HQ Broker website capture

HQBroker.com scam

BLUF (Bottom Line Up Front): HQ Brokers is a scam. Even ASIC (Australian Securities and Investments Commission) thinks so.

I just got a cold call from +44 22 0296 9287 claiming to be from HQBroker. They claimed to allow trading in “international markets” including “the big four – Stocks, Currencies, Commodities and Indexes”. I asked on which exchanges can I trade and they seemed to be confused by that question. NYSE, ASX, NASDAQ, LSE who knows.

They claimed that 20% of their clients were in Australia. More on that later.

They claim they are “regulated” and “licensed” but when I challenged that claim they started naming large American financial institutions that provide “liquidity guarantees” to them. Their website states they are licensed in Poland [updated 4 June 2018]. Without an Australian Financial Services (AFS) Licence, I pointed out that they were making an illegal brokering solicitation in Australia. They said that opening an Australian office is difficult but that as soon as they have 1000 active traders they will do it.

Aside: If 20% of their clients is less than 1000 traders then they have less than 5000 clients, right?

The “securities manager” I was now talking to said they were a large “international company” trading in “international markets”, surely their IP address would be blocked if they were not regulated and licensed in Australia. I pointed out that Australia currently only blocks piracy sites.

While unlicensed, cold-call, broking solicitation is illegal in Australia, that wasn’t where it got really scary.

The zinger? HQBroker offered “software with 100% successful record that monitors the market 20 times a second, 5 days a week, 24 hours a day”. Even forex markets are closed once the New York market closes on Friday afternoon (local time) until Sydney opens on Monday morning (local time). In reality that means there is about a day and a half that we can’t trade retail forex. Interbank forex is manned 24/7 but retail investors can’t access that market.

I honed in on that 100% success claim. Nobody (and no AI) hits on every trade, some trades just don’t pay off. But they wouldn’t budge, they proudly said “risk free”, then “money back guarantee” if I tried their three day trial on a $250USD account opening deposit. After 3 days I could withdraw my original deposit and any gains-if there were any losses they’d refund the deposit in full.

This mysterious software not only gives trade signals but actually opens and closes trades on their international markets. It uses “mathematical models” to automatically trade for you.

Again, I expressed my skepticism at the 100% successful trade claim. “Impossible!” I exclaimed. The system has “automatic stop loss and take profit”. Stop loss? Aha! So losses are possible. “No,” he said, “because trading pairs move in sync like USD/Gold. When one is falling the other is rising.” So now HQBroker is back to pitching binary options trading as fool-proof, no-risk, guaranteed triple-digit-percentage returns.

At that point I’d finished my lunch and wanted to get back to working so I hung up, I’d wasted 48 minutes of their time while eating my lunch. A pleasant distraction.

A quick google search will show HQBroker is very poorly reviewed, with it’s corporate structure best described as “murky”.

Update: 4 April 2018 10:24 AEST: The comments section is getting some traction so I’ll leave it as a bit of a free-for-all for now. There is rudimentary anti-spam checking but that’s it. I cannot confirm identity of any or all commentators below.

Remember: On the Internet, nobody knows you’re a dog.

Update: 10 May 2018 Got a call with the exact same MO today from 03 9077 1873 but this time promoting Financials Trading Online which is listed as a scam on ASIC’s MoneySmart website. Either H Q Brokers are moving on or it’s a variation on the same scam.

Big update: 4 June 2018

[1]  Capzone Ltd (and A.K.A Hokkaido Investments Sp) is now listed on ASIC’s MoneySmart website, with the Marshall Island’s address but HQBroker email and website. Those links open MoneySmart’s website.

[2] The company behind HQBroker is Capzone Ltd originally listed as in the Marshall Islands and/or Poland, now claiming to be in Hong Kong. So they’ve started the shell game of changing structures. They give Capzone Ltd  “operational address” as 7/F, Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong. No registered office or other legal domicile.

