Warning: The Offshore Broker Hextra Prime is a FX Scam

Hextra Prime is an illegitimate broker operating offshore and the website is available in only English. It states its advantages - nationally renowned, global market financial instruments, premium liquidity and a license from Saint Vincent. Looking at the overall theme, the platform does look enticing. However, it just tries to mislead investors into thinking it is legit, while in fact, the best conditions including it claimed are just signs of a scam.

Domain name verification of Hextra Prime

At the first sight, you may fell the broker is reliable and reputable with its industry awards - 2019 best forex broker Europe and 2020 EMEA region broker and it must be welcomed by traders and individuals with good reputation. Additionally, the company says Copyright © 2012 – 2022. But its domain name (https://hextraprimeasia.com/) verification confirms it was first created on 5 May, 2022. So how it can win awards and has a company history before its establishment? Thus, it's a red flag here.

The regulatory status of Hextra Prime

Hextra Prime claims to be incorporated in Saint Vincent & the Grenadines as a licensed Business Company under Financial Services Authority(SVG FSA) with registration number 25989 BC 2020, thus offering a regulated trading environment. We do find a result for Hextra Prime in the database of SVG FSA. 

But the fact is that the regulator of SVG doesn't license or regulate forex brokers, which means the companies registered here are not monitored and held responsible by no authority whatsoever. It seems to be proud of its status as an offshore and illegitimate broker. 

Risky leverage up to 1:5000

The platform offers several account types with its maximum leverage of 1:5000 on its Standard Trading Account. This figure is too high for any broker who is trying to convince you that it is a supervised broker( it claims to have SVG FSA license) as financial regulators have imposed leverage restrictions to protect investors from the higher losses trading with such big leverage can result in. To some extent, that helps confirm Hextra Prime is nothing more than a shady broker.

As it turns out, Hextra Prime is unlicensed, and thus a risk to all investors and their funds.