After we came across the HD Markets website, we have been amazed by the lack of information. There is absolutely no information regarding deposits, withdrawals, fees. Is HD Markets regulated? Let’s see.
Read our HD Markets review and find out why there are so many complaints about this shady brokerage.
|Broker status:||Unregulated African Broker|
|Regulated by:||No Regulation|
|Headquarters Country:||South Africa|
|Types of Assets:||Forex (FX), CFDs|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
HD Markets Regulation and Security
On the main page of the broker’s website, there is a mention of HD Markets regulation. The broker stated to be regulated under the FAIS Act. However, since the broker states to be based in South Africa (and we couldn’t confirm it since the company owner is not listed anywhere), the broker needs FSCA regulation for its operations.
What’s Wrong With HD Markets Regulation?
We’ve checked the FSCA register as well as the FAIS register. Nowhere we could find HD Markets listed. Be aware of this when opening an account with this not legit and not a trustworthy brokerage.
What Trading Platforms Are Available?
Here is one good thing we can say about the HD Markets trading platform. The broker is using MT4, one of the most trusted platforms among traders. However, even this did not come without issues. Clients are complaining that the platform does not function properly and trades are not executed in time.
The spread is 1.7 pips for EUR/USD pair, which is much higher than other, regulated brokerages are offering.
And now, we come to leverage. The biggest shock of all. This scam brokerage is offering its clients leverage of up to 1:1000. If you take into consideration that with an average company around 70% of trades are losses, you can imagine what will happen with the leverage of 1:1000. There is a good reason why regulated brokerages can offer only up to 1:50 leverage.
What Can You Trade With This Broker?
This question is quite a mystery. The broker states to offer Forex trading and CFD trading. But what CFDs are available, how many of them, what are the conditions for CFD trading? We stayed with no answer to all of these questions.
We were confused by the broker minimum deposit as well. According to a website, it’s $20, while in Terms and Conditions it says the deposit is $50. Pretty weird for an allegedly regulated broker.
And in the end, if you didn’t have enough red flags so far, the broker states to accept cash deposits. In order to be safe from fraud, you should use your debit or credit card for online transactions since with these cards you have the right to request a chargeback up to 540 days of the cyber fraud.
Scammed by HD Markets broker? What to Do?
If you have been misled or scammed by HD Markets broker, report it immediately. There’s nothing to be ashamed of in reporting a scam. Unfortunately, you are not the only victim of the HD Markets scam.
Contact our staff via chat immediately and report this or any other fraudulent broker you came across. Start the procedure of getting your money back now!
Don’t Let the Scammers Go Away for Free!
What is HD Markets?
It is an unregulated online trading brokerage that offers Forex and CFD trading.
Is HD Markets regulated?
HD Markets claims to be registered in South Africa, however, we could not find the company in any regulatory body register.
Are My Funds Safe with HD Markets broker?
Since the broker is not regulated, your funds are not safe with HD Markets brokerage.