[3] The digital marketing and spin doctoring has begun:

  1. They brag about a “3 star” review on FXEmpire with a self-created award wreath but don’t link to it. I’ve linked to it and add your review to let people know.
  2.  They brag about a “3 star Premium Quality” at Finance Magnates with a self-created seal. But Finance Magnates don’t provide reviews. They only have a “directory listing” called a review and the “contact us directly” form goes straight to HQBrokers. People could report the listing to Finance Magnates using the form on the home page.
  3. Digital Marketing Services are provided by Pure Marketing Corp Ltd (I can’t find them yet).
  4. Their website now has instant message chat.

[4] H Q Brokers now does not offer services in USA, France and Hong Kong. Further evidence of avoiding prosecution at “home” and in aggressive jurisdiction that will prosecute foreign companies without a presence in those jurisdictions.

192 thoughts on “HQBroker.com scam”

  1. Hello, Korneichuk! I also suffered from this broker. I propose to get together and go to their office. I wrote you a letter and I’m waiting for your answer. Unsung hero, it would be nice if you joined us. Write please how we can find them

  2. HI EVERYONE.

    PAUL AND EVERYONE, i would like to share new information.
    Allow me to post a link of a website which I can’t be tracked. Link is 100% safe.

    I may have the names of the persons or owners of BSD trade services corp which is the site of HQ broker in the philippines. I snag this on the department of labor and employment. This are applications for alien employment permits or AEP’s. Dont ask where i got this. The names in the picture are might responsible for the scams as well. I’m not sure on that but one thing’s for sure. These are the persons who make the operation of BSD possible. Enjoy because i have difficulty in getting these.
    https://imgur.com/a/t195htB

    Edit: Wealthesteem.org here’s the photo from the link BSD Trade Service Corporation Responsible owners: Laurent Ounroth (Dehasse) & Niav-Nasim Hashoshan

    1. Hi guys, if theres someone who can help you, i think i’m the right person, i worked there for about 6mos, and i’m currently working as an utility stuff, i’m stuck, i have no choice but to work for this company since i already have 2children i really need money, i will give all the information you needed i just need my protection and money so that i can start a better life.

  3. As of now they stopped operation. They left the building where they are operating. They are hiding. But once we have info we will let you know where they are but they are in the philippines in clark. All of their brokers are not license they just promote them. Fakes. Scammers. They saved all of the card info the client gave to them. So if you gave your card info. Blocked them. They can take money without your authorization. They have processor to do that.

  4. Hi Anon, i dont know how to get your email addressto get more info.

    I want to write to our Presidents Action Center pcc@malacanang.gov.ph to air my concern with this company. I have tried this once and they do address your concern right away by coordinating with different govt agencies.

    I cant share my email add in public since i use it in all my personal dealings.

    Appreciate your help kabayan.

  5. Thanks for your posts, unsung hero! But why do you use a new nickname? “Unsung hero III”. Does it mean something..?
    And thanks to all of you. We need to stick together!

    1. for security purposes laurel. In the mean time, I’m gathering all of the facebook accounts/ pictures of the managers, team leads, shift managers, swipers(or the people who get your credit cards) or any people with position and compiling them and I will be releasing them here. I’m halfway done

  6. I was shocked when I saw this.I had 2 people from the brocker who were managing my account.Now it’s supported by the third one.His name is Vitaliy.He told me that their company is based in Singapore but there was nothing told about anything connected with the other countries which some of you’ve mentioned here.I don’t know what should I do with this info and how to behave with the manager now…

  7. I can not withdraw 300 dollars. I left the application for withdrawing money, but it’s already been two days, and the answer came to me. At first I was not nervous, but today I found this site and I’m already afraid that I will not get my money. I saw that some people got their money. What do I need to do to pick them up. Tell me please!

  8. Anon, I already did it) I wrote to Korneichuk (she left her email in this topic) and we collect information that we know. Korneichuk received letters from a few more clients of HQ, with whom we are now in touch. I think there’s no point in creating another one email.

  9. Hello everyone,

    I’m BSD employee, and the things that i read here are just not true!
    BSD is a BPO company who provide services to various types of industry for open account, customer services, call center for outbound sales and ore.

    there is no boiler room. BSD is working under CDC and deployment of labor permits. they are not like IBD, not even similar.

    1. Hi Jun, you commented here without using a BSD email address. Do you not have one? Feel free to ask a senior executive to comment using a BSD email address.

