Overview of Heavy Trader
Heavy Trader, is an unregulated forex and CFD broker with headquarters in Frankfurt, Germany. With 2-5 years of establishment, the company has been offering various account types, each tailored to different trading needs. Traders can access a wide range of tradable assets, such as forex pairs, CFDs on stocks, indices, and commodities, through the popular MetaTrader 4 and MetaTrader 5 trading platforms.
Heavy Trader accepts deposits in multiple currencies, including EUR, USD, GBP, and AUD, offering convenient deposit methods such as bank wire transfer, credit cards, debit cards, Skrill, and even fax. The company claims to provide customer support in various languages, including English, German, French, Spanish, and Italian, through email and phone channels.
Regulation
Heavy Trader, as a forex and CFD broker, operates without any regulatory oversight, making it an unregulated entity. The absence of regulatory supervision means that the company's operations are not subject to the scrutiny, guidelines, and requirements set forth by any financial authority. As a consequence, traders may not benefit from the investor protections and dispute resolution mechanisms that regulatory bodies typically provide. Without regulatory oversight, there is no external authority to monitor the broker's compliance with industry standards or to intervene in case of any potential misconduct.
Pros and Cons
Heavy Trader offers a variety of trading instruments, including forex, CFDs, stocks, indices, and commodities. The availability of multiple account types, each with varying minimum deposits and leverage ratios, caters to the different trading preferences of clients. Moreover, the company supports well-known MetaTrader 4 and MetaTrader 5 trading platforms, which are widely used and appreciated in the trading community for their user-friendly interfaces and advanced features. Multilingual customer support, accessible via email and phone, enhances accessibility for traders from various regions.
One significant drawback of Heavy Trader is its unregulated status, as it lacks oversight from any financial authority. The absence of regulation means traders are not provided with the usual investor protections and dispute resolution mechanisms, potentially exposing them to greater risks. Additionally, the website's persistent unavailability since 2020 raises concerns about the company's reliability and online presence, affecting traders' ability to access essential information and services. Moreover, the limited customer support channels, with no live chat option available, may lead to longer response times and hinder prompt assistance for traders with urgent queries.
Inaccessible Website
Since 2020, Heavy Trader's website has been unavailable, which raises doubts about the company's credibility and reliability. Traders cannot access essential information about services, account types, and trading conditions, hindering their evaluation of the company. The lack of transparency may discourage traders from considering Heavy Trader.
Moreover, the website's inaccessibility prevents prospective clients from creating trading accounts, limiting access to account types and tradable instruments. This drawback raises concerns about the company's financial stability and trustworthiness, limiting transparency expected from reputable brokerages. Traders may face disadvantages due to the inaccessible website.
Market Instruments
Heavy Trader provides a selection of market instruments, including forex, CFDs on stocks, indices, and commodities.
Forex: Heavy Trader offers a wide range of forex pairs for trading, allowing clients to participate in the foreign exchange market and capitalize on currency price movements.
Stocks: Heavy Trader provides access to Contracts for Difference (CFDs) on various stocks, enabling traders to speculate on the price movements of individual company stocks without owning the underlying assets.
Indices: Traders can engage in CFD trading on indices with Heavy Trader, gaining exposure to the performance of a basket of stocks representing a specific market or sector.
Commodities: Heavy Trader offers CFD trading on commodities, allowing traders to speculate on the price movements of various raw materials and commodities without the need to own them physically.
Stocks: FXPro, IC Markets, FBS, and Exness offer similar market instruments, including forex, CFDs on stocks, indices, and commodities. However, the availability of specific instruments may vary between brokers. The table below provides a detailed comparison of the market instruments offered by each company.
The following is a table that compares Heavy Trader to competing brokerages:
Account Types
The account types offered by Heavy Trader are Standard Account, Cent Account, and Pro Account. Specifics are as follows:
Standard Account: Heavy Trader's Standard Account offers traders an entry-level option with a minimum deposit of €250. The account provides leverage of up to 1:500, allowing traders to amplify their positions in the forex and CFD markets. The spreads start from 1.0 pips. Notably, this account type does not charge any commission per lot traded, making it suitable for traders who prefer a commission-free trading experience.
Cent Account: The Cent Account by Heavy Trader is designed for traders seeking lower minimum deposit requirements, starting at €100. It offers higher leverage of up to 1:1000, providing clients with increased trading power compared to the Standard Account. Spreads begin from 2.0 pips. Similar to the Standard Account, the Cent Account also does not incur any commission charges per lot traded.Pro Account: Heavy Trader's Pro Account is tailored for experienced and high-volume traders with a minimum deposit requirement of €2500. This account type offers the same leverage as the Standard Account, up to 1:500. However, traders benefit from even tighter spreads, starting from 0.0 pip. The Pro Account does incur a commission of 5 USD per lot traded, reflecting its suitability for active traders who value tighter spreads and are comfortable with paying a commission.
