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The WikiFX Score of this broker is reduced because of too many complaints!

Horseforex

Australia|5-10 years|
MT4 Full License|Regional Brokers|New Zealand Financial Service Corporate Revoked|Suspicious Overrun|High potential risk|

https://www.horsegroup.top/en/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

5
Server Name
Ausinvest-Live MT4
Server Location United States

Contact

support@horseforex.com
https://www.horsegroup.top/en/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Broker Information

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Company Name

Horseforex PTY Limited

Company Abbreviation

Horseforex

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 8
Previous Detection : 2024-06-21
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 94 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • AustraliaASIC (license number: 001276032) The regulatory status is abnormal, the official regulatory status is Unsubscribed. Please be aware of the risk!
  • New ZealandFSPR (license number: 672971) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • United StatesNFA (license number: 0535400) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!
  • This broker exceeds the business scope regulated by New Zealand FSPR(license number: 672971)Financial Service Providers Register Non-Forex License. Please be aware of the risk!
  • This broker exceeds the business scope regulated by United States NFA(license number: 0535400)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The AustraliaASIC regulation (license number: 330757) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

Horseforex · WikiFX Survey

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Pyramid scheme complaint
Expose
Unable to Withdraw

Unable to withdraw after profiting

Horseforex banned the account when he made a profit. The salesperson had blocked him, and the email did not reply. It was impossible to contact anyone related to Horseforex, spamming the black platform.

2021-06-15 20:47
Resolved

Unable to withdraw funds or contact the staff in Horseforex. Close my account

I registered on this platform when Mahui was separated from Aushui in 2019. During this period, I have been losing money for nearly two years until May 2021, and I have been losing money continuously during the period. The total deposit is about 13,000 US dollars. On 5.19, because of the short position in Bitcoin and Ethereum, the previous losses were earned back. Then I applied for withdrawal in the background on 5.20, and on 5.21, Mahui platform sent an email saying that the withdrawal request had been approved. During the period, the account has not arrived. On 5.23, Ma Hui emailed me saying that I had violated the rules, what arbitrage robots I used, and profited by delaying the quotation. My MT4 account was blocked directly, and I was also forbidden to log in in the background. I contacted Ma Hui and asked them to take out my transaction list and provide evidence of my violation. Ma Hui did not respond. If I could use these, would I lose two years before using it? Could it be that Ma Hui can only lose money, not earn money? Loss is correct operation? And what I pay out is still my own principal. Isn't that all right? From 5.23 till now, I contacted Ma Hui every day and contacted the customer service. There was no response, and the account manager did not reply. Ma Hui, pay back my principal and hard-earned money.

2021-06-15 16:35
Unable to Withdraw

Unable to withdraw

I’ve invested over $60,000 since November 2019 and withdrawn over $10,000. Now there is still $16,000. And there is over $1,300 in my commission account. And withdrawals won’t be processed since May 16, 2021. At the beginning, they replied to me that they were changing the deposit channel of the digital currency. Now they just ignored me. Unable to access to customer center. They are not afraid of breaking laws?

2021-06-18 13:36
Unable to Withdraw

Unable to withdraw in Horseforex. Close my account. Out of contact

I registered on this platform when Mahui was separated from Aushui in 2019. During this period, I have been losing money for nearly two years until May 2021, and I have been losing money continuously during the period. The total deposit is about 13,000 US dollars. On 5.19, because of the short position in Bitcoin and Ethereum, the previous losses were earned back. Then I applied for a withdrawal of US$3,000 in the background on 5.20. On 5.21, the Mahui platform sent an email saying that the withdrawal request had been approved. During the period, the account has not arrived. On 5.23, Ma Hui emailed me saying that I had violated the rules, what arbitrage robots I used, and profited by delaying the quotation. My MT4 account was blocked directly, and I was also forbidden to log in in the background. I contacted Ma Hui and asked them to take out my transaction list and provide evidence of my violation. Ma Hui did not respond. If I could use these, would I lose two years before using it? Could it be that Ma Hui can only lose money, not earn money? Loss is correct operation? And what I pay out is still my own principal. Isn't that all right? From 5.23 till now, I contacted Ma Hui every day and contacted the customer service, but the account manager did not respond. Do you just want to eat the client's principal directly like this? Ma Hui, pay back my principal and hard-earned money.

