Legit Broker or Not?
HashTrade is an online broker for UK-based markets. While you do have the option of directly signing up, there are also automatic trading bots that use the broker behind the scenes to collect the money for them.
The use of an auto-trading bot allows you to trade cryptocurrencies, such as Bitcoin, as well as other assets of interest including CFDs, stocks, and forex. Reviews of this broker, particularly on its corresponding Google Play Store page, shower it with praises.
We spent a lot of time collecting a slew of information, as well as doing some observation and testing.
Based on what we have seen and the data we have gathered, we have no reason to think that HashTrade is a legitimate broker. Why is that the case? Well, the information below breaks it down into various elements. Following the review, we are going to highlight some alternatives that you can choose from, which keep you on the legitimate side of the fence.
What to do instead?
We know that our review of HashTrade is not encouraging, but don’t be too quick to give up on your trading dreams. There are platforms out there that are much better and trustworthy. We’ve got them all lined up for you in our best online brokers guide. It’s a good place to find a broker that suits you.
Table of Contents
- What to do instead?
- What Is HashTrade?
- What You Should Get from HashTrade and Why You Don’t?
- Regulations and Safety of Your Funds
- HashTrade Not Legit: The Software
- Why Use Auto-trading Websites?
- Why Work with a Legit Broker?
- Signing Up with HashTrade (NOT RECOMMENDED)
- Signing Up with Other Brokers
What Is HashTrade?
Allegedly, HashTrade is a best-in-class trading platform that features both a website and a mobile application. It allows for direct signup and use, as well as behind-the-scenes operation through a series of auto-trading websites.
The assets available include shares, forex, and indices. Of course, the share listing consists of a series of top-performing companies worldwide. Additionally, it prides itself on its top-of-the-line trading technology, which we are yet to see perform.
What You Should Get from HashTrade and Why You Don’t?
First, it’s hard to even get to the point of seeing what you are offered. Without either signing up or signing in, your access to the admittedly engaging website is very limited.
Should you choose to progress, there is a series of promises made including educational resources and preposterous signup bonus claims. How farfetched is it? Well, the minimum deposit is $500, and you are promised as much as 80% of the said deposit as a signup bonus.
We can confirm that this is not true. Instead of getting back a percentage of your initial spend, what you end up in is a retention agent cycle.
The workflow here is simple. You sign up on HashTrade and make your deposit hoping to get a signup bonus and some trading done. It doesn’t take too long to realize that this is not happening, so your instinct is to contact customer support.
Instead of traditional agents, retention agents are used, which are people who pretend to care about your plight, while offering redress at a cost. It’s a perpetual sham, which aims to get you to continue spending though there is no benefit to you.
There are also auto-traders out there that use HashTrade in the back end, and we have found that they are all fraud sites themselves.
Regulations and Safety of Your Funds
According to HashTrade, it is based in the UK. However, we took no time to discover that its real location is Dominica.
The Financial Conduct Authority (FCA) is an example of a regulatory agency that licenses UK-based brokers. We’d advise you to check its listings for any broker that claims to be based there.
It’s no surprise that there is no listing for HashTrade. Beyond the fact that Dominica itself is known for a host of not legit sites, most of them report the same address that is being used by HashTrade.
PrimoTrade and Paragon Finance are two examples of other supposed UK-based entities that are using the same Dominican address as HashTrade, and they were blacklisted by the FCA for fraudulent operations.
HashTrade Not Legit: The Software
HashTrade uses the popular MetaTrader 4 platform, as well as the mobile app. The use of an MT4 platform can often lead to some level of confusion, especially when users know that it can be reliable. It’s incredibly accessible, offers a series of simple to advanced tools, and the user experience is quite intuitive.
We would also like to take this opportunity to say that legit MT4 brokers come highly recommended. Note, however, that auto-trading software is preferred by most people who opt to use brokers. Even if HashTrade were legit, automatic trades are not possible, so everything would require manual intervention.
As we’ve mentioned before, you can find auto-traders that use HashTrade in the background, but since we’ve already established that it’s not legitimate, we would not recommend pressing forward with any of them.
