de | cn | ru

Hua Ren Review - is it scam or safe?

Hua Ren Review - is huarencyprus.com scam or good forex broker?

RATING: 2.6 / 1 REVIEWS ForexBrokerz Hua Ren
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size  Max. leverage Spread
Classic  $500 0.1 1:30  3 pips
VIP  $50 000 0.1 1:30  3 pips + $50 per lot

  

Hua Ren is somewhat unpopular Cypriot CFD provider that offers trading on the MetaTrader5. Its clients are offered the two accounts listed above. Read the full review to see both the strong and weak sides of this broker and decide for yourselves whether investing with it is a good idea.

 

 

Hua Ren Advantages

 

CySEC license

The most obvious advantage of Hua Ren is the license it holds form the Securities and Exchange Commission (CySEC). This makes them a reputable broker, as the local authorities impose strict rules on their operation. On top of that, the country is part of the EU, which means the common MIFID regulation is applied.

 

 

Trading on the MT5

As we mentioned in the beginning, the platform of choice of Hua Ren is the latest MetaQuotes software, MetaTrader5 (MT5), and that is also considered as a strong selling point. Just like its predecessor, the MetaTrader4, the MT5 features an excellent pack of advanced charting tools, many market indicators and easily customizable trading bots, with the help of which one can easily run automated trading sessions.

 

 

>> Check out the best MT5 brokers <<

 

 

Hua Ren Disadvantages

 

No functional demo

Although Hua Ren’s MT5 is freely downloadable from the broker’s website, it is not working. We could not initiate a single trade, which defies the purpose of demo accounts. Such lack of transparency is a worrisome sign, especially on the part of a regulated broker.

 

Wide spreads

As announced on its website, Hua Ren’s EUR/USD spread is fixed at 3.0 pips, as seem in demo environment.

 

Click on the image to zoom in.

 

Such spreads are not competitive at all. In fact, they are at least two times higher than the average in the sector. Most brokers offer spreads in the range of 1.0 – 1.5 pips for this pair, which is two times lower, so you might check some of their offers.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Initial deposit a bit high, strange accounts

Furthermore, Hua Ren requires an initial deposit of at least $500 for its most basic account type, which is a bit too high. Most financial services providers, including major forex brokers, require something in the range of $100- $250 as a start.

 

 

Click on the image to view full size.

 

We also have to point out that the only difference between the broker’s Classic and VIP accounts seems to be that VIP account holders, who have to pay an initial investment of $50k, are charged with a hefty commission of $50 per lot. Usually, it’s the other way around -  those who invest more, are charged less.

 

Limited product portfolio

Another thing we have to mention about Hua Ren’s offer is that it is quite limited in terms of tradeable products. The broker offers trading in less than 20 forex pairs, CFDs on Silver, Gold, and Crude oil. That is all. Most brokerages usually have wider range of currency pairs in their product portfolios, as well as more asset classes of CFDs – on indices, stocks, and cryptocurrencies like Bitcoin.

 

 

>> Our list of reliable crypto CFD brokers <<

 

 

Conclusion

 

The main benefit of trading with Hua Ren, of course, its legit forex broker license. The firm is overseen by the CySEC, one of the most famous European financial watchdogs. However, the broker’s offer isn’t very attractive in terms of cost of trading and assets available for trade.

 

 

>> Find the best brokers in Cyprus <<

 

 

Forex brokers authorized by CySEC have to abide by a number of rules, including those introduced on a EU level, which provide significant assurance for the security of clients’ funds. These include certain capital adequacy requirements, segregation of clients’ funds, reporting transactions on a regular basis, provision negative balance protection, as well as compensation scheme coverage (to a maximum of €20,000).

 

And finally, here are the highlights of our review of Hua Ren:

 

Pros Cons
CySEC license High spreads & Initial deposit
Trading on the MT5 No functional demo
  Limited product portfolio

 

Latest news about Hua Ren
No news about Hua Ren . Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Hua Ren

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

 

 

de | cn | ru