Note: HiWayFX official site - https://www.hiwayfx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is HiWayFX？
HiWayFX is an online trading platform based in Cyprus and provides traders with the opportunity to trade various financial instruments including Crypto, Metal, Stock, Commodities, Oil, precious metals, Indices, Forex currencies. However, it presents certain challenges for interested customers trying to gauge its trustworthiness and regulatory status. This is mainly due to the unavailability of its website and unregulated status which raises substantial concerns about its legitimacy.
In this article, we will conduct a thorough evaluation of HiWayFX, examining different aspects of its services. We highly encourage you to read this article in its entirety for a comprehensive understanding. We conclude the review with a concise summary that encapsulates the platform's main features for easy reference.
Pros & Cons
Pros:
- Diverse Range of Market Instruments: HiWayFX offers a wide variety of market instruments, allowing traders to access multiple asset classes and diversify their investment portfolios.
- MT4 Trading Platform: The inclusion of the MetaTrader 4 (MT4) trading platform provides traders with a familiar and powerful tool for executing trades, analyzing markets, and implementing trading strategies.
- Multiple Accounts: HiWayFX offers four live account types and two demo account types, catering to the needs and preferences of different types of traders, from beginners to experienced professionals.
-Acceptable Minimum Deposit: The broker's acceptable minimum deposit requirement at EUR/USD 20 makes it accessible to a wider range of traders, enabling individuals with varying budgets to participate in the markets.
- Tight Starting Spreads: HiWayFX offers competitive starting spreads from 0.0 pip, allowing traders to reduce trading costs and improve profitability, especially when executing high-frequency or large-volume trades.
Cons:
- Unregulated: The lack of regulation raises concerns about the broker's adherence to industry standards, investor protection, and financial transparency.
- Website Inaccessibility: Issues with website accessibility can hinder traders from accessing important information, executing trades, or managing their accounts efficiently, causing frustration and inconvenience.
- Commissions Charged: While HiWayFX offers tight spreads, the additional commissions charged on trades can increase overall trading costs for clients, impacting their profitability and trading performance.
Is HiWayFX Safe or Scam？
When considering the safety of a brokerage like HiWayFX or any other platform, it's important to conduct thorough research and consider various factors.
Regulatory sight: Currently, the broker operates without any valid regulations from any authorities, leading to doubts about its authenticity and reliability. The credibility of the broker is further undermined due to the continuous unavailability of its website.
User feedback: To get a deeper understanding of the brokerage, it is suggested for you to explore reviews and feedback from existing clients. These shared insights and experiences from users can be accessed on reputable websites and discussion platforms.
Security measures: Currently, there is no publicly available information regarding the security measures implemented by this broker.
In the end, the choice to trade with HiWayFX is a personal one, requiring a thorough assessment of the advantages and disadvantages before making a final decision.
Market Instruments
HiWayFX offers a diverse range of market instruments to meet the needs of traders across various asset classes. In the realm of cryptocurrencies, traders can access a wide selection of digital assets, including Bitcoin, Ethereum, and Ripple, allowing for participation in the rapidly growing crypto market.
For those interested in precious metals, HiWayFX provides trading opportunities in gold and silver, enabling investors to hedge against inflation and diversify their portfolios.
Additionally, the platform offers access to a variety of stocks, commodities, and oil, allowing traders to capitalize on price movements in these traditional asset classes.
Furthermore, HiWayFX provides access to indices, offering exposure to global equity markets, and Forex currencies, enabling traders to speculate on currency pairs from around the world.
With this comprehensive suite of market instruments, traders can pursue their investment objectives across multiple markets.
Account Types
HiWayFX offers a variety of online trading accounts tailored to suit both new and experienced traders and investors. Each account comes with guaranteed access to personal account managers, educational materials, and market updates.
The minimum deposit for the Standard NDD Account is $20 USD or EUR, while the Zulu Trade Account requires an initial deposit of $100 USD or EUR.
The ECN NDD Account and MyFxBook accounts have a minimum deposit requirement of $1000 USD or EUR.
The Demo Standard offers virtual trading with initial deposits of $100,000 USD or EUR while the ECN NDD Demo accounts variable deposits respectively, enabling traders to familirize themselves with the platform without risking any real money.
