Caution Investors Handelex – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview:
Handelex is a trading platform that claims to offer access to over 2000 financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. The website of Handelex states that it is operated by Handelex, However, the FCA has warned that Handelex is not authorised to provide financial services or products in the UK and that it may be involved in a scam.
Regulation and Compliance:
According to the FCA, Handelex is not authorised under the Financial Services and Markets Act 2000 (FSMA) to carry on regulated activities in the UK. This means that Handelex is not subject to the FCA’s rules and standards, such as capital adequacy, client money protection, dispute resolution, and compensation schemes. Moreover, the FCA has stated that Handelex is not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), which means that customers have no recourse if they suffer losses or damages due to the firm’s misconduct or insolvency.
Customer Reviews:
A quick search on the internet reveals that Handelex has received many negative reviews from customers who have used its services. Some of the common complaints include:
– Difficulty in withdrawing funds or closing accounts
– High fees and commissions
– Poor execution and slippage
– False or misleading advertising
– Aggressive or harassing sales calls
– Unauthorized or fraudulent transactions
– Lack of transparency or communication
Products and Services:
Handelex offers a web-based trading platform that supports various types of orders, indicators, charts, and tools. The platform also claims to provide educational resources, market news, analysis, and signals. However, these features may not be reliable or accurate, as Handelex is not regulated by any reputable authority. Furthermore, Handelex does not disclose the spreads, leverage, margin requirements, or other trading conditions that apply to its products and services. This makes it difficult for customers to assess the risks and costs of trading with Handelex.
Location:
Handelex claims to have its headquarters at 20-22 Wenlock Road London N1 7GU United Kingdom. However, this address is a virtual office that is used by many other companies and does not indicate the physical presence or legitimacy of Handelex. Moreover, Handelex does not provide any phone number or email address that can be verified or contacted by customers or regulators.
Customer Service:
Handelex claims to offer 24/7 customer support via phone, email, live chat, and social media. However, many customers have reported that Handelex’s customer service is unresponsive, rude, or unhelpful. Some customers have also alleged that Handelex’s representatives have pressured them to deposit more money or threatened them with legal action if they try to withdraw their funds or complain about the firm.
Is Your Money Safe in an unregulated company?
The answer is no. Trading with an unregulated company like Handelex exposes you to a high risk of losing your money or becoming a victim of fraud. Unregulated companies are not bound by any rules or standards that protect your interests or rights as a customer. They can manipulate prices, execute trades against you, withhold your funds, close your account without notice, or disappear with your money. You also have no recourse if you encounter any problems or disputes with an unregulated company, as they are not covered by any ombudsman service or compensation scheme.
Conclusion:
Handelex is an unauthorised firm that has been warned by the FCA for providing financial services or products in the UK without permission. Handelex is not regulated by any reputable authority and does not comply with any rules or standards that ensure fair and transparent trading practices. Handelex has received many negative reviews from customers who have experienced various issues and difficulties with its services. Trading with Handelex is extremely risky and may result in losing your money or becoming a victim of fraud. We advise you to avoid Handelex and only trade with regulated and reputable brokers that are authorised by the FCA or other recognised regulators.
