Score

1.53 /10
Danger

HG MARKETS

Pakistan

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Score

Regulatory Index0.00

Business Index7.18

Risk Management Index0.00

Software Index4.00

License Index0.00

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Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
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Single Core

1G

40G

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Broker Information

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Company Name

HG MARKETS(PVT)LTD

Company Abbreviation

HG MARKETS

Platform registered country and region

Pakistan

Company website

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Company summary

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Warning: Low score, please stay away!
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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HG MARKETS · Company summary

HG Markets Review Summary
Company Name HG MARKETS(PVT)LTD
Founded 1994
Registered Country/Region Pakistan
Regulation No Regulation
Market Instruments Trading Currency Pairs, Indices, Commodities (Gold, Crude Oil, Silver, etc.)
Demo Account Yes
Leverage N/A
Spread Starting from 3 pips
Commission Yes
Trading Platform MT5
Minimum Deposit 6,000 PKR (around 22 USD)
Customer Support Live Chat, Contact Form, Email: admin@hgmarkets.pk, Tel: (042) 363 07344, UAN: 111-800-000, Social Media: Facebook, Instagram, Youtube
Company Address 2 Race Course Road Lahore, Pakistan (Post Code: 54000)

What Is HG Markets?

HG Markets (PVT) Ltd., a constituent company of Harvest Group established in 1994, holds a pioneering status in introducing Futures Trading in Pakistan. Incorporated in 2013, HG later acquired memberships of the Pakistan Mercantile Exchange (PMEX) and the Pakistan Stock Exchange (PSX). However, it currently holds no regulatory licenses.

HG Markets' homepage

Pros & Cons

Pros Cons
  • Demo Account Available
  • Loose Spread
  • MT5 Supported
  • No Regulation
  • Low Minimum Deposit
  • Commission Charged

Pros:

  • Demo Account Available: HG Markets offers a demo account, allowing traders to practice trading strategies and familiarize themselves with the platform risk-free.

  • MT5 Supported: The trading platform MetaTrader 5 (MT5) is supported by HG Markets, providing traders with advanced features, analysis tools, and automated trading options.

  • Low Minimum Deposit: HG Markets has a low minimum deposit requirement of 6,000 PKR (around $22), enabling traders to start trading with a relatively small amount of capital.

Cons:

  • Loose Spread: HG Markets offers spreads starting from 3 pips, which is considered wide compared to other brokers. This may result in higher trading costs for clients.

  • No Regulation: HG Markets operates without regulatory oversight, which raises concerns about the safety of client funds and the reliability of the brokerage.

  • Commission Charged: The broker charges commissions, which can add to the overall trading costs for clients, impacting their profitability.

Is HG Markets Safe or Scam?

  • Regulatory Sight: is currently functioning without any regulation, meaning it does not fall under the supervision of any financial regulatory bodies and does not possess any licenses to operate in the financial market. The absence of any such oversight raises concerns about the firms adherence to financial standards and regulations, increasing the risk for investors.

No license
  • User Feedback: There are not many reviews from users about HG Markets, but there is one issue reported, which is about withdrawing difficulty and suggesting fake transaction strategies. In this case, users should be more cautious about trading with this broker.

  • Security Measures: So far we haven't found any information about the security measures for this broker.

Market Instruments

  • Trading Currency Pairs: Clients can trade various currency pairs in the forex market, allowing them to speculate on exchange rate movements between different currencies.

  • Indices: HG Markets provides access to trading indices, enabling investors to trade on the performance of stock market indices from around the world.

  • Commodities: Clients can trade commodities such as gold, crude oil, silver, and others, allowing them to participate in the global commodities market and hedge against price fluctuation.

Spreads & Commissions

HG Markets offers spreads starting from 3 pips, which are relatively wide compared to industry standards. This loose spread increases trading costs for clients, making it less advantageous compared to brokers offering tighter spreads. Traders should consider the impact of wider spreads on their trading strategies and overall profitability when choosing HG Markets as their broker.

In HG Markets, the fees charged include the PMEX trading fee, which is calculated at 0.009% of the contract value for all futures contracts, with a floor fee of Rs. 30, except for the PMEX Mili Tola Gold Futures Contract. Additionally, there is a contribution to the Investor Protection Fund (IPF) at 1%, and the SECP Transaction Fee is set at 10% of the PMEX trading fee. The commission structure varies for Punjab and Sindh.

For Punjab:

commissions for Punjab

For Sindh:

commissions for Sindh

Trading Platform

HG Markets provides the MetaTrader 5 (MT5) trading platform to its clients. MT5 is a versatile and advanced trading platform that offers a wide range of features and tools for trading various financial instruments. With MT5, traders can access real-time market quotes, advanced charting tools, technical indicators, and analytical tools. The platform also supports automated trading through expert advisors (EAs) and allows for flexible customization to suit individual trading preferences. Additionally, MT5 is available on multiple devices, including desktop computers, smartphones, and tablets, enabling traders to stay connected to the markets and manage their trades from anywhere at any time.

