As modern exchange traders understand it, a good online broker is a financial intermediary with such characteristics as professionalism, reliability and integrity. And all this should apply to both words and actions. Naturally, every experienced trader understands that no reputable broker would assure its clients of a completely risk-free trading, because the sphere of investment is always associated with a certain risk share. A good online exchange intermediary has a quality informative website with convenient navigation and relevant data, as well as the optimal set of trading tools and other options that promote profitable trading. All promises, trading conditions and contact information are true. Of course, the activities of a reliable broker must be regulated by a respected regulator, in other words, the company must necessarily have a license.
This is a list of basic characteristics that traders would like to see in their chosen stockbroker. The list can vary and be supplemented depending on the experience and expectations of investors. But what they certainly expect from an intermediary in the field of online trading is honesty and transparency in cooperation, which is based on mutually beneficial terms.
Unfortunately, this is not the case with most virtual brokerage projects. Often it turns out that behind a bright and promising advertising there are dexterous financial swindlers. Swindlers are not interested in development or long-term projects. They need short-term monetary gain. That is why, at first glance lucrative offers turn out to be empty and do not become a reality.
The subject of this review is just one of the typical fraudulent projects, which presents itself to users as a reliable broker who is profitable to deal with. We are talking about a certain broker, which is located at hottrades.co.uk.
Such slogans are typical for scammers and are false: nobody can guarantee a profit at exchange trade with any certainty, let alone specify the percentage of earned profit.
Scammers are also actively encouraging investors to join their trading platform to build up capital.
The fact is that they do not specify who they are. This is an important observation, because in the end, the profits grow for the owners of the HotTrades project, but the clients lose their money.
In this way everything really happens when you get acquainted with the dubious company HotTrades, we definitely recommend everyone who devotes his time to investing in the field of modern online trading, to read in our detailed review right now.
Types of trading accounts offered by HotTrades
There are five trading accounts offered on the platform. One of them is a demo version and does not require a fee. To become a member of the others, for which the scammers invented attractive alluring names - Silver, VIP, Platinum, Diamond, minimum deposits of $1000 to 50 000 are required.
Playing with the ambitions of their clients, the scammers who run the HotTrades project have not become petty and set a high entry threshold. For example, practically all online brokers with a high reputation have a minimum deposit size starting from $100-150. Of course, such a decision could be justified by the fact that one cannot earn on small deposits, but one is unlikely to lose a thousand dollars at once in a few minutes. It is possible that this is exactly what is happening on this site. After all, according to the experience of making reviews about online brokers, it can be noted: this size of deposits is a typical practice of luring their victims from financial fraudulent projects.
It is noteworthy that the website does not specify the amount of leverage for trading accounts except for customers of the trading account Platinum, where the proposed ratio is 1:500. This is a huge risk for traders, especially with such a minimum deposit amount!
For example, the respected regulators closely monitor the brokers to whom they issue licenses, so they do not increase the leverage ratio above 1:100. Here, on the HotTrades platform, the numbers are five times higher. This is what offshore exchange intermediaries or totally unregulated companies do. Working with one or the other is a huge risk and jeopardizes one's chances of making a profit.
HotTrades Trading conditions
The questionable broker HotTrades confidently tells us about the benefits of working with him.
Here again it is a lie. It is impossible to control everything in the field of trading. However, most newcomers to the field of investments fall for such advertising, which threatens them with significant financial losses.
If we talk about the instruments that clients of HotTrades project are offered to work with, here is the classical picture.
Once again, there is a lie that scammers love to use in their ads: an exit to the best international trading floors. Traders should understand that such online brokerage projects do not take traders to the real exchanges. Everything happens within the proposed program. Where the project owners can, at their discretion, set the indicators that are profitable to them.
On the site HotTrades repeatedly, in several sections, the scammers focus on the trading web-platform MT4.
Most similar projects have expanded their offerings to MT5. So there is nothing outstanding here for traders who already have experience with similar companies and projects like HotTrades.
In general, the site is low-informative, there is no detailed description of the trading conditions. A lot of advertising and untruthful data.
The site is only for those investors who understand any of the following languages: English, Vietnamese, Portuguese, Spanish and Russian.
An odd set of language preferences, as much of the information provided is for users of the official HotTrades website. When getting acquainted with the platform, there are a lot of questions that remain unanswered, even with a special section with questions and answers. Investing money in a project like this is a highly questionable venture.
The information on the regulation and registration of the dubious broker HotTrades raises a lot of questions. The home page states that the project is owned by a company called Glastrox Trade Ltd. and registered in the Marshall Islands, offshore.
Now if you scroll down the page we see completely different data.
As stated in the footer of the site, the HotTrades project is a brand of Trinity Capital LLC. The same information can be found in other sections.
The scammers who run the company claim that both the project and the company itself are licensed by the regulator whose authority extends to Saint Vincent and the Grenadines. They even give the number of the license.
A check on the website of the said regulator confirmed the existence of the license.
Nevertheless, we are talking about an offshore broker with an extremely low reputation of the FSA. In fact, there is only the indication of the license, but no more information about the parent organization. By the way, there is a number with an Australia area code in the contacts. However, thanks to IP telephony today you can show the visibility of being in any country, without reference to the actual location.
Moreover, there is no documentary evidence that the project on hottrades.co.uk has anything to do with the specified enterprise. It turns out that all this is a typical big scam, whose leaders are just cheating customers for the sake of getting their money, rather than a reliable broker. It is highly not recommended to invest in the project without documents, if you care about the safety of your capital.
As with most fraudulent brokerage companies, the basic information on the site is presented in the FAQ section, but not on the main page. Swindlers assure that the parent company was established in 2014.
However, not a word about the project itself, with which traders potentially have a financial relationship. Thanks to the service WhoIs, let's see what the domain history of the site HotTrades tells us.
The facts point to very different dates and information.
Not only the status of the site - inactive, but also almost all the information is hidden. However, below we see that the date of registration - February 23, 2021.
This is a typical fraudulent project under the guise of an exchange intermediary, which is designed to steal money from users. Swindlers are so unprofessional and stupid that they did not check what information they put on the official website of their fraudulent project, when they replace one project with another.
Trading and investing here has no chance of success and profit for the client from the beginning.
HotTrades Reviews online
Surprisingly, attempts to find any feedback from users about the project were unsuccessful. This is strange because the site is available in several languages and has been registered for several months.
Here are two explanations - or about the site has not yet found out about the investors, or scammers keep a sharp eye on the emergence of any information about themselves.
But the fact remains - no reviews from real customers on any thematic forum or site.
Safety and security of funds with HotTrades
After reviewing the information on the website and the links to the so-called regulators, we hasten to stress once again that the capitals of investors who decide to work with HotTrades, are at great risk.
However, they are not hiding it.
They only count on the fact that few people read the text in small print at the bottom of the home page.
HotTrades is a typical scammer who is so stupid and in such a hurry to get into their customers' wallets that they offer a low-quality, low-information site with mistakes and awkward navigation. The trading conditions and security are not even worth talking about. Investors and traders are strongly discouraged from working with scammers called HotTrades.