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Harris

United States|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://harrisforex.com/

Website

Rating Index

Contact

+17072440517
services@harrisforex.com
https://harrisforex.com/
3601 Green Road, Suite 100 Beachwood, Ohio 44122, USA

Licenses

No valid regulatory information, please be aware of the risk!

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Contact number

English

+17072440517

Broker Information

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Company Name

Harris Financial Group

Company Abbreviation

Harris

Platform registered country and region

United States

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-04-17
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

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Harris · Company Summary

Aspect Information
Registered Country/Area USA
Company Name Harris Financial Ltd.
Regulation Not regulated
Minimum Deposit $100
Maximum Leverage 1:100
Spreads not specified
Trading Platforms MT5
Tradable Assets Forex, commodities, shares,
indices, precious metals,
crypto coins
Account Types Not specified
Demo Account available
Islamic Account available
Customer Support Not specified
Payment Methods China Union Pay, bank wire
transfers, digital coins
Educational Tools None

Overview

Harris Financial Ltd. claims to be a US-based broker but operates without proper regulation, raising significant concerns about its legitimacy and trustworthiness. With a lack of transparency regarding account types, spreads, and customer support, coupled with reports of it being a scam and its website currently down, investors are strongly cautioned against engaging with this unregulated entity. The absence of educational tools and the presence of red flags underscore the importance of seeking reputable and regulated brokers for a secure and trustworthy trading experience.

basic-info

Regulation

Harris Financial Ltd. currently operates without valid regulation, and there is no evidence of it being regulated by reputable authorities like the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA), despite its claims of being based in the USA. This lack of regulatory oversight raises concerns about the company's commitment to investor protection and adherence to industry standards. Unregulated brokers may lack essential safeguards, making it essential for investors to prioritize regulated brokers with established compliance and client protection measures in place for a secure trading experience.

regulation

Pros and Cons

Pros Cons
  • Offers a variety of trading instruments.
  • Operates without valid regulation, raising concerns about legitimacy and investor protection.
  • Provides access to the MetaTrader 5
  • Lack of transparency regarding account types, spreads, and customer support.
  • (MT5) trading platform known for its
  • Reports of potential scam activities and a non-functional website.
  • advanced features.
  • Absence of educational resources for traders.
  • Low minimum deposit requirement.
  • Limited and somewhat elusive customer support contact information.
  • Maximum trading leverage of up to 1:100.
  • Incomplete information about spreads, commissions, and withdrawal processes.

Harris Financial Ltd. presents a concerning profile as an unregulated broker claiming to be based in the USA. With a lack of regulatory oversight, opacity surrounding account types, spreads, and customer support, as well as reports of potential scam activities and a non-functional website, it poses significant risks to investors. The absence of educational resources further diminishes its appeal. It's crucial for potential clients to exercise extreme caution when considering this broker and to prioritize regulated and reputable alternatives for a secure and trustworthy trading experience.

Market Instruments

Harris Financial Ltd. offers a range of trading instruments, including:

  1. Forex Pairs: Traders have access to a variety of currency pairs for forex trading. These pairs typically include major, minor, and exotic currency pairs, allowing investors to engage in forex trading across a wide spectrum of global currencies.

products
  1. Commodities: The broker offers trading opportunities in commodities, which may include popular options like gold, silver, oil, and other raw materials. Commodities trading provides diversification and can serve as a hedge against economic uncertainties.

  2. Shares: Harris Financial provides the option to trade shares, allowing investors to buy and sell stocks of publicly listed companies. This enables traders to participate in equity markets and potentially benefit from company growth.

  3. Indices: Traders can also speculate on the performance of stock market indices, such as the S&P 500, NASDAQ, or Dow Jones Industrial Average. Indices trading allows for exposure to broader market movements rather than individual stocks.

  4. Precious Metals: The broker offers trading in precious metals like gold and silver, which are often sought after for their value and as safe-haven assets during times of economic volatility.

  5. Cryptocurrencies: Harris Financial likely includes cryptocurrencies among its trading instruments, providing access to digital assets such as Bitcoin, Ethereum, and others. Cryptocurrency trading has gained popularity as a speculative and investment option.

Trading Instrument Description
Forex Pairs Major, minor, and exotic currency pairs
Commodities Gold, silver, oil, and other raw materials
Shares Stocks of publicly listed companies
Indices Stock market indices like S&P 500, NASDAQ, etc.
Precious Metals Gold, silver, and other valuable metals
Cryptocurrencies Digital assets such as Bitcoin, Ethereum, etc.

Account Types

It appears that the broker has not disclosed the specifics of its account offerings, which is a significant concern for potential investors. To make informed decisions about trading accounts, traders typically need to know details such as minimum deposit requirements, account features, and benefits associated with each account type. It's advisable for investors to choose brokers that provide clear and transparent information about their account options to ensure they select an account that aligns with their trading goals and preferences.

