FCA has issued a warning about trading company HQBroker
The British financial regulator FCA has issued a warning about trading company HQBroker.
This broker is not regulated, yet it has been providing financial services to UK residents.
According to the HQBroker’s website (https://www.hqbroker.com), the company is registered in Hong Kong. However, if you check company’s terms and conditions, it says that HQBroker is operated by Capzone Invest Ltd., registered on the Marshall Islands. The website itself doesn’t have any information about company’s regulation. Usually the companies that operate in the offshore areas (such as Marshall Islands) are not licensed nor regulated and considered to be frauds. It is dangerous and risky to deal with them.
HQBroker provides trading in forex currencies, metals, stocks, equity shares and CFDs. Also the company operates on the MetaTrader 4 trading platform, which is very popular among Forex brokers.
There are plenty of negative reviews can be found on the net about HQBroker. Starting from harassing phone calls and rude representatives that keep on trying to get people invest and finishing with failed attempts of the investors to withdraw their money back.
It is recommended to trade with authorised and regulated brokers. There are many trading companies that offer relatively good trading deals and conditions. These companies are regulated by such financial regulator like the ASIC, CySEC and FCA.