MT5

Deposit & Withdrawal

Depositing money into your trading account with HG Markets is straightforward and offers various convenient options. You can deposit funds through Cheque, Internet banking, Demand draft, or directly at PMEX MCB Bank using the Collect plus deposit slip. If you choose to deposit through a cheque from a bank other than MCB, please note that it may take up to 72 working hours for clearance. Upon successful allocation of your deposit, you will receive an SMS confirmation or email directly from the Pakistan Mercantile Exchange (PMEX).

When it comes to funding or withdrawing from your trading account, HG Markets provides flexible payment options to suit your preferences. For funding, clients can deposit funds through various channels, including MCB collect plus deposit slip, other bank cheques, internet banking, demand draft, pay-order, or via ATM to the PMEX MCB SC bank account.

Withdrawals are processed efficiently upon receiving a withdrawal request from the client. The amount will be debited from the clients trading account and credited to the designated bank account within 48 business hours. Additionally, in the case of margin deposits, account holders can directly pay via the MCB -MF-71 or collect plus deposit slip, which will then automatically route to PMEX as a margin deposit.

Customer Support

Main Customer Support Channels (Head Office):

Live Chat: HG Markets offers live chat support on their website for real-time assistance and inquiries.

Contact Form: Customers can fill out a contact form available on the HG Markets website to submit queries or requests, and the support team will respond via email.

Email: Customers can directly email their inquiries to admin@hgmarkets.pk for assistance and support.

Telephone: Customers can reach the head office at (042) 363 07344 or use the UAN number 111-800-000 for direct assistance over the phone.

Social Media: HG Markets is active on various social media platforms including Facebook, Instagram, and YouTube, where customers can connect, ask questions, and receive updates.

Head Office Address: The head office of HG Markets is located at 2 Race Course Road Lahore, Pakistan. The postal code provided is 54000.

Branch Office Support Channels:

Karachi Branch:

Authorized Person: Irfan Adhami

Address: BC-11 Block 5, Kehkashan Clifton, Karachi.

Telephone: +92 42 362 82812

UAN: (92-21) 111-800-000

Faisalabad Branch:

Authorized Person: Afzal Azad

Address: Koh-i-Noor One Plaza, Office 81 & 82, Ground Floor, Jaranwala Road, Faisalabad.

Telephone: +92 42 362 82812

Sargodha Branch:

Authorized Person: Tehmina Afzal

Address: Al Aziz Manzil, Club Road, First Floor, Opposite Cantonment Board, Sargodha.

Telephone: +92 48 3768470/73

contact details

Conclusion

HG Markets, despite offering a demo account, MT5 platform support, and low minimum deposit, presents concerns due to loose spreads, lack of regulation, and commission charges. While it provides convenient deposit and withdrawal options and comprehensive customer support channels, traders should exercise caution due to the absence of regulatory oversight.

Frequently Asked Questions (FAQs)

Q: What is the minimum deposit of HG Markets?

A: It is 6,000 PKR (around $22).

Q: Is HG Markets regulated or not?

A: No, it is not regulated.

Q: What is the spread offered by HG Markets?

A: HG Markets offers spreads starting from 3 pips.

Q: Does HG Markets support MT4/5?

A: Yes, it does support MT5.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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FX1616844387
more than one year
I've been a user of HG Markets for a while now, and I think it's important to share my honest experience. So far, I haven't seen profits from my trades, but I want to emphasize that this is not the fault of the company. It's crucial to remember that mastering trading is a challenging endeavor, and my results are entirely my responsibility. HG Markets provides the tools and resources, but success in trading ultimately depends on one's skills and decisions. I appreciate the transparency of the platform, and I'm committed to improving my trading strategy. Trading is tough, but with the right mindset, I believe I can turn things around.
I've been a user of HG Markets for a while now, and I think it's important to share my honest experience. So far, I haven't seen profits from my trades, but I want to emphasize that this is not the fault of the company. It's crucial to remember that mastering trading is a challenging endeavor, and my results are entirely my responsibility. HG Markets provides the tools and resources, but success in trading ultimately depends on one's skills and decisions. I appreciate the transparency of the platform, and I'm committed to improving my trading strategy. Trading is tough, but with the right mindset, I believe I can turn things around.
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2024-02-05 21:41
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FX1255356763
more than one year
I can highly recommend HG MARKETS. I have traded with several brokers, and due to their excellent customer service, it has been the best broker I have found yet.
I can highly recommend HG MARKETS. I have traded with several brokers, and due to their excellent customer service, it has been the best broker I have found yet.
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2023-02-27 14:01
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