When you visit the HighFX official website, you will be met with enticing claims which will definitely persuade you to open an account with the Forex broker. There are at least four different awards displayed on the homepage. You will find the website well structured and the ‘live chat lady’ welcoming. However, in Forex, some digging is necessary if you want to have a long career. In this HighFX review, we will look into some features of the broker which should help you determine whether the firm is legit or not.
An overview of HighFX Forex broker
HighFX broker offers CFD and online Forex trading services to people from around the world. The firm is owned and operated by Epsilon Media Services which is a company incorporated in Saint Vincent and the Grenadines. The registration number of the company is 24537 IBC 2018. The registered offices are situated at Suite 305, Griffith Corporate Centre, Beachmont Kingstown, Saint Vincent and Grenadines.
The details of the registration of the company become even more interesting. Epsilon is owned by Copala Ltd which is a company incorporated in Cyprus and whose incorporation number is HE 379274. It is located in Gladstonos, Limassol.
The licensing of HighFX
As you may have noted above, the details given by HighFX are those of registration of a business but not the licensing details. As for Copala, which is based in Cyprus and which owns HighFX, the registration number does not match any details on the CySEC website which is the Forex regulatory body in Cyprus. Saint Vincent and Grenadines is not known for its financial regulation prowess rather for the cool beaches it affords the tourists. A HighFX scam seems real especially because of the firm’s attempt to use Copala as its parent company merely because it is registered in Cyprus.
The trading platform
The one thing that will capture your attention at HighFX is the cool trading platform. The broker has invested in three different platforms from where a trader can access the market. There is MetaTrader 4 which is the most popular trading FX platform. You can also use WebTrader which allows you to trade directly from your browser. Finally, there are applications which enable the trader to participate in the market while using their mobile devices whether such devices are powered using Android or iOS.
The different accounts
If you are looking for a www.highfx.com scam based on the type of accounts the firm offers, you might not be very successful. The accounts found here are tailored to be competitive. The types of accounts are Standard, Gold, Platinum, Diamond, and Islamic. The minimum initial deposit for the Standard account is $250. However, the firm could do better by clearly indicating the minimum amount for each account on the website. The Diamond account, which is the highest one you can have boasts of having special investment bonuses of up to 30%, a low spread of 0.1 pip, and VIP investment expert support.
Is HighFX legit?
The main factor that many Forex traders pay close attention to is whether a broker is licensed and regulated by an established body such as CySEC, FCA or FSB. In the case of HighFX, no license details by any credible regulatory body have been provided. The broker offers good spread, leverage and has even included cryptocurrency as one of the trading instruments. However, after reading many HighFX reviews and browsing the firm’s website, you will find that the firm has little credibility.