Who Is Hedgestone Group?
The Hedgestone Group was an online binary options broker that began operating in 2016. Its registered office was located in Belize; the platform offered traders access to 60-second options, pairs, one touch, ladder options, and high low positions, among others.
The Hedgestone Group’s website is no longer online but, when it was active, was generally regarded as a professional-looking site that required a minimum deposit of $250 from traders opening new accounts. Although registered in Belize, the company listed contact phone numbers in the UK and New Zealand.
Given that this broker’s website has now shut down, the Hedgestone Group review below seeks to investigate whether this was a legit operation or whether a Hedgestone Group scam was running instead.
Is Hedgestone Group a Licensed Broker?
The IFSC licensed the Hedgestone Group in Belize. It is worth noting, however, that although this platform had a UK contact telephone number, it was not regulated by the FCA in the UK. It is important for traders, when choosing a broker, to ensure that the option they’re considering has all the necessary licenses and regulations in place, as this is one of the best ways to be sure that you’re not dealing with a scam operation. It is also worth bearing in mind that the nature of financial regulation varies from country to country; for example, a disallowed practice in one territory could be an acceptable one elsewhere, so be sure to check this, too.
So, the answer to the question, ‘is Hedgestone Group regulated’ is yes, it was. However, the financial body it was regulated by is not considered to be the most stringent of watchdogs, and so, as an investment proposition, the platform was not an ideal one.
Is Hedgestone Group a Scam or Legit?
It is difficult to judge with absolute certainty whether a Hedgestone Group scam was being perpetrated; however, there are some red flags that are important to consider.
Firstly, there have been claims from previous traders using the platform to the effect that the real role of the designated account advisors is to simply gain the trader’s trust to persuade them to take increasing risks and to invest larger and larger sums of money; once this is done, and the trader has invested the maximum possible amount, they will find their positions suddenly result in a catastrophic loss. The allegations are that no real trading is actually underway on scam sites operating like this; the ‘lost’ money that the trader has invested has now been misappropriated by the scammers who have effectively made it disappear.
While it is difficult to ascertain whether Hedgestone Group was a scam company or simply an organization that ran into trouble and closed down its operation, it was always a risky proposition in terms of investment and trading.
Biggest Complaints Against Hedgestone Group
One of the most frequent Hedgestone Group complaints regards the bonus payment given to new members; when it comes to trading volume, the smallest withdrawal amount permitted by the platform was twenty times the initial deposit plus the bonus amount. Though this requirement was in the small print on the website, many members felt that the details of this condition weren’t made clear enough.
”I lost about £10k with Hedgestone Group, but then they said it was all my fault for not investing more!” From complaintsboard
There are also Hedgestone Group complaints regarding the poor nature of the customer service provision, with phone calls and messages often going unanswered.
Can I Get My Money Back From Hedgestone Group
Yes, it is possible to get your Hedgestone Group money back. You have two main options to go about this: firstly, you could choose to pursue the matter yourself, tracking down your lost funds and confronting all of the entities involved in the scam.
Alternatively, you have the option of instructing a professional chargeback company to act and fight on your behalf. The latter option has a significantly higher chance of resulting in a Hedgestone Group refund as the chargeback team will have the expertise, industry knowledge, and experience in similar cases at their disposal to use on your behalf.
What Is the Chargeback Process?
The first step in getting your Hedgestone Group refund is to decide on the chargeback company you’d like to work with - be sure to check plenty of online reviews from past clients and the company’s overall success rate in recouping funds.
Once you’ve contacted your chosen company, your case will be fully discussed with you to ascertain if it has a high chance of success. If this is deemed so, then your case will be taken on, and the team will gather all the evidence they need to confront all of the individuals and organizations involved in scamming your money. In the highly likely eventuality that your Hedgestone Group refund is attained, this will be deposited directly into your bank account.
If you have been the victim of a Hedgestone Group scam, then it is recommended that you contact a reputable chargeback company at your very earliest convenience to begin the process of being reunited with your lost funds.