Minimum Deposit
Heavy Trader offers different minimum deposit rates for each of its account types, ranging from €250 to €2500.
The Standard Account requires a minimum deposit of €250, making it an accessible option for traders looking to start with a moderate initial investment.
The Cent Account, on the other hand, offers a lower minimum deposit of €100, catering to those seeking a more affordable entry into trading.
For experienced and high-volume traders, the Pro Account mandates a higher minimum deposit of €2500, providing access to tighter spreads and other benefits.
Leverage
Heavy Trader offers different leverage ratios based on the market instruments and account types. For the forex market, the leverage reaches up to 1:500 for both the Standard and Pro Accounts. The Cent Account, on the other hand, offers higher leverage of up to 1:1000, appealing to those who prefer higher trading power with a lower minimum deposit. For other market instruments like CFDs on stocks, indices, and commodities, Heavy Trader maintains a maximum leverage of 1:50 across all account types.
Below is a table comparing the maximum leverage for the mentioned market instruments between Heavy Trader and other brokerages:
Spread
Heavy Trader offers competitive spreads for different market instruments and account types. The Standard Account provides spreads starting from 1.0 pips, which is a reasonable option for traders seeking a standard trading experience. The Cent Account, on the other hand, offers slightly wider spreads starting from 2.0 pips, making it a suitable choice for traders with a lower minimum deposit requirement. For experienced traders, the Pro Account offers the tightest spreads, starting from 0.0 pips, ideal for those who prioritize cost-efficiency and require the best possible pricing on their trades.
Deposit & Withdrawal
Traders can fund their accounts through bank wire transfers, providing a secure and straightforward way to transfer funds from their bank accounts to their trading accounts. Credit and debit cards are also accepted, allowing for convenient and instant deposits. For those who prefer online payment options, Heavy Trader supports deposits via Skrill, offering a fast and widely recognized payment solution. Additionally, the company accepts deposits in various currencies, including EUR, USD, GBP, and AUD, providing flexibility for traders from different regions.
Trading Platforms
Heavy Trader provides access to two popular trading platforms, MetaTrader 4 and MetaTrader 5, offering traders a familiar and comprehensive trading experience.
MetaTrader 4: Heavy Trader offers the popular MetaTrader 4 platform, a widely recognized and user-friendly trading platform with advanced charting tools, technical indicators, and automated trading capabilities. Traders can access a range of features to execute their trades efficiently.
MetaTrader 5: In addition to MetaTrader 4, Heavy Trader also supports MetaTrader 5, a more advanced version of the platform with enhanced features, such as additional timeframes and depth of market information, making it suitable for more experienced traders.
Below is a table comparing the trading platforms offered by Heavy Trader to those of other brokerages:
Customer Support
Heavy Trader offers customer support through email and phone channels. The website states that customer support is provided in various languages, including English, German, French, Spanish, and Italian. Specifics are as follows:
Email Support: Customers can reach Heavy Trader's customer support through email at support@heavy-trader.com, allowing them to submit their queries and receive responses via this communication channel.
Phone Support: The company provides phone support, and customers can contact the support team by dialing the phone number +49 (341) 9918 7520 during business hours to speak directly with a representative.
Conclusion
Heavy Trader is an unregulated forex and CFD broker that offers a variety of trading instruments, including forex, CFDs on stocks, indices, and commodities. However, Heavy Trader seeks to cater to different trading preferences by offering multiple account types, each with varying minimum deposits and leverage ratios. The company supports well-known trading platforms, MetaTrader 4 and MetaTrader 5, which are favored by traders for their user-friendly interfaces and advanced features.
Finally, Heavy Trader provides customer support in various languages. Unfortunately, the website's persistent unavailability since 2020 raises concerns about the company's credibility and reliability. In addition to this, users are unable to make an account, which renders the services offers by this broker useless, further increasing the chances of this company's purpuse being more unlawful.
FAQs
Q: Is Heavy Trader regulated？
A: No, Heavy Trader is not regulated by any financial authority.
Q: What account types does Heavy Trader offer？
A: Heavy Trader offers three account types: Standard, Cent, and Pro.
Q: How much is the minimum deposit for the Standard Account？
A: The minimum deposit for the Standard Account is €250.
Q: What are the available trading platforms？
A: Heavy Trader supports MetaTrader 4 and MetaTrader 5.
Q: How can customers contact customer support？
A: Customers can contact support through email and phone channels.
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