Hedgespots Forex Broker

Note: Hedgespots's official website: https://hedgespots.com/ is currently inaccessible normally. Hedgespots Review Summary Founded2019 Registered Country/RegionBulgaria RegulationUnregulated Market InstrumentsForex pairs, shares, indices, cryptocurrencies and commodities Demo Account❌ Leverage1:50 EUR/USD Spread/ Trading PlatformWeb Min Deposit€1000 Customer SupportTel: 442038689226 Email: support@hedgespots.org Founded in 2019, Hedgespots is an unregulated Bulgarian CFD brokerage firm that primarily offers trading in forex pairs, shares, indices, cryptocurrencies, and commodities. The company provides six types of trading accounts and a web-based trading platform, with a minimum deposit requirement of €1,000. Notably, the leverage offered is relatively low, at only 1:50.Pros and Cons Pros Cons Various trading choicesNo regulation Multiple account typesNo demo accounts Various payment methodsContradictory info on commissions No reliable trading platform High Inactive fee High minimum depositIs Hedgespots Legit? No, Hedgespots is not a legitimate financial service provider. Worse still, it appears on the warning list of the Monetary Authority of Singapore (MAS), as the brokerage firm has been targeting traders without proper authorization and engaging in fraudulent activities. Therefore, we recommend that you avoid dealing with HedgeSpots and instead choose a broker that is licensed.What Can I Trade on Hedgespots? Hedgespots mainly offers trading in forex pairs, shares, indices, cryptocurrencies, and commodities. Tradable Instruments Supported Forex ✔ Commodities✔ Indices✔ Shares✔ Cryptocurrencies✔ Bonds❌ Options❌ ETFs❌Account Type Hedgespots offers six types of accounts, with a minimum deposit requirement of €1000 for the entry-level account. This minimum deposit is significantly higher than the industry standard of $250. Additionally, while Hedgespots claims to not charge commissions, all accounts, except for the opening account, will incur a certain amount of interest. Account TypeMin Deposit Interest Opening€1,0000 Horizon€5,0003% Heritage€15,0004% Fortune€50,0005% Great Fortune€150,0006% Infinite€300,0007%Leverage HedgeSpots offers a leverage of 1:50. This is considered a conservative level, where losses and profits are generally not excessively high. However, due to the broker being unregulated, it is advisable to choose a more reliable trading partner.Hedgespots Fees HedgeSpots claims on its account types page that it does not charge commissions. However, on other pages, it mentions that it charges very low commissions, without providing any specific figures. This contradictory information suggests that the broker is not trustworthy and may be attempting to deceive potential clients. In its terms and conditions, HedgeSpots states that if an account is not used for trading for a period of 6 months, they will charge a monthly inactivity fee of 10%, which is exceptionally high.Trading Platform HedgeSpots supports an unknown and unverified web-based trading platform, and since they do not provide demo accounts, we are unable to verify their reliability. It is advisable to choose a broker that provides such a reputable and reliable trading platform. Trading PlatformSupported Available Devices Suitable for Web-based✔Web/ MT4❌/Beginners MT5❌/Experienced tradersDeposit and withdrawal HedgeSpots supports a variety of deposit and withdrawal methods, including Visa, American Express, MasterCard, bank wire transfers, the electronic wallet Skrill, and Bitcoin.