Warning! HubTrades is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
HubTrades is an offshore brokerage firm, that does well to conceal its practices. More novice traders might fall for its trickery, so please read the review to see exactly what you should and shouldn’t do.
The broker includes a Certificate of Incorporation, declaring that the broker is registered in the Marshall Islands. That might be the case, but a simple registration does not provide a license, meaning that even if the company is registered it makes little difference. Furthermore, the Marshall Islands do not have a financial regulator, conveying the obvious message that HubTrades is UNREGULATED, and as such poses as a potential risk for investors.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that 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 capped at 1:500 as seen from the client dashboard, while the EUR/USD cost of trade was not within grasp for a reason we shall see later in the review.
The only traceable assets seem to be currency pairs and indices.
The website is only made available in English.
The broker has seemingly included two platforms, or one that is accessed in two ways; we are unsure, because we did not open either one. The first one, given to us by a download link, activated our antivirus program, while the second one, the alleged webtrader, was unresponsive once we entered our credentials. This utter confusion does not come up as a surprise seeing that HubTrades is unlicensed.
HUBTRADES MINIMUM DEPOSIT
Bank Transfer and bitcoin are the two deposit methods. Users should be aware that bitcoin deposits are untraceable, so any money sent over via this method can be lost forever. The minimum deposit seems to be $25.
Any deposits made would be a mistake since this broker is clearly unprofessional, and more importantly lacking in any sort of regulation. 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
Proper Trader does not warn you against concealing the CVV code- a routine usually undertaken by legit brokers. 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
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.
HUBTRADES WITHDRAWAL TIME AND FEES
For withdrawals fees, the most important source for such info is missing- the legal document. In fact HubTrades has no legal documents, which means that the broker can do what ever it wants.
Interestingly, the withdrawal section on the user portal gives us the aforementioned payment methods, plus a third one, namely Skrill. The processing time is between 5 and 7 days.
ADDITIONAL FEES AND TAXES
Shady brokers can easily launch incoming fees without warning. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. For example, they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.
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.
he most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
The most sound advise we could give you is to immediately file for a charge back with you credit card company.
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!
Be assured that HubTrades will benefit from you, and never the other way ’round. If you cherish your funds, do not deposit here!