HashMinerTrade Review: A Warning from Ontario Securities

HashMinerTrade Review: A Warning from Ontario Securities

A warning is already out from the Ontario Securities Commission regarding HashMinerTrade. The platform doubles up as a crypto farm and a forex trading platform. Sadly, there’s no withdrawal for those who invest in Hash Miner Trade. Victims reached out to the regulator, who immediately investigated and found wanting. There are several red flags to spot on the platform. Here’s more in our compelling HASHMINERTRADE REVIEW.

About HashMinerTrade

On the about us page, HashMinerTrade claims to be a professional team. The platform claims to make it easier for investors to invest and trade. Unfortunately, no background or history would give any information on the platform’s beginnings.

HashMinerTrade Pros and Cons

In the crypto space, reputation is everything. So even in investing in any platform, you need to check a platform’s reputation. And that’s what Hash Miner Trade is attempting to hide from investors.

Without a proper or solid background, the platform wants investors to buy what’s being sold. So we have to keep an eye out and check the solidity of any trading platform. After taking a peek, we found wanting.

Note: The best way to indulge in proven platforms is when investing in the crypto market. Go for platforms that offer diverse solutions for investing. For example, experts suggest investing in coin staking, DeFi, and Masternoding.

We can tell the platform is up to no good from the word go. Information on various aspects of trading is missing from the homepage. The platform does its best to bury information with a content clutter on the homepage.

The design of the website might look appealing to naïve investors. We have to dig deeper and find out whether it’s an engaging platform. And it’s not, and the platform barely indicates the available accounts.

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Before you invest in any platform, we recommend doing due diligence. Try and find out what makes a platform tick. That’s the best way to ensure that the platform you take guarantees your safety.

Accounts Hashminertrade

As we indicated above, HashMinerTrade fails to display the available account types. As a result, there are no accounts for the crypto investment part or the trading platform. And that creates a huge problem for investors.

These investors are signing up blindly, not knowing the available account types. It seems the platform wants investors to open one account for all. Still not clear on the tiers; there’s also no depository mention.

The platform wants investors to deposit as much as possible with the platform. So once you open an account, you get a call urging you to deposit as much as possible. For instance, we received a call urging us to start depositing $1,000.

Regulators have come up with an industry-acceptable minimum deposit. The industry accepts a minimum deposit of €$250. Some regulated platforms even ask for as little as $1 to start trading.

Any platform asking for more than the acceptable minimum deposit is taking advantage. There’s also the issue of the minimum vesting period for crypto investment. The platform ensures there’s no such information on the entire website.

Accounts HashMinerTrade

Account Highlights

There’s something wrong with the account the platform claims to offer. There’s no demo account for the trading aspect. You would expect the platform to provide a demo account for forex trading.

Also, the platform fails to mention the available conditions for trading instruments. There’s no mention of leverage and spreads on the platform. It’s as if the platform wants investors to agree on the set terms.

We suspect the platform sets maximum leverage of 1:500 on all forex trading instruments. It’s high leverage that risks your trading position. The industry-accepted leverage is 1:100 in Europe and other locations.

In the United States, the acceptable industry leverage is 1:50 for retail traders. There’s also no mention of the number of trading assets available. You don’t even know the trading pairs available for forex trading.

There are false data to try and fool investors into believing that this is a reputable platform. For example, the platform claims to have over 1540 active trades and over 2,500 happy clients. We also see the platform boasting of having over 8,000 active accounts.

The platform also claims to have a consultant who will guide you on how to improve your trading. These call agents will first demand that you deposit more funds to increase your chances of winning.

All these are false narratives meant to drive sign-ups. There are reasons why the platform doesn’t have any footing in the investment world. The entire website is a sham designed to fool even seasoned investors.

Account opening process

Registering an account with the platform is fast as the platform would like. You fill in your full name, address, and email. The problem with their account registration is the verification part. We suspect the platform wants to sell your banking information to third parties.

The platform will wait for you to click the withdrawal tab to start an account verification process. Then, you must send in a copy of your ID, bank statement, and credit card information. We don’t see the reason for all these.

There would be a two-factor authentication process if the platform were compatible with trading regulations. But instead, the platform will try and sell your email data to marketing campaigns. So you start getting spam emails from products you haven’t even looked into.

Business proprietor

Are funds safe with Hash Miner Trade? NO

There’s little information to suggest who owns or runs the platform. And that automatically makes HashMinerTrade an anonymous investment platform. The platform claims to have its headquarters in Florida, United States.

You won’t find any business registry under the above name. No Company claims to be the parent company owning the platform. No member has come out and claimed to work for the platform on any social media platform.

The problem with anonymous platforms is that there’s no way of recovering funds. Even those who hire recovery agents end up losing more. These agents don’t have the reach to freeze bank accounts belonging to the platform.

Only regulators and a court order can freeze these assets and help recover funds. The agents are a final nail in your coffin as they will demand recovery fees. No one can prove to recover funds from Hash Miner Trade.

Compliance, License, and Registration HashMinerTrade

HashMinerTrade is not a compliant trading platform. The platform fails to offer any valid documents to prove compliance. And that makes the platform not only anonymous but an unregulated platform.

You need to check with regulators to confirm whether a platform is compliant. For example, the Ontario Securities Commission (OSC) has already issued a warning. The platform shouldn’t operate in its jurisdiction due to fraud cases.

License and Regulation Status HashMinerTrade: NOT REGISTERED.

Deposit and fund safety

Funds are far from safe, with a platform failing to segregate accounts. The platform also fails to offer any safety net for funds deposited by clients. There’s no insurance cover for deposits putting your investment at risk.

In bankruptcy or insolvency, the platform will likely lose your funds. Members won’t even get any compensation as the platform fails to secure funds. And that’s the reason why we condemn the platform.

Final verdict HashMinerTrade

Please stay away from HashMinerTrade.

PS: Choose the right investment option backed by experts in the crypto industry.

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