February 9, 2024

HempCrypto Reviews ’23- DON’T TRUST hempcrypto.com Broker

HempCrypto Reviews

Consider trading with HempCrypto forex broker? Is HempCrypto.com genuine? Let’s see HempCrypto review to know about this forex broker.

This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.

About HempCrypto FX?

HempCrypto FX otherwise known as HempCrypto.com is an offshore brokerage company a lot of promises for forex traders. The location of the company is said to be 155 Richardshaw Ln, Stanningley, Pudsey LS28 6AA. That is not all, we discovered the broker appeared to be genuine by claiming Financial Conduct Authority, UK’s regulation. Interestingly, you will verify that claim.

What is more, there are different account packages offered namely, Beginner, Amateur and Professional.

Account Type

Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

Deposit and Withdrawal

HempCrypto Minimum Deposit:

HempCrypto FX deposit is indicated $150 according to the account type. In contrast, the good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 with no fear on their investment.

As for the funding methods, the broker shows no payment options on the website. This broker offers only crypto transactions with Bitcoin and Tether.

Just so you are aware, 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!

Withdrawal process:

HempCrypto withdrawal FX 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.

HempCrypto Platform:

HempCrypto platform does not have any identified trading software. However, we discovered a trading platform that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.

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.

As for HempCrypto FX leverage, it can get up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.

Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Why HempCrypto.com Forex Broker Is Suspicious

First and foremost, HempCrypto.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.

The company presented on its website different financial regulators – ASIC (Australia), DFSA (Dubai) and CySEC (Cyprus) and others, and claimed to be licensed by each of them. Sadly, not a single one of the regulators assures to have the broker on the database. A quick check on the FCA’s registers to be absolutely sure about this broker’s license status. See yourself.

FCA Warning

Further, 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.

HempCrypto 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

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

Conclusion:

HempCrypto FX located at HempCrypto.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From all indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

In case you found this information valuable, please share with us your experience in the comment section below.

Read earlier reviews on Betail-capital, Forextimeprime brokers

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