HotTrades Review: Avoid unregulated Platforms

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HotTrades Review
  • Contact and support
  • Deposit safety
  • License and Registration
  • Trading Platform
0.9

Summary

HotTrades is coming to take your funds from you. The platform claims to offer 20 percent profit. These are false allegations. Find out more in our clear hottrades.co.uk review.

Earning 20 percent more is what HotTrades guarantees to anyone who signs up. Those who did are now ruing the decision. It’s becoming clear that hottrades.co.uk is another forex investment scam. No one seems to withdraw funds from Hot Trades even after trading for days. So we have to dig deeper and find out what’s happening with the platform. Please find out more in our exhilarating HOTTRADES REVIEW.

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About HotTrades

HotTrades claims to have been in the game for more than a decade on the about us page. That’s not the case, as traders in the UK haven’t heard of the platform. With over ten years of experience, you expect some chatter regarding the platform.

HotTrades Pros and Cons

The platform also claims to have offices in over 172 countries. We also see a statement that the platform has over 1,000 professional employees. The platform boasts of having over 30 offices worldwide.

Sadly, these are just empty claims meant to paint a picture of an established forex trading firm. Not even regulators in the UK have heard of the platform. And this is why we have to expose the red flags found.

Most investors hardly research the platforms that offer investment services. And this later proves to be their downfall. You have to protect your interests first before committing funds. We will help you know how to check for red flags.

HotTrades is one of those platforms that try to sell the forex trading dream. The platform claims immense success for those who sign up. But, after depositing funds, it all turns into a charade orchestrated by the owners.

You have to first check with regulators whether a platform is fully compliant. Then, try to find out what investors are saying about the platform. Their experience will help you determine whether to go forward with the platform.

Accounts HotTrades

HotTrades offers three investment accounts for investors to choose from. These include Standard, VIP, and Platinum. Each of these accounts comes with a different set of features. We will be looking into these accounts;

Standard

As the name suggests, it’s the most basic account. The platform claims this is the fitting account for newbies. You have to make a minimum deposit of $1,000 to get started. You can trade against three major currencies, EUR, GBP, and USD.

VIP

For the VIP account holder, the investor has to make a minimum deposit of $10,000. You get the same features as the standard account holder. Additional features include getting analysis and overviews from experts.

Platinum

It’s the most exclusive account of them all. You have to make a minimum investment amount of $25,000. Members get a personal trading assistant in addition to a training center. You also get invitations to trading webinars.

Account features

Accounts HotTrades

For one, the acceptable minimum deposit is way too high. The platform fails to follow set minimum deposit requirements. We also don’t see any acceptable leverage or spreads of forex assets.

That’s the least of your worries, and the platform doesn’t even offer a safety net for investors. The platform claims that the more you deposit, the higher your chances of winning. These are false claims with no bearing in the real world.

The platform promises a demo account which is only a buy-sell option. Therefore, you don’t get to explore all the available trading features. Furthermore, the demo account doesn’t incorporate any existing trading platform.

Regulators have moved in to curb any harassment of investors. You get set conditions for acceptable deposit and maximum leverage. The available minimum deposit in all jurisdictions is €$250. There are legit platforms that even offer less.

When it comes to leverage, regulators also put a cap on it. Depending on where you’re trading, the maximum leverage is 1:100 in Europe. The United States puts a cap on maximum leverage at 1:50 for retail traders.

Any platform going for more is trying to take advantage of you. The platform will try and fool investors into risking their positions. Then, when you make losses, the platform will highly profit from it.

Are funds safe with hottrades.co.uk?

Your funds are far from safe with a platform that fails to offer a safety net. There’s no insurance cover for deposits made by clients. And this is why we have to expose the platform. Without an insurance cover, your deposits are as good as gone.

We also suspect the platform fails to segregate accounts as dictated by trading regulations. And this puts your funds in jeopardy. For example, no recovery agent can claim to recover funds stored in an offshore bank account.

A recent investigation revealed that these agents are part of the scam. Unfortunately, you won’t get to recover funds as these agents play along. Instead, members get an email from these agents claiming to have won a settlement against the platform.

You have to cover part of the legal fees to get part of the settlement. Please don’t do it, as these agents don’t have the mandate to freeze bank accounts. We believe the platform gives them your information for the last big scam.

Are funds safe with Hot Trades?

Assets and trading instruments

There are four trading assets found on the platform. These include bonds, forex, indices, and stocks. We saw six bonds, including Eurodollar, Euro Bond, T-Bond, etc. Forex pairs found include only those of major pairs such as EURUSD and GBPUSD.

Indices provide an excellent platform for day traders to engage in the world’s biggest stage. Some of the indexes found include DAX, Dow Jones, S&P 500, etc. In addition, these indices offer a variety of trading products.

Lastly, we have stocks from leading companies. You get to trade shares from companies in different sectors. These include manufacturing, mining, tech, textile, and more. It’s another lucrative asset to trade with.

Business holder

There’s little information on who owns or runs the platform. And this means we don’t have any information on the platform’s background and history. HotTrades is another anonymous forex investment platform.

It would be best if you avoided anonymity at all costs. There’s no way of recovering funds from such platforms. Despite claiming to reside in the UK, there’s no business registry of the platform. No one has heard of Trinity Capital LLC.

Client testimony

With several clients lodging complaints against the platform, authorities will soon take action. Hundreds claim the platform blocks all withdrawal attempts. Members get several excuses as to why withdrawal is impossible.

Contact and support

Is hottrades.co.uk Licensed or Regulated?

Another critical aspect to check with trading platforms is their contact and support structure. Make sure to spot which platform offers direct means of communication. For example, with Hot Trades, the platform only avails email.

License and Registration HotTrades

HotTrades doesn’t have a license from the Financial Conduct Authority. The FCA is the only body mandated to regulate forex investment platforms in the UK. Without any regulation, the platform remains a high-risk investment option.

Payment methods

There are several payment methods listed on the platform. Just remember that no one gets to withdraw from the platform.

Verdict

After exposing the platform, it’s best to stay away from hottrades.co.uk.

PS: The best way to profit from forex trading is to use authentic forex trading robots.

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