The prop trading space has witnessed a wave of new firms entering the market, but with that growth comes concerns about transparency and credibility. A major red flag has emerged around Hola Prime, a proprietary trading firm that saw over 1,300 Trustpilot reviews disappear overnight due to violations of the platform’s guidelines.

From “Excellent” to No Trustscore

Hola Prime’s Trustpilot page previously displayed an “Excellent” rating with thousands of glowing reviews. However, after Finance Magnates questioned the legitimacy of those reviews, Trustpilot took action, removing 1,300+ fake reviews and displaying a warning that the company had violated its guidelines. Now, Hola Prime has only 49 reviews and no Trustscore.

Trustpilot’s message on Hola Prime’s profile states:

“We’ve detected and removed a number of fake reviews for this company. If we find additional fake reviews on this profile, we’ll remove those too.”

Fake Reviews? The Timeline Doesn’t Add Up

One of the biggest concerns was the timing of the reviews. Some users claimed to have been funded as early as May 2024, yet Hola Prime wasn’t officially launched until October or November 2024. This raises serious doubts about the authenticity of these testimonials.

Even more revealing is the fact that a Web Archive snapshot from August 2024 shows that the domain holaprime.com was previously used by a Canadian architectural firm. This further questions the legitimacy of the reviews that predate the firm’s actual existence.

The Industry’s Growing Fake Review Problem

The Hola Prime case isn’t unique. The prop trading industry is seeing a growing trend of firms manipulating Trustpilot ratings to appear more legitimate.

• Trustpilot ratings influence traders' decisions, making them an attractive marketing tool.
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• Some firms allegedly pay for positive reviews or use bots to flood their profiles with fake testimonials.
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• When traders rely on manipulated reviews, they risk trusting firms that may not operate ethically.

What This Means for Traders

For traders looking for funded accounts, this incident is a critical warning to be skeptical of overly positive reviews. Here’s how to spot potential fake reviews:

• Check for inconsistencies in dates: were people “funded” before the firm existed?
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• Look for generic or repetitive language in multiple reviews.
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• Be wary of firms with a sudden surge in 5-star reviews within a short period.
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• Use independent review sources beyond Trustpilot.

Is Regulation the Next Step?

The issue of fake reviews in the prop trading space is growing, and it raises a bigger question: will regulators step in? Some financial watchdogs have already cracked down on misleading marketing in trading firms. If cases like Hola Prime continue to emerge, stricter oversight may be inevitable.

Final Thoughts: The Need for Greater Transparency

The Hola Prime Trustpilot scandal is a wake-up call for the prop trading industry. With the increasing competition among firms, credibility and transparency should be the key differentiators: not manipulated reviews. Traders need to conduct thorough research, look beyond Trustpilot ratings, and ensure they are choosing firms that operate with integrity.

As the industry grows, firms that prioritize transparency will stand the test of time, while those relying on deceptive tactics may find themselves under regulatory scrutiny. The key takeaway for traders? Be critical, ask questions, and never trust a rating at face value.
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