Hyper Forex Review: Was This Closed Brokerage Safe to Trade With?
There are lots of reasons that could bring a brokerage to close down. One of them is the broker going bankrupt, or it could be that they didn’t adhere to certain rules and were shut down by financial regulators. Either way, a closed brokerage is never good.
Our Hyper Forex review investigates the broker head-to-toe, so you can easily make an informed decision. Keep reading to learn how a once regulated and decent broker turned into the worst choice you could make.
Make sure to read our Sagicor Finance review for a broker you need to avoid at all costs. Now without further ado, join us in exposing this brokerage.
Who Is Hyper Forex? All About Hyperforex.com
Hyper Forex is a brokerage company located in Labuan, Malaysia, and the St. Vincent and the Grenadines. They claim to be regulated by an offshore regulator, the Labuan Financial Services Authority (LFSA) in Malaysia, however, no license information was found on the LFSA’s website.
Lacking regulation is one thing but lying about it is another. It’s a major red flag and a warning to stay away. Today, the broker ceased operations, so traders are one scammer safer. Although, the possibility of the broker reemerging under a different name still exists.
|Hyper Forex||Reliable Broker Must Have|
|Legal name||Hyper Global Trade Pte. Ltd.||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
||Your country or the country whose license applies in your legal jurisdiction|
|Established||2017||The older the domain – the higher the possibility the company is trustworthy|
|Website||hyperforex.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Phone, email, social media, web form|
|If a withdrawal is possible||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
HyperForex MY was located in Malaysia and claimed to be regulated by the Labuan Financial Services Authority (LFSA). However, no license information was found so it’s suspected that the broker lied about being regulated to present themselves in a better light.
HyperForex SVG was based in St. Vincent and the Grenadines but not regulated by any financial authority. Even though brokers based in St. Vincent don’t require a license by law, it is highly recommended to use ones that hold a valid license.
It’s important to note that the broker accepts US and Australian clients but fails to be regulated by the Securities Exchange Commission (SEC) or the ASIC in Australia. Another shameless broker claiming to be located in England but lacks the FCA regulation is RoiFX. Make sure to stay away.
Hyper Forex Broker Profile
On the Hyper Forex MT4 platform, you can trade in 50+ forex currency pairs, 5 cryptocurrencies, 11 indices CFDs, 5 metal CFDs, 3 energy CFDs, and 10+ stocks CFDs. The demo account is available with unlimited once and once you are ready to create an account, depositing $10 will bring you to it.
The broker provided a leverage of 1:1000, a huge sum that can be extremely risky in the hands of less experienced traders. The demo platform gave us a cost of trade for the EUR/USD spread of 2.3 pips, which is unfavorable to traders.
|Trading Platform||MetaTrader 4|
|Financial Instruments On Offer||
|Education or Extra tools||None|
Is Hyper Forex Safe To Trade With?
The mere fact that the brokerage ceased operations is reason enough not to trade with Hyper Forex. Adding hidden fees, high spreads and leverage, and the overall lack of regulation and transparency places them on our blacklist.
Reliable brokers would never hide important information and regulated brokers could never offer leverage as high as 1:1000. Those are only a couple of facts to know so you can recognize a scam when you see one. Have you been scammed by this or any other broker? Don’t worry. Reach out immediately and remember that getting your money back is possible with us.
Who Are the Traders They Cater To?
Brokers like Hyper Forex fill the internet with paid ads, offering large profits and false promotions. Those ads are very misleading and some are even deceitful. They look very promising and it’s easy to fall prey to them. Cold calls by pushy brokers are also something to be on the lookout for.
Victims affected by the Hyper Forex scam are from the United States, Brazil, Australia, India, and Japan. Since the broker ceased operations, many traders are left without their funds, without any chance of recovering them.
Deposits and Withdrawal Methods
Before your account is verified, you can only deposit via Neteller, SticPay, and wire transfers. The Hyper Forex minimum deposit amount is $10. It’s important to note that the website claims to offer more depositing options, which may mean they accept untraceable and anonymous payment methods, making it simpler for scams to be carried out.
The minimum amount for the Hyper Forex withdrawal is $10 and it can be processed using the usual payment methods. Except for those associated with the various payment methods, the broker asserts that there are no withdrawal fees.
Weighing the Pros and Cons
Hyper Forex: The Short Story
Your greatest chance of having a secure trading experience may be to stay away from brokers like Hyper Forex. In addition to being unregulated and lying about it, they also withhold information that would be helpful for traders to know, like spreads or commissions. Stay away from brokers that offer high leverage, as it is a result of the lack of regulation.
Are you prepared to advance in your trading career? Our team is available to support and mentor you, whether you’re an experienced trader or just getting started. Reach out to us right away to begin discovering trading like never before!
What Is Hyper Forex?
Hyper Forex is a brokerage company located in Labuan Malaysia and St. Vincent and the Grenadines, offering to trade in forex, crypto, indices, commodities, metals, and energies.
Is Hyper Forex Regulated?
Despite the broker’s claims that they are regulated by the Labuan Financial Services Authority, they hold no valid license.
What Are The Trading Platforms Of Hyper Forex?
Hyper Forex is trading on one of the most popular platforms which is Meta Trader 4, available for both mobile and desktop apps.