Horseforex.com Review Is Horse Forex Legit Or A Scam

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Horseforex.com Review: Is Horse Forex Legit Or A Scam?

Horse Forex Review: this is the name of a Forex broker whose location is not clear. We are guessing that the broker is located either in Dubai, Mauritius or New Zealand. Is horseforex.com a legit broker or a scam?

The parent company of this brokerage is Horse Group Limited. It has a New Zealand location and a license there as well. Horse Forex is also found to be operating from Mauritius under the alias: Ausinvest ltd. A Dubai license is also mentioned on the page.

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This broker claims to offer clients the best trading instruments and conditions. Their customer service runs 5 days a week and they offer webinars and other educational tools.

Horse Forex Trading Platform

It is mentioned that Horse Forex trading software is operated on a MetaTrader platform available to all their clients.

Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.

This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders includes: 60+ global currency pairs, 5 cryptocurrencies, CFDs on precious metals, stocks, commodities (cocoa, sugar, wheat, and more), and major indices.

A leverage of 1:400 is offered as a maximum and the spreads are said to begin from 0.0 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

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Deposit and Withdrawal methods on Horse Forex

Deposits and withdrawals maybe carried out with this broker via Credit Cards or International Transfer. We could not find information on this.

It does not provide much options for payment and is not a good sign.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $50 is required to start trading with this broker and no information is given on the charges and fees on withdrawals.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Horse Forex Licensed?

Although, Horse Group Ltd, is licensed in some locations we found that it is not registered as a forex broker. In New Zealand, it is registered as a “creditor under a credit contract” and as an “investment dealer” in Mauritius.

This means that the license does not place it under the same strict rules as regulated Forex brokers. In essence, fund misappropriation may not be under any authority.

Support

Customers can contact the customer care representative by filling an online message request form.

Conclusion

Horse Forex is not a regulated forex broker and it has an offshore branch. The website publishes misleading information regarding this, making it difficult to trust this broker.

Trading conditions however seem good but may not necessarily be true on live accounts. Its deposit minimum is also affordable.

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Horse Forex Review – is horseforex.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
STP $50 1:400 1.8 Pips
ECN $50 1:400 0.0 Pips

Horse Forex is a forex and CFD broker that offers two account types and trading on two platforms – the MetaTarder4 and MetaTrader5. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with this brokerage.

Horse Forex Advantages

Both MT4 and MT5 available

Horse Forex supports both MetaQuotes’ platforms – the MetaTrader4 and the MetaTrader5. Those two share a lot of similarities, most of which are highly praised by the forex community: the top-notch charting and market analysis tools, the support of automated trading bots (Expert Advisors), the customization options, and more.

Besides, users of the MT5 can trade in OTC products and exchange-traded stocks from one and the same account.

Low initial deposit, high leverage

It is always preferable to start out with a small deposit, which you can afford to lose. Clients of Horse Forex can open a live account by depositing $50 and make use of the leverage of up to 1:400, which is pretty high.

Keep in mind that using leverage ratios that high is very dangerous, especially for inexperienced traders. Trading on margin is risky, so make sure you understand how leverage works, before you lose everything.

Solid selection of assets

Horse Forex’s offer is also quite broad in terms of assets available for trade. It includes a many currency pairs, and a huge selection of CFDs – on indices, commodities, stocks, and the most popular cryptocurrencies.

Registered as a FSP in NZ, and as an investment dealer in Mauritius

One of the companies behind the Horse Forex brand, Horse Group Limited, is indeed registered in the Financial Service Providers Register of New Zealand. However, it is not registered as a derivatives issuer, nor is licensed by the NZ Financial Markets Authority, as all forex brokers operating in the country should. Instead, it is simply registered as a “creditor under a credit contract”.

Click on th eimage to view full size.

Registration as a creditor under a credit contract in the NZ FSPR is a straightforward process that simply involves providing information. There is no test of qualifications or expertise, or anything of the kind. Yet, they have to join a dispute resolution scheme, if the if the creditor has a place of business in New Zealand.

Click on th eimage to view full size.

Another firm which is allegedly part of the Horse Forex Group, Ausinvest Ltd., is also registered as an investment dealer (broker) in Mauritius. Although Mauritius is an offshore zone famous for their light-touch forex regulation, registered brokers must satisfy some prerequisites such as to have net tangible assets of at least MUR 1 000 000 (around EUR 25 000), and to keep client funds in segregated accounts.

Unlike with the FCA and other EU regulators FSC places little emphasis on compliance-checking, reporting and supervision and companies at not required to detail individual transactions.