Why Use Auto-trading Websites?
In the financial world, it’s quite often more beneficial to do business with the source instead of an intermediary. However, that concept does not necessarily apply when you are dealing with auto-traders and brokers. You may be wondering, why use an auto-trader at all if you can go directly to the broker?
The major justification is from the standpoint of knowledge and experience. Many persons have never traded assets online before. If this sounds like you, then you may be under the impression that all it takes is a little time to learn and all should be well.
This couldn’t be further from the truth, as learning the nuances of the trading industry is not something that happens overnight. If the problem were just the time cost, it may still have been advisable for you to wait it out and use the broker. However, you can also cost yourself quite a bit financially.
If you decide to use an auto trading website, much of what you would not be qualified to handle is done for you. All that’s required is for you to sign up, add the funds you wish to invest, choose your trading criteria, and let the automation work for you.
There is a broker in the back end just the same, so you are going to get connected with one, and the algorithm is going to work with the broker to conduct trades on your behalf based on the parameters that you have set.
As we would have indicated before, the kind of auto traders that use HashTrade in the background tend to be illegitimate. They claim to use a well-known algorithm, but we cannot even see evidence of trades happening.
Instead, an initial strategy of giving you predetermined wins is used to entice you to invest even bigger. Not only can you not withdraw any funds, but opting to use the so-called customer support ends up landing you in q conversation with a retention agent who is only concerned with getting you to throw away even more cash.
Why Work with a Legit Broker?
As far as legitimate brokers go, there is a wide variety that we could recommend for you. However, we would not be doing our job if we did not indicate that using an auto-trading bot is the better way to go.
Based on your location, you are redirected to the most optimal broker. The next step is to make your initial deposit to begin investing. We would like to use this opportunity to state our unwavering belief in platform comfort. Stop and take the time to understand anything that you put your money into, even beyond the world of trading.
Check out the site and ensure you understand and are willing to trade under whatever conditions may be laid out. One of the best parts is not having to worry about a compromise of your payment information. A secure channel is used, which you can verify based on the padlock beside a website name that indicates an SSL certificate is present.
Signing Up with HashTrade (NOT RECOMMENDED)
Though we may have gone in-depth to indicate that hash trade is not trustworthy, you may want to march to the beat of your own drum and give it a try. while taking that course of action would not be our preference, you may still want us to cover how the signup process would work.
You are presented with an incredibly simple form that requires your name, the desired password, your email address, your country, and your phone number. You must then accept three different terms before you are allowed to sign up. The first indicates that you are not a citizen of the United States or the United Arab Emirates, as membership from these countries is not allowed.
Finally, you must also agree to be contacted by phone or email, while indicating that you went of your own volition. The minimum deposit is $500, which is a bit higher than the typical figure.
We know we may be belaboring a point, but we would again like to say that we strongly advise against using HashTrade directly or using any bot that has it running in the background.
Signing Up with Other Brokers
Thankfully, using a recommended broker doesn’t have a process that’s too far removed from the simple one alluded to above. Just remember that going the broker route requires a certain level of experience.
Once you fill out the required form and deposit your funds, it’s time for you to begin your trading.
We wholeheartedly believe that HashTrade is not legit. The retention agent cycle is used, it pretends to be based in a location it’s not, and there is no regulatory agent listing for it.
Choose more reputable brokers, such as eToro.
Quite a bit has been covered, but you may still have direct questions that you want answered. Have a look at the FAQ section for more information.
Is HashTrade Legit?
Yes, there is no doubt in our minds that HashTrade is not legit, and you are going to lose any money you put in.
Can I Go to a Reputable Broker’s Site Directly?
Nothing is going to stop you from directly going to the broker, but remember that more experience is required, and more manual work is involved.
What Can I Use Instead?
eToro is a good broker to choose. Alternatively, you can use 1K Daily Profit if you want an automated trading experience.
HashTrade Review: Hoax or Legit?
This review takes an in-depth look at HashTrade, indicating its legitimacy and potential alternatives you may consider.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More