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No valid regulatory information, please be aware of the risk!
Note: hexally is to operate via the website - https://hexally.com/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
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 contained in this article is for general information purposes only.
General Information & Regulation
|Market Instrument||forex currency pairs, shares, cryptocurrencies, indices, and commodities|
|Account Type||Traditional, Business and VIP|
|Spread (EUR/USD)||8 pips|
|Commission||Traditional & Business: €0 | VIP: €4.4|
|Deposit & Withdrawal Method||Credit/debit cards, bank deposits, and alternative methods|
hexally, a trading name of Solme Partners LTD, is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:300 and floating spreads on the web-based trading platform via 3 different live account types.
As for regulation, it has been verified that hexally currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.26/10. Please be aware of the risk.
The available trading instruments at hexally are forex currency pairs, shares, cryptocurrencies, indices, and commodities.
hexally claims to offer 3 types of trading accounts - Traditional, Business and VIP, with minimum initial deposit requirements of €250, €2,500 and €25,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
The leverage provided by hexally is adjusted based on the account type. Specifically, 1:100 on the Traditional account, 1:200 on the Business account and 1:300 on the VIP account. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
All spreads with hexally are a floating type and scaled with the accounts offered. For example, from €1.5 on the Traditional account, €1.3 on the Business account and €0 on the VIP account. As for the commission, there is no commission charged on the Traditional and Business accounts, while €4.4 on the VIP account. However, from the web trader, we read an extremely wide EUR/USD spread of 8 pips. Note that the industry average spread is just 1.5 pips.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, hexally gives traders a web trader. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
Through the user area of hexally, we learn that investments happen through a credit card only. However, as the policy mentions, on top of credit cards, also debit cards, bank deposits, and alternative methods, none of which are to be found in the user area.
The minimum deposit is $120.
The minimum withdrawal is $250 for bank transactions and $100 for all other methods. As for the supposed withdrawal fees: $50 bank transfer fee, $35 credit/debit card tax, and $25 commission for all other payment methods. The typical withdrawal processing time is 5 days.
hexallys customer support can be reached by telephone: +442038170034, email: email@example.com. Company address: Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont, Kingstown.
Pros & Cons
|• Multiple asset classes and accounts types to choose from||• No regulation|
|• Website inaccessible|
|• Uncompetitive EUR/USD spreads (8 pips)|
|• Commission charged|
Frequently Asked Questions (FAQs)
|Q 1:||Is hexally regulated？|
|A 1:||No. It has been verified that hexally currently has no valid regulation.|
|Q 2:||Does hexally offer the industry-standard MT4 & MT5？|
|A 2:||No. Instead, hexally offers a web trader.|
|Q 3:||What is the minimum deposit for hexally？|
|A 3:||The minimum initial deposit to open a Traditional account is €250, €2,500 for the Business account and €25,000 for the VIP account.|
|Q 4:||Does hexally charge a fee？|
|A 4:||Like every forex broker, hexally charges a fee when you trade - either in the form of a commission fee or spread fee. It also charges a withdrawal fee.|
|Q 5:||Is hexally a good broker for beginners？|
|A 5:||No. hexally is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website.|
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