While neither the FSRP registration in New Zealand, nor the Mauritius license of Horse Forex can be referred to as a proper forex broker regulation, it is still better than nothing.

Horse Forex Disadvantages

Not regulated as a forex broker

This broker’s website has mentioned four companies allegedly operating in 4 different jurisdictions – Hong Kong, Dubai, New Zealand, and Mauritius. It actually claims to be regulated in all of them, except Hong Kong. Yet, our research revealed that that Horse Forex is not regulated as a forex broker in neither of these countries, except in the offshore zone, which doesn’t actually count as a proper license.

As we already discussed above, Horse Group Limited is really registered in New Zealand, but as a creditor under a credit contract, and not as a derivatives issuer. So, the broker is not licensed by the NZ Financial Markets Authority (FMA), as all forex brokers operating in the country should.

As regards the DMCC license of Horse Forex’ Dubai entity, we should note that the Dubai Multi Commodities Center isn’t a regulatory authority and doesn’t actually provide any protection.

A DMCC license doesn’t give a broker the right to market its OTC products in the UAE, so in fact such license holders are operating in the grey area. Forex brokers operating in Dubai have to be licensed by the Dubai Financial Services Authority (DFSA) or the Central Bank of United Arab Emirates (CBUAE), which is the regulatory authority in charge of financial services providers in all seven Emirates that constitute the UAE

Spreads above the average

Actually, as announced on its website, the Horse Forex’s spreads on STP accounts don’t seem very attractive, floating around 1.8 pips on EUR/USD. When we tested the broker’s MT4 in demo mode, the spreads were as announced:

Click on the image to zoom in.

The majority of forex brokers offer spread within the range of 1.0 – 1.5 pips for this pair. For further information and comparison, check out the below link:

Conclusion

Horse Forex is not a properly licensed forex broker and does not inspire a lot of trust, given the fact that it tries to mislead investors that it is regulated in several jurisdictions. As always in such cases, we would advise you to avoid such limited credibility providers and invest only in reliable and well regulated brokers.

Below, you may find a list of brokerages authorized and regulated by the Australian Securities and Investments Commission (ASIC).

And finally, here are the highlights of the present review of Horse Forex:

Pros Cons
Both MT4 and MT5 available Not regulated as a forex broker
Low initial deposit, high leverage Spreads above the average
Solid selection of assets
Registered as a FSP in NZ, and as an investment dealer in Mauritius
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

LCM-FX.com Review: Is LCM-FX A Legit Or Scam Broker?

LCMFX Review: this is the name of a Forex broker that claims to be based in New Zealand. Is lcm-fx.com a legit broker or another scam?

The broker is said to be registered in New Zealand where it is based. However, we found that although it previously held a license there, in 2020, it seems to have been deregistered. The registration page of the commission tags it “Overrun”.

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It offers traders a Multi Account Manager feature and claims to have multiple partnerships. Security of funds is assured also and the leverage maximum and trading platform offered are encouraging. The address of this broker is:

Suite 1008-1009, 300 Queen Street, Auckland, 1010 New Zealand.

When we investigated the trading instruments offered traders, the broker announced that it would soon start cryptocurrency trading. This is good to know as many traders are beginning to delve into digital currency trades.

LCM-FX Trading Platform

The broker claims to offer traders the opportunity of using the MetaTrader 4 trading platform.

Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.

This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered are not very encouraging as they include about 30 forex pairs, and CFDs on silver and gold. But like we mentioned earlier, it is soon bringing crypto trading into its portfolio.

Leverage offered can reach a maximum of 1:500 which is high and competitive. Spreads however are unfavorably high and found to start from about 3 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on LCM-FX

The broker allows deposits and withdrawals via credit and debit Visa and Master Cards. Bank Wire Transfer are also allowed and it supports Skrill payments. It is an encouraging find.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $100 is required to start trading with this broker and we did not come across withdrawal charges and fees. This may be indicated in the terms of use available via a link on the website.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is LCM-FX Licensed?

No. Like we mentioned in the beginning, the broker seems to have lost its license as we found that its parent company, Lucror Capital Markets LP, has been deregistered by the commission in New Zealand.

Non regulated brokers are very dangerous to trade with as funds misappropriation are not under the jurisdiction of any authority. Traders have been warned to avoid such brokers.

Support

To contact the customer care agent of this broker, dial: +649-9722150 or email: [email protected]

Conclusion

LCM-FX is not licensed and the spreads are not encouraging as they are higher than the obtainable average. Other trading conditions seem to be good except the small trading instrument portfolio it offers.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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