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HQ Broker Review: Hqbroker.com is a Scam

HQ Broker Review: Hqbroker.com is a Scam

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A lot has been said about this broker and hence our thorough HQ Broker (Hqbroker.com) review. David was one of the many investors who have been facing withdrawal issues with the broker. He deposited over $12,000 and wanted to terminate his account a few days later. Little did he know that the broker was not going to allow any withdrawals. The broker is refusing to comment on the issue and insists that all is well. Here’s the full HQBroker review for more.

HQ Broker Review

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About HQ Broker

From the look of things, the broker has designed an appealing aesthetic website. The only problem with the website is that there is a lot of missing information. No one knows what to do with the platform when it comes to transparency. A genuine broker must be transparent at all times, which is not the case. HQ Broker is one of the dirtiest brokers we have come across. There are several complaints lodged against the broker. Those who signed up are now having a bad time with the service provider.

Before embarking on any online investment opportunity, due diligence should be observed. And this is the case where we have to insist on making sure that our readers are kept safe. Smart investors ensure they read reviews before committing to a service provider. It is the reason why we all feel safe with industry-backed brokers. Ensure you do your due diligence before committing any funds to a broker. The broker in question is furnishing users with empty claims and promises.

Assets and trading instruments covered by the broker

The platform is dealing with derivatives, Forex, and metal trading. Derivatives found on the platform include commodities, equities, and stock. Users are promised equities from leading brokerage services such as Alibaba and Amazon. When it comes to Forex, the broker only deals with major currency pairs. Metal trading is also on the cards with gold and silver being the main assets. The leverage set for these assets is 1:400, which is not favorable according to industry standards.

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Business address and owner

With information on the actual owners of the brokerage missing, a lot leaves to be desired. The disclaimer at the footer of their homepage shows Capzone Investment Ltd as the owner. After a thorough search using company registrars, we found that the entity is non-existent. What is more vivid is the fact that they claim the company is based in the Marshall Islands. It is enough proof that users will be dealing with an offshore broker. The main problem with an offshore broker is that they rarely offer any security for your investments. At any given time, the broker may decide to close the shop.

Comments and feedback from their clients

Comments from HQBroker users

As we stated earlier, there has been a lot of chatter within the trading forums. The discussion is a result of complaints found on most trading forums and chat groups. It seems the broker has a negative reputation that is now becoming apparent. With most clients coming forward and demanding accountability, the broker is at a loss. Anyone who signs up with the platform is bound to have some significant issues. After viewing David’s comments, we feel that the broker is taking advantage of naïve investors.

Domain information

When we checked with online background and history, a few errors were spotted. The website went live on 27th March 2017 and has been operational ever since. One of the significant errors spotted is the number of IP changes over the past five years. It is clear that the domain was under a different user or/and selling other products. Such entities rarely go for long before changing their brand name and products.

Features of HQ Broker

Features of HQ Broker

Some of the notable features include the use of the MT4 trading platform and a minimum deposit of $250. The minimum lot size is 0.01, and the leverage is 1:400. With claims of being located in Poland, we insist that such a broker should not be trusted. All we know for sure is that this is an offshore broker with servers located in the United States. The broker also keeps changing their address, as we posted the review; their address was in Hong Kong. It is clear that the broker is up to something sinister and must be exposed.

HQ Broker License and Registration

Investors and traders should be aware that the Marshall Islands and St. Vincent and the Grenadines are haven for scam brokers. With regulation at the minimum, brokers go for such license details since there is no strict regulation. A license number is posted, which has not been verified by regulators in the designated jurisdiction. We are sure that HQ Broker is far from being a licensed entity.

With their address changing from time to time, we checked with different regulators. All the address stated on the website from Hong Kong, the Marshall Islands, and Poland, we had to confirm with regulators. It turns out that none of the regulators have heard of this broker. The license number displayed at the footer of their homepage is another random number. It is the extent the broker will go to entice users to believe the broker has valid credentials.

The only problem with their move is that there are no documents to back their claims. A genuine broker will post copies of their license details for all to see.

Pros and cons of HQ Broker

Account types

HQ Broker Account types

HQ Broker is furnishing users with five account types to choose from. These accounts are listed as Starter, Silver, Golden, Platinum, and Investor. The spreads are according to account type as some are fixed, and others are floating. All these accounts come with a designated account manager. We have no details on the professionalism of these account managers. Judging by the comments we have seen, most members are losing money fast after giving up control of their accounts.

Contact and support staff

For live chat, users have to connect via Messenger, which is not ideal to some. The platform should have a working live chat on their website. Another problem is the listed phone number, which is ever busy. We have tried calling a couple of times, and there has been no answer. It is the reason why we have to insist on having another broker. David has not received any feedback a year after sending a withdrawal request. No one can withdraw funds with the platform.

Deposit and withdrawals

Investors can deposit funds using major credit and debit cards and wire transfer. The acceptable currency is USD/GBP/EUR, and they claim there’s no extra charge during transactions. Even if this is the case, withdrawing funds is still the most significant hurdle facing members. There is no evidence to suggest that any member has made any withdrawals. And this is what makes the platform a massive scare for investors.

Scam or Legit HQ Broker

HQ Broker is a scam broker, and the evidence is there for all to see. With no withdrawal allowed, it is just a platform for depositing funds. The broker is laughing all the way to the bank with each deposit. To protect all investors, we have to flag this broker as a dangerous online investment platform. Watch out for this and any other broker who shares the same characteristics.

Bottom Line

We must protect all investors and flag down any flawed investment platform.

Become a better trader by having the right partner. Make the bold decision and sign up with the best brokers the industry has to offer. With cherished brokers, your investment is in safe hands.

Our entire team wishes everyone a happy and prosperous trading experience.

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