Note: HCJT GROUP's official website: https://hcjtgroup.com/ is currently inaccessible normally.
HCJT GROUP Information
HCJT GROUP is a brokerage company from the United Kingdom and offers trading services in forex, indices, cryptos and commodities to global clients. However, its website is currently unavailable. Since there are very limited information over the Internet as well, we are not sure if the company already ceased business. Moreover, the absence of regulation further exacerbates its credibility and legality.
Is HCJT GROUP Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
Downsides of HCJT GROUP
Unavailable website: HCJT GROUP's website cannot be opened currently.
Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.
Lack of transparency: The broker does not reveal info on trading conditions such as account details, initial deposits, leverage, commissions, etc.
Limited customer service channels: HCJT GROUP can only be reached by email so far. More direct contact channel like live chat and phone support are not available.
Market Instruments
HCJT GROUP provides access to a diverse array of financial instruments such as Forex, Indices, Commodities and Cryptos.
Forex (Foreign Exchange): Forex is the global marketplace for trading national currencies against one another, making it the largest financial market in the world. Popular pairs are EURUSD, CADUSD, USDJPY, etc.
Indices: Indices represent a group of stocks or other securities, providing a benchmark for market performance and allowing investors to track overall market trends.
Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, including physical assets like precious metals, energy products and agricultural products.
Cryptos: Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology.
Always follow the rule of investment and scatter risks by putting money in different products instead of only one that you are optimistic about.
Account
HCJT GROUP does not disclose any information about its account types, not mention the details of each account like minimum deposit requirement, leverage, commissions, etc.
Nonetheless, testers conducted spread analysis on major currency spreads and found that the broker offers a spread from 2.1 pips for EURUSD, 2.8 pips for GBPUSD and 2.7 pips for USDJPY, much wider than industry standards which are usually below 1.5 pips. Wider spread increases trading costs and eats up investor's profits.
Trading Platform
The broker claims to offer a web-based trading platform with basic functionalities, but we are not sure what's the name of the platform and do not know what kind of functions the platform include.
Conclusion
In summary, HCJT GROUP is not a recommended broker at all. Its operation without regulation implies less compliance to financial rules and unavailable website leaves no window for customer to know about the company. Furthermore, the lack of transparency on its line of services and trading conditions affects overall trading experience and trust in the platform. Therefore, staying far away from such possible scam brokers and turning to a regulated and reputable broker is a wiser choice.
