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Can HorseForex be taken seriously, or is this broker doomed to be ridiculed and forgotten? Read on to find out.
HorseForex’s regulation claims are quite a mess. We have attached a snip of the whole ordeal, and shall see if they are to be trusted.
HorseForex is allegedly part of Horse Group HK Ltd. Horse Group HK Ltd has “acquired Ausinvest Mauritius ltd” which is regulated by the Mauritius Financial Services Commission. We checked with the commission and found no results meaning that neither Ausinvest Mauritius ltd nor HorseForex are regulated in Mauritius.
Next is Horse Group New Zealand ltd which should be holding a FSP license which is issued by the Financial Market Authority. We checked the FMA’s online database of registered firms and found zero results, so the broker is not regulated in New Zealand.
Lastly, Horse Group DMCC Ltd is a holder of a DMCC license in Dubai. This one turned out to be actually true:
However, in Dubai brokers must be regulated by the Dubai Financial Services Authority (DFSA), for them to operate within legal frames. Needless to say Horse Group DMCC was not found in the public register of the regulator agency.
Without any regulations from any of the agencies that HorseForex should be regulated by in order to provide legitimate services, we can safely state that HorseForex is UNLICENSED and poses a risk to anyone who invest in it.
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).
The leverage is maxed at 1:400. The EUR/USD spread from the STP demo account is 1.9 pips which isn’t really favorable to traders.
Trading assets should be Forex Pairs, Commodities, Indices, Crypton, and Stocks. The platform gave us Equities and Futures on top of these.
The default language of the broker is English. The other language is Chinese.
The broker has included both the MT4 and MT5
As a leading trading platform, MT4 has become a household name by offering some great features: micro lots, automated trading bots, 500 individual orders per account, VPS’s (Virtual Private Servers), customizable trading indicators, and much more.
The Metatrader 5 has continued to extend the legacy of MT4 with great success, however MT4 still reigns as number one. With that out of the way, MT5 can be considered a much more flawless and fluid trading terminal. With accelerated process times, the ability to trade in centralized markets, and the addition of new and more responsive indicators, and increased time frames, MT5 seems like the way to go.
The leverage is capped at 1:400, and the EUR/USD spread value we got from the demo STP Account was 1.9 pips.
There are no mentions of spread commissions which is odd for the spread is quite low, and the ECN spread is said to be even lower than that at 0 pips.
The platforms can be used on smart phones, and as desktop traders.
HORSEFOREX MINIMUM DEPOSIT
The minimum deposit is according to the Accounts Section of the website is $50.
We could not read the depositing methods from the client dashboard because they were all written in Chinese.
As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
HORSEFOREX WITHDRAWAL TIME AND FEES
The minimum withdrawal is not indicated.
The Terms and Conditions claim that the waiting time for requests to be processed by the broker is one days.
There is mention of undisclosed fees attached to withdrawals. This is typical for unregulated brokers to mention that there are fees, but to not clarify their value.
ADDITIONAL FEES AND TAXES
The dormant account fee is activated as one clause states within 6 months of inactivity,
There is a handling fee which is common, but this broker has failed to give us a proper value of the charge.
We want to remind readers that many offshore 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.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
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 chargeback 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!
HorseForex is one broker that should be left untamed. Let it roam for a bit as it slowly disappears from the forex landscape. There is nothing for you here.
HorseForex compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines