Warning! HFTrading is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
HFTrading has the potential, it seems , but does it do users justice? As we shall see, things are not as they seem. Read the review to find out more.
The parent company behind HFTrading, called CTRL Investments Limited, is allegedly regulated both in Australia by ASIC, and New Zealand by New Zealand Financial Markets Authority (FMA). We carefully went through both of these regulation agencies’ online databases and found no mention of a HFTrading nor of a CTRL Investments Limited. These false claims immediately put HFTrading in the UNREGULATED brokerage category.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were not able to open an account, and there was no demo account which is a red card for any broker. With this in mind, we took all the following info from the website- there is one major issue with this. Since HFTrading is unlicensed, it can do whatever is pleases, meaning that it can easily offer false trading terms to traders!
The website claims that the broker offers a leverage capped at 1:200, and the minimum spread is 0.07 pips; both values are applied to the silver account. There are two other accounts with seemingly more favorable trading conditions, of which of course will we will never cease to doubt!
Trading assets are mentioned as being Forex Pairs, Commodities, Crypto coins, Shares, and Indices.
The website is available only in English.
Without an account we cannot 100% confirm that the broker’s word of a MT4 trading platform is true…
Needless to say, the MT4 allows for a centralized market trade and is certified by many stock exchanges. There are also multiple time frames, superior charting tools allowing for greater accessibility, and pending order types for more versatile trading options and many other in-detail option for optimized trading.
HFTRADING MINIMUM DEPOSIT
According to the legal documents the minimum deposit is $250, yet according to the Silver account page the minimum is $100. This uncertainty is one of the many reasons why this broker is not to be trusted!
The payment methods seem to be limited to Bank Transfers and Credits cards.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
HFTRADING WITHDRAWAL TIME AND FEES
Withdrawals are processed within 7 days, according to the legal documents.
There is a 50 AUD fee for withdrawing if the withdrawal amount is less than 100 AUD, or/and if there is insignificant trading activity.
ADDITIONAL FEES AND TAXES
There is a inactivity fee “plan” that we have attached bellow. Any broker that goes to this amount of effort for charging dormant users is most definitely illicit.
We want to remind readers that many illicit brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
HFTrading is a scam, there is no denying it! Should you deposit here, you will never see your money back!