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Warning: The FCA Flags HobitalFxTrade as a Fraud
Abstract：An unregulated forex broker will not follow the industry's practices, and thus investors are likely to lose their money.
HobitalFxTrade (HobitalFxTrade.com) is a completely unknown website claims to be “one of largest forex brand”. Additionally, it is claiming to offer a trusted and secure trading platform. But fact-checking confirms that the company is a scam website that has already attracted the attention of the FCA.
An unlicensed UK-based company
HobitalFxTrade claims it is one of the world's leading Forex CFD provider and is providing fair and transparent Forex trading to active traders, but actually it has no authorization to do so.
It presents no regulatory information. Headquartered in the UK, the entity must be registered and regulated by the FCA. But no result matched with HobitalFxTrade was found on the regulator. Instead, we only found an unauthorised record.
The FCA flags HobitalFxTrade as a scam
On 5 July 2022, the financial watchdog added HobitalFxTrade to its alert list, saying that this firm is not authorised by it and is targeting people in the UK.
Forex accounts with leverage up to 1:1000
As you can see, HobitalFxTrade provides four types of forex trading accounts, with leverage ranging between 1:300 and 1:1000. According to the laws and rules of the UK financial authority, it is not possible for a UK-regulated broker to have such risky levels of leverage.
Misleading copyright info
Its page footer shows Copyright © 2010 - 2022 HobitalFxTrade All Rights Reserved, but its domain (https://hobitalfxtrade.com/) was actually created just a few days ago. It is obviously a sign of a scam.
An unregulated broker is clearly not authorized to operate in any regulated country. In order to avoid the fraud, Our Brokers Review would suggest you check a broker's regulation information before you are going to deal with it.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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