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HiWayFX Review - Is it scam or safe?

HiWayFX Review - Is it scam or safe?

RATING: 2.5 / 5 REVIEWS HiWayFX
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Trading account types

  

ACCOUNT TYPE MINIMUM DEPOSIT MINIMUM TRADE SIZE MAXIMUM LEVERAGE SPREAD
Standard NDD  $20 0.01 lot 1000:1 1.3 pips
ECN NDD  $1000 0.01 lot 500:1 0.3 pips + 0.002% commission
Zulutrade  $1000 0.01 lot 300:1  
MyFxBook $100 0.01 lot 500:1  

 

 

Regulation and safety of funds

 

Lucro Capital Ltd, owner of the HiWayFX forex broker has renounced its license with the Cyprus Securities and Exchange Commission (CySEC) at the end of April, 2017.

 

HiWayFX is regulated by the financial watchdogs of the island countries of Cyprus and St. Vincent and the Grenadines. It operates under different domains on the different markets. We recommend you use the .eu domain since it is regulated by Cyprus, the country with the strongest regulation of the two, which makes it a better choice for traders who prefer to be on the safe side. Moreover, CySEC-regulated brokers are legally allowed to operate in any EU member state and all deposits up to €20,000 are guaranteed by the Financial Services Compensation Scheme (FSCS).

 

Trading conditions

  
 

Leverage

HiWayFX has developed accounts with rather low minimum starting deposit and with high leverage rates. Traders can start with investments as low as USD 20 or EUR 20 and gain a leverage rate of up to 500:1 or 1000:1. These account parameters are perfect for traders who don’t want to start with a high deposit, yet want to magnify their trading capital. You can find other brokers with high leverage here

 

Spread

The typical EURUSD spread on a Standard account with HiWayFX is 1.3 pips. If you go for a ECN account the spread is lower, however a commission of about 0.5 pips apply. 

 

One the whole, HiWayFX spreads are in line with the spreads of the leading forex brokers.

 

Order execution 

The broker uses a no-dealing-desk (NDD/STP) forex execution model, making the trading process more transparent, faster, and easier, as it offers no re-quotes from dealers and no dealer intervention. 

 
 

Trading platforms

 
HiWayFX uses standard trading platforms like MetaTrader 4, but it also recently launched demo and live accounts on the GWAZY white-label trading platform.
 
MetaTrader 4, available both as a desktop and mobile application, is the worlds’ most widely-used trading platform. With its one-click trading and signal copying and its outstanding charting package, the platform is user-friendly and even novice traders can easily find their way around it. Traders can download ready-made or create their own automated trading strategies (Expert Advisors, or EAs), scripts and custom indicators in the MQL programming language. 
 
 
 
                                                               Gwazy trading platform interface  
 
 

Forex Signals and Social Trading

 
HiWayFX also offers a wide range of extra services which make trading a lot more fun. It has a specialized account for the ZuluTrade peer-to-peer online trading network and offers a Percentage Allocation and Management Module (PAMM) Account, which is a type of pooled money forex trading where investors allocate their money in a proportion to that of experienced traders, and a Multi Account Manager (MAM) – a block-orders tool for money managers where a master account is in control of sub-accounts. 
 
In addition, the broker provides a Trading Signals social trading service, which allows you to copy deals of other traders directly in your terminal, an uninterrupted Virtual Server, as well as a Claws&Horns analytical tool. 
  
 

Deposit and withdrawal methods

 
 
 
HiWayFX provides an array of payment methods. In addition to the traditional methods such as bank wires and credit cards, HiWayFX also accepts electronic payments like Skrill, FasaPay, Neteller, OKPAY, EgoPay, MONEYPOLO. The only other main e-payment system the broker doesn’t support is PayPal.
 

 

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Traders` reviews for HiWayFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Best rebate program, and good information strategy

Providing high additional revenue from each trade through rebate programs, also always provide the latest information on any issues that will impact on the trading session, so we are always careful loyal to enter the market by maximizing the leverage offered.

Nurjaeni 06/22/2016

Best Education & fast execution

Very nice trade at Hiwayfx, provide a lot of the best options to me are still beginner in forex trading business, practicing in a demo account first to put into practice the results of a study of video forex as well as articles that are very helpful to enhance insight in this business.

Renita Fitriani 06/14/2016

good strategies

Applying different strategies and tools to gain proper trade information can be tricky for many novice traders. Proper training and education is required to acquire the skills of trading. The different educational articles on HiWayFx can teach many new traders the art of forex trading.

park so 05/30/2016

best broker

Requiring the best available trading platforms in the forex market, I started to look at different websites, but unfortunately was not able to find anything useful. Some were either too costly or some did not even offer a trial period. However, I saw one of my trader friends using HiWayFx. Once I visited this site, I found what I was looking for. Now with the help of this website I am able to trade in a better manner.

indonesia, oreki 05/10/2016

safety account

Being one of the sought after brokerage platforms in the market, HiWayFx has been able to guarantee the success of many traders. Account safety, fund security and money segregation are some of the main features of this website. Along with this, traders can also get some details related to the regulations followed in the forex market.

adiman 05/02/2016
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