Leverage
In terms of leverage, the Standard NDD Account offers leverage ranging from 1:1 up to 1:1000, while the ECN NDD Account provides leverage from 1:1 up to 1:500. The Zulu Trade account offers leverage of 1:300, and the MyFxBook account offers leverage of 1:500.
However, it's never too careful to deal with leverage with utmost caution since while leverage allows traders to control larger positions with a smaller amount of capital, it magnifies both potential profits and losses. Thus, you should educate yourself about leverage and its implications before engaging in any leveraged trading activities.
Spreads & Commissions
Regarding spreads and commissions, the Standard NDD Account has spreads starting from 1.2 pips, while the ECN NDD Account boasts spreads starting from 0.0 pips. The Zulu Trade and MyFxBook accounts offer variable spreads.
HiWayFX charges a commission of 0.002% on top of all spreads on any user account.
Trading Platforms
HiWayFX provides its traders with access to one of the most popular trading platforms in the industry - MetaTrader 4 (MT4), available on both PC and mobile devices.
MT4's user-friendly interface, advanced charting features, and extensive suite of technical analysis tools make it a top choice for both beginner and expert traders alike. In addition to its powerful trading tools, MT4 is also widely recognized for its highly customizable interface, automated trading capabilities and its compatibility with a range of devices, making trading accessible and streamlined for the users.
Trading Tools
Multi Account Manager (MAM): HiWayFX offers a fully integrated portfolio management system compatible with MT4. This allows money managers to utilize flexible commission settings and execute trades from a single MT4 Client Terminal. With support for risk management settings, hedging, scalping, and news trading, MAM provides comprehensive tools for portfolio management.
Trading Signals: Integrated within MetaTrader 4, HiWayFX's trading signals feature enables users to connect to any signal provider. Traders can copy the actions of professional traders and choose from thousands of signals available in the system. Additionally, traders have the option to become signal providers themselves and attract subscribers.
Virtual Hosting: HiWayFX's MetaTrader 4 platform offers virtual hosting, allowing traders to run their terminals 24/7 without interruptions. Traders can rent a virtual server or easily register one through the platform menus using the “Virtual Hosting Wizard,” ensuring continuous trading operations.
Trading Calculator: HiWayFX provides a trading calculator on its website, allowing traders to make accurate calculations for various parameters such as account type, instrument type, symbol, volume, and account currency. This tool helps traders plan and manage their trades effectively by providing accurate calculations directly from the HiWayFX website.
Deposit & Withdrawals
HiWayFX offers clients a convenient and straightforward funding process by accepting a variety of payment methods. Clients can choose from options such as credit cards, debit cards, bank wire transfers, and popular e-wallets like Neteller and Skrill. Additionally, HiWayFX supports alternative payment solutions including UnionPay, WebMoney, and FasaPay, providing flexibility for clients globally.
While transactions typically take 1 to 3 working days to process successfully, it's worth noting that HiWayFX does not support the widely used e-payment method PayPal.
Customer Service
HiWayFX's customer support can be accessed through email, phone, or social media such as Facebook, Twitter, Google, LinkedIn, YouTube etc. These avenues provide users with different options to reach out for assistance, inquiries, or to address any concerns they may have.
Email: support@hiwayfx.com,sales@hiwayfx.com,partners@hiwayfx.com,finance@hiwayfx.com
sales@hiwayfx.com
Tel: + 44 3308 280 893,+ 44 3308 280 893,+ 44 3308 280 893,+23 414 406 112,+ 44 3308 280 893.
Education
HiWayFX offers a range of educational resources on its website, including up-to-date market news, Forex articles, and Forex videos. These educational assets empower traders with valuable insights and knowledge to enhance their trading skills and decision-making abilities
Conclusion
In summary, HiWayFX, a Cyprus-based broker, offers a variety of trading options such as Crypto, Metal, Stock, Commodities, Oil, precious metals, Indices, Forex currencies. The broker provides multiple deposit and withdrawal options, along with various customer support channels. However, concerns arise due to factors like an inaccessible website and unregulated status, which underscore the need for more transparency and reliability.
As such, if you are considering HiWayFX, it's wise to approach cautiously, start with smaller investments, conduct prudent risk management and explore other platforms with clear regulatory compliance.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-03-29 10:01
2023-03-07 18:14
