Himalaya Exchange – The supposed online exchange Himalaya Exchange is the world’s first real crypto ecosystem, according to its own website. Moreover, Himalaya Exchange makes digital currencies accessible anytime and anywhere.
However, there is an official warning about Himalaya Exchange from the financial regulator of British Columbia (Canada). Are you currently a customer of Himalaya Exchange or are you considering investing funds in the near future? If so, the following questions are certainly important for you:
- Are there any experiences of other investors with Himalaya Exchange?
- What can you possibly do in case of losses?
- Is Himalaya Exchange a reliable company?
The lawyers of the Herfurtner law firm have compiled the answers to these questions for you in this article.
Table of contents
- Himalaya Exchange Experience
- Himalaya Exchange Website
- Contacting Himalaya Exchange
- Himalaya Exchange Authorisation
- Regulatory warning from regulators on Himalaya Exchange
- Online Trading Guide
- What to do in case of losses?
In addition to the question to what extent Himalaya Exchange offers a trustworthy offer, it is significant to deal with the principles for successful online trading. Our legal advisors will also comment on how Himalaya Exchange compares to other financial products.
In addition, we are available to assist investors and support you in the event of ambiguities and legal disputes.
Himalaya Exchange Experience
According to the description on the provider’s website, Himalaya Exchange is about an open world economy for all. With the Himalaya Exchange and the Himalaya App, one can buy, sell and trade with ease and confidence.
In doing so, the Himalaya Exchange is a trading platform that should enable every person in the world to determine their own financial freedom and destiny. Accordingly, the aim of Himalaya Exchange is to accelerate the acceptance and use of cryptocurrencies so that people can shape their lives as they wish.
Therefore, with Himalaya Exchange, there is an exchange that is characterised by high liquidity, low fees and the best market prices. Moreover, Himalaya Exchange’s platform uses 3-factor authentication to ensure the highest level of security, making it the most secure trading platform in the market.
Moreover, Himalaya Exchange levels the playing field for all. Moreover, Himalaya Exchange was founded by a diverse group of thinkers and experienced leaders committed to creating a new, inclusive future by revolutionising the financial technology industry, he added.
Moreover, Himalaya Exchange started as a dream for an open and equal economy and is now evolving into a digital currency ecosystem of the future. Moreover, Himalaya Exchange’s management team consists of experts with experience from some of the world’s leading companies in finance, crypto, technology, automotive and medicine.
Furthermore, with its own cryptocurrencies and the application of blockchain technology, Himalaya Exchange is creating a more accessible, cost-effective and connected network of digital assets.
In doing so, Himalaya Exchange envisions a cryptocurrency ecosystem that is open and interoperable, developed and managed to the highest standards of compliance and security.
In addition, Himalaya Exchange has industry partnerships, bank-level security and deep cold storage. This, he said, is the foundation needed to create the world’s best exchange for crypto trading.
Himalaya Exchange Internet Presence
The internet presence of the provider Himalaya Exchange is available in English and can be accessed at https://himalaya.exchange.
In Germany, according to §5 of the German Telemedia Act (TMG), there are general obligations to provide information and mandatory details for the imprint. Consequently, this obligation to “identify the provider” exists for all commercially operated websites.
This is because this information is intended to inform the user of an Internet presence who he or she is dealing with. Last but not least, the address of the website owner plays a role if legal claims are to be enforced against him.
In this context, it is also important to note that the obligation to maintain an imprint applies equally to providers based abroad who carry out their business activities in this country. In August 2021, no legally binding imprint could be found on the website of Himalaya Exchange.
Operating company and trademark
The name of the website, platform or offer is not necessarily congruent with the operating company. In the past, it has often happened that providers are present on the market with numerous trademarks at the same time.
Furthermore, it is common practice for certain operators to remove the websites of discredited trademarks and to return to the market shortly afterwards using a new trademark. Therefore, when researching news and facts about a service provider beyond the trademark, one is well advised to always consider the operating company.
The relevant data can be found either in the imprint or often also in the footer of a website. On the website of Himalaya Exchange, no difference between a trademark and an operating company could be identified at the time of observation.
Responsible persons / management / CEO
According to §6 of the German Media State Treaty (MDStV), the name of the person responsible for the content of the website must be displayed in the imprint. This is often a member of the company’s management. Disclosing the names of the persons responsible is not only an obligation, but also a sign of transparency.
As of August 2021, no information on the persons responsible for the content could be found on the website of Himalaya Exchange.