      More that one person has provided evidence that BSD Trade Corp is behind HQBroker.com.

      BSD Trade Corp Pte Ltd has advertised itself as

      One of the largest and most acredited online brokerage from Europe. Holding company to multiple online trading platforms in the area of stocks, indices, forex and commodities.

      It could be there are two similarly named companies. However most of the phone calls to me and others have come from Filipino accents, not Singaporean.

      HQ broker has sent “representatives” who have not answered any questions in an effort to confuse customers. So you’ve got one chance here to explain that your company is not involved.

      1. Hello Paul,

        I’m sending this response now with the use of BSD’s official email.

        In regard to your statement, what “evidence” are you pertaining to? A random person who claims that BSD has 2 campaigns for Forex company? Just to clarify, BSD is an operating BPO company that provides services to various types of industries, including a call center that makes outbound calls to clients, customer service, open accounts, and more.

        We have no connection with the other BSD you have mentioned, and I can confirm that it is just another company with a similar name.

        To throw a brighter light, we are also providing BPO services for HQ broker, like we to many other companies, but do not be confused between the two. HQ broker is not BSD, and vice versa, as we are just catering them with the services available in our company.

        And to Unsung Hero:
        Firstly, as I have mentioned, BSD and IBD are not alike. The only similarity between the two companies is that ther both call centers. However, I would like to clarify that we do not operate like a “boiler room”, and due to the objectionable comparison, it is stated on the contract that working for IBD may cause a 1 million-peso fine.

        Secondly, in reference to the information that CDC forcefully shut down BSD, I attest that this news is not true. BSD is fully operating normally.

        And lastly, I would like to reiterate that we provide services to various types of companies, hence the providing of campaigns including to fx companies and to many others.

        1. Hello Jun,

          I don’t think you are operating normally yet.

          The customer support phone and chat were inactive last Friday and Monday. Server were mostly down too.

          Customer support was already available yesterday but told us that brokers and finance is not yet available and no definite time they could give. All this due to maintenance of the system? Without any notice? Were are the brokers now, at least they should have called to inform us.

          I believe unsung hero that BSD instructed their employees not to report to office after IBDs RAID. The maintenance is not mere coincidence.

          So can you tell us when will the brokers and finance team be available?

          1. Hey Dave,

            Again, just to clarify, BSD provides limited services to HQ broker. We do not handle and support their financial services, so our company has nothing to do with their system malfunction and other website issues.

            Therefore, the company cannot speak of whether when their teams will be available. I hope that’s not too hard to understand for you.

            1. Hey Jhun,

              HQ Broker customer service is BSD employees using BSD BPO system, right? So BSD’s system is out last Friday and Monday which the customer service apologized due to system maintenance. Is hope this is not hard to understand. Yet you claim your operating normally. I know your customer service are Filipino, i can tell by their accent since I’m a Filipino too.

              If it’s BSD system failure? Where are the brokers and finance team? Did they have system failure too or hiding? Cant get hold of any of them yet to date and support is useless.

        2. well jun i went to the office of BSD a while ago and I laughed when i didn’t saw your office in the mercedes building. you were replaced by an “eco cafe” sort of office. Lol stop lying jun. You won’t fool anything here. BSD is fully operating normally, I have the screenshots of the managers telling agents that BSD is officially shut down until further notice. thoughts? 😀

    2. hi jun. so it is not true? is that why in the training, the trainers are letting us watch the boiler room scenarios where we can get their line to use them on the customers? your campaigns are hq broker and fsm smart right? you don’t have real broker license and hq broker and fsm smart is not registered with FCA for UK and ASIC in AU? if it’s not true, why CDC kicked out BSD in their office? thoughts?

    3. Hi JUN. IF IBD AND BSD ARE NOT ALIKE. WHY I HAVE A CONTRACT HERE FROM BSD THAT I CAN’T APPLY TO IBD RIGHT AWAY AFTER I LEFT YOUR COMPANY DUE TO SIMILARITIES OF BUSINESSES THAT YOU BOTH HAVE? IT IS INDICATED HERE THAT I WILL BE FINED 1 MILLION PESOS IF I DO THIS WITHOUT A 6 MONTHS COOLDOWN? CARE TO EXPLAIN JUN? 😀 😀

    1. BSD is allegedly the company behind HQBrokers. There is evidence BSD claimed to be the holding company.

      Philippine Police raided the IBD boiler room on 6 June 2018, arresting 8 Israeli citizens and 474 Filipinos. Unsung Hero allegedly has a BSD employment contract to prevent him working at IBD within 6 months of leaving BSD or he must pay a 1M peso fine.

