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HDForex Review - is it scam or safe?

HDForex Review - is hdforex.com scam or good forex broker?

RATING: 1.5 / 2 REVIEWS ForexBrokerz HDForex
HDForex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit Minimum trade size Maximum leverage Spread (& commission)
Start $500 0.01 1:300 From 1.0 pips + $5/lot
Standard $3 000 0.01 1:300 From 0.16 pips + $8 or $5/lot
VIP $10 000 0.01 1:300 From 0.2 pips + $6/lot
Exclusive $50 000 0.01 1:100 Exclusive offer

 

Clients of HDForex are offered a choice of 2 basic account types and 2 premium ones. According to the information on the broker’s website, all accounts offer variable spreads and feature commission fees. Otherwise, maximum leverage levels provided are average, up to 1:300, and micro lots are available for trade.

 

PAMM accounts are also available with this broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

Tbilisi Traders Club LLC

Georgia

National Bank of Georgia, FinaCom

 

Established in 2015, HDForex is a Georgian forex and binary options broker. The company operating the brand, Tbilisi Traders Club LLC is authorized by the National Bank of Georgia, which has some supervisory functions regarding the banking and non-banking financial sectors in the country. Yet, there aren’t any specific regulations for forex and binary options brokers in Georgia.

 

Furthermore, in September 2017, HDForex got a B-Category Membership with the Financial Commission, the independent self-regulatory organization. While this also cannot be defined as decent forex broker regulation, the FinaCom membership provides a certain level of security and reliability: Clients of a company with B-Category membership can be eligible for compensation of up to $5,000 per complaint, as well as having access to all dispute resolution services offered by the Commission.

 

HDForex’ website is available in Georgian, Russian, English, Persian, and Chinese.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with HDForex, one has to deposit at least $500, which is a bit high for the forex market. Another Georgian broker, Hydra Markets, requires $100 as a start.

 

Average Spreads & Commissions

HDForex offers different price plans, depending on the trading platform selected. If you choose the MT4, a fixed commission fee of $5 per side per lot is added to the spread on basic accounts. And the spread is averaged 1.2 pips on Start accounts and 0.4 pips on Standard ones. So, trading costs per standard lot amount to around 2.2 pips and 1.4 pips on the EUR/USD pair, respectively.

 

By comparison, with major globally licensed brokerage IG one can trade with spreads as low as 0.6 pips on EUR/USD and no commission fees apply.

 

Maximum Leverage

The maximum leverage levels provided by HDForex are average, up to 1:300. We would like to remind traders that leverage is a double-sided coin: it may multiply your profits, as well as your losses, so be careful when using high ratios.

 

Trading Platforms

 

HDForex offers its in-house HDForex Trader, as well as the ever popular MetaTrader 4 platform.

 

HDFOREX trading platform is JAVA-based and specially designed for ECN execution. It is optimized for both manual and algorithmic trading and provides advanced back-testing options. Besides, HDForex Trader is easy to use and customizable interface, displaying all the necessary information to monitor markets in real time. Unfortunately, we could not log into the demo HDForex Trader and test it.

 

Like most forex brokers, HDForex also supports MetaTrader4 (MT4). Launched more than 10 years ago, MT4 continues to be the standard choice for most brokers, and also enjoys a massive popularity among traders. It is user friendly and has many useful functionalities, offers the options for algorithmic trading and hedging, supports money management accounts and numerous third-party applications. 

 

Methods of Payment

 

HDForex offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill, Neteller, Yandex Money, and eMoney.

 

Conclusion

 

HDForex is a Georgian forex and binary options broker supporting both the MT4 and its proprietary platform. It is registered with the National Bank of Georgia and is also a B-category FinaCom member, which is hardly decent regulation, but yet is better than nothing or offshore registration. Unfortunately, HDForex’s trading conditions are not the best we have seen: trading costs on Start accounts are high and those on Standard accounts are average. Here are, in a nutshell, the pros and cons with regards to this broker:

                                                                                       

Pros  Cons
Registered with the NBG and FinaCom member Light regulation
Choice of trading platforms, MT4 available Comparatively high initial investment required
  High trading costs on Start account
  No CFDs on stocks and indices on MT4

 

Latest news about HDForex
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Traders` reviews for HDForex

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

Cons

 

 

very bad company

Never trust this company. i have 2000$ deposit there and i can't withdraw it. they don't answer the emails. it's one of the worst forex companies.

v 12/20/2018
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