Query domain data
Some service providers use their years of practical experience to pretend to be trustworthy. However, the registration date of the domain always stands in the way of such information. Consequently, it is necessary to check who the domain holder is and when the domain was registered.
Our lawyers retrieved the information with this result on 11.8.21: Domain Name: himalaya.exchange Registry Domain ID: 8d6e75ed33324fbda0cdffebe588844e-DONUTS Registrar WHOIS Server: whois.donuts.co Registrar URL: http://domains.google.com
Updated Date: 2021-06-17T18:23:06Z Creation Date: 2020-06-21T21:05:04Z Registry Expiry Date: 2030-06-21T21:05:04Z Registrar: Google Inc.
Himalaya Exchange Contact Details
The following data was available on the website at the time of writing:
- Himalaya Exchange telephone number: n/a A.
- E-mail contact of Himalaya Exchange: hello[a]himalaya.exchange
- Postal address of Himalaya Exchange: n.a. A.
Himalaya Exchange authorisation
The existence of a valid licence issued by a European governmental financial supervisory authority can be an important indicator of whether a company is a trustworthy financial provider. This is because the granting of a licence requires a great deal of financial effort on the part of the company.
However, it does not necessarily have to be a fraud if a broker does not make statements about its authorisation or its own regulatory status. The following financial supervisory authorities are also responsible for granting authorisations and supervising financial service providers such as Himalaya Exchange:
- Federal Financial Supervisory Authority (BaFin, Germany)
- Financial Conduct Authority (FCA, United Kingdom)
- Comisión Nacional de Mercado de Valores (CNMV, Spain)
There is no evidence of regulatory licensing on the provider’s web presence as of August 2021. Investors can discuss what this situation entails with a legal advisor from our law firm.
Warning notice from a financial regulator on Himalaya Exchange
In June 2021, the British Columbia Financial Services Commission (BCSC) issued a statement on Himalaya Exchange. This is because, according to the authorities, Himalaya Exchange claimed to offer an online trading platform for cryptocurrencies that British Columbia (BC) residents could use to trade cryptocurrencies.
However, a trading platform for cryptocurrencies might need to be recognised as an exchange under section 25 of the Securities Act, RSBC 1996, c. 418 (the Act) or registered as a dealer under section 34 of the Act. However, according to the BCSC, Himalaya Exchange in British Columbia was neither recognised as an exchange nor registered as a dealer.
Online trading like Himalaya Exchange is the extension of conventional trading in financial instruments to the web. Here, as there, market participants operate on the premise of generating income through the purchase and sale of assets. Trading is no longer limited to shares.
De facto, investors also have the following options to choose from, for example:
- Real Estate
- Crypto trading with Bitcoins and Altcoins, for example Tether
- Government bonds
- Money market funds
- listed index funds
- CFD Trading
Online trading is done through interfaces such as online brokers (such as Himalaya Exchange) or banking institutions that provide their clients with special trading computer software. Especially the far-reaching technical advances are the reason why online trading is now time-saving and convenient and consequently as recognised as it is popular.
Advantages of online trading
Digitalisation is also having a significant impact on the world of finance, especially in relation to trading such as at Himalaya Exchange. This is because the technological possibilities have made trading particularly massively more powerful.
In the past, investors and traders had to place their orders by phone call, fax or post, but now they can do so at the click of a mouse and with much less effort.
Aspects such as the term and type of trade, pricing and quantities or the key data for the account can now be clarified between a provider such as Himalaya Exchange and its client without a personal consultation. Thus, the possibility of online trading has brought about many conveniences:
- The platform executes the desired orders, all you need is an internet connection.
- Transaction fees have dropped noticeably, as personal advice on the phone is no longer necessary.
- Online traders have several tools and various indicators at their disposal.
- The range of tradable assets is wider and deeper.
- The speed of trade execution has increased noticeably.
- A lot of tools can be applied automatically and directly.
- The possibility of losses due to gaps decreases.
- Learning materials for online trading, knowledge pools, analyses or trading training are often offered as standard.
Moreover, online trading does not only offer conveniences in terms of the uncomplicated use of the trading platform. Especially through analysis options, indicators and the various tools, the investor has significantly more comfort.
The times when you had to draw your own price trends or make your own calculations are over. Today, trading platforms offer their clients an enormous range of order types that online traders can execute themselves with a day trading provider of their choice.