      That proves that BSD saw IBD as a competitor in the same business as them.

      1. Hi Paul,

        Again, BSD is a BPO firm, hence its provision of services to HQ broker, which include customer support service and first deposit service. We do not handle HQ broker’s clients, and we most especially do not give HQ broker nor their clients financial advice since this is NOT included in our business and services.

        What is the evidence you’re speaking of? I don’t see a verifiable and factual evidence, aside from an obviously opinionated information stated by a random person.

        All claims declared here are untruthful and inaccurate, and are utterly disfiguring BSD’s reputation which we are completely opposed of. We practice genuine obedience to our country’s laws and regulations as set from the Department of Labor and Employment, and we will not allow these false claims to mess our image up. I strongly urge for these comments to be deleted.

        1. In what capacity are you opposing the claims?

          In what capacity are you urging the comments to be deleted?

          The evidence is amassing and it is not just from one random person.

          You have admitted BSD runs HQBroker’s customer service and first deposit service. That puts BSD firmly in breach of Australian, New Zealand, British, South African and Canadian law. Bad news you’re also in breach of Philippine law.

          In facilitating the international electronic transfer of funds pursuant to a financial scam BSD, it’s employees, principals and agents are also guilty of money laundering, fraud and securities fraud. Any claim that you do not provide financial advice fails immediately once you take the initial deposit. The solicitation and acceptance of investment funds means you have provided investment advice.

          In claiming to be regulated when you are not is also fraud. So every customer service transaction that BSD facilitated was faciitating fraud.

          In the USA they have RICO Racketeer Influenced and Corrupt Organizations Act, it has equivalents around the world. It’s what they are getting the corrupt FIFA and UN officials on. That’s what they will use on BSD too.

  10. For coverage of the raids on IBD in the Phillipines see a Times of Israel story at :

    https://www.timesofisrael.com/israelis-nabbed-in-philippines-are-tip-of-iceberg-in-alleged-fraud-gone-global/

    Note that this story also states “According to Philippine police, IBD Marketing operated as a call center on behalf of an online trading site called FTOCapital.com, whose call center operators tried to persuade investors to invest in bitcoin. ..They allegedly used false names and claimed to be based in London.”

    FTO Capital is another scam organisation, that Paul has a separate post about on this website. We strongly suspect that FTO Capital and HQ Broker are connected, which provides another link HQ Broker and IBD.

  11. Oh please jun. The only service bsd is servicing is hq broker and fsm smart. Customer service for them as well. You dont have any other accounts aside from that. You are not servicing them because you guys created them that’s why you have web developers, if bsd and ibd is not alike why do you have retention seperated from the company where the brokers are operating. And you guys dont have license for your broker. You just promote them. Stop this lies. The reason why you can operate is because you never tell them you’re doing trading. You make them believe that you’re a sales company.

    1. Hey Anon,

      How are you so sure that we don’t manage other companies than HQ broker? BSD is a very diversified firm, and even if you are a former or current employee, I am absolutely sure you haven’t seen everything in the company.

      In fact, BSD has never claimed that it is a broker company. Again, if you have actually read and understood what I said above, you would know what a BPO company is, and how it operates, and that’s exactly what we are. We are operating very normally, and as far as BSD is concerned, we follow all laws and regulations of Department of Labor and Employment accordingly.

      1. At the very least you are providing BPO services to a known boiler shop and scammer. That puts you in the same boat as them.

        Most people know how a BPO operates, so now it looks like you are merely casting uncertainty and doubt. The FUD plan is not going to work.

        Right now BSD looks like the holding company behind more than one boiler room. It also appears to be a major facilitator of these sorts of scams.

