The world of online trading has seen a surge in popularity in recent years, attracting a growing number of individuals looking to make money from the comfort of their own homes. However, with this increase in popularity has come an influx of unlicensed brokers, making it difficult for traders to distinguish between legitimate platforms and scams. In this article, we will be taking a closer look at one such broker: Happyminer.
Company Overview
Broker Name | Happyminer |
Website | happyminer.us |
Location | 300 W SHERIDAN AVE, OKLAHOMA CITY, OK 73102 USA |
Regulation | Not regulated |
Traders’ review | Mostly negative |
Team
Happyminer’s website provides little information about the team behind the company, with no names or biographical information available.
Services or Products
The platform claims to offer a range of trading products, including forex, stocks, commodities, and cryptocurrencies. However, there is limited information available about the specific products offered or the fees associated with trading.
Trading Platforms
Happyminer claims to offer its users access to a proprietary trading platform, as well as the popular MetaTrader 4 (MT4) platform. However, there is no evidence to suggest that the platform is reliable or effective.
License and Regulations
License Status
Happyminer claims to be registered with the FNMA in the UK. However, upon investigation, it appears that this claim is false, and the company is not registered with the FNMA or any other financial regulatory body.
Regulation Status
As Happyminer is unlicensed, it is not subject to any regulatory oversight, meaning that users have no protection in the event of fraud or malpractice.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers such as Happyminer is extremely risky for a number of reasons. Firstly, these brokers are not subject to regulatory oversight, meaning that they are not required to adhere to any industry standards or best practices. This can lead to fraudulent behavior, such as market manipulation, price fixing, or even theft of funds. Secondly, unlicensed brokers often offer unrealistic or unsustainable promises, such as guaranteed profits or high returns with little or no risk. This is a clear red flag and should be avoided at all costs.
Legal Warnings Against Happyminer
Several financial regulatory bodies have issued warnings against Happyminer, including the Australian Securities and Investments Commission (ASIC) and the British Columbia Securities Commission (BCSC). These warnings highlight the risks associated with trading with an unlicensed broker and urge users to exercise caution.
Client Feedback About Happyminer
Client feedback about Happyminer is largely negative, with many users reporting issues with the platform and customer service.
About Trading
Users have reported issues with trades not being executed or being executed at unfavorable prices. There have also been reports of spreads being widened without warning, leading to increased trading costs.
About Customer Service
Users have reported difficulty contacting customer service and receiving adequate support. Some have reported being ignored or receiving unhelpful responses.
How Can FXfarmupdate Help You If You Get Scammed?
If you have fallen victim to a scam broker such as Happyminer, there are steps you can take to recover your funds. FXfarmupdate is a trusted resource for individuals looking to recover lost funds from online trading scams. Our team of experts can provide guidance and support throughout the recovery process, helping you to regain control of your finances.
Final Thought
Happyminer is an unlicensed broker that should be avoided at all costs. The lack of transparency around the company’s location, team, and regulatory status is a major red flag, as are the negative client feedback and the legal warnings issued against the platform. Dealing with unlicensed brokers is always risky, and traders should exercise caution when choosing a platform to use for online trading.
