Sponsored By
de | cn | ru

Brokers News

ASIC adds HBC broker to its warning list

 

The Australian Securities and Investment Commission (ASIC) has updated its list of “businesses to be wary of” with HBC Broker – an unregulated company that is trying to confound its potential clients by giving out some correct details of leading forex and CFD brokerage XM.

 

The ASIC was alerted to HBC Broker after it made unsolicited calls or sent emails about investing and /or financial advice. The financial regulator has warned that this broker does not hold a valid Australian Financial Services (AFS) license to provide financial services in Australia, and that it could be involved in fraudulent practices. It is indeed very likely that HBC Broker is a scam, considering the fact that all user comments to our review are negative.

 

In fact, hbcbroker.com website contains rather contradicting information regarding the company behind the brand. At the bottom of the home page, it has included several entities along with their license and registration numbers. The problem is, these companies are operating the XM brokerage brand, which is licensed by world’s most popular financial regulators – UK’s FCA, Australia’s ASIC and UK’s FCA.

 

 

Click on the image to zoom in.

 

On the other hand, HBC Broker’s Terms and Conditions claim that the broker is owned and operated by MPG INVEST LIMITED, a company whose Representation office is in Georgia. Actually, this company is registered in Vanuatu, a famous offshore zone where forex brokers are only formally licensed.

 

On top of that, the trading conditions of HBC Broker are not good enough by today’s standard.  It requires an initial deposit of $250, but does not offer competitive spreads in return. The spreads on EUR/USD is fixed at 3 pips.

 

ASIC isn’t the first regulator to warn against HBC Broker/MPG Invest Limited. UK’s Financial Conduct Authority has warned against the broker in July last year.

 

TAGS: ASIC  HBC Broker  XM clone  scam  Australia 

More news about HBC Broker

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website

More Forex Brokers News

CySEC warns Efexa1000 is not licensed

Oct 22 2018 12:55:06

  The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors that Efexa1000 is not authorized to provide investment services in the country. Read more

IG Group gets licensed in the USA

Oct 16 2018 13:48:15

  Major forex broker IG Group (IG) got a green light from the National Futures Association (NFA) to operate on the US retail forex market. The US arm of IG Group, IG US LLC, has just been approved as a NFA member and is officially registered as a Retail Foreign Exchange Dealer (RFED). Read more

FBS wins ‘Best Copy Trading Application Global-2018’ award

Oct 05 2018 16:22:13

The prestigious “Best Copy Trade Application 2018 Global” award went to FSB  for their innovative CopyTrade platform. Read more

Capital Index renounced its CySEC license

Oct 03 2018 13:24:56

  It seems that global online brokerage Capital Index is the next to voluntarily renounce its Cypriot Investment Firm (CIF) license. Read more

FBS celebrates its 9 millionth trader

Sep 19 2018 17:17:28

After celebrating their 7 millionth million trader in March 2018, now just 6 months latter, FBS reached yet another milestone – their lucky 9 millionth trader is Jean Sales De Souza from Rio de Janeiro, Brazil. Read more

XTB fined $2.7 million by Poland’s financial regulator

Sep 19 2018 11:31:55

  The Polish Financial Supervision Authority (KNF) punished X-Trade Brokers (XTB) with a PLN 9.9 million ($2.7 million) fine for asymmetric price slippage on Tuesday. Read more

TD Ameritrade allows its clients in Singapore to trade via Messenger

Aug 27 2018 15:14:51

  Singapore branch of American brokerage firm TD Ameritrade announced on Sunday that its clients in are now able to make trades and access market information through Facebook Messenger. Retail investors in Singapore will have yet another way to access the U.S. Read more

FXTM honoured with two World Finance Awards

Aug 10 2018 12:24:48

Global, award-winning forex broker FXTM has added two more trophies to its mantelpiece, after being named Best FX Broker in Asia and earning the award for Best Trading Conditions from World Finance magazine. Read more

Hot Forex launches trading on MT5

Jul 23 2018 07:38:53

  CySEC-regulated, global broker Hot Forex announced previous week it adds the MetaTrader 5 (MT5) platform to its offering. Now, clients of the broker can trade forex and CFDs on both MetaQuotes’ platforms – MT4 and MT5. Read more

Estonian FX broker Tallinex ordered to pay back $10 mln. to US citizens

Jul 20 2018 13:58:09

A US Court has ordered  Tallinex Ltd., an Estonian company, licensed  in St. Vincent and the Grenadines to pay 10,289,391 USD in restitution to U.S. Customers, as well as a  681,888 USD civil penalty, the U.S. Commodity Futures Trading Commission (CFTC) says.    The U.S. Read more

de | cn | ru