Beware! Holbid 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.
Holbid is an unregulated broker, whose website is entirely in Russian, however it suspiciously resembles some other scam sites we have reviewed. Be extra careful with this firm as it isn’t authorized to offer financial services. Despite its website being in Russian, this broker actually claims to be based in Seychelles which is rather strange at least to say.
Not to mention that Holbid doesn’t present any useful information about its trading conditions, so you literally have to register first in order to find out what leverage and spread you can trade with. Sounds ridiculous, don’t you think? Keep reading the following lines for more details on why we consider Holbid an outright scam.
Regulation and safety of funds
First of all, bear in mind that Holbid’s website is entirely in Russian and is probably meant for Russian traders. This however doesn’t explain the fact that this broker is actually based in Seychelles, or at least this is what it claims. We searched the Seychelles Financial Services Authority (FSA) registers but no company with the name of Holbid was present there. See for yourself:
Apparently, Holbid has made up the whole story just to confuse uninformed customers. In reality who knows where this shady broker operates from – no wonder if it’s some kind of offshore scam haven. Not to mention that there’s no company name anywhere on the website, so we don’t know who exactly operates it either. All of this makes this broker absolutely anonymous, so it would be very irresponsible to invest here.
Trading with unregulated brokers bears all signs of risk possible. Remember that such firms aim only to pocket your money in record time and don’t care for your financial prosperity. But the worst part is that you won’t get any client protection and no authority can help you if things go wrong.
On the contrary – regulated brokers are obligated to meet some very strict requirements in order to be granted a license and to operate legally. For example, licensed brokers in Seychelles must have at least 50 000 USD of minimum capital and also must keep their customers’ funds in segregated trusted accounts. However bear in mind that this is an offshore regulation so it doesn’t give you such a high client protection as for instance the one in the EU or the UK.
Holbid claims to offer its own trading software that is award-winning and user-friendly – something that all scammers tend to say about their platforms. So we were already on guard and didn’t expect anything exceptional from this broker.
There wasn’t any web terminal and we couldn’t preview the trading software, so we had to open an account in order to see what it looks like in reality. We registered in a couple of seconds (weren’t asked for any personal data like ID or whatsoever) and got access to this platform:
This is in fact the trading chart of TradingView – a simple web-based platform with custom indicators and tools. It’s not bad to be honest but certainly doesn’t catch the eye with something special. It can’t compare to more advanced platforms like MetaTrader 4 or MetaTrader 5 for sure.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
This broker doesn’t say anything about its trading conditions, not even about the type of accounts it offers. This is typical for scammers – they try to bewilder you with bold, yet meaningless claims that don’t serve any purpose at all. But if you think about it, there is no useful data about important things like spread, leverage or minimum deposit requirement. And this is exactly the case of Holbid as well.
It promises tight spreads from 0.0 pips, but nothing more (not to mention that such amounts of spread are highly unrealistic). On its platform we saw spreads from 0.4 pips for EURUSD, which is in fact advantageous for trading. However we don’t recommend investing with such anonymous and unregulated brokers like Holbid. Instead look for legitimate brokers who offer competitive spreads below 2 pips.
As for the leverage, again there was no information on the website. On its trading software you can see a leverage of 1:100, however note that this volume is too risky. It’s true that there is no leverage restriction in Seychelles, unlike some other countries like the UK and the US who have limited the leverage to 1:30 and 1:50 respectively. This measure aims exactly to minimize the potential risk. However if you still want to trade with higher leverage the best possible way to do so is to choose some of the offshore subsidiaries of reputable forex brokers.
Holbid doesn’t specify what is the minimum deposit in order to start trading. After we registered however and tried to fund our account, we could choose between several amounts, the lowest of which was 19 000 RUB (around 280 USD in the moment of writing). So we guess this is the minimum deposit for this broker. To be honest it’s a pretty standard sum, as most reputable firms usually ask for around 250 USD. Nevertheless, it’s not worth the risk of getting scammed.
Deposit/Withdrawal methods and fees
On its website Holbid claims to accept Visa/Mastercard payments. After we registered there seemed to be a lot of options, however if you take a closer look, you’ll realize the alternatives are only two types – credit/debit card and crypto transactions. The “other” payment methods include some platforms for crypto payments like Coinbase, Kraken and more. Take a look:
One is for sure – don’t invest here as this broker is certainly about to scam people out of their money. Moreover, don’t use crypto coins like Bitcoin or Tether as these payments are not eligible for a chargeback.
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!