Warning Investors Horizon Finance (P24O Ltd) – Unlicensed Forex Broker – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Introduction:
When searching for a dependable and compliant forex broker, it’s vital to be cautious and thorough. Unfortunately, Horizon Finance is one entity you should steer well clear of. While they claim to offer investment services and forex trading, this review will shed light on the numerous red flags and risks associated with this company that has garnered a less-than-stellar reputation. It’s imperative to understand why trusting Horizon Finance with your funds is a perilous endeavor.
Regulation and Compliance: MFSA Issues a Grave Warning
The regulatory status of a forex broker is a pivotal consideration when it comes to safeguarding your investments. Regulated brokers adhere to stringent rules and standards designed to protect the rights and interests of investors. They are mandated to segregate client funds into separate accounts, offer fair and transparent trading conditions, and provide regular reports to the regulatory authorities.
In contrast, Horizon Finance operates without any regulatory oversight. Despite their claims of being a Maltese-registered company, the Malta Financial Services Authority (MFSA) has discredited these assertions. According to MFSA, Horizon Finance lacks the necessary licenses and authorization to provide investment or financial services in Malta or anywhere else. The MFSA further warns that Horizon Finance is likely engaged in activities of a dubious nature, posing a high risk of losing money for investors. Detailed information about this warning can be found on the International Organization of Securities Commissions (IOSCO) website [^1^].
Customer Support and Customer Reviews:
An essential facet of assessing a forex broker’s credibility is examining customer reviews and feedback. Regrettably, Horizon Finance has garnered very few online reviews, which speaks volumes about its popularity and trustworthiness. The limited reviews available are predominantly negative, with customers voicing concerns about poor service, withdrawal difficulties, hidden fees, and aggressive marketing tactics.
Some customers have even gone so far as to label Horizon Finance a scam, alleging the use of fake testimonials, phony awards, and fabricated trading results to lure unsuspecting traders. They contend that the company restricts their ability to withdraw funds and that they are incessantly hounded by phone calls and emails from Horizon Finance’s representatives.
Reputation:
Horizon Finance professes to offer a wide array of products and services to forex traders, including trading platforms, account types, educational resources, market analysis, and bonuses. Regrettably, these claims remain unsubstantiated, as the company’s website is plagued with vagueness and an overall lack of professionalism. Grammatical errors and broken links further mar the website’s credibility.
Crucially, the company provides no comprehensive information about its trading platforms, rendering traders in the dark about platform features, specifications, compatibility, or security. Details about the company’s trading conditions, such as spreads, leverage, commissions, or execution speed, are conspicuously absent. Account types are similarly enigmatic, with no information regarding minimum deposit requirements or benefits. Educational resources are sparse and outdated, lacking essential features like webinars, videos, or courses. Market analysis offered by the company is superficial and questionable, devoid of sources or references. Bonuses provided by Horizon Finance come across as misleading and suspicious, laden with unrealistic terms and conditions that render profit withdrawals an arduous endeavor.
Location:
Horizon Finance claims to be headquartered in Malta, but this assertion is patently false. The address furnished on the company’s website is nonexistent, and no physical presence or offices exist in any other country. The company’s contact numbers raise doubts about their legitimacy and are unresponsive. Even their email addresses appear generic and unprofessional.
Customer Service:
To make matters worse, Horizon Finance’s customer service leaves much to be desired. Unlike reputable brokers that often feature a live chat option on their websites, Horizon Finance lacks this common feature. Phone support is unreliable, with long waiting times and disconnected calls, accompanied by rudeness. The email support is equally lackluster, offering slow and ineffective responses with no clear answers or solutions to customer inquiries.
Conclusion:
In summary, Horizon Finance is a dubious forex broker that should be categorically avoided. The company operates without essential regulatory oversight and has been flagged by the MFSA as a potential scam. Multiple red flags, ranging from the quality of their products and services to hidden fees and withdrawal issues, underscore the risks associated with Horizon Finance. Furthermore, their less-than-savory reputation among customers paints a disconcerting picture, marked by numerous negative experiences and complaints. When considering your financial well-being, trusting Horizon Finance is a risk that should not be taken lightly.
