Beware! HedgeStone Assets 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.
We are tired of seeing brokers like HedgeStone Assets, because we are left without anything new to say about them. At some point we will start repeating ourselves, for the sake of not leaving the introduction blank: HedgeStone Assets is a very typical embodiment of the FX scam, and it shows even without looking into it. The website has all the appearances of an investment fraud. As for the details, the following review pretty much sums it all up.
First of all, there was no registration page, only a login one. This seemed very odd to us, and it resulted in a lack of an account. Why would HedgeStone Assets not include a registration page? Well, there exists one plausible explanation: the firm picks its own users that it personally handles, and by that we mean solicit.
Well, without an account we have no choice but to take all the trading information from the website, an unreliable source. Websites owned by unregulated brokers tend to have very misleading details on them.
According to HedgeStone Assets, the available instruments are cryptocurrencies, forex currency pairs, stocks, indices, and commodities. The leverage goes up to 1:500 for highest account tier, while it’s 1:50 for most basic of account types. There is a commission on every account except the highest one. It’s between 1% and 4% for the basic account type; the commission applies to spreads yet the company has not explained how these charges are applied.
Interestingly, there are no spread values revealed.
As for the account types, of which there are 5, we cannot really be sure that they actually apply. Historically, very few brokers with promoted account tiers actually apply these in their respective user areas.
HEDGESTONE ASSETS REGULATION AND SAFETY OF FUNDS
The official address of the broker is in Hong Kong, although official is a very strong word here. Alleged, more likely. But as always, an address in a country, or a simple registration, whether true or not, is not nearly enough for any FX firm. What really gets the gears going is a truthful license. So, with a Hong Kong address it follows that HedgeStone Assets holds a license by the official regulator, the Hong Kong Securities and Futures Commission (SFC). But, as is expected, there is no information on the SFC website about a HedgeStone Assets. Therefore, the broker is not licnesed in Hong Kong, and definitely nor incorporated there; the local authorities would have sniffed the scam a long time ago.
Tat’s all the information we have, as far as legal issues are concerned. The broker is obviously unregulated and a risk to all.
Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.
HEDGESTONE ASSETS TRADING SOFTWARE
As we already mentioned, we had no access to a trading software. The key issue here was the lack of an account on our behalf. There is no trading software without a registration.
Moreover, the website holds no links to a software, strongly hinting at a total lack of a trading software altogether.
HEDGESTONE ASSETS DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is $5000, however another section of the site says it’s actually $500. So, which one is it. The gap between the two sums is too great to be dismissed as a mistake. No, this discrepancy is a defining side to the broker.
We are given a number of logos of payment provider under the pretext that theyr are all used for deposits and withdrawals with the broker. These are credit cards, debit cards, Bitcoin, WebMoney, Skrill, Neteller, Sofort, and QIWI.
There are no further details on payments (deposits and withdrawals), and what we have revealed may or may not be truthful. Yet, HedgeStone Assets is unregulated so everything on the site is speculative.
HOW DOES THE SCAM WORK
Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.
First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.
The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.
When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.
WHAT TO DO IF SCAMMED
The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.
Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.
Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.
Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.