If you have ended up on this Hallip review, then it means that you were looking for a broker to give you access to the financial markets. Who doesn’t want a shot at making a fortune? These financial markets, whether it is forex, stocks, indices, or cryptocurrencies, have helped many in accomplishing this dream. When you hear the success stories, it is natural for you to want the same and the good thing about trading is that it has become easier than ever. You don’t have to quit your job to get started either and can take it slow, until you figure it out.
With such convenience, the online trading space has seen an increase in traffic over the years, which intensified in the last year because of the global COVID-19 pandemic as well. As online brokers are a vital ingredient in the trading recipe, it comes as no shock that they are in high demand. The number of these firms has also been going up steadily to meet the rising demand, but the problem is that there is no guarantee of quality with this quantity. Like other online markets, this space has also seen a number of frauds and scams.
One of the notorious strategies used by these cybercriminals is posing as professional and quality brokers to trap traders into their con. Those who don’t have any knowledge, are not aware of the warning signs, or simply don’t do enough research, end up paying the price. A lot of people don’t bother, despite knowing about scams, because they don’t think it is possible to go through each of the brokers in the market. Of course, this wouldn’t be practical, but it doesn’t mean that you choose any platform without knowing much about it.
Looking at reviews is one of the best ways to learn the truth about a broker and ensure you are not signing up with a shady one. This is also applicable in the case of Hallip, one of the many that are offering online trading services. A look at their website should immediately trigger alarms in your head because their webpage is poorly designed and it lacks essential information about the company behind the brokerage. It appears to be overflowing with false claims and errors, but if you don’t know how to spot them, this Hallip review can definitely come in handy.
Lies about Regulatory Status
If there is one aspect of a brokerage that can tell you about its authenticity, it is its regulation and licensing and Hallip performs rather poorly in this regard. First and foremost, when you go through their website, you will find that they claim to be regulated in Cyprus as well as Belize. They have given a CySEC (Cyprus Securities and Exchange Commission) license number as well as one for the International Financial Services Commission (IFSC) in Belize. But, if you check the online registers of both these regulators, you will find that these are simply fake.
This shows that Hallip is providing misleading and untrue information to present itself as a legitimate broker, which it clearly isn’t. If that is not enough, then you should also consider that the Financial Commission (FinaCom) in Hong Kong has also issued a warning against this broker. The commission had received complaints about Hallip and they have warned that it may be an investment scam. Therefore, it wouldn’t be wise for anyone to sign up on a platform like this.
They have not provided any information about their founding company, or other relevant details either, which means it stays completely anonymous. No contact information is available either.
Lack of Legal Information
Of course, such details are of the utmost importance and you would want to be aware of them before signing up with a broker. Unfortunately, you will find no such document provided by Hallip and this is another red flag because no legitimate broker would expect their clients to sign up without knowing what they are agreeing to.
No Details about Trading Platform
Another important piece of information that seems to be missing on the Hallip website is details about their trading platform. Since this is the primary tool you use for trading purposes, you need to know exactly what you will be provided. The fact that Hallip has not given any details should tell you that this is no legitimate broker. A lot of scam brokers use this approach; they have no trading platform and just directly pocket the deposits made by people.
High Minimum Deposit
The minimum deposit requirement at Hallip is around $1,000, which is significantly higher than what other brokers charge. Again, this should act as a warning sign because the brokerage clearly intends to pocket the initial deposit and disappear. Since it is anonymous, there won’t be a thing you can do about it.
No Payment Methods Listed
If all of the above-mentioned aspects of the broker weren’t enough, there is one more issue with Hallip and that’s the lack of information about the payment methods they support. You can scour their entire website and not find even a slight mention of the methods you will be expected to use for making your deposits and withdrawals.
After you have checked the huge red flags that indicate Hallip is a scam, you can fully understand why this broker is a no-no when you want to start trading in the financial markets.