Beware! Hextra Prime is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Hextra Prime is a very cool and slick-looking broker, one that absolutely has the ability to lure in users of any caliber. What we just said is a rare compliment, and it will be the only positive thing that came out of us concerning our experience with Hextra Prime. Yes, it looks nice but other than that this firm is nothing more than a copy-paste offshore brokerage, one that we have seen hundreds if not thousands of times already. It may seem difficult to accept this fact due to the good looks that the broker comes with but trust our judgments. Read the following review to find out more.
We could not register for the life of us! The issue was that the broker does not accept us from the current location that we were in. In the footer, it says specifically that it takes users only from Southeast Asia.
A failed registration means that we have to rely on the website for all the payment and trading details since we cannot enter a user area. However, the website of Hextra Prime is not to be fully trusted, and thus what we are bout to reveal may be further from the truth that you or we know.
For one, the leverage is revealed to be capped at 1:5000, which is definitely a very dangerous figure, as it can easily, within a click, drain your entire funds from your trading account. The spread is as low as 0.1 pips, but anyone can claim this; we need proof! The alleged trading instruments are forex currency pairs, metals, energies, cryptocurrencies, and indices.
Note, that the legal docs do mention, vaguely, the presence of fees and commission, some of which might be connected to spread values. The spread commission, according to the site, is $0.10 per lot, meaning that this 0.1 pips spread is increased by means of the commission. Yet, we do not know if the spread is applied per side or if it is round turn.
The website of the broker is available in English only.
HEXTRA PRIME REGULATION AND SAFETY OF FUNDS
We learn that the broker is located and registered in Saint Vincent and the Grenadines. This country is definitely not on our white list. In fact, it is the nation with the highest number of unlicensed brokers in the world. This is mainly due to the fact that Saint Vincent and the Grenadines does not have an FX license issuer. Thus Hextra Prime is not licensed there!
There isn’t too much else to say of the broker, as it really does not offer other helpful details. It seems to be proud of its status as an offshore and illegitimate broker.
As it turns out, Hextra Prime is UNLICENSED, and thus a risk to all investors and their funds!
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
HEXTRA PRIME TRADING SOFTWARE
We confirm that the broker comes with an MT4, although we could not open it because we had not registered.
However, even thew MT4 cannot revive this broker from its unregulated status.
HEXTRA PRIME DEPOSIT/WITHDRAW METHODS AND FEES
According to the site, the only source we will be quoting today for the payment details, the minimum deposit is $10. However, we find no info on any payment methods on the website. The legal docs mention credit/debit cards, wire transfers, bitcoin wallets, and other alternative payment methods.
Withdrawals are said t be processed within a day. Please be aware that Hextra Prime does charge fees, yet it seems a bit ambiguous as to what they actually are and how they apply. We read a couple of times that there might be withdrawal charges, so please be careful.
Although there is some potential here, the bulk of the broker is absolutely not worth it. We do not recommend this one!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!
Rich Snippet Data