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Horseforex -

Score

1.53 /10
Danger

Horseforex

Australia

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

Australia Appointed Representative(AR) Revoked

Suspicious Overrun

High potential risk

https://www.horsegroup.top/en

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Comparison

Quantity 102

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index7.17

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
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Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Horseforex PTY Limited

Company Abbreviation

Horseforex

Platform registered country and region

Australia

Company website

Company summary

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 7
Previous Detection : 2024-12-22
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 94 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Survey

Danger

Horseforex

Mauritius

WikiFX Verification

Exposure

102 pieces of exposure in total
Pyramid scheme complaint
Expose
Others

The website is disabled

Fraud broker. Pay attention

2021-06-30 13:03
Unable to Withdraw

Unable to withdraw

I deposited $40,000 in June but failed to withdraw. The manager said it was under review and even blocked me.

2021-09-17 13:54
Unable to Withdraw

The withdrawal of Horseforex hasn't arrived

It has been almost a month since Ma Hui, the withdrawal of funds is still not accounted. I have already commissioned it. I don’t know if it will work. The black platform is really cheating.

2021-06-15 13:30
Unable to Withdraw

Horseforex withdrawal of USD3000 has not arrived for two months

On March 1, 2021, I deposited US$3,000 on the scam platform Horseforex. After a month, I made a total of US$56. I applied for a full withdrawal on April 2, and the total amount of withdrawal was US$3059.8. No withdrawal was received on April 7, so I asked the customer service for help and was asked to provide the bank information. I provided it as soon as possible. The account was not received on 4.15. The customer service said that they were verifying and will transfer as soon as possible. On 4.28, the customer service said that after checking the account, the order is missed. They said it will be processed that day, and the account has not been received until today.

2021-06-21 19:57
Unable to Withdraw

Unable to withdraw

Unable to withdraw since June 1 which is disgusting. Now we can’t login

2021-07-05 23:50
Others

Unable to login

I am unfriended by the customer service. This broker should abscond. Does anyone here have some info about their boss?

2021-06-30 16:44
Unable to Withdraw

Unable to withdraw after profiting

Horseforex banned the account when he made a profit. The salesperson had blocked him, and the email did not reply. It was impossible to contact anyone related to Horseforex, spamming the black platform.

2021-06-15 20:47
Resolved

Unable to withdraw funds or contact the staff in Horseforex. Close my account

I registered on this platform when Mahui was separated from Aushui in 2019. During this period, I have been losing money for nearly two years until May 2021, and I have been losing money continuously during the period. The total deposit is about 13,000 US dollars. On 5.19, because of the short position in Bitcoin and Ethereum, the previous losses were earned back. Then I applied for withdrawal in the background on 5.20, and on 5.21, Mahui platform sent an email saying that the withdrawal request had been approved. During the period, the account has not arrived. On 5.23, Ma Hui emailed me saying that I had violated the rules, what arbitrage robots I used, and profited by delaying the quotation. My MT4 account was blocked directly, and I was also forbidden to log in in the background. I contacted Ma Hui and asked them to take out my transaction list and provide evidence of my violation. Ma Hui did not respond. If I could use these, would I lose two years before using it? Could it be that Ma Hui can only lose money, not earn money? Loss is correct operation? And what I pay out is still my own principal. Isn't that all right? From 5.23 till now, I contacted Ma Hui every day and contacted the customer service. There was no response, and the account manager did not reply. Ma Hui, pay back my principal and hard-earned money.

2021-06-15 16:35
Others

Unable to login

Abscond, mt4 account can't access, website can't access, completely run away

2021-06-30 21:42
Resolved

Trash Horseforex that does not withdraw

Trash Horseforex returns my 200000 dollars. Only allow to lose but not make profit. Do not allow to withdraw once you win. Trash Horseforex

2022-01-16 17:18
Unable to Withdraw

Unable to withdraw

I’ve invested over $60,000 since November 2019 and withdrawn over $10,000. Now there is still $16,000. And there is over $1,300 in my commission account. And withdrawals won’t be processed since May 16, 2021. At the beginning, they replied to me that they were changing the deposit channel of the digital currency. Now they just ignored me. Unable to access to customer center. They are not afraid of breaking laws?

