HutMarkets Review – Avoid the Scam Broker

HutMarkets Review

There was a time when people could only think about trading in the financial markets and making a fortune. With too many barriers to entry and hefty capital requirements, most people could not even fathom the thought of trying their luck.

Today, things have changed drastically and it is all because of technology and the internet. Anyone can trade in the financial market these days and they just need to open an account with an online broker to do so. But, this HutMarkets review tells you that you cannot just go with any brokerage you find.

Run a Google search and you will discover that there are thousands of companies offering their trading services and the numbers just continue to increase with each passing day.

Nonetheless, this does not mean that all of these companies are created equal. Yes, their services and features vary, but there is another major difference that you need to be aware of; not all brokers are genuine. It is not hard to find the reports of fraudulent brokers, with countless people suffering from losses at their hands.

These shady and criminal companies have become quite common and have managed to fool a lot of people. They have accomplished this goal by creating solid websites and adding features and claims that many find hard to resist.

Some of them imitate legitimate brokers and those who do not have a lot of knowledge fall into their traps. You do not want to make such mistakes because this will cost you your entire investment. But, how can you make sure you avoid this disaster?

You need to look beyond the offerings and evaluate a brokerage to find out the truth. Doing so in the case of HutMarkets makes it evident that you are dealing with a fraudulent broker. It makes false promises and not a single word it says can be trusted because nothing checks out. Find more details mentioned below.

No regulation

Two categories of online brokers exist in the market; regulated and unregulated ones. If you check the pattern of scam brokerages, you will find that almost all of them fall in the latter category. Since they are fraudulent, they do not get licensed because their goal is to take your money and disappear.

Obtaining a license is a lengthy and complex process for which companies have to fulfill a lot of requirements and only genuine companies that are committed to their clients will go through the process.

Which category does HutMarkets fall in? If you check out the website, you will discover that there is no mention of any regulation or licensing, which is already suspicious.

In addition, it claims to be based in the United States, but in order to operate from there, it would need a license from the Commodity Futures Trading Commission (CFTC) and also be a member of the National Futures Association (NFA).

But, if you check their online registers, you will not find HutMarkets listed, which means one of two things. First, HutMarkets is lying about where it is based, which is definitely not a good thing because it means you don’t know where it is operating from.

It is also possible that HutMarkets is operating illegally from the US and this also does not invoke any confidence in the company. As a matter of fact, it only establishes the fact that you are dealing with a fraud broker.

Absence of a trading platform

Why do you need the services of an online broker? It is because they connect you to the financial markets through the trading software they provide and also give you the trading conditions.

Without the software, you will not be able to execute any transactions, so this makes it essential to the entire trading process. Therefore, it comes as a big shock when you discover that HutMarkets does not have a trading software at all.

How is it an online broker when it does not have the feature that you need an online broker for? It does not make sense at all. When you log into the client area on the HutMarkets website, you will be asked to verify your account and that is it.

You are not offered an actual trading software, which means it is quite pointless to even go through the hassle of opening an account here because there can be no trading at all.

Good and genuine brokerages would usually offer their clients’ access to the MT4, or the MT5 trading platforms that are recognized as some of the best trading solutions that exist and are recommended by most professional and experienced traders.

Bad trading conditions

The trading conditions of a brokerage are also necessary to check out because they can also tell you if the broker is truly competitive and can allow you to achieve your trading goals. You should prepare to be disappointed with the trading conditions that HutMarkets offers because they are nowhere close to competitive.

First off, it asks for a minimum deposit of $500, which is higher than the average amount of $250. These days, most brokers do not ask for a minimum deposit higher than $10 in order to facilitate their clients.

Furthermore, you will also discover that HutMarkets has a huge commission of 25% applicable on your profits when you use trading signals. This is excessive and no authentic company would ever have such high fees unless they are a scam.

Misleading payment methods

When you check out how you can make deposits with HutMarkets, you will find that it offers a wide variety of payment methods available, including MoneyGram, Western Union, PayPal, Skrill and a number of cryptocurrencies as well like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, USDT and more.

But, if you wish to use any method other than crypto at HutMarkets, you have to get in touch with their team to ask about payment details. Unfortunately, you will not receive a response and this means you have to make deposits in crypto, which are final and not eligible for chargeback.

Wrapping Up

With these problems evident in the case of HutMarkets, you need to avoid the company and look for a genuine platform to cater to your trading needs.