HitStockFX Review: HitStockFX.org a Blacklisted Broker

Hitstockfx is an unregulated offshore broker purporting to be legitimate. Forex investment is among the most popular forms of investment. With the ubiquitous internet, it is now possible to engage in forex trading without necessarily having human interactions or billions of money. Due to the nature of this investment, there are regulatory/oversight bodies in place to ensure brokers do not manipulate or defraud investors. However, this does not mean that all brokers are safe, as some manage to avoid regulation. Brokers who avoid regulation are scammers who intend to swindle your money.

Hitstockfx.org is an unregulated offshore broker purporting to be legitimate. The company allegedly operates within international financial standards and security regulations. As a rule, you should not take anything a broker says at face value. Always dig deeper and double-check to ascertain whether that information is accurate. This is crucial because when it comes to your investment’s safety, you cannot afford to lower your guard.

This article comprehensively reviews some of the warning signs we found on this company’s website. Remember, these signs are not exhaustive; you can combine them with your preliminary research.

Hitstockfx.org Review

 It is not clear who operates Hitstockfx.org. The company supposedly offers a platform for BTC mining, CFDs forex trading, cryptos trading, stocks, and binary trading option. Regulators frown upon binary trading options, which makes this a tell-tale sign that the broker is shady.

Additionally, regulators forbid crypto trading for retail accounts, which this broker disregards completely. Such non-compliance is only typical with illegal brokers. Ensure you venture with a legit crypto company to earn passive income. There are better schemes in the industry to try out.

Contact Details

When considering a broker, it is imperative to examine its customer service. For instance, how accessible is it? How convenient is the communication option? Ideally, it’s advisable to consider brokers with two-way communication (telephone contact) as it guarantees instant access and feedback.

The company gives its address as 82 Whitechapel High St, London E17QX. Given the breach levels that the company has, it can’t operate, let alone be in the UK. Investors can contact Hitstockfx.org at telephone number +441332408022 or email address suppor@hitstockfx.org.

Investment Plan

Hitstockfx.org offers five investment plans. An investor can open an account on FX trading, binary options trading, stock trading, BTC mining, or a crypto investment account.

Most legit brokers avail demo accounts for investors to familiarize themselves before getting into live trading. Since this company does not provide a trial demo account, it is hard to tell exactly how an investor will make money through any account.

Deposits and Withdrawal Policy

Hitstockfx.org claims to accept wire transfers, e-wallets, and credit cards. However, its deposit menu only takes BTC and ETH wallets. This is a severe warning- the only time brokers mandate such a deposit method is to make it hard for investors to file for a chargeback.

Legitimate brokers allow investors to choose the most convenient deposit method and do not limit investors to a few options. With this broker, you can be sure you will lose your money the minute you deposit it.

As a precautionary measure, you should always check whether the deposit method allows transaction tracing. Avoid using e-wallets and cryptocurrencies since transactions over these mediums are neither traceable nor refundable.

The minimum deposit for any account is $ 500. The high trading volume requirement is common with fraudulent brokers keen on stealing as much as possible. Note that you can open an account with legit brokers for as low as $10. Explore better options!

Trading Platform

A trading platform is one of the crucial factors to consider before engaging with a broker. The industry recommends MT5 and MT4 platforms owing to their cutting-edge infrastructure and extensive functionalities. For the web trader, the platform allows you to trade but limits the instructions you can execute. Unfortunately, Hitstockfx.org does not have any trading software. This company is only after your money and thus doesn’t bother to give you a trading platform. They know you will not need it because they have already stolen your money. Consequently, you can only deposit but will not trade money or mine Bitcoin.

It is also important to clarify that even if such a broker provides the MT4 or MT5 platform, you should still not trust them. Since the broker constantly lies, it can manipulate the platform. It can do this by either delaying your exit executions or giving you a false impression that it is investing your money.

Trading Conditions

Trading conditions are a prerequisite for any self-respecting broker. You deserve to know the terms of engagement before entrusting a broker with your investments. These terms should delineate your rights, obligations, and arrangement context with a given broker. Sadly, the company’s T&Cs are vague. The leverage and spread rates are conspicuously missing as well.

 Hitstockfx.org also states that it charges a 25% trade commission depending on the software an investor uses. This is as ridiculous as it is laughable- how do you set a trade commission when there is no trading software? Moreover, this looks like another ploy to extort you.

Also, the broker charges a $30 monthly maintenance fee. This is a ridiculously high fee, regardless of whether the account is active or not. Apart from that fee, the broker withholds any other information regarding any additional fees. This deliberate omission allows the company to introduce hidden charges arbitrarily. Be wary of brokers who are ambiguous on material details, as they will indeed manipulate and steal from you.

Licensure & Regulation

 Regulation is perhaps the most important factor you want to consider before engaging with a broker. Reliable brokers operate under oversight bodies in their respective countries or region. For instance, brokers in Australia fall under and adhere to ASIC’s regulations. Going by its address, the company is supposedly in the UK. 

 However, upon checking with FCA, the UK’s regulatory body, there were no such registration details. Instead, we found a warning by the FCA cautioning the public against engaging with Hitstockfx.org since it has no authorization to operate. You need no further confirmation that this is a dubious broker. Anytime you engage with an unregulated broker, you risk losing your money with no chance of compensation. You are not eligible for ombudsman protection if things go south.

Moreover, the only motivation behind falsifying its legality is that the broker is offshore. Be advised that offshore brokers-regulated or not, are dangerous. This is because you will not be able to pursue legal action against them due to jurisdictional constraints. Put differently, and it would be difficult to sue a broker operating from Cyprus if you are in, for example, Kenya. You thus have no point dealing with the broker when multiple brokers are at your disposal.

Verdict

The long and short of it all, exercise caution when settling for forex investment brokers. This is what will enable you to tell scammers apart from legitimate brokers.  To ensure a broker is who they claim to be, fact-check every detail on their website and conduct background research on their reputation.

It would be a shame to work so hard only to lose your money to shady brokers who care less about you. So, look for a genuine crypto broker who shares your investment values and interests and guarantees its safety.

 

 

 

Tags: HitStockFX Review, Hitstockfx.org Review