2021-06-16 19:34
Unable to Withdraw

I've applied for withdrawal for nearly 20 days

On the morning of May 25 this year, I applied for a withdrawal of US$932.23, and then I received an email that passed the review in the afternoon (Figure 1), but I never paid. I looked for customer service feedback, but kept dragging, saying that the domestic digital currency exchange channel is prohibited, allowing customers to deposit and withdraw through digital currency, and then I registered a digital currency website as required and gave the USDT wallet address, and the customer service came I have to wait for another week (Figures 2, 3, and 4 are screenshots of communicating with customer service), but now I can’t even access the login webpage, big liar!

2021-06-15 18:06
Unable to Withdraw

Horseforex give my money back

I registered on this platform when Horseforex was just separated in 2019. During this period, I have been losing money for nearly two years until May 2021, and I have been losing money continuously during the period. The total deposit is about 13,000 US dollars. On 5.19, because of the short position in Bitcoin and Ethereum, the previous losses were earned back. Then I applied for a withdrawal of US$3,000 in the back end on 5.20. On 5.21, the Horseforex platform sent an email saying that the withdrawal request had been approved. During the period, the account has not arrived. On 5.23, Horseforex emailed me saying that I had violated the rules, that I have used arbitrage robots, and profited by delaying the quotation. My MT4 account was blocked directly, and I was also forbidden to log in in the back end. I contacted Horseforex and asked them to take out my transaction list and provide evidence of my violation. Horseforex did not respond. If I could use these, would I lose two years before using it? Could it be that Horseforex can only lose money, not earn money, and if it makes money, it is an illegal operation? Loss is correct operation? And what I pay out is still my own principal. Isn't that all right? From 5.23 till now, I contact Horseforex every day without any response. Do you just want to eat the client's principal directly like this? Horseforex, pay back my principal and hard-earned money.

2021-07-08 19:51

    Total Margin Trend

    • VPS Region
    • User
    • Products
    • Closing time
    • Taipei
    • 214***
    • BITCOIN
    • 06-15 09:08:08
    • Frankfurt
    • 654***
    • BITCOIN
    • 06-15 07:22:38
    • silicon valley
    • 453***
    • EURUSD
    • 06-14 20:30:00

    Stop Out

    0.91%

    Stop Out Symbol Distribution

    6 months

    Sources
    Language
    Mkt. Analysis
    Creatives

    Horseforex · Company Summary

    Aspect Information
    Company Name Horseforex
    Registered Country/Area Australia
    Years 5-10 years
    Regulation Unregulated
    Market Instruments Forex, Rare Metal, Commodities, Index, Stocks, Cryptocurrency
    Account Types ECN and STP
    Minimum Deposit $50
    Maximum Leverage 1:400
    Spreads From 0.0 pip
    Trading Platforms Meta Trader 4 and Meta Trader 5
    Demo Account Yes
    Customer Support Email: support@horseforex.com

    Overview of Horseforex

    Horseforex, operating for 5-10 years and based in Australia, provides trading opportunities in Forex, Rare Metal, Commodities, Index, Stocks, and Cryptocurrency.

    The platform offers ECN and STP account types with a minimum deposit of $50 and a maximum leverage of 1:400. Traders benefit from tight spreads starting from 0.0 pip. The trading experience is facilitated through Meta Trader 4 and Meta Trader 5 platforms, and users can practice with a Demo Account.

    However, it's important to note that Horseforex operates without regulation.

    Overview of Horseforex

    Regulatory Status

    Horseforex serves as an unregulated trading platform.

    The absence of regulation increases the risk of encountering fraudulent or scam activities. Traders may be susceptible to unscrupulous practices, including misappropriation of funds or deceptive trading practices.

