WikiFX Scam Alert: Don’t be deceived by HD Markets!

HD Markets (hdmarkets.com) has been attracting the attention of investors recently. It is a broker based in South Africa, claiming to offer forex, indices and crypto to its clients. However, it's not safe to entrust your precious money to this broker, and WikiFX has complied reasons to avoid trading with HD Markets in the following review.

First let's search “HD Markets” on WikiFX to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1359612537.html), HD Markets currently has no valid regulatory license, and it has been given by WikiFX a low rating of 1.32/10. WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Furthermore, as HD Markets claims to be registered in South Africa, WikiFX searched the register of the South African Financial Sector Conduct Authority (FSCA). The company with its name and number does not exist in the FSCA register. This is proof that this broker is not registered and therefore, non-legit. Trading with it will put your hard-earned funds at risk.

To be a South African broker, one needs to obtain a license from the appropriate regulatory body – the FSCA. HD Markets has failed to do so, which is a troubling thought, considering how lax the rules that the FSCA sets relative to other, stricter regulatory bodies – compared to the EU, which demands that brokers have over 730 000 euro to their name in liquid funds to be able to cover losses should the markets take a violent turn, or provide a Negative Balance Protection policy, the FSCA does not really hold up. Still, a license from it would be better than no license at all.

WikiFX also paid a visit to the brokers official website, which, unfortunately, is not accessible any more:

What‘s more, the official account pages HD Markets have on major social media - Facebook, Twitter and Instagram - have all been removed, which is a sign that the broker is running away with investors’ money!

In addition, on the WikiFX Exposure section, traders have given feedback regarding the HD Markets. Two weeks ago, one trader has complained that he cannot make withdrawals and that the broker is down:

Another trader complained that he deposited money into the account but his dashboard still says 00.00 balance:

Source: https://www.wikifx.com/en/exposure/exposure/1359612537.html

WikiFX also found feedback made by investors on Forex Peace Army, all of which are negative comments:

Source: https://www.forexpeacearmy.com/forex-reviews/18623/hd-markets-review

In a nutshell, it's not wise to invest in HD Markets. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organizations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.