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Hill Forex Review - Is it scam or safe?

HillForex Review: Is hill-forex.com scam or good forex broker?

RATING: 2.9 / 0 REVIEWS Hill Forex
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Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Standard $200 1:500 Variable from 1.5 pips
 

HillForex offers forex and CFD trading through a single account type with leverage up to 1:500. Spreads are floating and start from 1.5 pips.

 

The Company. Security of Funds

 
Company Country Regulation
HILLFOREX Ltd
Cyprus NA
 

HillForex is a broker offering a wide variety of trading instruments to its clients. As is the case with most IBs the company is not under the supervision of any relevant agency, but you don't need to worry. The company is an introducing broker for TOPFX, whch is regulated by The Cyprus Securities and Exchange Commission (CySEC). The commission requires companies to have at least EUR 730,000 as a sign of good will, before they can become a regulated broker. Furthermore a compensation scheme is in place, guaranteeing clients’ funds up to EUR 20,000. 

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU. 

 

Trading Conditions

 

Minimum Initial Deposit

To open an account with HillForex, one has to deposit at least $200, which is slightly above the industry average. Some brokers don’t require minimums, with the average being around $100.

 

Average spreads & Commissions

HillForex offers variable spreads starting from 1.5 pips. This is an unattractive offer, as most brokers offer spreads within the range of 1.0 – 1.5 pips for EUR/USD. With spreads starting at the high end of the average, HillForex is not really competitive. For further information, you may look up and compare real-time spreads of 15 leading brokers may be viewed here.

 

Leverage

The maximum leverage rates at HillForex are up to 1:500. Such leverage is considered to be high, although many forex brokers offer similar levels.

 

Keep in mind, however, that higher leverage ratios involve greater risk of losses, which may even exceed initial deposits.  That is why some regulators, like UK's FCA, plan to limit the maximum leverage offered by licensed brokers to 1:50.

 

Trading Platforms

 

HillForex offers the popular MetaTrader 4 (MT4)  platform to its clients. iPhone and Android mobile versions are also available through the relevant app store. The platform is preferred by some traders due to its simplicity – the charting package is easy to get used to and automated trading systems (EA’s) are relatively easy to apply. Other experienced traders dislike the lack of detachable modules, which prevents the use on multiple monitors.

Surprisingly the cTrader platform offerd by TopFX is not available on Hill Forex website. 

 

Methods of Payment

 

Clients of HillForex can deposit and withdraw funds via traditional methods such as Bank Transfer or Credit/Debit Card. Furthermore e-wallets such as Skrill, Neteller, Webmoney or China Union Pay are also available.

 

Conclusion

 

HillForex is an introducing broker of TOPFX, a CySEC regulated broker, so you don't need to worry about your deposit. Trading conditions, with spreads starting at 1.5 pips, are not really competitive. Here are the advantages and disadvantages with regards to this broker:

 
 
Pros Cons
CySEC regulation Relatively high spreads
MT4 platform No choice of trading platforms
High leverage available  
 
 
Latest news about Hill Forex
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Traders` reviews for Hill Forex

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Price feed

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