    Pros and Cons

    Pros Cons
    Flexible ECN and STP Accounts Unregulated
    Low Minimum Deposit Limited Educational Resources
    Maximum Leverage of 1:400 Potentially Limited Customer Support Channels
    Competitive Spreads Limited Risk Management Tools
    Demo Account Available Potential for Slippage

    Pros of Horseforex:

    1. Flexible ECN and STP Accounts: Traders have the option to choose between ECN and STP account types, providing flexibility to suit different trading preferences.

    2. Low Minimum Deposit: With a minimum deposit of $50, Horseforex is accessible to a wide range of traders, including those with smaller capital.

    3. Maximum Leverage of 1:400: The platform provides a maximum leverage of 1:400, offering traders the potential for amplified positions and returns.

    4. Competitive Spreads: Traders benefit from competitive spreads starting from 0.0 pip, potentially reducing trading costs.

    5. Demo Account Available: The availability of a Demo Account allows users to practice and familiarize themselves with the platform before engaging in live trading.

    Cons of Horseforex:

    1. Unregulated: Horseforex operates without regulation, which may pose a risk for traders as regulatory oversight provides an added layer of security.

    2. Limited Educational Resources: The platform may lack comprehensive educational resources, limiting the support available for traders seeking to enhance their knowledge and skills.

    3. Potentially Limited Customer Support Channels: While email support is available, the absence of additional communication channels, such as live chat or phone support, may hinder immediate assistance for traders in urgent situations.

    4. Limited Risk Management Tools: The platform may lack advanced risk management tools or features, which could be a drawback for traders seeking more comprehensive tools for managing their risk exposure.

    5. Potential for Slippage: Unregulated environments may be associated with a higher likelihood of slippage during fast market movements, impacting the execution of trades and potentially leading to unfavourable outcomes for traders.

    Market Instruments

    Horseforex offers a wide range of market instruments, providing traders with the opportunity to engage in various asset classes. Here are the key features of the market instruments available on Horseforex:

    1. Forex: Traders can participate in the Forex market, accessing a wide range of currency pairs. Major, minor, and exotic currency pairs are available for trading, allowing users to capitalize on currency fluctuations.

    2. Rare Metal: Horseforex includes Rare Metals as tradable assets, offering opportunities to trade precious metals like gold, silver, platinum, and palladium. These metals are known for their value and can serve as a hedge against economic uncertainties.

    3. Commodities: The platform enables trading in Commodities, representing physical goods such as agricultural products, energy resources, and metals. Traders can diversify their portfolios by participating in the commodities market.

    4. Index: Horseforex provides access to a variety of market indices, representing the performance of a specific group of stocks or assets. Trading indices allow traders to speculate on broader market trends.

    5. Stocks: Traders can engage in the stock market by trading individual stocks. Horseforex offers a selection of stocks from various industries and regions, allowing users to invest in specific companies.

    6. Cryptocurrency: Horseforex supports the trading of cryptocurrency, including popular digital assets like Bitcoin, Ethereum, and other altcoins. Traders can take advantage of the volatility in the cryptocurrency market.

    Account Types

    Both account types offer a maximum leverage of 400:1 and require a minimum deposit of $50.

    However, there are distinctions in the minimum spread, with ECN accounts providing spreads from 0.0 pips and STP accounts offering spreads from 1.8 pips. The minimum position size for both account types is 0.01 lots, and they both support Expert Advisors (EAs), allowing traders to implement automated trading strategies.

    Traders can choose between ECN and STP accounts based on their preferences for spread type and associated trading costs.

    Feature ECN STP
    Maximum Leverage 400:1 400:1
    Minimum Deposit $50 $50
    Minimum Spread From 0.0 Pips From 1.8 Pips
    Minimum Position 0.01 Lots 0.01 Lots
    Supported EA Yes Yes

    How to Open an Account?

    Opening an account with Horseforex is a straightforward process that can be completed online in a matter of minutes. Here's a breakdown of the steps involved:

    1. Choose your account type: Horseforex offers two account types, each tailored to different experience levels and trading needs.

    2. Visit the Horseforex website and click “Open Account.”

    3. Fill out the online application form: The form will request your personal information, financial details, and trading experience. Be sure to have your identification documents (passport or ID card) and proof of address handy for uploading.

