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There are thousands of brokers operating in the financial markets, but finding a suitable one is not an easy task. Why? This is because despite the number of companies that exist, not all of them prioritize the needs of their customers. Many of them offer mediocre services and getting stuck with such platforms can be quite frustrating for people. But, the worst thing that can happen is that you could also end up with a fraud broker. This is something you want to avoid and this requires due diligence and attentiveness on your part. Checking out this HAST review can come in handy in this situation.
If you think that you can just glance at a broker’s website and figure out whether it is a good, mediocre or scam broker, then you are very much mistaken. Sure, it was possible to do that a long time ago because the websites were quite shoddy and had some obvious flaws that made it easy to figure things out. Things have changed since then because these days, even fraudulent websites are so well-designed that it is not possible to discover the truth about them so easily. How do you resolve this dilemma?
The simplest way to go about it is to not sign up with a brokerage blindly and to see if they have any issues. The nature of the issues can also make a big difference because there are some things you cannot compromise on. When you make this much effort, you will be able to choose a brokerage that is just right for you and can help you accomplish your goals. This is what you should do with HAST as well, which is one of the forex brokers that are offering their services in the market.
A look at the website of the HAST broker is not enough for you to make a decision about whether to sign up with them, or not. You need to do a bit of research to know if there are any issues and, as it turns out, HAST does have a number of issues that make it an unacceptable choice for you. What are they? Go over them below:
Licensing and regulation
If there is one thing that you need to look into before signing up with any broker, it is their licensing and regulation. Anyone with even a little bit of experience in the financial markets will tell you that opting for a licensed broker is the best route to take because they can offer you lots of protections and offer you a secure and professional trading environment as well. You need to check HAST for its licensing and regulatory status before making a decision about it.
This is when you will find that HAST states that it operates from Saint Vincent and the Grenadines, but it is licensed in Mauritius. There are several problems with these claims. First off, you should note that their registration in Saint Vincent and the Grenadines is of no value at all because this is an offshore jurisdiction and its Financial Services Authority (FSA) has clearly mentioned that they do not regulate the forex industry altogether.
Therefore, it has become a hotspot for scam companies because they do not have to worry about accountability at all. As for the license in Mauritius, you can check the Financial Services Commission’s online register and not find HAST listed anywhere. The broker is not regulated in Mauritius either, even though they do not have as strict regulations as that of other jurisdictions. The fact that HAST does not meet their requirements shows that the company is not up to any good.
Problem with trading platform
One of the most attractive offerings that you will find at HAST is the MT5 trading platform. If you have done any research, then you will come to know that the MetaTrader 5 is recognized as the top trading solution in the market. It is an award-winning platform that boasts all the latest features and tools that traders could need for executing their trades and helps them in making maximum profits.
However, when you try to access the MT5 on the HAST website to take a look, you will come to know that they do not let you access the platform until you have made an account with them. This is an issue because it means that you cannot test the platform and check their trading conditions beforehand. Furthermore, there is a possibility that the platform may not be available altogether and you do not want to deal with that either.
Unattractive trading conditions
The trading conditions of a brokerage are extremely important because they directly affect your bottom line and performance. Leverage is one of the most important trading conditions that you need to know of because it determines how much flexibility you can have. This is one area where HAST has done its level best to draw people to its platform because it offers leverage as high as 1:400. This could give you a lot of room to trade, but you have to remember that leverage is a double-edged sword.
There is a risk of high losses as well, due to which brokers have imposed a cap on the amount of leverage that can be offered to traders. Yet, you will find that HAST is offering leverage levels that are too high and risky.
No chargeback possible
Yet another issue that you will encounter when you check HAST and its offerings is of its payment methods. You have to make deposits and withdrawals routinely and when you check what options are available, you will find that they only give you the option of making bank wire transfers. Why is this a problem? This payment option does not come with the feature of chargeback and this means there can be no refund if there is a scam.
These issues with HAST can tell you that this is not a kind of broker you should deal with because it does not appear to be legitimate at all.