TradeHUB Review – Reasons to Avoid This Scam Broker
When it comes to online trading scam companies, the worst category is those counterfeiting legal brokerage firms. Such a company is a TradeHUB broker that fraudulently imitates a genuine forex provider, HYCM.
In the following TradeHUB review, find out more about the reasons to avoid this scam broker.
Is TradeHUB Legit or Scam? Regulation and Security
Our TradeHUB broker review gives sufficient grounds for avoiding trading with this unscrupulous broker by all means. Certainly, pretty good motives are a lack of trading credentials, the cloning of an FCA-licensed brokerage firm (HYCM), and an official warning issued by the British financial market regulator (FCA).
All brokers must be authorized to provide services legally, regardless of the area of operation. TradeHUB is allegedly based in Switzerland, which is one of the most stringent jurisdictions. After checking the respective financial supervisory body, FINMA, TradeHUB is an unlicensed brokerage firm. It is to say that there are no money withdrawal guarantees or safety of funds.
Next, TradeHUB steals the website content of HYCM, a well-established company regulated by a highly-reputable FCA. However, that hasn’t gone unnoticed by FCA, and it has blacklisted TradeHUB as a clone company. The corollary is that this broker is untrustworthy since it is most likely involved in fraudulent trading activities.
TradeHUB Trading Software
As for trading programs, leading forex brokers use the latest trading platforms like MetaTrader 4, MetaTrader 5, cTrader, and Sirix. It is quite expected because these trading systems offer many advantages such as a user-friendly interface, access from every device, and advanced tools (e.g., social trading, automated trading, expert advisors, stop loss, fast execution, and unlimited pending orders).
All of the above ensures safe and successful trading. On the other hand, we can’t say the same for TradeHUB since this dishonest scam broker doesn’t even offer an adequate platform. Even if it provided a functional program, it would be nothing but manipulative trading software. So, more of the grounds for keeping away from TradeHUB.
Account Types Option
Before proceeding with the TradeHUB account offering, we want to point out that you can start trading with a credible forex provider for less than 10 USD and enjoy total funds protection and profitability. Not only that, you can set up a demo account and practice your trading strategy, test platforms, and check trading conditions, and it is all for free.
Regarding TradeHUB, this phony broker firm requires a minimum deposit of 250 USD, needless to say, it is an unnecessary risk. Also, it assures that you will be taken care of, whether you are a beginner or an experienced trader. We are afraid that if you invest your money here, you will end up defrauded. Thereby, a closer look at account offers from this financial swindler carries no weight.
Trading Instrument Available at TradeHUB
Concerning trading instruments, fraudsters entice traders with alleged offers of the most popular trading products. The same applies to TradeHUB; its customers reportedly can trade with lots of tradable assets. However, I wouldn’t take it for granted since it is concerned with a fraudulent broker.
If you want to trade with the most sought-after products, go with proven and tested brokerage firms. Some examples of trading assets are as follows.
- Currency pairs, e.g., EUR/CHF, GBP/CAD, EUR/JPY, CAD/CHF, USD/EUR.
- Stocks like Apple, Microsoft, Tesla, Amazon, Netflix, and so on.
- Indices such as FTSE 100, Dow Jones, DAX 30, S&P 500, and NASDAQ 100.
- Crypto: Bitcoin, Dogecoin, Litecoin, Tether, Ethereum, etc.
- Commodities, including metals (gold, silver, platinum) energies (crude oil, natural gas, wind power), and agricultural products (wheat, corn, sugar).
Deposit and Withdrawal Process
Deposits and withdrawals are something you should pay special attention to; it is simply because a trading scam will take any opportunity to chisel you out of money.
In the case of TradeHUB, you supposedly can use credit/debit cards and crypto wallets for depositing and withdrawing. With the former, chargebacks are possible, while it is more anonymous, hard to trace back, and difficult to reverse with the latter (which is why bogus brokerage firms prefer this payment method).
While on the subject of payoffs, TradeHUB sets 500 USD as a minimum amount for drawing out funds via wire transfers, while it is 100 USD for credit/debit cards. This bogus broker levies the following withdrawal fees: 25% for early payoffs, a 30% benchmark fee, a 3.25% management fee, and a 3.5% quarterly trading commission.
Keep in mind that broker scam schemes are closely related to withdrawal issues. So, don’t expect you will be able to make successful withdrawals with TradeHUB. But more on fraudulent tactics in the next section.
TradeHUB Scammed Me – How Can I Recover My Money?
Apropos the TradeHUB scam, if you lost your money to this non-registered foreign organization, getting your money back is possible. But, it is essential to take prompt action.
For instance, informing the relevant authorities and seeking professional advice from cyber security experts are just some of the countermeasures. Also, don’t forget to share negative TradeHUB reviews to warn others.
Bear in mind that anyone can get scammed so don’t feel embarrassed about reporting it. If you need assistance with anything related, get in touch with us.
At the end of the TradeHUB review, just to highlight the most crucial point concerning this investment scam.
- TradeHUB is reportedly registered in Switzerland but doesn’t hold a required trading credential (neither with Swiss FINMA nor any other supervising body).
- The British financial authority (FCA) warns against this shady brokerage firm and labels it a clone company of a legitimate broker (HYCM).
- Even if it weren’t an unlicensed business, this company would still be a bad choice due to its unfavorable terms of exchange and lack of adequate trading software.
- Last but not least, steer clear of trading with unauthorized brokers and especially from those that are given official warnings against.
FAQs About TradeHUB Broker
Is TradeHUB A Good Broker?
No, it can't be good for trading since it is an illegal broker.
Is My Money Safe at TradeHUB?
No, your funds are unprotected with this untrustworthy brokerage firm.
What Is The Minimum Deposit for TradeHUB?
It is 250 USD, which is ten times higher than the minimum required deposit with leading brokers.