        1. Just so you know Paul,

          The Israelis from IBD got released, the prosecution ruled that the Israelis’ arrest was unlawful since they did not commit any crimes.

          the media blow up everything and doing shaming without evidence,

          just like you are doing now!

          my suggestions, you just need to calm down, there is no evidence of your claims, and you are just causing shaming.

          ynetnews.com/articles/0,7340,L-5287365,00.html

          WealthEsteem.org edit: changed the ynetnews article from a clickable link to just text. Reports that advertising on ynetnews is fraudulent. If you want to check out the article copy & past it into your browser, make sure you have strong anti-virus and an ad blocker installed.

          1. The details on the release of the 8 Israeli citizens is not widely reported yet (so far only Hebrew media are reporting it). The Times of Israel (among others) is looking into the circumstances of their release.

            Who am I shaming?

            I don’t need to calm down as I am already calm.

            Evidence is documented in the main post. Did you read it? Other evidence is flooding in.

            Established facts that HQ Broker’s customer acquisition team:
            1. lied about their regulation and licensing
            2. broke laws by providing investment advice
            3. facilitated fraud and money laundering

            Lastly how do you explain the ongoing delays in clients’ withdrawing money?

            You are yet another spin doctor trying to cast fear, uncertainty and doubt in the minds of victims of this terrible fraud.

            1. There is something very odd about that ynet.com website “Chris” has linked to.

              When I open it, it is accompanied by a large advertisement stating that John Key, former Prime Minister of New Zealand (and before that head of Merrill Lynch global FX trading) has just invested $500,000 in an automated bitcoin trading operation. It quotes him as saying “It’s a controversial investment, because the powerful elite does not want the average New Zealander to have this much wealth”.

              Baloney. Utter rubbish. I happen to know John Key personally having worked with him for several years, and he would never, never do or say such a thing. Totally unlike him. Nor can I find any mention of it in other, reputable NZ media. The story has however copied the webpage style of a major NZ newspaper. The genuine webpage makes no mention of any such investment.

              ynet.com other stories are all links to Reuters news and similar sources.

              Bottom line: I’d treat the ynet.com story about the Israeli’s release with high skepticism until it is confirmed by reliable sources. The suspicion is that this is deliberately created dis-information.

            2. That s what i am afraid of …israelis are back in israel ..and will not face any prosecution… Philipine gov and Israel gov have very strong ties in business-intelligence -army —shame on those filipinos and those israelis ..i am jewish myself .

  12. If bsd is operatin already?. Lot of person i knew working there is currently on vacation and they dont have work but with pay. And tell me if you are operating already. I checked the company name on the bulletin in front of mercedes. BSD’s name is not there. Hiding, eh?

  13. Hi Jun. Do you have any proofs of your words?
    So far, all that you said sounds unconvincing.
    I’m surprised at your statement that BSD is operating in normal mode. Dave said that your support wasn’t available last Friday and Monday.
    But thanks for writing in this topic. I hope to clarify the situation.

      1. I have been working with the company since February. The first couple of months, the trade was successful. I even made a withdrawal of my money once $ 700 the second time $ 1200. Then my broker Oleg offered to increase the deposit, as there is good news and I can make a lot of money on them. I believed and replenished the account $ 5000 then another $ 3000. But in the end the deal turned out to be unprofitable and I lost almost all the money. I was very upset, wrote an official letter to the company, after that they changed a broker, they said that with Philip I will return all my losses. Now I have $ 13000 on my account. But again the problem is, for several days now I can not contact Philip and do not know what to do.

  14. I started trading with this broker six months ago. It all started when I got a call from the company. A nice young man was talking to me. He presented the company very nicely, told what they were doing, what opportunities are open to the company’s customers. Everything was so good that I would even now without hesitation open an account. Then everything was a bit more complicated, since we had a new apartment, we did not have a lot of money, because we had to repair it. The manager convinced me that I can not invest large sums; I can start with a couple hundred. I could not resist and opened an account. At first it was difficult to trade. The manager gave me links to sources where one could quickly learn and understand about the process of trading. At the initial stages, the manager had to devote a lot of time to me, the company at that time was young, so they did not have such a large client base, as now, and the manager could devote more time to his clients. The program also had some shortcomings, so often had to apply for technical support. There I was also not without attention. From the very beginning, the company treats its customers well. I traded three or four months, mostly relying on the manager. Everything was fine until I decided to withdraw my money. A month ago I left the application, but money has not yet come. I still can not believe that this company has deceived me. This is a big amount for me and my family. I see that you have an active fight against them on your website. Tell me where will I turn for help?

