They present themselves as a forex trading platform. However, they exhibit all the problematic signs that they are a scam. You should definitely avoid it.
Originally the platform functioned under the address www.hwgsecurities.com which has been down for a while. Though we can’t verify with complete certainty, it seems the site has resurfaced as www.hwglimited.com. It offers very little information, it has no traffic and it is non-responsive. In conclusion, it’s a non-functioning front, luckily.
Like many fraudulent brokers, HWG Securities also displays certain red flags that any person should be careful about.
This platform claims to be registered in Saint Vincent and Grenadine, which is a problem as this Caribbean country has very loose laws. This basically means that HWG security is unregulated and what’s worse they don’t have any official license.
They don’t explain their trading process, and very little information is offered besides the trading packages. It was using the Meta Trading 4 platform to practice exchange.
Emulating Legitimate Institutions
There is a Checz company HW Group, that goes under the HWG initials. What’s more, HWG is the name of an Italian cyber security company. And to top it off, HWG Security is a Malaysian protection agency.
The site offered leverage going up to amazon 1:1000. They accompanied this with 0,7 pip trading. Also, they boasted that they provide risk-free trading. All of this falls under ‘too good to be true’ bait of a scam.
If you or someone you know has lost money to the HWG Securities fraudulent broker, you should know that there are actions you can take. Contact us for a free consultation, and make a first step towards retrieving your money.