Hope Area Review is Hopearea.com a Scam or Legit Broker

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Hope Area Review – is hopearea.com scam or good forex broker?

Trading Accounts & Conditions

Account type Min.Deposit Max. leverage Spread
Mini $250 1:200 N/A
Standard $5000 1:200 N/A
Fully Managed $25,000 1:200 N/A
Premium Fully Managed $100,000 1:200 N/A

Forex and binary options broker Hope Area offers its clients the account types listed above, however the trading conditions remain largely undisclosed. In case you are wondering whether to invest in this broker, read this review prior to investing any money. We have major concerns regarding Hope Area. Nonetheless, we will start off with a few possible advantages of this broker, as we always strive to be objective.

Hope Area Advantages

An array of tradeable assets

One of the few possible benefits of trading with Hope Area is its rich and diversified product portfolio. The broker offers trading in currency pairs, CFDs on indices, commodities, bonds, ETFs, as well as a number of cryptocurrencies. Binary options trading is also available.

If you are keen on trading Bitcoin and other digital assets, we would advise you to select a more reliable broker from the list below.

Up to 1:200 in leverage

The maximum leverage at Hope Area is up to 1:200, which is a reasonable level. Such maximum leverage ratio is average for the forex sector and will satisfy the needs of most traders.

Hope Area Disadvantages

Not licensed, blacklisted by the FCA

This broker is allegedly owned and operated by Aria Hope Ltd., a company registered offshore, on the Marshall Islands. This is an offshore zone where forex brokers do not fall under any regulatory oversight, which means that their clients have no assurance for the security of the funds invested. It also means that Hope Area, as any other offshore broker, is not entitled to operate on any regulated financial market.

Nonetheless, this broker is illegally targeting investors in the UK. According to the Financial Conduct Authority (FCA), Hope Area has been providing financial services or products in the UK without their authorisation. This is a major red flag, as 99% of the brokers blacklisted by European financial regulators are engaged in fraudulent activities

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Trading conditions not specified, no demo accounts

The website of Hope Area lacks essential trading information, such as what are the broker’s target or typical spreads, the maximum leverage levels provided, etc. Besides, Hope Area does not offer free demo accounts, so potential clients of this broker are unaware of the trading costs, as well as other key aspects of its service.

MetaTrader not supported

Hope Area supports a hybrid web-based platform, used for both trading in forex and binary options. This trading interface seems to be quite popular lately among shady brokers, so we dubbed it “Scamex”. The charting of this web-based platform is poor and it lacks many of the advanced features other platforms offer.

Click on the image to zoom in.

Most traders will surely miss the ever popular MetaTrader4, which has proved to be a stable and reliable trading platform with great tools and functionality

Hope Area offers managed accounts and that is another worrisome sign. The majority of forex brokerages are in fact Market Makers – basically they win when traders lose, and vice versa. So, if a Market Maker manages your account, it will most certainly be handled in such a way that you lose.

Conclusion

Hope Area is a hybrid broker (offering trading in both forex and binary options) whose presentation lacks in many ways. However, our most serious concern with regards to Hope Area is that the broker is not licensed and was blacklisted by one of the most reputable financial regulators, the UK’s FCA.

We always encourage investors to deal only with brokers that are licensed by trustworthy governmental agencies such as the Financial Conduct Authority (FCA) in the UK or ASIC in Australia.

To sum up our review on Hope Area in a few words:

Pros Cons
Wide range of financial products Not licensed, blacklisted by the FCA
Trading conditions not specified, no demo accounts
MT4 not supported
Managed accounts
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Hope Area Review: is Hopearea.com a Scam or Legit Broker?

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