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Talking of clueless brokers, Holbid is one of them. Holbid.com offers insane trading conditions; worse, withdrawal is a nightmare.
The members who are currently signed up are up in arms over what they term unfair trading conditions.
After receiving complaints, we investigated the broker, hence our transparent HOLBID REVIEW.
We uncovered tangible evidence that shows the broker is up to no good.
Also Read: Why crypto investors turn to sports trading after using these highly lucrative investment tools.
About Holbid
The broker claims to provide state of the art trading platform. Once you sign up, members find a depleted and unstable trading platform.
We also have a broker who fails to offer much about who they are or what they represent. There’s no background or history of the platform.
That points to an anonymous investment platform that uses the RHowever, aftereoserguage as default. And the regulator is not from Russia.
We have a broker from Russia with claims to have a license from Seychelles. After a closer look, we determined the FSA doesn’t have such a broker in their record books.
That points to a broker who will do or say anything to make users sign up. The broker doesn’t even leave a license number for members to verify with regulators.
From our point of view, accountability and transparency is one of the key elements to sign up with a broker.
The two features must align together in a platform before we even engage. Sadly, those who signed up did little due diligence.
Before you sign up with any broker, we recommend doing due diligence. Try and find out what makes the platform ideal.
Read reviews to find out what the crypto and forex community think of the broker and product.
For now, we recommend you stay away from Holbid. There are a few reasons that make us avoid the broker’s services.
Find out more in our detailed Holbid.com review.
Advantages and Disadvantages of Holbid
There are no advantages with this broker, as you won’t get to withdraw funds at the end of the day.
The broker fails to offer any meaningful withdrawal timelines and usually blocks withdrawals. Attempts to reach out have hit a wall and thus, the broker avoids any contact with members.
After inspecting the trading features, there are a few issues we have to point out with the broker. That includes the issue high risks with no reward.
A broker should also offer trading conditions that are in line with the acceptable regulations. Any broker who skews the rules is putting your investment at risk.
Looking at the platform, we would understand why naïve investors would sign up. The website is appealing and looks professional to the naked eye.
However, there are plain issues that the trained eye sees after reviewing the broker. And these are the red flags we will point out.
How do you spot red flags on a trading platform? You need to follow our guidelines on how best to check or inspect a broker.
Accounts and plans holbid.com
Funny enough, the broker fails to list any account types on the homepage. The entire website has little to no information on what class of trading accounts to get.
After signing up, it’s then you realize the broker offers one single account to all traders. That’s unfair to the naïve trader who gets trading features that suit expert traders.
These are the red flags we indicate, as the broker doesn’t even offer a demo account to test the conditions.
A demo account helps traders determine whether the accounts are suitable for use. You also get a feel of the trading terminal without losing any funds.
It seems the broker wants investors to sign up without asking any questions. And that they do, which is a major problem for most users.
After signing up, you realize the unstable trading platform and lack of proper safety features.
There’s no stop-loss feature on the trading terminal, which guarantees safety for members. With this broker, you are bound to lose everything.
Without the full information on account types and their features, please stay away from the broker.
Accounts features
One of the biggest issues we have with the broker is the high leverage set. The broker sets leverage for forex assets at 1:500 which is extremely high, especially for newbies.
High leverage is only advantageous to expert traders who know how to manipulate the markets. Other traders become pawns and lose thanks to the high leverage set.
The platform doesn’t offer stop loss features which means the high leverage puts your trading funds at risk.
Only the broker can profit from the high leverage via the commissions earned.
We did point out that the broker doesn’t have any demo feature for traders to test the accounts. Get to first test the set trading conditions before fully committing funds.
Quick Read: Find out whether to earn passive income using crypto exchanges or sports trading tools.
Available trading platform Holbid
Here’s another issue we have with the broker; the terminal used is unstable and lacks proper tools for trading.
When trading with a broker, we recommend using MT4 or MT5 trading terminals. These are terminals offering the best way of trading.
You get over 50 plus technical indicators and robots to help with automated trading. There are demo accounts to test the platform with ease.
With MT4 and the improved version MT5, you get a complete trading platform that’s easy to use and implement.
You can use the two platforms on any device as they are compatible on desktop, mobile, or PC.
Contact and support
Don’t expect any contact or support from the broker. There’s no live chat, and the broker limits communication to direct form.
You should invest with a broker who offers live access to communication. There’s no way to call the broker or get live assistance.
Deposit and withdrawal Holbid
Depositing funds with the broker is the most seamless feature of the platform. You can use several depository methods including bank and wire transfers.
After depositing funds, the amount appears in your trading account balance within one business day.
Withdrawing funds from the broker remains the biggest challenge facing members of the platform.
No member has had the chance to withdraw funds for the past six weeks. And the trend is what made the broker a risk factor.
Get to sign up with a broker who offers instant and same-day withdrawal. That’s the best kind of broker to have.
How the holbid.com scam works
The broker lets traders deposit funds thinking they get the full aspect of trading. You get to trade, and the balance reflects your trade results.
When the time comes to withdraw, the broker starts scheming by claiming you first need to deposit more funds.
That’s unfair as members have the right to withdraw part or all of the funds from a broker. The Holbid broker doesn’t see it this way.
And that’s why we insist you stay away from such brokers or risk losing everything.
Holbid License and Regulatory Status
Holbid is not a licensed or regulated broker and thus, a high risk factor for all of us.
Our bottom line
Please stay away from the broker.
PS: Use reliable investment tools that guarantee realistic ROI.
Do leave a comment or email us with any queries.
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