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HandSwift Trading Review – Learn More About This Broker Scam Activities
Table of Content
HandSwift Trading Review, Online trading industry attracts lots of people all over the world. Obviously, it gives traders an opportunity to make profits. However, it is simultaneously associated with financial risks because of two major reasons. The first one is due to volatile markets, and the second one is caused by the growing number of scam brokers. In today’s analysis, we focus on the latter.
As an online trader, you might want to invest with a HandSwift Trading broker. However, this would be a bad idea, money-wise, because HandSwift is an unlicensed brokerage firm offering unfavorable trading conditions and is most likely involved in fraudulent trading activities.
So, please proceed with our HandSwift Trading review and learn more about this broker scam activities.
|Minimum Deposit||500 $|
|Broker Type||Binary options broker|
Trading Regulation and Fund Security
There are many reasons why traders should pay no attention to this bogus broker. One of them is certainly its lack of trading credentials. In terms of regulation, HandSwift Trading claims that it is registered in one of the premium jurisdictions, the United States. Although the US market is quite popular, it is among the most stringent ones.
Thereby, all US-based brokers or those who want to operate there must be licensed by a US financial market regulator (CFTC or NFA). After investigation, we have discovered that HandSwift Trading is not authorized to provide online financial trading services on the US market or any other markets.
Being an unauthorized broker can only be interpreted as a high risk to your investment since no one supervises the broker’s activities and no money withdrawal guarantees. Therefore, dealing with HandSwift Trading will put your finances in jeopardy.
If you want peace of mind, trade with forex providers accredited by top-tier supervisory bodies (CySEC, FCA, ASIC, BaFin, etc.) since you are covered by their indemnity programs in event of brokers’ insolvency (e.g., FCA compensates for up to 85,000 GBP). Also, certified brokers implement negative balance protection and segregated accounts to minimize the risk associated with trading.
Trading Platform Overview
Speaking of trading programs, HandSwift Trading even here breaks the rules, viz., its internet-based trading platform is based on binary options trading, which is regarded as gambling, and as such, prohibited in many jurisdictions. Many fraudsters use a binary options platform that consists of call and put buttons, i.e., yes/no actions for trading.
For most out of trading, we suggest an online financial trading company offering one of proven and tested trading platforms, such as MetaTrader 4 and MetaTrader 5. These programs ensure successful and safe trading on any device by providing advanced features like copy trading, automated trading, stop loss, and expert advisors.
Available Account Types
In relation to available trading accounts at HandSwift Trading, we don’t know what type of account it provides since this shady brokerage firm is not transparent about it. But, we know that it requires a 500 minimum deposit, which is, from our perspective, an unnecessary risk. The vast majority of legitimate brokers offer standard accounts with less than a 10 USD deposit.
Trading Instruments and Markets
Fraudulently imitating a genuine forex provider, HandSwift Trading guarantees many trading instruments on its manipulative trading software. However, you should not count on its fake promises.
In addition, its gargantuan leverage of 1:5000 makes us laugh. Many markets restrict leverage to a certain amount for retail traders (1:30/UK and EU and 1:50/USA). It is a great tool for profits but is risky, and bogus brokerage firms set it up really high to entice traders.
Every investment scam boils down to one thing — stealing money. Financial swindlers employ many malicious tactics to con you. One of them is linked to deposits and withdrawals.
A fraudster like HandSwift Trading is ambiguous about accepted means of payment, processing time, and related fees to easier manipulate you more.
Unlike scammers, you can deposit/withdraw funds via credit cards, wire transfers, and e-wallets with legit brokers. They are also transparent about transaction costs and time.
I Was Scammed by HandSwift Trading – How Can I Get My Money Back?
In case you got scammed by a HandSwift Trading scam, it is essential to take immediate action. This could include informing the authorities, seeking help from cyber security experts, and sharing your negative experience online to alert others (e.g., posting negative HandSwift Trading reviews).
Also, getting your money back is possible, but chargebacks depend on the funding methods. For example, cashback is feasible if using Visa or Mastercard, while bank transfers are reversible to some extent (i.e., until a victim authorizes a transaction). Crypto payments are most difficult to reverse but still probable.
Finally, anyone can be defrauded, so don’t feel humiliated for reporting cyber fraud. Learn from your mistake, and next time think twice before taking any risks while investing money.
HandSwift Trading Summary
At the end of this HandSwift Trading broker review, let’s outline the most crucial findings.
- HandSwift Trading is allegedly headquartered in the US but fails to prove it. However, there are no details about this company in the registers of the Department of Corporations, meaning that HandSwift Trading is totally anonymous.
- Moreover, it is also an illegal broker since it doesn’t hold any broker’s license (the US nor any other).
- Anyway, if you ignored the above-mentioned for a moment, this unscrupulous broker would still be a bad idea due to its outdated trading platform, poor trading conditions, and high deposit amount.
Lastly, if you need assistance with selecting the right forex broker or anything related to online trading, get in touch with us.
FAQs About HandSwift Trading Broker
Is HandSwift Trading A Good Broker?
No, it is the opposite, HandSwift Trading is an unlicensed and untrustworthy broker.
How Long Do HandSwift Trading Withdrawals Take?
It remains unknown, but we doubt that withdrawals are even possible with this fraudulent broker.
Does HandSwift Trading Offer a Demo Account?
No, it doesn't since it is a dishonest scam broker.