HastForex Review: Truth About HastForex.Com Broker
HastForex is one of those brokers that screams scam at first glance, so it is not exactly surprising to find out that they are based in St. Vincent and the Grenadines (an offshore scam haven).
This HastForex review serves as a warning to even the most experienced traders that any funds deposited with this brokerage are as good as gone.
This is a commonality amongst scam brokers as their intent is to get their clients/victims to make deposits and then make it impossible to make a withdrawal.
This fraudulent brokerage is no different with the minor exception that they claim that they do not have a minimum required deposit. This is unlike most other scams with high minimums like $250.
What is more, we strongly advise you not to invest in Xnvest, Xpoken, and LondonEX fraudulent brokers.
|Headquarters||St. Vincent and the Grenadines|
Is HastForex a Legitimate Broker? License and Security
Being based in St. Vincent and the Grenadines is no accident for scam brokers. The reason this is such a popular place for fraudulent brokers is due to the lack of regulation for forex brokers.
This offshore location does not have a financial authority that provides any level of oversight to Forex investment firms and HastForex is no different. This allows the broker to use a number of dirty tricks to scam their clients out of their money with no repercussions.
When looking for a broker it is very important to verify where the broker is actually based and to check if they are registered with the local financial authorities. The only time you should make a deposit with a broker is if you have verified that they are regulated by a top-tier regulatory body such as ASIC, CySEC, FCA, or BaFIN as well as a few others.
Available Trading Platform at HastForex
Shockingly enough the scam broker HastForex provides the industry standard MetaTrader 5 as their trading platform. This is a rarity amongst scam brokers as their typical behavior is to provide a half-built web-based trading platform.
That said MetaTrader 5 being provided is just about the only positive about this broker. This platform is an industry favorite for a reason as it provides a wealth of tools that are made to help traders come to the best decisions concerning their trades possible.
Another massive benefit of MetaTrader 5 is the fact that it is entirely customizable so each trader can have a tailor-made user experience that suits them best.
When considering a broker the platform they provide is of crucial importance but it is not enough for them to just provide a decent platform for you to choose them as is the case with HastForex.
HastForex Trading Instruments
This broker provides its clients with the ability to trade forex pairs and CFDs which are stocks, indices, commodities, and forex pairs. This is a relatively narrow selection of tradable instruments as there are plenty of legitimate brokerages that provide a considerably wider spectrum of tradable instruments.
CFDs are an agreement between a trader and a broker to exchange the difference in the value of a financial asset between the opening and closing of the contract this can be done with stock commodities and indices
HastForex comes up short even in this segment continuing to provide a sub-par experience for their clients.
HastForex Account Types Offered
This brokerage offers its users 2 very basic account types: Standard and ProSpread. Both account types have JPY and USD listed as their base currencies. Where these account types massively differ is in their minimum deposit requirements.
The standard account claims not to have a minimum deposit that is required whereas the ProSpread account requires a lofty minimum of $10000 USD. It is common for scam brokers to have two account options one with a smaller deposit and one with a huge minimum required which they push their clients towards.
HastForex Deposit and Withdrawal Process
HastForex claims that they accept wire transfers as their only payment option which is considered a good thing in the world of forex trading.
The reason this is seen as a positive is that wire transfers are reversible whereas some types of payments are not. To reverse a wire transfer the trader just needs to initiate a recall which is a similar procedure to the chargeback which is used in cases of paying with a credit card.
It is fairly rare for a scam broker like this one to offer this payment method as they generally want to steer their clients toward untraceable payment methods like cryptocurrency. When it comes to payments made with crypto the person making the payment is at a severe disadvantage as there is no way to get the money back.
Offshore Brokers’ Fraudulent Tricks
These offshore investment frauds all operate in a similar manner, in theory. Social media advertisements direct potential victims to a page with an offer that is “too good to pass up,” and the only way to get access to the deal is to provide an email address.
From this point on, the con artist sends the victim progressively alluring offers until they subscribe to their “service” and pay their deposit. The scammers don’t really care what happens after they have their money, which was typically transferred via a form of payment that prevents it from being returned.
It is all too common for new traders to fall victim to these types of scams as they are not yet aware of the tell-tale signs of investment scams such as offshore locations, high minimum deposits, and lack of transparency about certain aspects of the company.
Overall HastForex is just another obvious scam that tries to push its potential clients/victims into making ridiculously high initial deposits with no way for them to withdraw the money from their account. This is obvious just by looking at their website and the lack of mention of a withdrawal method.
This broker makes it quite clear that they are not trustworthy as the only mention of regulation is in tiny text at the bottom of the page and even that clearly states that they are based in SVG, a famous offshore scam haven.
From all of the information in this HastForex review and on the broker’s website, it is not exactly clear what possible upside anyone could have from trading with them that isn’t immediately brought down by the huge number of red flags displayed by the brokerage.
Whilst they try to come off as a legitimate broker by providing a great trading platform with MetaTrader 5 there are way too many drawbacks to this brokerage that make trading with them a massive risk.
FAQs About HastForex Broker
What Trading Platforms Does HastForex Offer?
This broker offers MetaTrader 5 as their trading platform.
What Payment Options are Available at HastForex?
HastForex accepts wire transfers as a payment method.
Is HastForex a Legit Broker?
Considering that this broker is based in SVG they can not be considered a legitimate brokerage as this is a scam haven with no regulation.