CONSOB and FSMA are regulators who have already added HCMGroupFX to their blacklist. Several complaints were lodged against the platform. And this has led most European regulators to blacklist HCM Group FX. Hcmgroupfx.com is a clone of the UK-based HCM Group. Soon, the FCA will also add HCMGroup FX to their blacklist. The platform is fooling investors into believing the two are the same entities. Learn more in our detailed HCMGROUPFX Review.
The platform tries to steal the credentials of a reputable platform, thinking no one will note it. Those who have fallen prey to this platform have lost hundreds of dollars. The platform claims to be a regulated entity providing reliable services.
When you land on the homepage, you understand why newbies are falling for it. The website’s aesthetics and color scheme match those of HCM Group. And this has led to several investors depositing with them.
HCMGroupFX is a clone and is taking advantage of investors. Those new to the game are facing challenges such as withdrawing. Most of the complaints from investors center around the inability to access funds.
There’s only one true way of investing and making realistic returns. But, first, you need to sign up with reliable and tested platforms backed by industry experts. These platforms offer ground-breaking investment options such as Coin Staking, DeFi, and Masternoding.
Registering with HCMGroupFX is free, which has led many to sign up. There’s no quote on the acceptable minimum deposit. And this makes it possible for the platform to target all classes of investors.
At the same time, they can take advantage of newbies. For example, you will be asked to deposit more funds in the hopes of earning more profit. Let it be known that regulators in Europe and North America have set $250 as the acceptable minimum deposit.
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CONSOB has already published its findings on HCM Group FX. Accordingly, the website violates art.18 of the FCA. Accordingly, there’s an order to end the violation of art. 18 of the legislative decree.
Another website belonging to HCMGroupFX is also on the warning list. Once you buy their expert advisors, members are directed to their trading room. The trading room has a different domain name, tradingroomstar.com.
Ensure you avoid these two platforms and any products or services they claim to offer. The letter from CONSOB was written by the President of CONSOB, Paolo Savona. And this is proof enough HCM Group FX is a risky investment platform.
There’s no mention of the account types available on the platform. The homepage insists that users will choose the type of account that’s right for them. We still don’t know whether these accounts are real or not.
Trading conditions and the minimum deposit is not mentioned. As a result, investors are signing up blindly, not knowing what to expect with the platform. And this is dangerous as it opens the door for harsh trading conditions.
‘HCMGroup FX does not offer a demo account which is another worrying feature. Investment platforms should give members a chance to test how their platform works. A demo account works best if the user sees all features in play.
Without a demo account, users don’t even know whether the Expert advisors are accurate. You are simply signing up and trading without testing the platform. There’s a chance the trading room is not live most of the time.
We have seen cases where cloned websites shut down without informing users. Their next step after the FCA warning will be to shut down the shop. Once they shut down, they will probably create a new website and start all over.
With the platform being a clone, the safety of funds is out of the question. The platform does not offer any safety net for deposits made. Furthermore, the platform does not deposit funds with regulators to act as insurance cover.
If the platform winds up and your account has a balance, you’ll probably lose it. The platform won’t compensate you or refund your funds. And this is the risk that comes with unregulated entities.
When the above happens, you will want to contact the support team. You will click the support page, hoping to get a quick response. There’s a message board where users can leave their email. Despite claiming to reside in the UK, their phone number says otherwise.
We see their phone number uses the country code +39. That’s the code for Italy which is not a surprise as the platform’s default language is Italian. The FCA is the only regulator mandated to offer licenses to UK-based forex investment firms.
To make sure everyone gets to deposit funds, the platform has over 15 depository channels. These include Amazon, American Express, Bitcoin, Discover, MasterCard, PayPal, Visa, and more.
Although the platform offers several deposit channels, they fail to list the withdrawal terms. As a result, no one knows how long the withdrawal process takes. And this is done to hold funds if the member decides they want out.
We don’t get to see any withdrawal conditions or when funds will reflect in your account. These are the red flags that newbies won’t spot. But, thanks to our keen eye, we know how to spot fraudulent firms a mile away.
The platform claims users can personalize their expert advisors. Unfortunately, there’s no way of testing the robot’s accuracy. You have to buy the robot and use it without testing it, which is a risk. Most EA products come with a testing phase.
According to the disclaimer at the footer of their homepage, the bot has an award. The Best automated System 2020 is false. Although they claim there are no fees, you have to subscribe monthly for the bot.
HCMGroupFX is facing complaints from all corners, and regulators want the platform out. The platform is a clone and uses the registry number of HCM Group. There are no documents to support their claim of compliance.
Without any compliance, members are at risk of facing harsh trading conditions. There’s no oversight to protect consumers from harsh trading conditions. Nothing good ever comes with a cloned platform.
When investing, make sure to check for compliance. Go for platforms that are regulated by credible and reliable bodies. These include ASIC, BaFIN, CONSOB, CySEC, FCA, FINMA, and SEC.
Anonymity is what makes the platform risky. There’s no way of pinpointing who actually owns and runs the platform. So instead, the people behind it hide behind a curtain and ask for your hard-earned money.
You should avoid investment platforms that fail to disclose team members. With the platform being a clone, we suspect it’s an offshore-led operation. European investors of Italian descent are the main target.
Here are the main reasons why we won’t recommend you to sign up with them
These are the main reasons why we won’t recommend using hcmgroupfx.com.
We can only recommend platforms that are transparent and verified by experts. It’s the only safe way to invest.
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