HFTrading Review – should you trust the broker?
Online trading is one of the most lucrative and popular types of financial exchange in the whole industry. And among the variety of markets, Forex – financial exchange – is the biggest and richest of all.
That’s why it attracts so many traders around the world. However, that’s also the reason why there are so many scammers and fraudulent entities trying to steal traders’ money.
The internet is full of Forex brokers – some are scammers, but others are credible and trustworthy. Although it takes time to find them, it’s definitely not impossible to do that. One such service provider is the HFTrading Forex broker. And in this review, we’ll find out what its main offerings look like.
HFTrading has been a Forex broker for almost a decade now. Established in 2010, the broker has acquired quite a lot of experience, as well as some prestigious awards. Therefore, one has to give them at least the chance of curiosity and actually check its platform, instead of believing in HFTrading scam rumors and suspicions.
The decade-long experience has clearly taught the broker that the flashy and fancy trading terms and conditions don’t really have a positive effect on the broker’s reputation. More often than not, the conditions that look too good to be true are, in fact, misleading.
Therefore, HFTrading remains its offerings pretty modest – not exceeding the market averages too much, but certainly not underperforming. For instance, the minimum spread of 0.8 pips is a good offer to traders; it means that the broker doesn’t take away a lot of their trading payouts. Other indicators also have the same low-profile feel to them, which we’ll be discussing further down below.
And then, there’s a Refer-a-Friend bonus system that somewhat rounds up the promotions platform. Under this bonus, the newcomers are able to get a $100 bonus when they open up a standard account with HFTrading and deposit $250.
Speaking of deposits, financial platform support is also stable and sound. There are no fancy Bitcoins and e-wallet that are supposed to be safe, but in reality – they seldom are. Instead, there are credit card and bank wire platforms that are both flexible and easy with commission fees.
The next important point is the website. Again, the experience of almost ten years has kicked in here, suggesting the broker to go with a simplistic design. This decision has resulted in a nice-looking website that has every bit of information about the broker.
Carrying on on a positive note, the broker offers three different account types that tackle every variation of customer need on the market. For example, the experienced traders can open either a standard or a standard + MT4 account and go on trading with live accounts that result in actual profits.
But if a trader wants to acquire some knowledge and experience, they can create a demo account and do virtual trades with an automatically-refillable $10,000 virtual account. It seems like the HFTrading FX brokerage really thinks about its clients’ needs.
As for the trading software, the broker has two main programs – a proprietary WebTrader that works on every popular desktop device and the MetaTrader 4 which also supports iOS/Android smartphones.
Three different licenses
The next important point in this brief review is the license. Many traders can easily get an idea of what the broker really is by examining its license. And HFTrading has something interesting up its sleeve.
The broker has three different licenses from Australia, New Zealand, and the United Kingdom. That’s right – if someone had a suspicion of the HFTrading fraud, well, look at these licenses and then think about it again.
All three countries and their licenses are powerful enough to ensure safe and trustworthy financial exchange – the one that doesn’t leave traders under grave financial crisis.
To put it in a nutshell, the first look reveals several things: first, the broker doesn’t go too overboard with its offerings; two, it has a simplistic, yet informative website and sophisticated software support; three, the regulatory oversight provided by three different bodies looks pretty legit. Overall, we’re positive HFTrading is a trustworthy brokerage that cares about its customers. Let’s take a look at individual points more carefully and see, whether our assumption is right or not.
Trading terms and conditions
Let’s start with the trading terms and conditions because every trader wants to know what the numbers and indicators are – after all, their profit depends on them. The main thing that we’re interested in here is whether the broker is trying to be honest and moderate with its offerings or goes over-the-top just to attract as many clients as it can.
As we have found out, HFTrading has clearly chosen the first path of not tricking its clients with too-good-to-be-true offerings and keeping the game very low profile. And here’s what that looks like in real life:
The maximum leverage that the broker offers is 100:1. It ensures that whenever a trader makes a deposit, their position size becomes x100 larger and heftier. For example: a $500 deposit made by a trader will actually become a $50,000 position that can buy many more currency pairs and get much larger profits. And who doesn’t want that, right?
The next important indicator is spread. HFTrading offers a 0.8-pip-spread that ensures that the broker receives enough financial support but doesn’t necessarily rob the clients. If a trader buys a EUR/USD currency pair at, say, 1.23454 asking price, the bidding price with this spread will be just 1.23446. This means that the broker will only take 8 cents from their $10,000 traded volume.
