If you are looking to read Hectatradefx reviews, you are in the right place. Is this Hectatradefx.com broker a reliable broker? Read reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
What is Hectatradefx?
Hectatradefx otherwise known as Hectatradefx.com is an offshore brokerage operated by Trufortfx Trading Services LLC with a lot of promises for forex traders. The forex company is incorporated in Saint Vincent and the Grenadines (SVG).
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Hectatradefx Minimum Deposit
The broker Hectatradefx showcases $100 minimum deposit based on the account type.
In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Hectatradefx only allows the deposit of funds via cryptocurrencies — Bitcoin or Tether.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Hectatradefx withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Hectatradefx claims to offer a simple web trading software. What you must know is that, the broker has no trading software at all.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Hectatradefx offers leverage as high as 1:1000 on forex majors. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
What We Discovered about Hectatradefx.com Broker
First of, Hectatradefx claims to be owned and operated by a company named Elysian Group LLC with a registered address in St. Vincent and the Grenadines.
At the foot of the site, the brokerage provides a registered address in St. Vincent and the Grenadines. The institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Regrettably, the terms and conditions of Hectatradefx do not mention the name of this company at all, and another offshore zone where there is no regulatory oversight of brokers is listed as the applicable jurisdiction – St. Kitts and Nevis.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Hectatradefx FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Hectatradefx located at Hectatradefx.com claims to appear like a genuine trading broker, however, you should not take the words they say. From all indications, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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