Be Wary of Scam Forex Broker HashTrade

There are several ways that investors are entrapped by Forex scammers. The most common one is that scammers induce investors to make deposits and then refuse their withdrawal requests with different excuses. Brokersview recently learned that an investor has fallen victim to HashTrade 's cunning techniques in extracting money from him. HashTrade is a forex broker operating under the website https://hashtrade.pro/.

HashTrade charges high withdrawal fee

Denis Novak, an investor from from Slovenia, has posted his scammed experience with the fake forex broker. He said that he opened an account with HashTrade after a phone conversation with them, following which he made a deposit of $250 and paid a charge of $100.

Because Denis had no idea about trading himself, he followed the broker’s advice to trade automatically. After a period of time, he made some profits and had a balance of $10,540 in his trading account. But when he requested a withdrawal of $5,000, he was required to pay 20% tax first before the broker could transfer the money to him.

According to the investor, the high withdrawal fee immediately became something suspicious to him and he went google and found the broker is not legit.

HashTrade’s registered address is same as some scammers’

HashTrade claims to be one of the largest stock brokers, providing retail traders instant and reliable access to hundreds of global markets. However, it lists no any regulatory certifications or governmental registrations on its website. All good brokers are not only registered but will provide their credentials and help you verify they are registered and regulated.

Further, HashTrade claims to be a trading name of Xertz Consulting Ltd., which is registered at 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica. And we found that there are some other fake brokers also registered with the address, including PrimoTrade, which was blacklisted by the UK’s Financial Conduct Authority (FCA) on February 17 2021, and Paragon Finance, which was alerted by the Austrian Financial Market Authority (FMA) on December 4 2020.

(Screenshot from FCA)

(Screenshot from FMA)

Therefore, HashTrade is possibly connected with the two scammers, so we strongly advise investors to stay away from this broker.

Although the regulation on the forex brokers are becoming increasingly tightened worldwide, there are many unscrupulous brokers who should not be in business. While it’s necessary to know how to deal with scam brokers, spotting them from the beginning is even more important. Brokersview suggests investors to keep vigilant when choosing forex brokers. When looking for a licensed broker, it's important to verify its authenticity and business status.