Handelex Review – How Not To Be Fooled By The Paid Positive Reviews
Despite the best efforts of Handelex to aspire trust and appear confident, they’re still an offshore, unlicensed brokerage. Emerging in the middle of 2022, the company has only scammed the victims and done nothing to regulate their legal status since then. That’s why we’ve assembled this Handelex review to bring the truth to light and prevent more defrauding.
The number of positive reviews Handelex is getting is disturbing to say the least. The unnamed parent company of Handelex is based offshore, in Saint Vincent and the Grenadines.
If you’ve read our review on Exteom, you’ve already gotten familiar with the risks of trading with such sham projects. If you haven’t, we wholeheartedly recommend reading the following review, so you can provide yourself with a full insight on how offshore swindling schemes work.
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes (Cardano, Bitcoin, Chiliz, Fantom, Quant,… 63 total)|
|Types of Assets:||Cryptocurrencies|
|Free Demo Account:||Not available|
|Accepts US clients:||No|
Is Handelex Regulated By A Financial Authority?
How utterly unsurprising of Handelex not to mention any regulation or license they own. That’s simply because they do not. You can go through all the charade of the legal docs and try to establish who the owning company is and what licenses they hold. Sadly, it’s all in vain.
Handelex doesn’t for a second attempt to look credible by informing you of their owning company, history and background, as well as which entity supervises them.
Yet, the site has the audacity to declare to be a unique chance for your Forex success. The reason behind the happy-go-lucky facade is the fact that Handelex is a SVG brokerage agency, conceiving their true nature and fraudulent intentions.
Because the broker itself couldn’t have been regulated by the SVG authority – FSA, we had to conduct our own research. However, checking the databases of FCA, BaFin, ASIC, CySEC, FINMA and NFA provided no feedback at all. After determining that Handelex is completely unlicensed and illicit, we have to remind you why your broker of choice must have a Tier 1 license.
Firstly, never forget that heavily regulated brokers represent stable, and long-lasting businesses. Their leading teams have invested a hefty amount of capital into the conduct upon applying for a license.
Secondly, it’s important to keep in mind that Tier 1 brokers keep your funds in segregated bank accounts, out of their own reach. Following that measure, there’s also compensation funds, negative balance protection and leverage restriction to 1:30 or 1:50, depending on the area.
Handelex offers an insanely high leverage of 1:400, while placing no insurance or compensation in case of loss or dispute. We advise extreme caution if you ever end up doing business with such a dangerous entity.
Handelex Reviews and Comments
Again, we have to express the deep concern we have about the reviews on this clearly fraudulent company. Whether such positive ratings come from paid reviewers or the swindlers themselves, it is an extremely alarming state of matter. Both TrustPilot and Sitejabber suggest positive feedback from the Handelex customers. However, from the sound of each of the comments, you can figure out just how dishonest and ungenuine they are.
What we did manage to pinpoint is some of the negative impressions left, and let us tell you, they’re very convincing:
They took all my money , complete scammers. They push you and push you to get large amounts of money, lsaying they have a great packet that will earn you great profit. You put the money in the account and when you ask for a withdrawal, only the one person who deals with you can withdraw and within seconds all your money disappears and they change your password and close the account. Then they phone you after a month and ask what information you have, fishing to see if you have any evidence. REAL CRIMINALS.
I deposited into Handelex but can’t withdraw my money. They tell me they deposited back to my card but no funds have been returned & now they won’t return calls or msgs.
This is not a registered company, you can check, it is a scammers set up. You never have the possibility to withdraw without consent, othen when they have a large amount of your money, which they will push and push you to get, it will disappear immediately and they will blame you for making bad orders to sell.
Where Is Handelex Trading Scam Active?
Offshore operating companies have a common goal of targeting traders from developed areas. Yet another example of that is BitWest Group.
The number of scam victims suggest the same practice at Handelex. In a little less than a year, Handelex has managed to defraud a significant number of retail traders.
Most of the targets come from the following areas:
- United Kingdom
How Good Is Handelex’s Trading Platform?
Registering an account with Handelex was relatively easy, as no verification or codes were needed. Shortly after opening an account, we found out that the available platform was the infamous web trader.
Used by almost every other scam broker out there, the web distribution is their most favorite playground. The possibilities of controlling the price fluctuations are endless with this one. It makes it the most commonly used by offshore scams schemes that want the full control of your trading activities so they can snatch your funds more easily.
The only excuse you’ll ever get for the sudden market change that led to the loss of your funds is the market being too volatile.
Choice of Handelex Account Types
With a promise of offering the best trading conditions possible, Handelex presents the following offer of the available account types:
- Basic – €250
- Silver – €10,000
- Gold – €25,000
- Platinum – €100,000
The beginning account is not all that expensive. As a matter of fact, it belongs to the group of average costing brokerage packages. Sadly, it is just a bait. You don’t really unlock any of the key features or advanced benefits by buying it. For anything more than just looking around, you’d have to be ready to pay a lot more.
We’re afraid that any investment into these overpriced accounts is fruitless, no matter what they sell. Handelex is a fraudster that is only good at promising, and not actually delivering the services and products they advertise.
Is There a Risk-Free Demo Account?
Handelex treats every account you open with them as a live trading account. That’s why, immediately after registration, you will be urged to deposit real money. Otherwise, you won’t be able to test the trading environment properly. The platform itself will not allow you to manipulate any of the functions without having an initial margin required.
Joining with a Demo account doesn’t even seem to be an option. No where does the broker mention this possibility. Typical for scam brokers that have a lot of things to cover, this is just another red flag to watch out for when choosing a broker.
Is Profit Withdrawal Possible?
Before attempting to perform any withdrawals with Handelex, you have to fully verify your identity by providing some mandatory documents. A bit hypocritical of a totally anonymous financial services provider to demand from their users to submit the photo of their passport, national ID, and driving license, don’t you think?! That is not all, mind you.
After that, every trader applying for a payout has to take photos of their credit cards and send those in, as well. The same stands for your bank credentials. You know, to help Handelex access your capital easier and then extort some more cash under threats of abusing your identity info.
As for the fees surrounding the process, you can expect a fixed fee of 1%, which cannot amount to less than $30 and more than $300.
I Lost Money With the Handelex Scam, What Should I Do?
Although scams happen each and every single day, the victim doesn’t feel like they have many options. The common feelings surfacing with the experience are despair and hopelessness. The important bit is not allowing those to affect your plans for action. We can help you with that.
As soon as you find out that you’ve been defrauded, you should reach out to us. Our team of legal experts have many ways to help you. Your funds can be back with you before you know it. Also, thanks to the information you have on this or any other scammer, we can work on starting legal action against their criminal activity.
If you’re just curious or concerned about the broker you’re dealing with, you can also contact us if you’d like to find out more about them. Whatever your problem with a broker is, you can count on us to solve it.
Are my funds safe with Handelex?
No investments and capital are safe with an unregulated, anonymous, offshore broker. The original purpose the swindlers have is to defraud you and get away with it. The same behavior is displayed by Handelex.
Can I Trade Crypto and CFDs With Handelex?
Crypto trading is available at Handelex. As a matter of fact, the single instrument class available are digital currencies.
Does Handelex Have a Referral Program?
At the time being, Handelex doesn’t offer such a program or anything similar.