Sometimes these scammers can be really persuasive and trick people into falling for their schemes despite the lack of transparency.
So, we did the HQ Trade Review to show readers what to look out for. This particular financial swindler is full of red flags. Keep reading to learn the entire truth about it.
Not only is HQ Trade unlicensed, it may not be a real broker at all but rather an online investment scam. There’s no address and no owner mentioned.
The HQ Trade regulation doesn’t exist. We see that the fraudster violated some regulatory rules regarded as trading industry standards. For example, ESMA, which is the European watchdog, imposed a leverage restriction of 1:30 whereas HQ Trade offers 1:500.
Another illegal thing HQ Trade does is offer services to clients without being registered with local authorities. Traders could lose their funds overnight and no financial ombudsman could help them.
It’s best you find a reliable, Tier 1-licensed broker. Search for those authorized by the likes of the FCA, BaFin, ASIC or FINMA.
The HQ Trade reputation is fake. Don’t trust anything coming out of this broker’s mouth. There’s no physical address. Nobody knows where this broker is based and who runs the business.
Consequently, the scammer’s website got taken down. Or perhaps, HQ Trade felt the heat and decided to vanish, for now. The fraudulent broker could reappear in the same or different form.
Judging by the reviews and client complaints, it seems the HQ Trade defrauded several traders from two particular countries:
It makes sense given the warnings issued by the two countries’ regulators. The reviews date back to 2021. If you have some information about this scam, please share it with us.
To pick up where the previous point left off, we found several negative reviews of HQ Trade. Trustpilot and PresonalReviews were our go-to for this one. Again, the complaints are from 2021. Read what two unfortunate victims of this scam had to say:
Please do not use this broker they do not return your money its a scam I was scammed for 1,250
They phoned me and opened a Binance account for me saying saying that to withdraw it has to go via Binance. I would like to withdraw myself but there’s no withdraw button on Hqtrade…?
First o all, HQ Trade doesn’t support any third-party platform such as MT4, MT5 or cTrader. These are the ones that made the world of trading a better place and the fraudster doesn’t offer them.
The HQ Trade platform is WebTrader, an unattractive browser-based platform with limited features and ineffective tools. To make matters worse, the broker is unregulated.
No, because HQ Trade doesn’t offer a downloadable platform. WebTrader is accessed online. Thus, all you need is internet access and a browser. You can literally get on the platform on any device with WiFi.
We’ve seen this one so many times before. Tempting bonus awards with a vexing clause that attaches strings to them.
In this case, HQ Trade will give clients bonuses but in turn, they need to achieve “a minimum trading volume of 25 times deposit amount plus the bonus issued” to be able to withdraw money.
Depending on the bonus and the minimum lot size, this amount could be staggering. It would be impossible to withdraw funds.
Both the FCA and ESMA have banned brokers from issuing bonuses in Europe. HQ Trade is basically violating the rules here.
HQ Trade trading assets are known but the instruments are not. This comes as no surprise given the broker’s bogus website. Nevertheless, we made a list of the assets. Take a look, but refrain from investing:
Again, these aspects are unknown. We suspect that the commissions could be low in order to draw victims.
Keep in mind that legit brokers make money from commissions and fees. Low or non-existent commissions usually imply that your funds could be gone in the morning.
Since the website was down, we were unable to find out more about HQ Trade trading accounts. All we know is that the leverage cap is 1:500, which is illegal and dangerous.
High leverage leads to losses more often than not. The minimum deposit is 250 EUR, not unusually high but still not worth risking.
No, you cannot. Yet another red flag regarding HQ Trade. The shady broker has no free demo account.
It means you have to invest right away and risk losing your money. Even if there were a demo account, you’d have to be careful. Check the broker’s license first.
This is what happens if you trust shady unregulated brokers. Withdrawal issues! Go back to the reviews we posted, HQ Trade disappeared with clients’ money.
There’s no compensation since the broker isn’t registered with a Tier 1 authority. The HQ Trade withdrawal process was supposed to be performed using:
Having withdrawal issues or a suspended account? Don’t panic, you’re not the only victim of HQ Trade scam. Global Fraud Protection received more complaints about fraud.
You’re going to need help with the chargeback process. Allow our team of experts to get your money back. They specialize in the field of bank chargebacks & recalls and even crypto tracing using CipherTrace.
If this broker steals your money, start the chargeback process. Contact us via Online Chat. It’s the easiest and fastest way to book a free consultation with us.
Don’t invest. HQ Trade has been blacklisted as a scammer. If you already did, call our team to get your money back.
HQ Trade does not offer a free demo account or a trial account.
No. Since HQ Trade offers only a web-based platform, it doesn’t require a mobile app.
Absolutely not. HQ Trade is anonymous and unregulated. It can disappear with your money at any moment.
Don’t invest. HQ Trade has been blacklisted as a scammer. If you already did, call our team to get your money back.
HQ Trade does not offer a free demo account or a trial account.
No. Since HQ Trade offers only a web-based platform, it doesn’t require a mobile app.
Absolutely not. HQ Trade is anonymous and unregulated. It can disappear with your money at any moment.
The post HQ Trade Review – Truth About This Fraudulent Broker appeared first on Global Fraud Protection.
