HashTrade Forex Broker

HashTrade Forex Broker - Complete Information Guide

1. Broker Overview

　　HashTrade, officially known as Xertz Consulting Ltd, was established on December 17, 2020. The company is headquartered in Roseau Valley, Commonwealth of Dominica. As a private entity, HashTrade operates primarily in the retail forex market, offering trading services to individual clients seeking to engage in various financial instruments.

　　Since its inception, HashTrade has aimed to provide a comprehensive trading platform for forex, CFDs, indices, and commodities. Despite its relatively short history, the broker has faced scrutiny due to its unregulated status and various customer complaints regarding withdrawal issues. The company claims to cater to a diverse clientele, including both novice and experienced traders, by offering multiple account types and trading options.

　　HashTrade's business model focuses on providing access to financial markets through a web-based trading platform, allowing users to trade a variety of assets. However, its connection to other suspicious brokers operating from the same address raises concerns about the legitimacy of its operations.

　　The broker's development has been marked by a lack of regulatory oversight, which has led to warnings from various financial authorities. HashTrade's association with unregulated entities, along with the absence of a demo account or robust customer support, has contributed to its negative reputation in the trading community.

2. Regulatory and Compliance Information

　　HashTrade operates without any valid regulatory oversight, making it a high-risk broker for potential investors. The primary regulatory bodies that have issued warnings against HashTrade include:

• Financial Conduct Authority (FCA), UK
• Austrian Financial Market Authority (FMA)
• Commissione Nazionale per le Società e la Borsa (CONSOB), Italy

　　These authorities have indicated that HashTrade is not authorized to provide financial services in their respective jurisdictions. The warnings highlight the absence of regulatory licenses, which are critical for ensuring the safety and security of client funds.

　　The company is registered under the address 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica, which has become notorious for hosting multiple unregulated brokers. HashTrade does not offer segregated accounts for client funds, meaning that clients deposits may be at risk in the event of financial instability.

　　Furthermore, there is no indication that HashTrade participates in any investor compensation schemes, which typically provide a safety net for clients in the event of a broker's insolvency. The broker's lack of compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations further exacerbates the risks associated with trading with them.

3. Trading Products and Services

　　HashTrade offers a selection of trading products primarily focused on forex and CFDs. The available instruments include:

• Forex Currency Pairs: A variety of major and minor currency pairs are offered, although the exact number is unspecified.
• CFDs: The broker provides access to indices, commodities, and stocks, but does not list cryptocurrencies among its offerings.

　　The broker claims to update its product offerings regularly, but there is little transparency regarding the addition of new instruments. HashTrade primarily targets retail traders, providing them with access to various trading tools and resources.

　　Despite the claims of a broad product range, the lack of significant offerings such as cryptocurrencies may limit its appeal to a wider audience. The absence of institutional services or white-label solutions indicates that HashTrade is focused mainly on individual retail traders and does not cater to larger financial entities.

4. Trading Platforms and Technology

　　HashTrade provides a web-based trading platform, but it does not support the widely recognized MetaTrader 4 or MetaTrader 5 platforms. This absence is a significant drawback for many traders who prefer the advanced features and tools offered by these platforms.

　　The broker's web platform is described as user-friendly but lacks some of the sophisticated charting and analytical tools found in more established platforms. Additionally, there is no mention of a mobile application for iOS or Android, which limits accessibility for traders who prefer mobile trading.

　　HashTrade operates with a hybrid execution model, combining aspects of both market-making and agency execution. The broker's server infrastructure is reportedly located in the United States, but details regarding the technical specifications and security measures in place are not disclosed.

　　There is no information available about API access or support for automated trading, which could deter algorithmic traders looking for a comprehensive trading solution.

5. Account Types and Trading Conditions

　　HashTrade offers four different account types, each with varying minimum deposit requirements and trading conditions:

• Junior Account: Minimum deposit of $500, with spreads starting from 0.35 pips.
• Middle Account: Minimum deposit of $1,000, with spreads starting from 0.35 pips.
• Senior Account: Minimum deposit of $5,000, with spreads starting from 0.4 pips.
• Leader Account: Minimum deposit of $10,000, with spreads starting from 0.6 pips.

　　The leverage offered varies by account type, with a maximum of 1:300 available for the Leader account. The minimum trade size is set at 0.01 lots for most accounts, which is standard in the industry.

　　HashTrade does not offer a demo account, which is a significant disadvantage for new traders looking to practice their strategies without financial risk. Additionally, details regarding overnight fees and other trading costs are not explicitly provided, leaving potential clients in the dark about the full cost of trading.

6. Fund Management

　　HashTrade supports various deposit methods, including bank transfers and credit/debit cards. The minimum deposit requirement is $500, which is relatively high compared to many other brokers that allow for lower initial deposits.

　　The processing time for deposits is not specified, and there are no details regarding any associated deposit fees. Withdrawal methods are limited, with no clear information on withdrawal processing times or potential fees.

　　Clients have reported difficulties in withdrawing funds, which is a common issue with unregulated brokers. This lack of transparency regarding withdrawal policies raises significant red flags for potential investors considering trading with HashTrade.

7. Customer Support and Educational Resources

　　HashTrade offers customer support primarily through email, with no phone support mentioned. This limitation can hinder effective communication and timely assistance for traders facing issues. The broker's service hours and response times are not clearly outlined, leading to uncertainty regarding support availability.

　　While there are indications of multi-language support, including English, Kyrgyz, and Italian, the overall educational resources provided by HashTrade appear to be minimal. There is no mention of webinars, tutorials, or comprehensive market analysis services, which are essential for helping traders make informed decisions.

　　The lack of trading tools, such as calculators and signal services, further diminishes the overall trading experience for users of the HashTrade platform.

8. Regional Coverage and Restrictions

　　HashTrade primarily serves clients in the Commonwealth of Dominica and surrounding regions. However, it has been flagged by multiple regulatory bodies, including the FCA and FMA, leading to a loss of credibility in other markets, particularly in the UK and EU.

　　The broker does not accept clients from several jurisdictions, including the United States and other countries with strict regulatory environments. This restriction is likely a result of its unregulated status and the associated risks of operating in those regions.

　　In summary, potential clients should exercise extreme caution when considering HashTrade as their forex broker, given its lack of regulation, customer complaints, and overall negative reputation in the trading community. It is advisable to explore other regulated brokers that offer similar services with greater security and reliability.