2021-06-18 13:36
Unable to Withdraw

Unable to withdraw in Horseforex. Close my account. Out of contact

I registered on this platform when Mahui was separated from Aushui in 2019. During this period, I have been losing money for nearly two years until May 2021, and I have been losing money continuously during the period. The total deposit is about 13,000 US dollars. On 5.19, because of the short position in Bitcoin and Ethereum, the previous losses were earned back. Then I applied for a withdrawal of US$3,000 in the background on 5.20. On 5.21, the Mahui platform sent an email saying that the withdrawal request had been approved. During the period, the account has not arrived. On 5.23, Ma Hui emailed me saying that I had violated the rules, what arbitrage robots I used, and profited by delaying the quotation. My MT4 account was blocked directly, and I was also forbidden to log in in the background. I contacted Ma Hui and asked them to take out my transaction list and provide evidence of my violation. Ma Hui did not respond. If I could use these, would I lose two years before using it? Could it be that Ma Hui can only lose money, not earn money? Loss is correct operation? And what I pay out is still my own principal. Isn't that all right? From 5.23 till now, I contacted Ma Hui every day and contacted the customer service, but the account manager did not respond. Do you just want to eat the client's principal directly like this? Ma Hui, pay back my principal and hard-earned money.

2021-06-16 19:34
Unable to Withdraw

Cannot withdraw and freeze account

Freeze account due to risk control, I was asked to pay margin and I cannot withdraw

2021-07-08 15:32
Others

Fraud platform

I deposited more than $1300 and made profits. But I was unable to withdraw and the account was blocked by the platform. There was no response.

2021-09-22 16:35
Unable to Withdraw

I've applied for withdrawal for nearly 20 days

On the morning of May 25 this year, I applied for a withdrawal of US$932.23, and then I received an email that passed the review in the afternoon (Figure 1), but I never paid. I looked for customer service feedback, but kept dragging, saying that the domestic digital currency exchange channel is prohibited, allowing customers to deposit and withdraw through digital currency, and then I registered a digital currency website as required and gave the USDT wallet address, and the customer service came I have to wait for another week (Figures 2, 3, and 4 are screenshots of communicating with customer service), but now I can’t even access the login webpage, big liar!

2021-06-15 18:06
Unable to Withdraw

Horseforex give my money back

I registered on this platform when Horseforex was just separated in 2019. During this period, I have been losing money for nearly two years until May 2021, and I have been losing money continuously during the period. The total deposit is about 13,000 US dollars. On 5.19, because of the short position in Bitcoin and Ethereum, the previous losses were earned back. Then I applied for a withdrawal of US$3,000 in the back end on 5.20. On 5.21, the Horseforex platform sent an email saying that the withdrawal request had been approved. During the period, the account has not arrived. On 5.23, Horseforex emailed me saying that I had violated the rules, that I have used arbitrage robots, and profited by delaying the quotation. My MT4 account was blocked directly, and I was also forbidden to log in in the back end. I contacted Horseforex and asked them to take out my transaction list and provide evidence of my violation. Horseforex did not respond. If I could use these, would I lose two years before using it? Could it be that Horseforex can only lose money, not earn money, and if it makes money, it is an illegal operation? Loss is correct operation? And what I pay out is still my own principal. Isn't that all right? From 5.23 till now, I contact Horseforex every day without any response. Do you just want to eat the client's principal directly like this? Horseforex, pay back my principal and hard-earned money.

2021-07-08 19:51
    Sources
    Data Source WikiFX Data provide
    Updated: 2024-12-22
    Horseforex · Company summary

    Note: Horseforex's official website: https://www.horseforex.com/ is currently inaccessible normally.

    Horseforex Review Summary
    Founded2016
    Registered Country/RegionNew Zealand
    RegulationASIC unsubscribed, FSPR revoked, suspicious ASIC clone
    Market InstrumentsForex, crypto, CFDs on stocks, indices and commodities
    Demo Account✅
    SpreadFrom 1.8 pips (STP account)
    From 0 pips (ECN account)
    LeverageUp to 1:400
    Minimum Deposit$50
    Trading PlatformMT4, MT5
    Customer SupportEmail: support@Horseforex.com;
    Address: Level 3, 292 Church Street Palmerston North Palmerston North 4410

    Horseforex Information

    Horseforex is a New Zealand registered brokerage company who offers trading services in forex, crypto, CFDs on stocks, indices and commodities. It provides a demo account for practicing and two live accounts with a minimum deposit of an affordable $50. Trades can be executed on the industry-leading MT4 and MT5 platforms.

    However, the broker currently does not maintain functional website, leaving the public unknown about its operational status, some believe that the broker is out of business already. Furthermore, the broker claimed to operate and being regulated in Hong Kong, Dubai, New Zealand, and Mauritius, but after investigation, the broker actually holds an unsubscribed ASIC license, a revoked FSPR license, and a suspicious clone ASIC license, which indicates no compliance to these institutions at all.

