Updated on February 13, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding HispaMarkets due to the issues we've identified.
Is HispaMarkets Scam or Legit Broker? ▲
Our thorough investigation advises traders to steer clear of HispaMarkets. The company operates under the ownership of Hispa Mkts LTD, an offshore entity registered in St. Vincent and the Grenadines. Known for its virtually non-existent regulatory measures and low setup costs, St. Vincent and the Grenadines has become a haven for dubious forex brokers like HispaMarkets. Our extensive research, which encompasses over 1000 brokers, highlights the significant risks associated with trading with brokers based in this jurisdiction. We have detailed articles on the hazards of engaging with St. Vincent and Grenadines-based brokers, underscoring the urgent need for caution.
HispaMarkets functions as a Forex and CFD brokerage, under the umbrella of Hispa Mkts LTD, which in turn is linked to 1000 Extra LTD. Both Hispa Mkts LTD and 1000 Extra LTD are offshore companies registered in Saint Vincent and the Grenadines, raising red flags regarding their legitimacy. The brand's affiliation extends to at least three different entities, further complicating its regulatory status. Moreover, the broker's main office is situated in Argentina, adding another layer of complexity to its operational base.
The presence of a small insignia of the Vanuatu Financial Services Commission (VSFC) on the website does little to reassure, especially since HispaMarkets has no official connection to this regulatory authority. The website accommodates several languages, including English, Spanish, Italian, Portuguese, French, Arabic, and Chinese, with a primary focus on the Spanish-speaking market, as inferred from its default language setting and the broker’s name.
The convoluted nature of HispaMarkets' registration details and its affiliation with multiple companies underscore the inherent risks and lack of transparency associated with this broker. It is our firm recommendation to avoid engaging with HispaMarkets for your trading needs.
In light of our extensive evaluation and considering the substantial risks tied to offshore brokers, we strongly advise against investing with HispaMarkets. A significant portion of offshore companies engage in fraudulent activities, making it imperative to choose brokers regulated by reputable authorities.
For those looking to trade safely, we suggest exploring brokerages regulated by stringent authorities such as the FCA in the UK, ASIC in Australia, or the Swiss FINMA. These regulatory bodies ensure a high level of transparency and accountability, protecting traders from the potential pitfalls associated with unregulated entities.
It's worth noting that the HispaMarkets website has become inactive and unreachable, indicating the broker may have ceased operations. Nonetheless, traders should remain vigilant and avoid any propositions that may arise from this or similar entities in the future, as the risks associated with offshore brokers persist.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
HispaMarkets Review 2024
