WikiFX Scam Alert: Beware of TradeHUB!!!

Investors who are still trading forex at TradeHUB had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning on August 15th against TradeHUB (Tradehub.fm) issued by the Financial Conduct Authority (FCA) in the UK. You may check the warning on the screenshot below.

Source: https://www.fca.org.uk/news/warnings/tradehub-uk-limited-tradehubfm-clone-fca-authorised-firm

Take a note as well that the Firm Reference Number displayed in the presentation – 186171 – actually belongs to HYCM CAPITAL MARKETS (UK) LIMITED, which operates a single domain address – hycm.co.uk, which obviously does not match with tradehub.fm.

WikiFX also paid a visit to the brokers official website to learn more. Tradehub.fm really has a professional look, but its positive appearance is since the entire website was stolen from another broker, a well-established legitimate company with more than 40 years of experience. Tradehub.fm is a clone firm impersonating HYCM, a global brokerage holding licenses issued in various jurisdictions. Clones like Tradehub.fm are pure scams and should be avoided!

The fraudsters are so arrogant that they abuse the corporate information, the license numbers of HYCM, and even the entire website was copied. Clone firms are particularly dangerous, as they skillfully trick people into believing that the scam broker is a legitimate firm. For that reason, thorough research and due diligence are always necessary before any depositing has occurred.

What‘s more, TradeHUB’s trading software consists of a Webtrader only. Please bear in mind that legit and professional brokers offer legit and professional trading platforms like the industry standard MetaTrader4 and MetaTrader5. TradeHUB‘s Webtrader can provide no advanced tools whatsoever, so it’s anyway a waste of time dealing with this otherwise exposed scam!

The trading risks are high - the leverage is 1:200 by default, a risky ratio prohibited by both FCA and CySEC! It goes without saying that 1:200 outright makes the broker‘s regulatory claims unsustainable! That’s a scam!

Furthermore, as for funding methods, the minimum withdrawal is $500 for Wire Transfers and $100 for Credit/Debit cards, which are highly adverse requirements – legit brokers are no so demanding!

The fees are the other treacherous sign. As you can see from the screenshot Tradehub.fm imposes wild charges for no particular reasons, and they even fail to explain what these fees actually are! 25% for early withdrawals, 30% benchmarks fees, 3.25% management fee, 3.5% commission per “quartal”; thats a scam!

Now let's search “TradeHUB” on WikiFX APP to find out more about this broker. 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/1861634138.html), TradeHUBcurrently has suspicious regulatory license and the score is rather negative - only 1.00/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

You should note that apart from the British regulator FCA, there are other three regulatory licenses claimed by TradeHUB are suspicious clones, namely the Cyprus Securities and Exchange Commission (CYSEC) - licensed institution: HYCM (Europe) Ltd; license number: 259/14; the Dubai Financial Services Authority (DFSA) - licensed institution: Henyep Capital Markets (DIFC) Limited; license number: F000048; the Cayman Islands Monetary Authority (CIMA) - licensed institution: HYCM Ltd; license number: 1442313. Please be aware of the risk!

WikiFX paid a visit to the official websites of the three regulators - CYSEC, DFSA, CIMA - and found out that HYCM (Europe) Ltd (license no. 259/14) is indeed under regulation by CYSEC and that HYCM Capital Markets (DIFC) Limited is indeed supervised by DFSA. However, we failed to find anything on CIMA website, which indicates that the broker operating in Cayman Islands probably ran away and the license was canceled!

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in TradeHUB. 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.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!