Everything about Hextra Prime is enticing to the eye, and there’s no doubt these are professionals. For the naked eye, HextraPrime appears to be the perfect platform for investment. There is a deposit and special bonus up for grabs. Hextraprime.com even offers leverage of 1:5000 with spreads as low as 0.1pips. We should also mention, the platform offers Copy-trading services. Here’s a complete look at the platform thanks to our complete HEXTRA PRIME REVIEW.
On their about us page, the platform states they dare to be different. And this is true as we haven’t seen such high leverage for some time. As a result, the platform sells itself as a revolutionary CFDs and forex provider.
According to the homepage, the platform was built by traders for traders. Unfortunately, there’s no mention of who these owners are or their current status. Another must-point out feature is the claim they are regulated and meet all financial standards.
The company behind this is Hextra Prime Ltd and is registered in St. Vincent and the Grenadines. Members get the guarantee of amazing trading features and security of funds. However, it would be best if you kept in mind that this is an offshore platform.
There are regional restrictions, and the platform only accepts users from certain regions. To qualify for membership, you must be from Asia and the pacific confederation. And this explains the high leverage.
Your average regulator, such as ASIC and FCA, wouldn’t allow a platform to offer such leverage. Regulators recently put a cap on leverage at a maximum of 1:100. If you’re from Europe or the States, you are barred from entry.
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Hextra Prime is not interested in current market trends, and they want to entice users with their high leverage. However, with this leverage, you are bound to lose huge volumes in losing trade. And this is why regulators put a cap on leverage to protect investors.
The platform offers four account types separated by a few margins. These accounts include Standard, Standard ECN, Cashback, and Raw ECN. Leverage varies depending on the type of account you choose.
There’s also a separate Copy trade ECN account which we must look into. Let’s first take a closer look at the four ECN account types. To start trading with these accounts, the minimum allowed deposit is $10.
With the standard account, you get a commission per 0.01 lot from $0.10. The maximum leverage set for this account is 1:500. 50 is the maximum lot size and an option for Islamic accounts. Margin call and stop-out levels are 50 and 30 percent, respectively.
You get the same features as the standard account apart from a few aspects. The maximum leverage for this account is 1:5,000. You also get variable spreads and an option to choose an Islamic account.
Leverage for the cashback ECN is set at 1:1,000. The stop-out level is 30 percent, and the maximum position is 200. There are variable spreads and an option for affiliate marketing. You can opt to go for the Islamic account too.
Commissions per lot with the RAW ECN account is from $0.03 per 0.01 lot. To use the platform, you must make a minimum deposit of $250. Margin and stop-out levels are marked at 50 and 30 percent, respectively.
There’s a barrage of bonuses available on the platform. These include a 50 percent deposit bonus. With every deposit, the platform promises to add half the amount. And this should be a major concern for investors.
Regulators have also been against platforms that offer bonuses for a reason. When it comes to withdrawing funds, the platform demands you pay back the full amount. You won’t get to withdraw funds unless you make full payment.
And this defeats the purpose of a bonus. Investors should not have to pay the bonus amount. But, unfortunately, it seems these platforms offer loans by using the term bonus. And that’s why reputable regulators are against the use of bonuses.
There’s a chat bar, and you have to leave your name and email before getting a representative. The chat option allocates the time you have to wait to talk to an agent. On the contact page, there’s no phone number.
The platform claims they will list the number soon. Unfortunately, we waited for more than an hour to get feedback from the chat representative. There is no other direct way of communicating, which is a bummer.
For those interested in copy trading, the platform offers one account for it. There are no bonuses, and the starting deposit is set at $50. Margin and stop-out levels are 50 and 30 percent, respectively.
Apart from the minimum deposit, all other features are the same as ECN accounts. Copy trader account is commission-based with $0.10 per 0.01 lot. There’s an Islamic option for this account too.
One of the positive aspects of the platform is the availability of a demo account. You get to test their platform using a world-class trading terminal. We recommend you use demo accounts before committing funds with a live account.
With a live account, the MT4 trading platform is a gem for all traders. You can also use the terminal on any mobile device, thanks to its compatibility. In addition, traders get a platform with advanced tools and an impressive user experience.
There are several listed depository options on the platform. These include bank transfers, Bitcoin, MasterCard, Neteller, and Skrill. However, according to the platform, they only process withdrawals during weekdays.
We haven’t seen anyone with proof of withdrawing funds from the platform. However, there are complaints from trading forums regarding the slow process of withdrawing. It could be the reason why most investors are shying away.
Hextra Prime is not a platform that can be classified as a registered entity. Despite claiming so, they fail to prove it. We don’t see any documents on the platform with their license status. All we have is a registration number which could be random digits.
Make sure you check with regulators to confirm a platform’s compliance. Some fraudsters use the registration details of registered entities. You can head over to the regulator’s homepage and search for the platform in question.
We recommend using platforms that reliable regulators regulate. These regulators include ASIC, BaFIN, CNMV, CONSOB, CySEC, FCA, FINMA, SEC, and more. In addition, the regulators mentioned ensure all parties follow due process.
Security of funds is out of the question with a platform that fails to provide license documents. It’s an offshore platform that doesn’t offer insurance cover for deposits made. And this is the reason why we have to flag it down.
Below are the concrete reasons why we don’t recommend anyone to sign up with hextraprime.com
Those are the reasons why we doubt the platform’s credibility.
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For those with any queries, feel free to write to us.
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