    Regulatory Status

    Horseforex is regulated by ASIC (Australia Securities & Investment Commission), FCA (Financial Conduct Authority), FSPR(Financial Service Providers Register) with licenses numbering at 001276032, 672971 and 330757 respectively. However, all these licenses are either unsubscribed, revoked, or suspected to be fake clones, indicating that the broker might disguise itself as some other companies to mislead investors and conduct fraud activities. You should be highly aware about this and be vigilant with this broker.

    Regulated CountryRegulatorCurrent StatusRegulated EntityLicense TypeLicense Number
    Regulatory Status
    		HORSEFOREX PTY LTDUnsubscribedASICAppointed Representative (AR)1276032
    Regulatory Status
    		HORSE GROUP LIMITEDRevokedFSPRMarket Making (MM)672971
    Regulatory Status
    		Alpha Securities Pty LtdSuspicious CloneASICStraight Through Processing (STP)330757

    Downsides of Horseforex

    Unavailable website: Horseforex's website cannot be opened currently.

    Regulatory concerns: The licenses the broker hold from ASIC and FSPR are unsubscribed, revoked or suspected to ba fake clone, meanig that it does not comply to rules from these regulatory authorities. This heightens trading risks with them.

    Limited transparency on commissions: The broker does not disclose necessary info on commission that traders cannot understand well about their total trading costs.

    Limited customer service channels: Horseforex can only be accessed by email and address, more immediate and comprehensive methods such as phone, live chat are not readily available.

    What Can I Trade on Horseforex?

    Horseforex provides trading services to several trading instruments, mainly in 5 asset classes.

    Forex: Forex, or foreign exchange, is the global marketplace for trading national currencies against one another, facilitating international trade and investment. Horseforex offers more than 35 currency pairs.

    Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, such as precious metals as well as energyproducts like crude oil.

    Stocks: Stocks represent ownership stakes in large companies such as Apple, Tesla etc..

    Indices: Indices are statistical measures that represent the performance of a group of stocks.

    Cryptos: Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology.

    When dealing with investment activities, always adhere to the principle of diversification by allocating funds across various products rather than coHorseforexntrating on a single one you feel optimistic about.

    Tradable InstrumentsSupported
    Forex✔
    Commodities✔
    Indices✔
    Cryptocurrencies✔
    Shares✔
    Bonds❌
    Options❌
    Mutual Funds❌
    ETFs❌

    Account Type/Spreads

    Horseforex provides a demo account for testing new strategies before tapping into real trading to avoid losing real money. For live accounts, the broker offers a STP and an ECN account, both with a minimum deposit of $50, affordable to most traders. Spread is from 1.8 pips in the STP account while much tighter from 0 pips in the ECN account.

    Account Type/Spreads

    Leverage

    The leverage offered by Horseforex is capped at 1:400, which is higher than the standard usually below 1:30 set by EU regulators. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

    Trading Platform

    Horseforex offers the world-renowned and industry-leading MetaTrader 4 and 5 platforms, which are popular and well-acclaimed with their intuitive interface, automated trading by Expert Advisor, customizable charting tools and robust analysis functions.

    Deposit & Withdrawal

    Horseforex accepts multiple options to fund your accounts: bank wire (bank transfer/SWIFT), Alipay, Bitcoin, PayPal, UnionPay and WeChatPay, with some of their target to Chinese users mainly.

    User Reviews

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    User comment

    4

    Comments

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    FX1758944909
    more than one year
    Horseforex offers tight spreads and flexible account types, which is great for cost-effective trading. The low minimum deposit and high leverage are attractive, but the lack of regulation is a big downside. The MetaTrader platforms are solid, but the limited educational resources and customer support can be frustrating. Overall, it’s a decent option if you’re comfortable with the risks.
    Horseforex offers tight spreads and flexible account types, which is great for cost-effective trading. The low minimum deposit and high leverage are attractive, but the lack of regulation is a big downside. The MetaTrader platforms are solid, but the limited educational resources and customer support can be frustrating. Overall, it’s a decent option if you’re comfortable with the risks.
    Translate to English
    2024-08-16 14:32
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    陌生人9267
    more than one year
    ¡No negocie con Horseforex! Totalmente una empresa de estafa. Rechazaron mi solicitud de retiro por varias razones. También afirmaron congelar mi cuenta para investigar mi supuesto comportamiento sospechoso.
    ¡No negocie con Horseforex! Totalmente una empresa de estafa. Rechazaron mi solicitud de retiro por varias razones. También afirmaron congelar mi cuenta para investigar mi supuesto comportamiento sospechoso.
    Translate to English
    2022-11-28 17:21
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