HBC Broker is the latest non-regulated forex brokerage that is flagged by ASIC
Another day another scam. The Australian Securities and Investments Commission better known as ASIC has finally updated its broker blacklist this past Tuesday. HBC Broker, additionally known as MPG Invest Limited has been scamming investors since they began operating back in 2016. After receiving enough complaints pertaining to their dubious and illegal business practices the Australian regulator decided that enough was enough and put them on their extensive broker blacklist. The Australian regulator mentioned that HBC Broker does not possess an existing Australian Financial Services (AFS) license or an Australian Credit license from ASIC to offer financial services in Australia. It stressed that they could be involved in a scam.
Ironically, HBC Broker stands for “Honest Brokers Collaboration.” That quite honestly is the furthest thing from the truth. The fact that the company needs to state that they are honest raises quite a number of red flags. First off, they claim that they are headquartered in Armenia, 5 Shovroyan St, Yerevan, Armenia to be exact. However, upon further research, there is no office located in that location, just an empty building. Secondly, the broker claims they started operating in 2010. A simple fact check on the website who.is says otherwise. In reality, the website was registered on 2016-03-07. Thirdly, on the footer of the website, it says that HBC Broker is a “trading name of Trading Point Holdings LTD”, which is regulated by ASIC, FSP (New Zealand), CySEC, FCA and the MiFID. However, Trading Point Holdings has no relation whatsoever to HBC Broker. In fact, Trading Point Holdings owns XM, which has all of these aforementioned regulations. If one looks at HBC’s Terms and Conditions one will see that the parent company is MPG Invest Limited.
United Kingdom’s FCA Already Outlawed HBC Broker
ASIC isn’t the first regulator to warn against HBC BrokeMPG Invest Limited. Last July, the Financial Conduct Authority (FCA) issued a warning against the broker. The warning specifically states that the firm does not have the proper authorization to be soliciting British customers. By the fact that at least two regulatory authorities (ASIC & the FCA) in separate countries have highlighted this company as suspicious and operating without any sort of license should give prospective investors considerable pause before initiating any type of relationship with the broker.
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The best forex brokers in South Africa that accept South African traders. In this post, we cover how you can choose the best broker and get a great service from them. The most important aspect is the safekeeping of your funds and with this video that is attached, I hope to help you avoid scams and spot disloyal brokers. Here is a list of the top Forex Brokers in South Africa:
hi everyone. long story short I want to invest, the problem is that I live in Iraq so brokers do not operate in Iraq. even international brokers don't operate here. (lots of brokers operate in middle east like TD Ameritrade and other reputable brokers but not Iraq) so I wanna invest but I don't know how I am thinking about finding a local broker or a middle eastern broker, that accept me but the main issue is credibility, I found 2 brokers (XM, ETORO) and I did some research about them, the problem is am finding a lot of negative comments about them and a lot of people accusing them of scams and cant withdraw their money etc. and XM also happens to be regulated by (ASIC, CYSEC, IFSC) but lots of people claiming they got scammed by XM. at this point am lost I have no idea how to find a credible broker. people told me I should trade crypto or forex as it's not a country-specific or something like that and i have no problem with that, but i also don't know how to find the right broker. when I started I just went to the big guys (TD Ameritrade, Charles Schwab, interactive brokers) as its no brainer to trust and trade with them, I mean come on its TD Ameritrade. but now I don't know how to search for legit brokers that operate in Iraq. can you please help me?
As a trader in the Forex market, I have done numerous amounts of research to search for the best broker that best suits me. While I was ongoing with my research for brokers, I came across a few interesting yet ridiculous forex broker review websites such as, www.forexbrokerz.com and www.theforexreview.com They are making absurd reviews about any brokers and I will explain my reasons to avoid such review websites like the 2 that I mentioned above.
Similar Broker adv These two broker review websites tend to write bad review about minor brokers saying that they are a scam. On the other had, they have same brokers that they are recommending at all time such as XM, fp market, and easymarket. They do advertise for the same broker on both websites, adding different major brokers so that they do not look suspicious.
I have checked all brokers that I know listed on this website, and I have found some interesting patterns. They exclusively rate 5 stars for all major famous brokers even though there are also many bad reviews about them on other review websites and around the internet. This means that the admin has control of the rating system of the website, not rated by the users of those brokers like us. Additionally, they are rating only 1 or 2 stars for all minor, non-famous brokers, so that their sponsored brokers such as fpmarket and easymarket can be placed higher in the rating system. It is quite funny that their website is only full of polarized rating. The main purpose for traders to search the broker review website is to see the honest reviews rated by other users, but this website provides fake information with lack of knowledge. What’s the use of this review website if that is the case?
I have been using a certain broker for few years and I am very satisfied with this broker (not going to mention it here) but this scam review website wrote a bad review and wrong information about them. So, I sent an email asking to fix the incorrect information listed on in the review. They still have not replied back to me and it has been over 4 months. I also sent an email saying that I want to post an advertisement on the website and yes, they have not replied to this email too. I tried many ways to contact them, but they never reply. Why? Because it’s a website operated by those sponsored brokers, and they don’t need any adv to be posted on their website. In conclusion, forexbrokerz and theforexreview is SCAM. Do not trust them, and don’t enter this website no matter what. They are only posting bad reviews about other minor brokers so that they will get more clients. The brokers they are sponsoring does not even have any good trading conditions. They chose to do this nasty solution because they know that their trading conditions are not very competitive among other minor brokers, providing amazing spread and promotions.
I am new to forex trading and i am currently choosing a broker now. How to know if the broker is genuine?
So like i have stated above that i am currently new to forex and i am finding a broker which is safe. So i have stumbled upon several brokers which is good for micro accounts and apparently they all have negative reviews on how it is a scam. However there is this one broker platform which is XM and it does look quite reliable except with the similar problems on how they have negative reviews. Since people would easily state how anything is a scam i would like to know if there is a way to know how genuine it is.
Forex promoters often lure investors into scams with various assurances, including their ability to predict an increase in currency prices and claims of high returns with low risk. An unregulated financial company trading off-exchange Forex, foreign currency futures and options contracts with retail customers is illicit and may be a fraud or scam. Those who think XM is a scam just had a lousy time trading, they made the wrong move or didn’t have a good luck selling, and it happened while they were using XM, just as it happens with many forex brokers.So, if they had a bad time while using XM, they’ll blame XM for it when XM had nothing to do with it. XM has been a forex broker praised by many traders for their quick and responsible ... How to Avoid Forex Trading Scams in 2020 Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, CFDs, binary options, stocks, cryptocurrencies, etc. XM Scams review. At the end of this XM scam review if it helps you then help our team by share it please, For more information about XM trading scam review you can also visit XM reviews by TopForexBrokers.com comparison and ratings forex brokers or Fxstay.com Forex trading website and get all information you need to know about the broker. As you can read in our XM Review 2017, we tested out every available deposit and withdrawal method. Not a single problem ever occurred and no traces of XM scam were ever noticed. This is because the broker is extra careful when it comes to its clients’ funds which are kept in segregated accounts opened with investment-grade banks.
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