Hitstockfx Review: Is Hitstockfx.Org Broker Reliable?
Hitstockfx seems to be nonfunctional at the present moment. It is unsure if this issue has risen temporarily or if the broker has disappeared definitely. The unfortunate circumstance is that the clients have no access to their funds because of this.
The listed address is in the UK. The broker claims to be offering great trading conditions for Binary options trading but also CFDs on Forex, stocks, and crypto.
As is known, FCA has made it illegal for brokers to offer binary options trading to UK citizens. Also, it appears that not only is this broker not regulated, but FCA has issued a warning against HitstockFX:
Hitstockfx provides no actual proof of being regulated. Along with the warning issued by a top-tier regulator, it is a huge red flag. Therefore, dealing with this broker is highly unrecommended.
This broker supposedly offers good trading conditions. Making an account seems easy, as well as accessing several different account types. They offer several account types depending if the client wants to trade binary options, Fx, stocks, crypto, or BTC mining.
However, the lack of being licensed, the non-functional trading software, and generally unclear trading conditions are warning signs. Hitstockfx is better to be avoided than losing your funds.
|Address||82 Whitechapel High Street, London|
|Broker Type||Binary, fx|
|Trading Platforms||Web, Desktop|
Hitstockfx Regulation and Fund Security
Since Hitstockfx provides no legitimate proof of being regulated, we have done a check off quite a few databases of jurisdictional regulators. Taking a look at FCA, CONSOB, ASIC, AMF and other registers of regulators have provided no results about them licensing a broker named Hitstockfx.
As aforementioned, FCA issued a warning on 04/10/2022, warning the public about Hitstockfx trying to provide financial services or products in the UK without FCA’s authorization.
This means that individuals who happen to be scammed by this broker will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme.
Also, brokers who offer online trading services in the UK and EU have to comply with MiFID and ESMA rules. The framework of these rules is ensuring that secondary markets are safe, fair, and transparent. Also, these standards are especially enforcing the protection of investors.
Without operating under the mentioned legal framework, a broker is running a business with the clear goal of just defrauding their clients.
Trading Platform Used by Hitstockfx
Hitstockfx advertises a trading platform that is possible to be accessed from the web or desktop. However, users are unable to actually get to any trading terminal. The sole fact that Hitstockfx is unable to bring clients a working trading environment is extremely concerning.
It is known for scammers posing as legitimate brokers to use trading platforms manipulatively for the purpose of deluding clients.
Instead, licensed brokers pick top-tier trading platforms like MT4 and MT5. This extraordinary software with various features and options makes the trading process a magnificent experience for beginners and expert traders alike.
Hitstockfx Deposit and Withdrawal Process
Hitstockfx allows depositing via several methods but the preferred one seems to be via crypto. The most widely preferred method by all scammers is exactly cryptocurrency depositing. This way they can keep their anonymity while making it extremely difficult for the clients to seek a chargeback.
As for the withdrawals, there is no actual useful information on the site. The one obvious statement made by Hitstockfx about withdrawing is that it is subject to fees required by the company.
There are other fees too, like monthly account management fees. Other details about depositing and withdrawals remain undisclosed.
Without presenting this info clearly, the broker doesn’t leave an impression of a trustworthy business partner.
How Does the Scam Implement?
Scammers posing as legitimate brokerage firms are always on the hunt for potential victims. They usually focus on novice traders and generally less informed individuals new to the entire online trading community.
The client’s attention is grabbed by attractive promises of extraordinary trading conditions and possibilities of huge monetary gain. Sweet-talking professional deceivers get in touch with the client as soon as they click on their ads or fall for the too-good-to-be-true promises on the phony’s website.
Being pestered until they invest, clients will be dragged into the sophisticated scamming scheme. Were they to try and request a refund, they would face impossible fees and conditions they cannot meet.
Taking into consideration that this broker is not safe to invest with, we have offered you several better choices of licensed brokers. Whenever you are trying to choose a broker, but are yet insecure about it, the best possible choice is a regulated and authorized broker.
Scams happen on a daily basis. Please do not feel embarrassed if you have experienced this. However, be sure to share your experience with as many people as you can. There are numerous beginner traders who could use your info on a scammer.
Instead of relying on recovery agents, try contacting government authorities for help in getting your money back. It is important not to lose more money, energy, and time than you have already lost to a scammer.
FAQs About Hitstockfx Broker
Is Hitstockfx Legitimate?
No, this broker is operating without a license and is not in any way regulated.
What Are the Funding Methods at Hitstockfx?
Several funding methods are advertised but only crypto depositing works.
Is my Money Safe with Hitstockfx?
The client’s funds are not safe with this unregulated broker.