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HeartForex Review - Is it scam or safe?

HeartForex Review - Is it scam or safe?

RATING: 1.9 / 0 REVIEWS HeartForex
HeartForex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads 
Standard  $3,000 0.01 1:200 From 1.3 pips on EUR/USD
Challenge  $1  0.01 1:1000  From 2.0 pips on EUR/USD
Swap-free $1,000 0.01 1:200 From 2.5 pips on EUR/USD
Premier $30,000 0.01 1:200 From 0.7 pips on EUR/USD

 

HeartForex offers its clients a choice of 4 basic account types, including a Swap-free one intended for investors of Islamic belief. MAM accounts, suitable for money managers and investors, are also provided by this broker. Micro lots are available for trade on all account types.


Keep in mind, however, that HeartForex does not accept clients from USA, EU, Japan, and Hong Kong.


The Company. Security of Funds


Founded in 2012 in New Zealand, HeartForex is an STP/ECN offshore broker offering trade in forex, CFDs, as well as precious metals on the MetaTrader 4 platform.


The company behind the brand is Heart Forex Limited, which is currently regulated by the International Financial Services Commission (“IFSC”) of Belize.


Belize is a popular offshore financial hub, where the regulation and licensing requirements are looser compared to other jurisdictions. Lately, however, the financial regime in Belize tightened (as of the end of 2015 and the beginning of 2016). The local regulator (IFSC) increased the initial minimum capital requirement for financial and commodity-based derivatives brokers from $100,000 to $500,000. Besides, the commission also increased the annual license fee from $5,000 to $25,000.


Therefore, regulation in Belize is tighter than the one in the St. Vincent and the Grenadines for example, where brokers follow simple registration procedure and don’t have to worry about minimum capital or segregation of client’s’ funds.


Nonetheless, we advise traders who intend to invest larger amounts of money to select among brokerages licensed in Cyprus or Australia for instance, where regulation is strict and yet there is no FIFO rule, nor leverage caps applicable.


Trading Conditions


Minimum Initial Deposit
There is no minimum deposit on the Challenge account with this broker. Yet, in order to place an order, one has to deposit at least $1, which is average. In comparison, FX Choice, also regulated by IFSC, requires $100 from its clients as a minimum for all account types, including ECN ones. The Premier account with Heart Forex, which offers ECN execution, is accessible with $30 000 initial deposit.


Average Spreads & Commissions
This broker offers floating spreads, varying by account type, and charges no commission fees. In spite of the commission-free trading, however, we find the spreads a bit too high. The typical spread on the Standard account type is around 1.5 pips on EUR/USD, which is on the upper end of average, and the one on the Challenge account type start at 2.0 pips. The tightest spreads (starting from 0.7 pips on EUR/USD) are delivered on the Premier accounts, however one has to deposit at least $30 thousand to make use of them.


In comparison, FX Choice, offers average variable spreads amounting to 1.2 pips on EUR/USD on its commission-free accounts. For further information, you may check out and compare real-time spreads of 15 leading brokers here


Maximum Leverage

The maximum leverage rates at HeartForex are high, reaching 1:1000. Most forex brokers offer leverage levels up to 1:400 or 1:500. FX Choice, for instance, provides leverage up to 1:200.


We advise traders to be aware of the risks associated with trading on margin – higher leverage levels may lead to heavy losses, exceeding initial investments.


Trading Platform


HeartForex offers its services on the popular MetaTrader 4 platform (MT4). The MT4 is available as PC, web and mobile versions (apps for iPhone, iPad and Android).


This fully-featured software provides traders with everything they need: fast order execution, a variety of technical indicators, advanced charting package and the ability to develop and to use Expert Advisors (EA). There are many different time frames to choose from and you can place a trade with a single click or within a chart.


Furtermore, HeartForex offers the perfect solution for professional traders looking to take advantage of a dynamic, integrated environment: FIX API.


Promotions
HeartForex looks like a generous brokerage. It offers the following promotions:


- $100 welcome no deposit bonus, the profits from which can be withdrawn after fulfillment of certain trading volumes requirements are met.
- !00% on-deposit bonus to clients who deposit at least $500.


Both promotions are available to Challenge account holders for a three-month period and any negative balances will be reset to zero.


Methods of Payment


Clients of HeartForex are offered the following payment methods: bank wire transfers, China UnionPay and i-Account. Popular e-wallets Skrill & Neteller are missing.


I-Account is a money platform for fund transfers, international wire transfers, foreign exchange, bulk payments, etc. Users can access their accounts from any PC/tablet or smart phone with no limitations in regards to time or location.


Conclusion


HeartForex is an offshore forex and CFD broker, offering commission-free trading with high leverage levels on the MT4 platform. Its main disadvantage, except the light-touch regulation, is that its spreads are a bit too high. To sum up the above:

 

Pros  Cons
STP execution Light regulation 
MT4 available No choice of trading platforms 
Commission-free trading Does not accept clients from USA, Japan, EU, Hong Kong
High leverage levels provided High minimum initial deposits required on all but Challenge accounts
Bonuses available  

 

Latest news about HeartForex
No news about HeartForex . Check back later.
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Traders` reviews for HeartForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Summary

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