General Information
HAST FOREX, a trading name of HAST Financial Group Ltd, is allegedly a forex and CFD broker registered in Saint Vincent and the Grenadines that claims to provide its clients with various tradable financial instruments with leverage up to 400:1 on the MT4 for Windows, iPhone, iPad, Android phone and tablet trading platforms, as well as a choice of two different live account types and 24-hour multi-lingual support service.
While HAST FOREX provides access to a wide range of trading instruments, their legitimacy and reliability are questionable due to the lack of regulation. The broker offers two account types, Standard and Prospread, each with its own trading features, leverage options, and minimum deposit requirements. However, the website's unprofessional and outdated appearance has received negative reviews, making potential users feel uneasy about using their services.
HAST FOREX offers the popular MetaTrader 4 (MT4) trading platform, which is known for its stability and comprehensive trading tools. Traders can access MT4 on various devices, including Windows, iOS, and Android, allowing them to trade on the go. Customer support is available through live chat and online messaging, but direct contact information like telephone numbers or email addresses is not disclosed, limiting the accessibility of their support.
Here is the home page of this brokers official site:
Is HAST FOREX Legit？
HAST FOREX is a forex broker that is not regulated by any financial authority. This means that there is no independent body to oversee its activities and protect its customers. As a result, there is a higher risk of fraud or other unethical practices.
Pros and Cons
HAST FOREX has both advantages and disadvantages for traders to consider. On the positive side, the broker offers a wide range of market instruments, including forex currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies. They also provide leverage of up to 400:1 and support the popular MetaTrader 4 trading platform. However, HAST FOREX operates without regulation, which raises concerns about customer protection and oversight. Additionally, there are mixed reviews regarding the broker's website quality and accusations of being a Ponzi scheme operator. Traders should carefully evaluate these pros and cons before choosing to engage with HAST FOREX.
Market Instruments
HAST FOREX advertises that it offers access to a wide range of trading instruments in financial markets, including forex currency pairs, CFDs on stocks, indices, commodities (gold, silver, energy) and cryptocurrencies.
HAST FOREX offers traders access to a wide range of market instruments, including forex currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies, providing opportunities to engage in diverse trading activities across financial markets.
Forex Currency Pairs: HAST FOREX provides traders with access to a diverse selection of forex currency pairs. These pairs consist of major currency pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic currency pairs. Forex trading allows investors to speculate on the exchange rate fluctuations between different currencies, offering opportunities for potential profit.
CFDs on Stocks: HAST FOREX enables traders to engage in Contract for Difference (CFD) trading on a wide range of stocks. CFDs allow investors to speculate on the price movements of stocks without actually owning the underlying asset. With CFDs on stocks, traders can take advantage of both rising and falling prices, potentially benefiting from market volatility.
Indices: HAST FOREX offers CFDs on various global indices, providing traders with exposure to the performance of multiple stocks within a specific market. Indices such as the S&P 500, FTSE 100, and DAX 30 are commonly available for trading. Trading CFDs on indices allows investors to diversify their portfolios and take positions on the overall market direction.
Commodities: HAST FOREX allows traders to trade CFDs on popular commodities, including gold, silver, and energy products like oil and natural gas. Commodity trading enables investors to speculate on the price movements of these physical goods without the need for direct ownership. It offers an avenue for traders to take advantage of supply and demand dynamics in commodity markets.
Cryptocurrencies: HAST FOREX facilitates trading in cryptocurrencies, offering CFDs on digital currencies like Bitcoin, Ethereum, and Litecoin. Cryptocurrency trading has gained significant popularity in recent years, and HAST FOREX allows traders to participate in this market without the need for owning the actual cryptocurrencies. Traders can take advantage of the high volatility of cryptocurrencies and potentially profit from their price fluctuations.
Pros and Cons
Account Types
Apart from demo accounts with no time limit, HAST FOREX claims to offer two types of trading accounts, namely Standard and Prospread. There is no minimum deposit requirement on the Standard account, while at least $10,000 (after the second time $5,000) on the Prospread account.
STANDARD
The STANDARD account offered by HAST FOREX is a trading account that allows users to trade in USD and JPY currencies. It operates on the PROSPREAD trade model and provides access to trade pairs such as Forex Majors, Forex Minors, and CFDs. The leverage for this account type varies depending on the account balance, with a maximum leverage of 400:1. However, the leverage for CFDs is fixed at 50:1. The trade units for this account type are set at 1 Lot (100,000 currency units) for Forex and CFD trades (excluding CFDs). There is no minimum deposit requirement for the STANDARD account, and no commission is charged for Forex and CFD trades. The account also includes a Loss Cut/Stop Out at a margin level of 50%. The trading platform available for this account type is MetaTrader 4.
PROSPREAD
The PROSPREAD account offered by HAST FOREX is another trading account option available to users. This account operates on the NDD ECN trade model and supports trading in USD and JPY currencies. Similar to the STANDARD account, it provides access to trade pairs such as Forex Majors, Forex Minors, and CFDs. The leverage for the PROSPREAD account also varies depending on the account balance, with a maximum leverage of 400:1. However, the leverage for CFDs is fixed at 50:1. The trade units for this account type are set at 1 Lot (100,000 currency units) for Forex trades (excluding CFDs) and 0.01 Lot for CFD trades. The minimum deposit requirement for the PROSPREAD account is $10,000 (after the second time $5,000). A commission fee of $1 for Forex trades and $2 for CFD trades is charged. Similar to the STANDARD account, the PROSPREAD account includes a Loss Cut/Stop Out at a margin level of 50% and provides negative balance protection. The trading platform available for this account type is MetaTrader 4.
