When we first discovered the HD Markets website, we were taken aback by its dearth of information. There is no information on depositing, withdrawing, or paying fees. HD Markets claims to a regulated entity. We’ll have to wait and see what happens.
See why this dodgy brokerage has gotten so many complaints in our HD Markets review.
HD Markets Regulation
HD Markets’ regulation is mentioned on the broker’s home page. The broker contended that he was covered under the FAIS Act. However, since the broker claims to be headquartered in South Africa, its activities are regulated by the FSCA.
Validation has been performed on both the FSCA and FAIS registers. We were unable to locate any HD Markets. Bear this in mind while deciding to establish an account with this sketchy and untrustworthy brokerage.
One thing we can say about the HD Markets trading platform is that it is very user-friendly. The company makes use of MT4, one of the most widely used trading systems. This, however, did not come without drawbacks. Clients express dissatisfaction with the platform’s performance and timely completion of transactions.
The spread on the EUR/USD pair is 1.7 pips, which is much higher than the spread offered by other licenced brokerages.
It is now appropriate to discuss leverage. The most unexpected of all. Leverage of up to 1:1000 is offered to customers of this phoney brokerage. When about 70% of typical business transactions result in a loss, one might picture what would happen with a leverage ratio of 1:1000. There is a reason why licenced brokerage firms are limited to provide leverage of up to 1:50.
This is a difficult issue to address. According to the firm’s website, it provides forex and CFD trading. However, what CFDs are accessible, in what quantities, and under what CFD trading conditions? For an extended period of time, none of these questions were answered.
Additionally, we were perplexed by the broker’s low deposit requirement. According to one source, it is $20, while the Terms and Conditions state that the deposit is $50. This is uncharacteristic of a broker claiming to be regulated.
Finally, as if there weren’t enough red flags, the broker promises to take cash deposits. Protect yourself against online theft by using your debit or credit card for online transactions, since these cards allow you to seek a chargeback up to 540 days after the cybercrime occurred.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Scammed by HD Markets?
Kindly notify us immediately if you believe you have been duped or taken advantage of by an HD Markets broker. There is no need to feel self-conscious about reporting a fraud. Regrettably, you are not alone in becoming a victim of the HD Markets fraud.
Kindly contact our customer support team through chat as soon as possible to report this or any other fraudulent broker. Now is the time to begin the process of recovering your money!
HD Markets Payment Systems
There is no information on the website about various trading accounts. As we can see, both active and demo accounts are available. Although the Terms & Conditions say $50, we believe the minimum first deposit for a live account is $20.
The least amount that may be withdrawn is $20.
Payment options include credit card, bank transfer, and PayFast, according to the information given.
The 100% deposit bonus is one of the first things we notice on HD Markets, and there is a link to more information on the offer. When you click on that link, you are sent to the Terms and Conditions page, which has no information on how to receive a bonus.
Want to be kept updated regarding similar scams?