    4. Fund your account: Horseforex offers various deposit methods, including bank transfers, credit/debit cards, and e-wallets. Choose your preferred method and follow the instructions to complete the deposit.

    5. Verify your account: Once your account is funded, you'll need to verify your identity and address. This typically involves submitting scanned copies of your ID documents and proof of address.

    6. Start trading: Once your account is verified, you're ready to explore the Horseforex trading platform and start making trades.

    Leverage

    The maximum leverage of 1:400 offered by Horseforex introduces a specific set of risks that traders should carefully consider.

    High leverage leaves traders with limited room for error. Small adverse price movements can quickly erode the available margin, potentially resulting in forced liquidation before the market has a chance to recover.

    Trading Platform

    Horseforex provides traders with a powerful and flexible trading experience through the Meta Trader 4 (MT4) and Meta Trader 5 (MT5) platforms.

    Meta Trader 4, known for its user-friendly interface, offers advanced charting tools, automated trading with Expert Advisors (EAs), and customizable trading signals. This platform might be suitable for traders of all levels, providing an intuitive environment for technical analysis and strategy implementation.

    On the other hand, Meta Trader 5 expands on these features by introducing additional asset classes, including more timeframes and order types. MT5 enhances charting and analytical tools, supports hedging, integrates an economic calendar, and introduces a Depth of Market (DOM) feature for a deeper insight into market liquidity.

    Customer Support

    Horseforex ensures accessible and efficient customer support through email, with the dedicated address support@horseforex.com.

    Traders can reach out to the support team for assistance, inquiries, or resolution of issues by sending an email to this address. This method provides a direct and documented means of communication, allowing users to articulate their concerns and receive responses promptly.

    Conclusion

    Horseforex provides flexibility with its ECN and STP accounts, a low minimum deposit, and a maximum leverage of 1:400. However, the lack of regulation poses a risk, and there are concerns about limited educational resources, potentially restricted customer support, and the absence of advanced risk management tools.

    Traders should weigh the advantages against these drawbacks, considering their preferences and risk tolerance before choosing Horseforex as their trading platform.

    FAQs

    Q: What account types does Horseforex offer?

    A: Horseforex provides flexible account options, including ECN (Electronic Communication Network) and STP (Straight Through Processing) accounts.

    Q: What is the minimum deposit required to start trading on Horseforex?

    A: The minimum deposit on Horseforex is $50, making it accessible to traders at varying capital levels.

    Q: What is the maximum leverage available on Horseforex?

    A: Traders can utilize a maximum leverage of 1:400 on the Horseforex platform.

    Q: Does Horseforex offer a Demo Account for practice?

    A: Yes, Horseforex provides a Demo Account, allowing users to practice and familiarize themselves with the platform before engaging in live trading.

    Q: Can I trade Cryptocurrency on Horseforex?

    A: Yes, Horseforex offers the opportunity to trade cryptocurrency among its market instruments.

    Q: What is the spread starting with Horseforex?

    A: The spreads on Horseforex start from 0.0 pips, providing potentially competitive trading costs for users.

    User Reviews

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    陌生人9267
    more than one year
    Do not trade with Horseforex! Totally a scam company. They rejected my withdrawal request for various reasons. They also claimed to freeze my account to investigate my alleged suspicious behavior.
    2022-11-28 17:21
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    0
    海纳百川21498
    more than one year
    Can’t log in to the website and platform of Horseforex. There has been no reply to the email I sent, and I feel worried every day. Whether this broker will have gone away with money or not?
    2022-11-25 18:57
    Reply
    0
    0
    FX1059527891
    more than one year
    This platform has cheated me, and they owe me $2,000. Now their official website cannot be opened, with support team unreachable, I didn’t know how to get my money back. Now you can see, this broker is just an unregulated one.
    2022-11-25 16:22
    Reply
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    0
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    ※ The content of this website abides with local laws and regulations.
    You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
    consumer hotline:006531290538
    Official Email:support@wikifx.com;
    Mobile Phone Number:234 706 777 7762;61 449895363
    Telegram:+60 103342306
    Whatsapp:+852-6613 1970;
    License or other information error corrections, please send the information to:qawikifx@gmail.com
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