Unfortunately, HKBFX proved as an off-shore company that does not have a legitimate forex license. So if you’re not sure whether you should deposit your money with them , you should go through the review below.
Is HKBFX authentic?
HKBFX is an offshore broker that does not have a legitimate forex license, so it’s not legitimate. Take a look at the list below of brokers that are properly regulated within the UK instead.
As we mentioned, HKBFX operates as an off-shore broker that is managed and owned through HKB FX Limited – a company that is based in St. Vincent and the Grenadines.
Furthermore, HKB FX Limited says to be registered with the local financial Services Authority (FSA) of St. Vincent and the Grenadines as well as providing the company with a certificate of registration which some clients might incorrectly interpret as a valid forex license. Actually, this isn’t the case. FSA in St. Vincent and the Grenadines simply doesn’t regulate forex or FCD brokers or money managers, nor do they regulate financial institutions, other than pension funds, banks and the insurance industry.
The FSA has issued a cautionary statement about the whole thing. In March of 2018, they warned the general public to be aware that “the FSA does not issue any licenses to conduct activities related to FOREX trading or brokerage as well as Binary Options Trading nor does the FSA “Regulate the activities of, monitor Supervise, or License” International Business Companies (IBCs) which engage in such activities.” Find out the following for yourself:
The issue is that the local laws regarding St. Vincent and the Grenadines have been sloppy or ineffective There are a lot of shady and completely fraudulent brokers profit from the situation and claim to be as licensed and legitimate brokers, when they’re not.
The issue that HKB FX is facing HKB FX is exactly this. They even refer to local laws to tell us that it’s legal to provide whatever financial services they want such as account management that are not subject to any form of supervision. Check it out:
We will go into more detail about the subject of management of accounts within the subsequent part of our review but here we need to emphasize that you must have an appropriate forex license, such as the one provided through the Financial Conduct Authority (FCA) in the UK or as well as the Cyprus Securities and Exchange Commission (CySEC) as well as the Australian Securities and Exchange Commission (ASIC) is your sole security against being frauded.
A legitimate license indicates an agent is closely controlled, that it is required to adhere to certain ethical and fiscal rules and to keep track of any transactions with clients and allow audits by external auditors. For instance the brokers that are regulated by the European Union or the UK are required to keep at all 730 000 EUR which is a minimum operating capital that can be used to ensure every payment due to clients.
Additionally, they must keep all deposits from traders with an account that is segregated, with their funds. This will ensure that the money of traders is not used to pay to pay for daily operating expenses for the broker.
With brokers operating offshore like HKBFX on the other hand, there is absolutely every reason to be confident they won’t use your money for any purpose they wish, and they will offer the services that they committed to with good-faith. The problem lies with oversight. If you are dealing with brokers that are not regulated, you be relying on the honesty of the individuals who manage the business.
Additionally in addition, with UK and EU accredited brokers, you’ll enjoy the added benefit of the client compensation scheme. The majority of UK and EU accredited brokers are members of these schemes, which basically covers your trading capital to a specific amount, which is up to 85000 GBP for the UK and 20 000 EUR in the majority of EU countries.
| HKB FX Summary | |
|---|---|
| HKB FX Details | Information |
| Regulators | |
| Country |  Saint Vincent and the Grenadines |
| Base Currencies | USD |
| Type Of Brokers | ECN, STP |
| Trading Platform | Desktop, Mobile, MT4 |
| Established Year | 2020 |
| Website Language | English |
| US Clients | |
| HKB FX Spreads | |
|---|---|
| Option | Information |
| Minimum Spreads | 0.1 |
| Commission | |
| Fixed Spreads | |
| HKB FX Payment & Withdrawal Option | |
|---|---|
| Option | Information |
| Acc Funding Methods |  Skrill,  WebMoney,  Perfect Money,  Visa Card,  Master Card |
| Acc Withdrawal Methods | Skrill, WebMoney, Visa Card, Perfect Money, Master Card |
| HKB FX Suitable For | |
|---|---|
| Option | Information |
| Publicly Traded | |
| Beginners | |
| Day Trading | |
| Weekly Trading | |
| Professionals | |
| Swing Trading | |
| HKB FX Trading Account Options | |
|---|---|
| Option | Information |
| Maximum Leverage | 1:200 |
| Mini Account | |
| VIP Accounts | |
| Segregated Accounts | |
| Free Demo Accounts | |
| Managed Accounts | |
| Pro Account | |
| Minimum Deposit | $10 |
| Islamic Account | |
| HKB FX Trading Services | |
|---|---|
| Option | Information |
| Hedging | |
| News Trading | |
| Scalping | |
| Automated Trading | |
| Indices | |
| Commodities | |
| Forex instruments | |
| CFDs | |
| ETFs | |
| Stocks | |
| Bonds | |
| Cryptocurrencey | |
| Trading Signals | |
| Educational Service | |
| Copy Tradings | |
| HKB FX Contact & Support | |
|---|---|
| Option | Information |
| Telephone No | +44 20 3286 7351 |
| info@hkbfx.com | |
| 24 Hours Support | |
| Support During Weekends | |
| Address | Suite 305, Griffith Corporate Center, Kingstown, Saint Vincent & the Grenadines |
