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Is HybridReserve a scam broker?
In this review, we will talk about HYBRIDRESERVE. HYBRIDRESERVE is an offshore forex broker situated in Saint Vincent and the Grenadines. Let’s talk about it!
This broker deals with CFDs on cryptos, commodities, and stocks. The establishment of HYBRIDRESERVES is recent in 2018. There is no information available about the account types, leverage, spreads, trade size, and other trading conditions on the official website. When we tried to open an account with this trader it directed us to another page which was claiming “REQUESTED FORM DOEST NOT EXIST”. HYBRIDRESERVE allegedly claims to be operating for the last 8 years but it is not true. This trick is frequently used by scam brokers to impress traders. The website has one of the worst interfaces considering its forex broker nature. When we checked on portal Alexa about the traffic inflow, we were not surprised by the fact that traffic is from selected and very few countries. This means this broker is focusing on the selected customer base. Several referrals about HYBRIDRESERVE come from bitcoin sites and it also features bitcoins.
The most important criteria to choose an online forex broker, traders must consider its regulation. The company behind HYBRIDRESERVE is SINGLEBELLS LTD and fails to provide any information on the regulatory body. In the nutshell, we can say that this broker is unlicensed. The several SVG based brokers are involved in the scam. There are several complaints floating on the internet. These complaints are about licensing and withdrawal. The broker also misses on MetaTrader and features a self-owned web platform. There is a special tab that allows you to peep into trading conditions. The leverage provided on prime EUR/USD is capped at 1:10. Many regulated brokers are providing leverage for 1:500. Also, the spread available on the same currency pair is 0.4 pips this is the only advantage of this broker. The customer services provided by this broker are awful. There is no mention of any customer service channel and the telephone number provided is not answering the calls. Withdrawal and payment gateways accessible to traders covers everything available in the market. But the information on fees and commission is not present.
Is HYBRIDRESERVE scam or legit?
We got a bad feeling while researching HYBRIDRESERVE for this review. This broker is missing on regulation and licensing. The website performs very badly and messy. It also does not provide information on trading conditions. The terms and conditions also fees and commission are undisclosed. Our gut feeling says that HYBRIDRESERVE can be a scam broker. The funds are at high risk with this potential scam broker.