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HighFxMarkets Review - is it scam or safe?

HighFxMarkets review - Is highfxmarkets.com scam or good forex broker?

RATING: 1 / 0 REVIEWS HighFxMarkets
HighFxMarkets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


HighFxMarkets is an offshore broker and like most offshore brokers it is unregulated. Otherwise the broker offers five account types, with a leverage of up to 1:400 and the MetaTrader5 platform.

 

HighFxMarkets Advantages:

 

60 forex pairs

 

When we tested HighFxMarkets trading platform with a demo account we came across 60 currency pairs, lots of which exotic or minor, including USDGEL, USD/PLN, USD/HUF, USD/CZK, USD/ZAR, USD/TRY, USD/MXN, USD/DKK, USD/NOK, USD/SEK, USD/RUB, USD/SGD, USD/HKD and USDCNH. No other trading instruments were available, however, so if you are interested in trading crypto CFDs for example, here you may check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

Such a high leverage can positively accommodate even the most aggressive trading style and yet you should always use higher leverage with extra caution, as it is associated with higher risk. Still, here you may check our list of brokers, licensed in Australia – the only regulatory hub where higher leverage is still unrestricted:

 

>>Brokers regulated in Australia<<

 

Various payment methods accepted

 

HighFxMarkets accepts payments with Visa, Mastercard, bank wire, Neteller, WebMoney, PayPal and Skrill. However as we do not see the option to pay with bitcoins, here you may check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

HighFxMarkets Disadvantages:

 

No regulation

 

HighFxMarkets is owned and operated by the Marshall Islands based Silver Wolf Limited. As we noted, the broker is unregulated and that significantly lowers its credibility. Unregulated brokers can not be trusted as a rule, because they are not accountable for the way they handle your money. 

 

On the other hand you can always trust  brokers licensed by institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). 

 

Besides, with a CySEC broker your funds will be insured up to 20 000 EUR, while with a FCA broker your insurance will cover up to 50 000 GBP. Here you may check our list of brokers, regulated by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<<

 

HighFxMarkets offers managed accounts

 

HighFxMarkets offers what they call “MAM trading accounts”, where your funds will supposedly be traded automatically by the broker. The problem with this, however, is that because HighFxMarkets is a market maker, they will not have the incentive to manage your funds properly. Be aware that a market maker makes money when traders lose and vice versa. That is why no legit broker will ever offer a managed account.

 

 

On top of that with a MAM trading account at HighFxMarkets you will not have right to withdraw for at least 6 months and that is unacceptable as well.

 

Trading bonuses with unusual withdraw conditions 

 

If you accept a trading bonus by HighFxMarkets you will have to trade at least 900 000 USD for every 30 dollars bonus you have accepted before you will be allowed to request a withdraw. Take a note that the practice to offer trading bonuses is highly controversial and is actually banned throughout EU altogether.

 

 

And have in mind that HighFxMarkets charges any withdraw amount with a fee of 1.5% or  minimum 25 USD.

 

On top of that HighFxMarkets reserves the right to impose withdraw limits and withdraw fees in its system and to include additional charges, such as “statement fee, order cancellation fee, account transfer fee and telephone order fee”.

 

 

The minimum amount to withdraw is set at 100 USD. 

 

MetaTrader5 offered by a third party

 

HighFxMarkets says to be offering MetaTrader5, but it turned out the platform is provided by a third party – Index Premium Trades Market. Otherwise the platform, along with its predecessor the MetaTrader4, is one of the most widely used trading solutions. With MT5 you can run automated trading sessions and write your own market indicators and trading bots with a specially designed scripting language. Here you may also check our list of brokers offering the MetaTrader5:

 

>>MT5 Brokers<<

 

High spreads

 

The bench mark EUR USD spread, as tested with a demo account, floated about 1 pip, which is attractive. The demo account however mirrors one of HighFxMarkets premium accounts, while with its starting Initial Account the broker offers fixed spreads starting at 2 pips, which is higher than the spreads traders would usually consider acceptable. Besides here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive requirement for a minimum deposit

 

500 USD as required by HighFxMarkets to start trading with them is twice higher than the investment most brokers would ask you for to open a trading account. That said, bear in mind that some well established brokers like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

As we noted, HighFxMarkets is a unregulated, offshore broker with rather limited credibility. On top of that they offer managed accounts and have some rather unusual withdraw conditions linked to the trading bonuses they offer to their clients.

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Traders` reviews for HighFxMarkets

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