Individual trading plan
Due to the fact that there are several order types, online traders can adapt their trading plan individually to their requirements and make various configurations in this context: Buy entries:
- Buy Market Orders: buy at current market price
- Buy Limit Orders: Buy below current market price
- Buy Stop Orders: buying above the current market price
- Sell below current market price (Sell Limit Orders)
- Sell at current market price (Sell Market Orders)
- Selling above current market price (Sell Stop Orders)
- Stop Loss: Exit with a loss as soon as the pre-determined price is reached
- Take Profit: Exit with profit when the pre-determined price is reached
- Trailing stop orders: shifting of the stop loss, depending on the development of the price
An additional advantage of online trading from the investor’s point of view is the absence of restrictions. This means that you are free to choose your own trading strategy and make your own trading style. At this point, there are different approaches:
- Scalping: offensive trading in rapid time intervals
- Automated trading with robots (“Expert Advisors”)
- Continuous trading
- Intraday trading – opening and closing positions within one trading day
- Swing trading – high-risk exploitation of price fluctuations
Online trading made many of those trading styles possible in the first place by eliminating telephone exchanges with the provider. Seen in this light, it is possible to speak of a trading revolution that now bridges the gap between countless private investors around the world and the global financial markets.
Investors should check very carefully to what extent Himalaya Exchange offers these plus points.
Risks in online trading
Not all that glitters is gold, this basic rule also applies to online trading. Therefore, apart from the advantages, a number of disadvantages are also apparent, which inclined investors should integrate into their considerations:
- Private investors should already be versed in trading and pursue resilient strategies.
- If wrong decisions are made, high losses can be expected.
- The emergence of fraudulent trading portals has led to great risks of loss.
- Compared to conventional trading, it is rather hasty.
- Investors should keep a constant eye on price trends.
Speculative day trading in particular is not recommended for investors who are new to the subject of trading. This is because there is a considerable risk of not being able to predict price developments correctly, and due to the time pressure, adjustments are difficult.
Accordingly, this form of trading tends to be worthwhile for very competent or very risk-affine private investors. If you belong to this category, day trading is a way to generate results quickly. In addition, one benefits, for example, from the elimination of fees for overnight positions.
Finally, such financing costs should also be included in the overall consideration of a financial investment. Moreover, one literally saves oneself a rude awakening in the morning if there were immediate and violent price changes. Such “gaps” develop quickly due to adverse reporting about a company.
On the other hand, one quickly sees the success in case one can report a profit at the end of a trading day. It is also important for day traders to compare the trading fees of the different brokers. Here it can be worthwhile to opt for a flat rate in the form of a flat rate.
This is particularly worthwhile as soon as you trade at a high frequency and separate order fees would significantly reduce your profit.
Identify risks and dangers
In order not to unnecessarily increase the risks of online trading, you should question which financial provider you want to trade with. From our law firm’s experience, a few questions have emerged that can be used to identify any risks. Applied to the example of Himalaya Exchange, these would be as follows:
- What experiences have other private investors had with Himalaya Exchange before, what view of things is expressed in forums?
- Is Himalaya Exchange regulated by a European financial supervisory authority and is the company subject to official supervision?
- Are there any warnings from lawyers or law firms that support clients who have suffered losses in connection with Himalaya Exchange?
- Can regulatory warnings about Himalaya Exchange be found?
- Does Himalaya Exchange promise unusually high surpluses and hide or downplay the dangers?
- Can one find an imprint on Himalaya Exchange’s website and can one find credible information about the company’s place of business?
- Does the exchange with Himalaya Exchange result from an unsolicited phone call?
What to do in case of losses?
If you fear that you have been defrauded in online trading, it is advisable to block further payments immediately. This applies especially to the circumstance that the trader demands additional payments to compensate for losses. Furthermore, one should try to recover the lost capital.
In this regard, aggrieved investors can seek investor protection and turn to the lawyers of our law firm. We consider both civil and criminal law options and possible claims for damages against the company and against involved payment service providers such as banking houses.
“One can no longer speak of an exceptional case if a private investor loses his capital in online trading. Quite a few investors are fooled by the professional behaviour of the financial providers and do not register in time that they are not responsible for their losses.”
Our recommendation is therefore not to despair, but to act quickly and with commitment. Because the prospect of recovering the lost money is usually greater than the aggrieved investors realise. Would you like to talk to one of our lawyers about Himalaya Exchange? Then you can go straight to our contact section here.