HFX Review
Broker Type: STP,ECN
Regulation: Not regulated
Established: 2009
Headquarter: British Virgin Island
Forex Broker reviewed: HFX
British Virgin Island is home to many good brokers and HFX is one of them. Founded in 2009, they’ve been giving good services for their clients, especially with their market analysis.
Pros and Cons
Pros
1. Fast withdrawal
2. News and market analysis available for clients
3. Economic news and signals send to your mobile (Gold and Platinum accounts)
4. Various bonus programs
5. Instant execution
6. Large leverage: up to 1:400
Cons
1. Not regulated
2. Spread is rather large in Silver account: 4-5 pips in major currencies
HFX Review – Features
1. Spread
HFX offers both fixed and variable spread. Like I said before, their spread is rather large in Silver account (4-5 pips for major currencies), but they have decent spread in Gold account (3-4 pips) and low 1-2 pips in Platinum Account. You’ll get low variable spread in their ECN account, but do use it wisely.
2. Leverage
Depend on the account type, you could get up to 1:400 leverage.
3. Commissions
No commission charged except in ECN account; which is $4 per 1 lot transaction. As an STP broker, they get their profits from the difference between ask and bid price.
More about STP: STP (Straight Through Processing) Forex brokers send orders directly from clients to the liquidity providers – banks, which trade on the Interbank. The fact that traders have access to the true market and can execute trades immediately without dealer intervention is what makes the platform STP.
4. Minimum deposit
Although it’s stated in their website that Silver account is for those with $500-$2,000 capital, Mr. Gilad Shoham from HFX has confirmed that you could start trading with $100.
5. Strategies (hedging, scalping, EA, swap-free account)
HFX doesn’t restrict any trading strategy. Clients are welcomed to use hedging, scalping, and forex robot. Swap-free Islamic account also available (on request) for those who need it for either religious or other reasons.
6. Trading platform
HFX uses the world-leading trading platform MT4. If you can’t be close to your PC all the time, there’s also web-trader and mobile-trading for iPhone and Android based phone.
7. Citizenship
Accept all countries except US citizen.
8. Instruments
HFX provide more than 50 Currencies, 35 commodities, 20 Indices, 150 CFDs on Equities.
9. Security
Their website is protected against virus and hackers by Comodo, a well-known name for provider of Antivirus, Firewall and SSL Certificate and Internet Security Solutions. You can be sure that all your data and trading are safe with them.
10. Execution Type: instant execution
HFX Review – Conclusion
With their bonuses, news and market analysis updates, and instant execution, they’re a good broker to aid you in gaining wealth from the forex market. However, it might be wise to at least opt in Gold account since the Silver offers too wide spread. This won’t matter for long-term trader who aims for hundreds of pips in profits, but it surely will affect short-term trader such as scalper or day trader. Read the pros and cons section again and decide wisely.
