Beware! HastForex 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 can never mistake HastForex for the scam it is. This broker has one of those unmistakable illicit website feels that we have grown to detect as soon as our visual senses first make contact with them. Not a lot of efforts was put into making this, and it shows on every corner. At times like these we ask ourselves how could users ever fall for these types of scams? Something must attract clients to HastForex and its counterparts. We believe that these scammers may not be good website designers but they sure as hell are good persuaders and solicitors.
The bad news starts off early. We were not able to register because the broker gave us every time a different reason to turn back. This occurs, in our experience, when a firm does not want a specific user to access its more sensitive website sections.
In any case, we are left with the website to take all the trading details, and because of this we feel urged to warn our readers that from such sources there is little no no trustworthy details.
The only mentioned assets are forex currency pairs and CFD, the latter of wihc can be a number of very different instruments, including but not limited to shares and commodities. The leverage is said to be capped at 1:400 which is a pretty standard value for a shady broker. We found no mention of a spread, not any specific costs of trade for individual assets.
We need also mention that one of the accounts has a $2 commission on certain, undisclosed, CFDs. The ProSpread’s commission might be per side or round turn; the user is not told.
HASTFOREX REGULATION AND SAFETY OF FUNDS
The company reveals that it is registered in Saint Vincent and the Grenadines, and even showcases a legit looking certificate of incorporation. All is well here, for this certificate may actually be the real thing, as in proof that HastForex is incorporate where it claims it is. But it makes no difference to the broker’s legal status. Saint Vincent does not have an FX regulator, coupled with a sloppy set of laws, which means that a local registration does not look well on you CV. Not well at all. The country is home to literally thousands of unlicensed and scammer brokers.
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.
HASTFOREX TRADING SOFTWARE
The MT4 file that we had full access to was essentially bugged with a malware or a similar threat to our PC. The install file not only had a very suspicious name consisting of letters, numbers, and signs, but our own firewall warned us about installing it.
So, we have an MT4, that much is confirmed, but we do not recommend it for it may entail a risk to your machine.
HASTFOREX DEPOSIT/WITHDRAW METHODS AND FEES
There is no minimum deposit for the basic account type. What we mean is that users can deposit as low a sum as $1 and still proceed. However, the ProSpread account demands a minimum of $10 000 which seems about right for any pro or VIP accounts.
The other payment details are taken exclusively from the FAQ section. There we learn that users can invest only by means of domestic and international bank transfers. There is a fixed 1000 JPY withdrawal fee around, which is around $7, and the user can expect the money to be reflected in her account in no more than 5 days, which to us seems like a false promise of hope.
Brokers such as HastForex do not return invested capital, because if they did they would be at a loss.
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.