HFTrading Review – can this broker be trusted?
The online trading industry is full of Forex brokers with distinctive services and product offerings to their customers. And because of such an abundance of service providers, it can get incredibly difficult to actually choose one.
That’s because trading Forex online is associated with lots of challenges and undertakings itself. And having to worry about the broker too just isn’t right – the fear of being scammed will invariably have a bad effect on one’s trading ventures.
And while finding the right broker is challenging, it doesn’t necessarily imply that the task is impossible. Not at all! There are some credible brokers with not-too-boosted offerings that can actually benefit you in many ways.
In this article, we’ll take a look at the HFTrading Forex broker and see, whether its products and services are as good as they’re promised or we’re looking at just another scam on the internet.
Initial HFTrading opinion
When looking at a certain broker, or, more accurately – looking at their website, the interface can reveal a lot of small details that will give you an idea of what the broker is all about. For example, take a look at HFTrading’s website: it’s a slender, simplistic, not overly complicated interface where traders can easily go to and find any piece of information about the broker.
And beyond looks and designs, the broker doesn’t seem to be failing to make a good impression on us once more. And here’s why: HFTrading offers three types of live accounts that are similar in a lot of ways, but also different in some aspects. The difference between the three can be found in their leverage, spread, and swap discount offerings, as well as in the software that they’re using – MetaTrader 4 and WebTrader, both of which have their own users.
But there’s yet another account type which makes it easier for beginner traders to get more real-time experience in trading. It’s called a demo account and we’ll check it out in detail down below.
The next important thing to look for is the regulatory measures. While we already established the fact that a website can say a lot about its issuer, the license that it holds can say even more – and hint to even more important hidden aspects.
HFTrading has three different regulatory obligations to Australia, New Zealand. Their ASIC (AU), FMA (NZ), and licenses are making sure that the broker complies with the highest financial and customer standards that are out there on the market. And the economic and political prowess of these countries makes it sure that if something’s not right, the broker won’t get away with it.
Is HFTrading legit for its promotions?
Then there comes the trading terms and conditions. As mentioned in the introduction section, the internet is full of brokers with bloated offerings in leverages, spreads, and bonuses. But many of them are so blatant that it’s impossible not to suspect anything.
With HFTrading promotions, however, that’s not the case at all. And the reason is simple: the offerings are quite down-to-earth and modest such as 1:500 leverage ratio – nothing too much but certainly not low!
When it comes to deposits and withdrawals, the broker doesn’t blind its customers with flashy platforms like Ethereum, Bitcoin, and PayPal – which supposedly should be safe and secure but it really isn’t. HFTrading goes with the safe and well-tested payment methods like credit cards and bank wire, as well as two e-wallet platforms, which are quite flexible in terms of how much money they allow to withdraw and deposit from/on the account.
After a brief overview of all the important aspects of the broker, it’s now time to move to a more detailed review that will reveal more details and based on them, will help you decide the creditworthiness of HFTrading. So, what do we know about the website? We know that it has a very simplistic build that doesn’t burden the viewers with unnecessary visual effects and decorations.
On top of that, simplicity doesn’t lead to the sacrifice of the informational side of the website. Traders can easily find any piece of information that they’re looking for in just a couple of mouse clicks. Such a balance of simplicity and sophistication tells a lot about the professionalism of the broker.
But the website also speaks about HFTrading’s dedication to its customers. As mentioned earlier, there are three regular account types – Silver, Gold, and Platinum, and one of the main differences between the two is the trading software they’re using. For instance, the HFTrading MT4 uses MetaTrader, as the name suggests, while the regular account uses WebTrader. But there’s also other differences like spreads, leverage, and swap rates.
But as we mentioned above, there’s actually the third account called a demo account that is a great addition for the beginner traders. Basically, a demo account allows the traders to use all the tools like leverages, spreads, charts, and statistics, do actual trades, and see how trading works in real life. It’s very beneficial because demo accounts don’t require deposits of any amount – everything stays in the virtual world.
HFTrading FX brokerage licensing
Let’s now move to probably the most important part of this review – at least the one that will give us the overall impression of the broker’s credibility – licensing. As mentioned earlier, HFTrading has three different regulatory commitments with three countries.
The first country in this list is Australia with its ASIC (Australian Securities and Investments Commission). Australia is one of the most active regulators of financial activities in the world, be it gambling, trading, or anything else. And while some people would suggest that the HFTrading fraud is real because the Australian government lacks the initiative to actually hold its subjects to the higher standards, the reality suggests otherwise: the ASIC license is a legit, creditworthy piece that actually has the power to oversee HFTrading’s activities.
Then there are slightly less active – but certainly not less powerful – license of FMA. The FMA license is issued by New Zealand’s Financial Markets Authority. Again, some people might get the impression that because New Zealand is a small island, it has no power to control its subjects. But the country is actually pretty vigorous in its financial regulations, making it incredibly difficult for the companies to abuse their power.
What do the trading terms and conditions look like?
Last, but not least, let’s talk about the trading terms and conditions because they’re the ones traders are most interested in. As we’ve mentioned earlier, HFTrading doesn’t blatantly flash its trading promotions and try to trick potential customers. No, the numbers and services look as real as it gets.
So, the first indicator to take a look is the maximum leverage. The broker offers a 1:500 leverage rate that stays the same for both account types. What leverage does is it multiplies the current deposits by the number indicated in the ratio. So if a trader deposits 200$ and the broker offers a leverage of 500, it gives the trader a buying power of 100,000$. Therefore the trader can open more positions and increase his buying power and number of trades.
Next up, spreads. Spread is a difference between the selling and buying prices of currency pairs. For instance, if a trader buys a EUR/USD currency pair for 1.2489 and sells it for 1.2387, the difference of 0.0002 will be a spread of 2 pips. Spreads are what generate profits for brokers. And HFTrading offers it as low as 0.1 pips which is sufficient to make a decent profit.
Then comes the minimum deposit requirement. But there’s not much to talk about it. Traders can open their accounts in any size they want from 250 AUD. This allows them to minimize the risks by depositing smaller amounts than at other brokers and kickstart their trading careers, as well as maximize the profits by depositing higher amounts.
Finally, the deposit and withdrawal platforms are also quite sophisticated. The broker uses two traditional – credit cards and bank wire, – as well as more modern e-wallet platforms like Neteller and Skrill to power the transactions in its system. All of them have no minimum deposit requirements. On top of that, there are no commission fees on transactions on HFTrading.
Final HFTrading rating
There are two types of Forex brokers on the market: those whom one can trust and those who should be avoided at the sight of them. The internet is full of both types of brokers and while the second type might seem more on the balance sheet, it’s not necessarily difficult to detect the former types. It just takes a bit more research into their offerings.
In this HFTrading review, we examined all the crucial services and products put forward by the broker. First, we looked at the website and deduced that it’s a slender and simplistic interface that doesn’t sacrifice the informative side of it. We also found out that there are four types of accounts – three standard and one demo – which tackle the majority of consumers without too much effort.
Then we moved to the licensing part. The ASIC and FMA licenses further enforced our opinion that the HFTrading broker is legitimate. There’s just no way the broker can engage in illicit activities and not be reprimanded by Australia or New Zealand.
Lastly, we checked out the trading terms and conditions. And with 1:500 leverage, 0.1 pips, and no minimum deposit requirements, we came to the conclusion that HFTrading has a decent trading platform that won’t leave the majority of traders unhappy.
All in all, HFTrading is a creditworthy entity that is worth checking out. We give it a 4.35/5 rating.