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HWFX Review - is it scam or safe?

HWFX Review - is hwfx.eu scam or good forex broker?

RATING: 2.8 / 0 REVIEWS HWFX
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Trading Accounts and Conditions

 

Trading account  Min. deposit  Min. trade size Max. leverage Spread
Silver $200 0.1 1:400 from 1.5 pips
Gold $1 000 0.1 1:400 N/A
Platinum $5 000 0.1 1:400 N/A

   

HWFX is a forex and CFD broker based in Cyprus and licensed by the local financial regulator. It offers its clients the above account types, but unfortunately has not provided them with free testing service. In our thorough and unbiased review of HWFX we will highlight both the broker’s strong and weak sides, so make sure you read it before you invest any money.

 

 

HWFX Advantages

 

Licensed in Europe

HWFX might not be the perfect forex broker, but it has what most financial services providers out there lack most – decent financial regulation. The brand is operated by Holiway Investments Ltd., a company authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The firm also runs 10tradeFX brokerage brand.

 

 

MT4 available, up to 1:400 in leverage 

The presence of the MT4 is always good news. The platform provides a full spectrum of trading tools and features:  a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs), extensive back-testing environment, as well as other perks. Besides, the MT4 is available as a desktop download, web-based platform and mobile apps

 

 

>> Check out the top-rated MT4 brokers <<

 

 

Another thing that could be viewed as an advantage of HWFX, is that the broker offers leverage up to 1:400 to those clients who classify as professionals. Now that a leverage is capped throughout the EU for investor protection concerns, this is definitely a benefit for those traders who enjoy using high leverage ratios, despite the greater risk of loss.

 

Decent CFD line-up

Clients of HWFX are offered a number of forex pairs, as well as a solid CFDs line-up, which includes various assets such as indices, commodities, precious metals, and stocks. This is a good selection of tradeable assets, although some investors might miss Bitcoin and other cryptocurrencies.

 

 

>> Trade cryptocurrencies with licensed forex brokers <<

 

 

HWFX Disadvantages

 

Spreads above the average

Actually, as announced on its website, the spreads of HWFX don’t seem very attractive, starting from 1.5 pips on EUR/USD, which means that the average one is 1.7 pips or higher. We could not test the broker’s MT4 to verify this claim.

 

 

Click on the image to zoom in.

 

The majority of forex brokers, offer spread within the range of 1.0 – 1.5 pips for this pair. For further information and comparison, check out the below link:

 

 

>> Compare the spreads of some of the best brokers <<

 

 

No demo account

Another disadvantage of HWFX, which is actually more serious than the previous one, is that the broker does not seem to offer free testing service. Its website does not offer demo accounts, and we could not download and test its MT4 either. This is a major flaw, especially on the part of a licensed broker.

 

Extra fees, minimum withdrawal set

In the broker’s legal documents uploaded on the website, we stumbled upon some extra fees and requirements, which also deserve client attention. There is no fee to withdraw via credit card from a HWFX account, however, any withdrawal using bank transfer will accompany a processing fee of $30. Also, keep in mind that you cannot withdraw less than $100.

 

 

Click on the image to view larger.

 

Also, the broker charges inactive accounts (without any type of transaction for a period of six months) $15,00 per month. Also, HWFX reserves the right to charge a fixed annual administration fee of €20 (twenty Euros), which is not a common practice among forex brokerages. The broker also charges an administration fee of $30 any client who has not completed in time (within 15 days) his or her application.

 

 

Conclusion

 

HWFX is a MT4 broker that does not seem to stand out in terms of trading conditions or platform, but holds a license with one of the most reputable European regulators, the CySEC.

 

Being regulated by CySEC means that the brokerage meets a number of requirements, including those introduced on a EU level, and provides significant assurance for the security of clients’ funds. Besides, now that the UK is exiting the EU, Cyprus is becoming the most popular forex destination in Europe. 

 

 

>> Find the best brokers in Cyprus <<

 

 

And finally, here are the highlights of the present review of HWFX:

 

Pros Cons
Licensed in Europe Spreads above the average
MT4 available, up to 1:400 in leverage No demo
Decent CFD line-up Extra fees, minimum withdrawal set

 

 

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Traders` reviews for HWFX

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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Customer service

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Summary

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