HAST FOREX offers a demo account with no time limit for users to practice trading before opening a live account. These two account types, Standard and Prospread, provide users with options to choose an account that suits their trading preferences and capital requirements.
Leverage
A leverage ratio of up to 400:1 is offered by HAST FOREX, which is much higher than that provided by most brokers. 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.
Commissions
HAST FOREX claims that there is no commission on the Standard account, while the Prospread account will be charged a commission of $2 per lot per side.
Trading Platform Available
Platforms available for trading at HAST FOREX are MT4 for Windows, iPhone, iPad, Android phone and tablet. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
HAST FOREX says to accept deposits and withdrawals via domestic and international bank transfers. The minimum initial deposit amount varies depending on account types. There is no minimum deposit requirement on the Standard account, while at least $10,000 (after the second time $5,000) on the Prospread account. The minimum withdrawal amount is 10,000 JPY.
The broker says it charges no deposit fees. However, your financial institution or payment provider may charge a transfer fee. The withdrawal fee is 1,000 JPY for each transfer. In the case of domestic bank transfers, an agency fee of 1,000 JPY will be charged each time.
As for the processing time of deposit and withdrawal requests, deposits will be reflected in 0 to 1 business day after depositing day for domestic bank transfer, while 2 to 5 business days for overseas bank transfer (in the case of weekends and holidays, it will be reflected on the next business day). Withdrawals also take 2-5 business days to be reflected in your account.
Bonuses & Fees
HAST FOREX claims to offer a 100% deposit bonus, yet we cannot be sure if the bonus can be withdrawn without any limitation. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Customer Support
Customer support at HAST FOREX is accessible through live chat and online messaging. The broker also maintains a presence on social media platforms like Twitter, Facebook, and YouTube. However, they do not disclose direct contact information such as telephone numbers or email addresses typically provided by other brokers. For more information, you can visit their Twitter page at https://twitter.com/hast_forex and their Facebook page at https://www.facebook.com/hastforexofficial/. The registered address of HAST FOREX is located at First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines.
Risk Warning
Online trading involves a significant level of 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.
Reviews
The reviews of HAST FOREX on WIKIFX are mixed. One user, Eddy Tok, expressed dissatisfaction with the broker's website, describing it as unprofessional and outdated. They felt uneasy about using their services and believed that a forex broker's website should be clean, modern, and easy to navigate. Another user, “どうでもいいぞ,” accused HAST FOREX of being a Ponzi scheme operator. These reviews highlight concerns about the broker's credibility and website quality.
Conclusion
HAST FOREX is a forex broker that operates without regulation, which poses a higher risk for potential customers. The broker offers a variety of market instruments, including forex currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies, allowing traders to engage in diverse trading activities. However, the lack of regulation raises concerns about the broker's credibility and the potential for fraudulent practices. HAST FOREX provides two account types, Standard and Prospread, each with its own features and requirements. The broker offers leverage of up to 400:1, which can amplify potential profits but also increases the risk of losses. While the Standard account is commission-free, the Prospread account charges a commission fee. HAST FOREX promotes a 100% deposit bonus, but the terms and conditions associated with the bonus are not clearly specified. The broker allows deposits and withdrawals through bank transfers, with varying minimum deposit and withdrawal amounts. Customer support can be accessed through live chat and online messaging, as well as social media platforms. However, the lack of disclosed direct contact information raises transparency concerns. Reviews on WIKIFX are mixed, with some users expressing dissatisfaction with the broker's website and others accusing HAST FOREX of being a Ponzi scheme operator. Overall, potential customers should exercise caution and carefully consider the risks before engaging with HAST FOREX.
FAQs
Q: Is HAST FOREX regulated？
A: No, HAST FOREX is not regulated by any financial authority, which poses a higher risk for traders.
Q: What market instruments does HAST FOREX offer？
A: HAST FOREX offers a variety of market instruments, including forex currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies.
Q: What account types does HAST FOREX provide？
A: HAST FOREX offers two account types: Standard and Prospread, each with different trading preferences and requirements.
Q: What are the leverage options at HAST FOREX？
A: HAST FOREX provides leverage of up to 400:1, which comes with increased risk.
Q: Are there any commissions at HAST FOREX？
A: The Standard account is commission-free, while the Prospread account incurs a commission fee for trades.
Q: Does HAST FOREX offer bonuses？
A: HAST FOREX promotes a 100% deposit bonus, but it is important to understand the terms and conditions associated with it.
Q: What are the deposit and withdrawal options at HAST FOREX？
A: HAST FOREX allows deposits and withdrawals through domestic and international bank transfers, with specific minimum amounts and fees.
Q: What trading platform does HAST FOREX offer？
A: HAST FOREX offers the popular MT4 trading platform for Windows, iPhone, iPad, Android, providing traders with advanced tools and features.
Q: How can I contact HAST FOREX customer support？
A: Customer support at HAST FOREX can be reached through live chat and online messaging. They also maintain social media presence on platforms like Twitter, Facebook, and YouTube.
Q: What are the reviews of HAST FOREX？
A: Reviews of HAST FOREX on WIKIFX are mixed, with some users expressing concerns about the website's professionalism and accusing the broker of being a Ponzi scheme operator.
2024-02-06 17:58
2023-03-23 11:02
