HiroseOption claims itself to be the best trading and investment platform. The claim of the company soon faded away when I started to inquire about the affirmations of this scam broker.
HiroseOption is believed to be the subsidiary of Hirose Financial UK Limited but it does not have any relation to them. Hirose Financial UK Limited is a London based company which operates with a single trading name of Hirose UK only.
HiroseOption is not mentioned on any portals of Hirose Financial UK Limited. There is no information about the actual owners of the company.
Information about the company’s owners helps in understanding the operations of the same. A broker industry involves a huge amount of funds. Any lack of clarity over the operations of the company or its owners is a hint of the scam operations of the broker who aims to extort money from its clients.
Labelled as a “Clone Firm” by FCA
In the forex industry, a “clone firm” is a company which uses the registration details of another company that has the same name.
The reputed Financial Conduct Authority (FCA) of the UK has noticed this illegal use of the registration and service details of the original firm. The FCA has issued a warning against the fraud activities of HiroseOption. It can be verified at the link register.fca.org.uk/ShPo_UnauthorisedFirmDetailPage?id=0014G00002TqOiXQAV
HiroseOption is an unregulated offshore company that tries to copy the details of a regulated firm. The company is not registered with any financial regulators. The fake details provided by the company is a failed attempt of the company to befool traders. I was amazed to learn how a broker can convince the traders with fake details. My HiroseOption review advises not to deal with the unregulated offshore brokers. You should also note that cloning a reputed firm is an illegal activity.
No Physical Address
HiroseOption operates from a virtual office. There is no physical address of the company. The company does not provide any details on its website. The absence of an address of the company confirms that the company has no established workplace and is only a virtual firm.
An established address of the broker is strong proof of its location. The location of a broker helps to determine the registered address of the company on which the regulation of the broker depends. Each broker needs to be registered in their operational area. The hiding of details is another poor tactic of HiroseOption to escape the gallows of the regional governing laws.
No Company Policy
HiroseOption does not mention any details about its terms and conditions or the client’s agreement. There is no mention of the governing laws and the rules and regulations to be followed by the traders. It is bad propaganda by the company to hide such basic details from the traders.
The terms and conditions give a basic outline to the traders. The absence of the client’s agreement indicates the weak policies of the company. They try to keep its sole-discretion and thus, get legal control over the customer’s data and funds without their knowledge. HiroseOption can thus make effective changes in its terms and conditions without considering the plight of its traders. It is highly risky to deal with such brokers who do not lay a strong foundation of customer relations.
Weak Trading services
The company fails to mention details about the trading services provided by the company. There is no mention of the trade sizes, trade lots, etc. HiroseOption does not provide any details about its trading services to the customers.
No Facility of a Demo Account
Just like many other unregulated brokers, there is no facility of a demo account here. You can’t check the trading conditions of the broker, the authenticity of the spread, and the leverage ratio. A demo account is the key for a trader to understand the broker properly. It helps the traders to execute their trading strategies with virtual money. The demo account also strengthens the reliability of a broker as the trader can easily check the level of commitments of the same. The absence of a demo account in HiroseOption leaves no other option for the traders but to be at their mercy.
Lying about Trading Platform
The company claims to provide the reputed MetaTrader platform for its live trading accounts. When I tried to open an account over the Meta Trader, to my utter shock, the page was redirected to TradingView, which is an unreliable charting web service as compared to the trusted Meta Trader platform. There is no option to open a demo account of HiroseOption over there.
The company fakes the claim of providing the Meta Trader platform. There are no links available on their website for downloading the Meta Trader platform as well. It is awkward as most of the brokers flaunt the MetaTrader’s advantages over their websites.
In simple words, HiroseOption is lying about its trading platform. They don’t have MetaTrader 4 but they claim the opposite. This is another evidence of their malicious intent and that’s why you shouldn’t work with them.
Trading Accounts on HiroseOption
They provide 4 types of live trading accounts. Before I start providing the details about the live trading accounts, the list of services of the broker is full of irrelevant services. All of the trading accounts claim to provide all investment instruments to the traders. In addition to this, the company claims to provide learning resources to the traders.
- Basic Account: The basic account of the company requires a minimum initial investment of $1,000. There are no details about the spread and the leverage ratio offered in the account. The minimum initial investment required by the company is 20 times higher than the limit set by regulated brokers.
- Silver Account: The silver account of the company is not different from the basic account except that the deposit limit is mentioned to be $50,000.
- Gold Account: The gold account requires a minimum initial investment of $5,000. The false claims like the “Education Centre” are mentioned in the list of services. It is useless to the traders as the huge minimum investment amount of $5,000 is within the range of professional traders.
- Platinum Account: It starts with the minimum initial investment of $10,000. Again the company fails to impress traders with the information about this account.
HiroseOption does not have any accounts for new traders. There is no mention of spreads and the leverage ratio. Moreover, the basic account and the silver account are not different in services. It is a weak differentiation of live trading accounts to dupe traders.
Too Few Payment Methods
HiroseOption only accepts bitcoins as methods of funds transfer. There is no facility of bank wire transfer and the e-wallets like Skrill, Neteller, etc. The reputed e-wallet, Skrill, works strictly under the “anti-scam” policy under which it has stopped working with such unregulated offshore brokers. It’s strange for a forex broker to not accept any proper payment method. I would say that you shouldn’t bother working with them seeing how shady their transaction method is.
Hidden Deposit and Withdrawal Conditions
The deposit and withdrawal conditions are not mentioned. There is no outline for the basic fee and conditions related to fund transfers. The minimum deposit amount, the minimum withdrawal limit, processing fee, maintenance fee, dormant fee are not mentioned either. They don’t mention how long it takes them in transferring the funds to the traders. This alarming situation is very risky and you might never get your money back from this broker.
Zero Customer Support
HiroseOption does not provide any strong customer support to the traders. They don’t give their contact numbers, email IDs, and other contact information. There is one contact number which belongs to the Houston region. It must be kept in mind that the company is using VOIP technology. HiroseOption can reflect its call from any of the locations in the world.
Website Analysis and Social Media Check
The website of the company is HiroseOption.com/.
The domain of the company was registered at the end of the year 2019 only.
The company does not have any active social media accounts. Most probably, they don’t want to communicate with their customers directly as it may expose them to criticism.
The names and photos of the “so-called” customers of the Hiroseoption are random images taken from the internet. Thus, another claim of this company is thrashed by a strict check.
HiroseOption is a Fraud
My HiroseOption review cannot give it more than 0.5 points over a 5point rating scale. I found their fake claims of ownership, regulation, trading platform and testimonials.
It only adds to the gripe of the traders that this forex broker gives no details about customer support, payment channels, and its client’s agreement.. It is not recommended to deal with HiroseOption at any cost.