Then comes the HFTrading bonus. As you already know, the broker has a promotion called Refer-a-Friend and it works exactly as it sounds: when traders refer their friends to the platform, both of them receive rewards from the broker. The newcomers receive a $100 bonus after they open up a live account and deposit $250, while the existing clients get $200 when their friend generates $90 million in traded volume.
deposit and withdrawal platforms
Not only that, there are no minimum deposit requirements for the traders. Even though beginners can open demo accounts and trade freely, some traders want to experience the risk of the possibility of losing money. Therefore, they can deposit as much money as they want and proceed to trade with that amount.
As for the financial platform support, the broker maintains its modesty. Instead of Bitcoin, Skrill, and other fancy platforms, which are supposed to be safe and convenient – but still aren’t – the broker offers credit cards and the bank wire as its main deposit and withdrawal platform. And they are quite flexible: the bank wire transfers have no commission fees or deposit/withdrawal limitations.
With credit cards, the deposits have a 2.5% commission with the ability to transfer 15,000 units of a currency to the account. On the other hand, the withdrawal has a higher cap at 25,000 units with no commission whatsoever.
A combination of simplicity and sophistication
After the trading offerings, let’s move to the website and software support. The hftrading.com is, again, a modest-looking website that doesn’t bother its visitors with unnecessary decorations and effects. Instead, the interface is a simple, blank background with every bit of information conveyed straight away.
The account separation is also worth noting. HFTrading Forex broker has done a great job addressing the needs of various traders by offering three different account types. Two of them are standard accounts with the main difference of the trading software – and no minimum deposit requirements, allowing the clients to trade with any position size they want.
A third account is a great tool for beginner traders. It’s called a demo account and it allows the traders to use all the real-life tools, charts, and indicators, trade Forex, commodities, and other securities, and get the gist of the whole thing. And with the constantly refillable account size (virtual one, obviously), they can trade all day long.
When it comes to the actual process of trading, users can use proprietary WebTrader which works on every mainstream desktop device – both Windows and Mac. And if traders choose the second account type, they’ll have the option of trading with the MetaTrader 4. The HFTrading MT4 is third-party software that is available on desktop and mobile devices. Therefore, trading is accessible everywhere a trader goes.
ASIC, FMA, FCA licenses – is HFTrading legit?
Finally, let’s talk about the regulatory aspect that holds the broker to a higher financial standard. In this review, probably the most decisive aspect of HFTrading’s credibility is its regulatory obligations. That’s because if the controlling bodies are powerful and influential enough, they can easily suppress unlawful activities and protect the broker’s clients. But if they’re not, those clients will be dependent on the goodwill of the broker.
As we’ve mentioned earlier, HFTradign was licensed by ASIC – Australian Securities and Investments Commission, which is the main financial institution in the country. It ensures that when it comes to operating in Australia and providing service to Aussies, nothing suspicious is going on. And ASIC does that job pretty well.
Another regulatory body controlling the broker’s activities is New Zealand’s Financial Markets Authority (FMA). It regulates the financial signals and actions coming from the Christchurch headquarter of the broker.
The final piece of the license is FCA – the UK’s Financial Conduct Authority. And if one regulatory body out of these three can be named superior, it’s definitely the FCA. The UK is known for its vigorous financial regulations and the HFTrading Limited that operates in London directly experiences that oversight.
All in all, these three licenses make sure that the existing HFTrading rating and prestige don’t blind the broker and make it do unfaithful things to its clients. They ensure a safe and stable trading experience that is complemented with decent offerings and conditions.
To round everything up, here’s what we’ve learned about HFTrading from this review:
The broker has been operating on the market for a decade now, and in that time, it has acquired quite a considerable experience. That experience is reflected in all of its offers.
The trading terms and conditions are modest and somewhat unassuming, although still allowing traders to have lucrative trading experience. And there are no minimum deposit requirements, which makes it possible to trade with as much money as traders want.
The bonus system is also pretty decent. By participating in a Refer-a-Friend promotion, traders can earn themselves a $100 and $200 bonuses. And when they want to deposit or withdraw their money, they can use safe and tested credit card or bank wire transfers.
Then comes a sophisticated, yet simplistic website that isn’t filled with unnecessary designs and rich colors. It conveys the information effortlessly, which is all any broker would want.
But beyond simplistic designs, there is quite a diverse account package that contains two live and one demo accounts. This means that any trader can have a go with HFTrading’s platform with no effort whatsoever. And the biggest difference between the two live accounts is the software they use – the first one uses WebTrader, while the second one has a MetaTrader 4 support.
The last – yet probably the most important – point is a license. HFTrading has three different licenses from three financial institutions: ASIC (Australia), FMA (New Zealand), and FCA (the UK). This ensures a safe and stable trading experience for every trader on the platform.