HQBroker Review (2023)

Is HQBroker a scam or legit broker?

HQBroker has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. HQBroker is owned by Capzone Invest Ltd which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldmanCFD, Capital88 and more. 

According to the website, the company’s operational address is in Hong Kong, however it is not regulated by its local Securities and Futures Commission (SFC). Our biggest concern is the numerous warnings issued against HQBroker by different regulators. 

In April 2018, the UK’s Financial Conduct Authority has warned the public about HQBroker:

“Capzone Invest Ltd t/a HQ Broker is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

In July 2018, the Ontario Securities Commission (OSC) has also issued a warning:

“The Ontario Securities Commission (OSC) is warning investors that HQBroker is not registered to sell securities in Ontario.”

There’s also a warning from the Spain’s CNMV:

“HQ BROKER Capzone Invest LTD is not authorised to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments including, for those purposes, foreign currency transactions.”

Conclusion

We advise all investors and traders to avoid HQBroker and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Eightcap and BlackBull Markets.