HighSky HighSky Forex review, rating and comparison

HighSky Forex review, rating and comparison
3.0 5 RATING
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Trading Accounts

 

Account type /Platform Minimum deposit Minimum trade size Maximum leverage Average Spreads 
MT4 $1 0.05 1:200 1.8 pips
MT5 $1 0.05 1:200 1.2 pips

 

This broker provides its clients with the option to choose from 2 account types, depending on the trading platform used – MT4 or MT5. Both account types offer commission-free trading with variable spreads, leverage up to 1:200, and the chance to use micro lots.

 

Those who deposit more than $10 000 become Premium account holders and may benefit from 4% interests on their account balances.

 

The Company. Security of Funds

 

HighSky Brokers is a Czech forex broker offering trading in a number of currency pairs and various CFDs on indices, and precious metals on MetaQuotes’ software.

 

Behind the brand is HighSky Brokers, a.s., operating under a license granted by the Czech National Bank (CNB). It is the central bank of the Czech Republic and the supervisor of Czech financial markets, including forex brokers in the country. The CNB sets the rules and regulations for the forex industry and supervises the activity of licensed companies.

 

CNB regulated brokers are also allowed to offer their financial services in all EU Member States under the MiFID regulations.

 

Besides, the funds deposited clients of regulated brokers are protected by investor compensation schemes (the Czech Guarantee Fund).

 

Trading Conditions

 

Minimum Initial Deposit

HighSky Brokers has set no minimum initial requirement, so one can open an account with just $1.

 

Average Spreads (& Commissions)

This broker charges no commission fees and says on its website that its typical spreads on the MT4 platform amount to 1.8 pips for the EUR/USD pair, which is above average. That is why we would recommend the MT5 platform, where average spreads amount to 1.2 pips.

 

In comparison, FXTM, a leading EU brokerage, offers average spread of 1.5 pips on EUR/USD on its commission free accounts, while its typical ECN spreads are 0.5 pips and involve a commission $4 per standard lot (round turn). For further information and comparison, you may look up and compare real-time spreads of 15 leading brokers here.

 

Maximum Leverage

The maximum leverage with this broker is 1:200, which is average for the forex industry. Leverage is a tool that magnifies both gains and losses. So, higher leverage levels may multiply traders` earnings on a small deposit, but they can also lead to losses exceeding initial investment. Nonetheless, if you are willing to take such risk, other EU brokers offer such: XM – up to 1:888, FXTM and - up to 1:1000.

 

You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platforms

 

This broker supports both MetaTrader4 and MetaTrader5, available as desktop, web and mobile versions.

 

 The MT4 is preferred by the majority of traders, because it is user-friendly, supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package. Here is a list of more forex brokers offering MT4 platform.

 

The MT5 offers a feature-rich environment that gives practically unlimited possibilities to trade, analyse the price dynamics and automatize the trading process using expert advisors. You may look up more brokers supporting the MT5 here.

 

Methods of Payment

 

HighSky Brokers offers its clients the following payment methods: bank wire transfer and credit/debit cards. Popular e-wallets such as Skrill and Neteller are not available with this broker.

 

Keep in mind that withdrawals lower than 100 USD are charged with extra fees (10 USD).

 

Conclusion

 

HighSky Brokers is a well-regulated EU broker, whose offerings on two trading platforms seem quite decent. Its main disadvantage is the absence of ECN environment. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:

 

Pros   Cons
Well-regulated No ECN environment
Both MT4 & MT5 available No PAMM accounts
No minimum initial deposit required No e-wallet payments
Commission-free trading  

 

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