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HutMarkets is another broker to avoid; our hutmarkets.com review reveals it all. Despite claiming to be fully automated, there’s a glitch caused by the broker. Those who have invested with Hut Markets are crying foul.
The broker blocks withdrawals and offers inaccurate trading signals. We have a liquidity provider keen on destroying the lives of traders. There’s a reason to stop the broker. Find out more in our eye-opening HUTMARKETS REVIEW.
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We get a broker claiming to offer fully automated trading. The liquidity provider claims to give full control of members’ investments at any time. That’s not true, as the broker occasionally trades on behalf of members.
The broker is to blame for several losses incurred by members thanks to risky trading moves. It seems the broker uses high leverage to earn commissions for the entity. Members are left patching up the mistakes by having to deposit more funds.
It’s one of those trading platforms that use a custom-made trading platform. These are highly unstable platforms that put your trading position at risk. The broker should know better and offer reliable trading platforms.
Experts know the best trading terminals include MT4 and MT5. These terminals offer advanced tools and technical analysis. Their custom-built trading platform offers inaccurate market updates and volatility alerts.
There are four investment plans to choose from on the platform. Each of these investment plans targets a different demographic of investors. These investment plans include Starter, Premium, Deluxe, and VIP.
Let’s take a closer look at each of these accounts;
Starter
According to the broker, the account is best suited for beginners. A minimum deposit of $500 is required to access account features. Members get professional signals and a 3 percent referral bonus.
Premium
For the premium account holder, there’s a minimum deposit value of $5,000 needed. Members can deposit a maximum of $19,999 with the account. The signals are the same, with a referral bonus of 4 percent available.
Deluxe
You must deposit a minimum of $20,000 and a maximum of $49,999. There’s a typo, as the broker claims the minimum you can invest is $50,000. The broker is not a professional, and no one should make a $30,000 mistake.
VIP
It’s the most exclusive account of them all. Investors must deposit a minimum of $50,000. There’s no maximum, and a referral bonus of 8 percent is available. The broker also targets institutional investors with this plan.
There are no features mentioned in terms of leverage and spreads. Members and traders sign up without checking these vital features. It seems the broker later takes advantage by offering high leverage and spreads.
Most members trade using a leverage of 1:500 on all trading instruments. The broker is not aligning with set leverage standards in the industry. Traders must use maximum leverage of 1:100 in most jurisdictions.
With the set affiliate plan, the broker insists on releasing funds after a certain trading period. Woe unto you who thinks the broker will offer such. Commissions aren’t released as members face a shocking outcome.
The affiliate program is just a roost to get members to sign up more users. These victims end up paying a price for signing up. The platform is only looking to take advantage of your connections. Don’t lose your credibility for such a broker.
Traders get to use five trading instruments on the platform. These include commodities, cryptos, forex, indices, and stocks. The commodities found include household products and natural gas. You get to trade leading crypto assets such as Bitcoin and Ethereum.
Forex pairs available include 12 major currencies. There are over five indices available on the platform. You also get to trade stocks from leading companies. These stocks are from companies and institutions from all sectors.
Thanks to the complaints and user experience, the broker is lowly rated. We also rate the broker a 1/10 due to blocking withdrawals. No trader should go through what others are facing with the platform.
A quick search of the broker using any web browser reveals what others think. Most term HutMarkets as a scam, which it is. The broker is at fault for fooling investors into believing this is a genuine liquidity provider.
Another reason we flag down the broker is the high bonuses and offers commissions. There’s a valid reason why regulators don’t condone such brokers. In the end, members end up paying for these bonuses and commissions.
These brokers entice members to deposit large amounts with a promise of high deposits. Before you withdraw funds, the broker will insist you pay back the bonus and commission in full. That’s no way of trading, as these bonuses are trading loans.
HutMarkets is not a compliant trading platform and has no documents to prove compliance. A regulated broker will upload license documents for all to see. The details on these documents, including license and registration number, match those on the regulator’s portal.
Before you sign up with any liquidity provider, check with regulators and confirm licensing. Reputable regulators include ASIC, BaFIN, CFTC, CNMV, CySEC, and the FCA. These regulators work to ensure all parties follow set conditions.
Without a regulatory framework, the broker is free to offer harsh trading conditions. Hut Markets takes advantage by offering high leverage and spreads. You must beware of brokers who also use license details of other companies.
Don’t expect the broker to communicate with members after funding accounts. Despite having a live chat widget, the representative takes too long to respond. We also suspect this is a bot and not an actual representative.
Before signing up with any broker, test their communication aspect. We see a broker who limits communication to written form. The listed phone number rarely goes through. Members are left ruing the decision to sign up.
Depositing funds is fast as the broker avails bank and wire transfer options. After depositing funds, the account balance reflects in the member dashboard after 24 hours. When the time comes to withdraw, that’s when it all hits the roof.
The broker claims your account is under review, and funds will be available after. Several weeks later, the broker failed to offer any means of communication. We must expose the broker for failing to offer much accountability and transparency.
Despite having what most might see as a cool interface, the website has bugs infested. Members are not safe from DDoS protection or SSL encryption. These are the reasons why we must expose the broker.
By blocking withdrawals each time the member attempts to withdraw funds.
There’s absolutely no accountability.
Please stay away from the broker.
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