account descriptions do not include information on other basic trading parameters such as leverage, spread, swap and other commissions. But even if these gaps in the website information are filled in the future, it will not change the fact that  Trade Horizon is not a genuine broker and does not offer real trading.

It is stated in the Terms and Conditions that Trade Horizon offers bonuses and rewards to its customers. This is further evidence that this could not be a broker licensed in the UK. The FCA, like EU regulators, prohibits brokers from the practice of offering bonuses and promotions.

TRADE HORIZON DEPOSIT/WITHDRAW METHODS AND FEES

The Trade Horizon website states that the payment methods used are credit/debit cards and bank transfer. It is clear from the information on fees and conditions that various cryptocurrencies are also used.

As account registration was not possible, we were unable to verify whether this was indeed the case. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including established e-wallets such as PayPal, Skrill or Neteller.

The specified minimum withdrawal amount is 100 currency units if a USD, EUR or GBP is used. Different values are given for the various cryptocurrencies – for Bitcoin, for example, the minimum withdrawal amount is 0.026 BTC, which at current prices at the time of writing this interview equates to more than 1,200. USD

There is also a withdrawal fee, which is significant – 5% of the amount if a credit/debit card is used and 0.01% if cryptocurrencies are used. In addition, there is a 100 USD monthly fee for inactivity. It is charged not only if the account is completely dormant, but also if there are less than 3 open positions within 30 days.

The text of the Terms and Conditions contains a trap often used by fraudsters. If the client has received a bonus, the withdrawal of funds from his account becomes conditional on meeting high requirements for minimum traded volume – 1 lot (100 000 currency units) for every 1 USD bonus. These clauses aim to make the withdrawal conditions unattainable for the victims of the scam.

HOW DOES THE SCAM WORK

Stories of people getting rich from cryptocurrencies tempt many to try their luck in the financial markets. But you have to be very careful not to fall into the clutches of the many scammers lurking in the online space. These scammers only pose as brokers and lure you in with promises to take on the confusing aspects of investing for you.

If you make contact with such scammers they will first convince you to give them a small initial sum of a few hundred dollars. They may even fool you for a while that your investment is generating incredible profits to convince you to give them a larger amount. But your money won’t really be invested. And when you try to withdraw your supposed profits or even your deposit, you will find that it is impossible.

The scammers may tell you that all your investments have been lost by a sudden change in the market. Or they’ll point you to clauses hidden in their Terms and Conditions that say withdrawing your money is only possible after you meet impossibly high minimum trading volume requirements. And they can simply disappear because these scam sites hide behind fake names and offshore companies that are not subject to rules and regulations.

WHAT TO DO WHEN SCAMMED

If you find yourself a victim of scammers, you should inform the relevant authorities in your country and spread the word online to warn other potential victims. However, the chances of getting your money back are not high.

If you used a credit/debit card for the transactions, you could ask for a chargeback. However, such requests can be disputed if you have provided the fraudsters with proof of identity such as a copy of an ID. Under no circumstances should you trust people on the internet who claim they can recover your money for an upfront fee. These too are certainly scammers.

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