  15. Hi Amber!
    Tell more about this withdrawal, please. Did you send withdrawal request just only once in six month? This is very careless. I suppose if you didn’t get your money it’s a very large amount.
    Am I right?

    1. Hi Laurel,

      There is nothing careless about leaving investment funds with the dealer-broker while you trade. That is how legitimate brokerages operate.

      Unfortunately HQ Brokers is a scam so withdrawing only makes sense with hindsight.

      1. You have more experience in forex, unlike me, so I trust you) But isn’t it necessary to check a new broker and withdraw at least a small amount of money?

    2. I did not have the need to withdraw money before. I earned and I was happy with everything. Also, I had no reason not to trust the broker. At first I was confused, but now I have calmed down, and will do everything possible to get my money back.

  16. Hello everybody. Tell me, who are still working with hq for today?
    Is the company still working? Have you tried contacting the trade issue? My broker Philip Safronov has not answered me on Skype for the third day. What to do?

    1. I ask customer support yesterday and informed that all brokers were on business conference overseas. But around noon Somebody called me on an unknown number. He told me that i have to resume trading and they would provide new broker.

      I dont have open positions but they insisted that i have signed a package deal with them. I told them i did not and i dont have open position. I wont open and trade until the withdrawal request i made last 31st May is in my bank account . I am just afraid now they might make it lose. I remove the team viewer on my PC.

  17. Beware of dogs and HQ BROKERS ..it s a scam ..haute voltige as you can never imagine-planified -from centre call to your lost …without noticing you will loose your money-hope time-and mostly trust ….they contacted me 45 days ago ..usual start 250$ ..PLATFORM meta4 -Capzone Llc -to Bank of America (in NY) where money is transfert …confirmation of deposit -Nice form -nothing that you can expect that it s a Scam…I lost 12,000 us $…
    IBD -Sister CO of HQ brokers -have been dismantled in Philipine -374 Philipinos and 8 Israelis arrested ..Shame on them !!
    I am building a dossier …I have names of people involded in that fraudulent Scam …will take action as fight of my live ..

    1. Dear Sagueney. I’m sorry that a similar situation has happened to you. I understand and sympathize you very well, as I myself find in a similar situation. As I wrote above my history of cooperation with the company. I lost a lot today. Now I have $ 13000 on my account. But again the problem is, for several days now I can not contact Philip and do not know what to do. I want to find their address and visit their office. If you have any information, I will be glad to talk with you. I used to write my email. Please answer me.

  18. Hello! I’ve got my $ 300 today. But I no longer believe this broker, they lost my trust. Now I do not know what to do with the deposit. I do not think these demons will get my money back.

    1. Hi Amis!
      Gratz on the withdrawal. But the first time I also received my money. For the first and probably the last time) How much money do you have left on the depo?
      Try to cheat. Say you want to check whether it is possible to withdraw the entire deposit. Promise that you’ll invest more moey.

  19. Fun fact. Do you know that in BSD, they have a promotion who gets the most number of openers per month? (openers are the term referred to the clients [i.e you guys] that deposit on HQ broker. This is actually being displayed all around our screen monitors in the office before. This girl is the “queen of the month” for may. If I can recall, this woman has 10 or 11 openers. This is her.
    [facebook profile redacted]
    if i remeber, her hq broker name is mariz.

    Wealthesteem.org edit no links to alleged employees social media profiles. No public doxing of employees without evidence of knowingly scamming

  20. BSD is operating again people. I’m not sure if they are in mercedes building here but once I have the correct info I will let you know.

  21. I’m a customer of BSD,

    they are giving me BPO services for my e-commerce business.

    I read all these comments and you guys are writing terrible false accusations!

    BSD giving me the best services that I’ve ever experienced from a BPO company.

    don’t believe narrow eye jealous bad people

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