Leverage

leverage

Harris Financial Ltd. offers a maximum trading leverage of up to 1:100, as mentioned in the provided information. Leverage in forex trading allows traders to control larger positions with a relatively smaller amount of capital. A leverage ratio of 1:100 means that for every $1 of the trader's capital, they can control a trading position worth up to $100. While leverage can amplify potential profits, it also magnifies potential losses, making it a double-edged sword in trading. Traders should use leverage cautiously and be aware of the risks associated with higher leverage levels, ensuring they have a risk management strategy in place to protect their investments.

Spreads and Commissions

It's mentioned that spreads and commissions may vary depending on the type of trading accounts offered by the broker, but the exact details are not disclosed. Typically, spreads represent the difference between the bid and ask prices in a currency pair or other financial instrument and can vary from broker to broker. Commissions may apply to certain types of trading accounts or specific trading activities. To make informed decisions about trading costs, traders usually need clear and transparent information about spreads, commissions, and any other fees associated with their chosen trading account. Since this information is not provided, potential investors should exercise caution and seek clarification from the broker regarding their specific trading costs before opening an account.

Deposit & Withdrawal

The information provided mentions that the minimum deposit requirement for Harris Financial Ltd. is $100. However, specific details about the withdrawal process, withdrawal methods, fees, and any associated terms and conditions are not specified. The absence of this crucial information raises concerns about the transparency and reliability of the broker in handling deposits and withdrawals.

When dealing with a broker, it's essential for traders to have a clear understanding of the deposit and withdrawal procedures. They should be aware of the available payment methods, processing times for withdrawals, potential fees, and any minimum or maximum withdrawal limits. Additionally, knowing the broker's policies regarding withdrawals is essential to ensure a smooth and secure financial experience. In the absence of such details, it is advisable for traders to exercise caution and seek clarification from the broker regarding their deposit and withdrawal processes to make informed decisions regarding their financial transactions.

Trading Platforms

trading-platform

Harris Financial Ltd. offers the MetaTrader 5 (MT5) trading platform, a versatile and well-regarded platform known for its advanced features, user-friendly interface, and comprehensive charting tools. MT5 caters to both novice and experienced traders, providing access to various financial instruments and automated trading options. However, while the platform itself is reputable, it's crucial to consider other factors like regulation and customer reviews when evaluating the overall trading experience with Harris Financial Ltd.

Customer Support

Harris Financial Ltd.'s customer support, as indicated by the provided contact information, appears to be lacking in transparency and accessibility. While they offer an English-language contact number, the absence of other international contact options raises concerns about their commitment to serving a global clientele. Additionally, the sole email address provided, services@harrisforex.com, without further details on response times or support hours, leaves potential clients in the dark regarding the efficiency and responsiveness of their customer support. This limited and somewhat elusive contact information does little to instill confidence in the broker's commitment to addressing client inquiries and concerns promptly and effectively.

Educational Resources

The information provided does not specify the educational resources offered by Harris Financial Ltd. A lack of clarity on the broker's educational offerings raises concerns about their commitment to providing traders with valuable learning materials, tutorials, and resources essential for skill development and informed decision-making. Reputable brokers typically offer a range of educational tools, including webinars, articles, videos, and demo accounts, to support traders in enhancing their knowledge and trading abilities. In the absence of detailed information, prospective clients may find it challenging to assess the broker's dedication to trader education. It is advisable for traders to seek further clarification from the broker regarding their available educational resources.

Summary

Harris Financial Ltd. presents a concerning profile as an unregulated broker claiming to be based in the USA. With a lack of regulatory oversight, opacity surrounding account types, spreads, and customer support, as well as reports of potential scam activities and a non-functional website, it poses significant risks to investors. The absence of educational resources further diminishes its appeal. It's crucial for potential clients to exercise extreme caution when considering this broker and to prioritize regulated and reputable alternatives for a secure and trustworthy trading experience.

FAQs

Q: Is Harris Financial Ltd. a regulated broker?

A: No, Harris Financial Ltd. operates without valid regulation, raising concerns about its legitimacy and commitment to investor protection.

Q: What trading instruments are available with Harris Financial Ltd.?

A: The broker offers a variety of trading instruments, including forex pairs, commodities, shares, indices, precious metals, and likely cryptocurrencies.

Q: Can I access educational resources with Harris Financial Ltd.?

A: The information provided does not specify the availability of educational resources, leaving traders uncertain about the broker's commitment to trader education.

Q: What is the minimum deposit requirement for Harris Financial Ltd.?

A: The broker requires a minimum deposit of $100, although further details about deposit and withdrawal processes are not provided.

Q: Which trading platform does Harris Financial Ltd. offer?

A: Harris Financial Ltd. provides the MetaTrader 5 (MT5) trading platform, known for its advanced features and versatility, catering to both novice and experienced traders.

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