HFTrading Review – a trustworthy broker or just another scam?
HFTrading Review – a trustworthy broker or just another scam?
The world of finances is full of scammers and fraudulent entities. From cyber-attacks to ransomware to deceit and machinations, this industry has its fair share of dark side deep within itself.
And it’s especially true for online trading. The internet is full of scam stories, of how people entrusted their funds of unimaginable quantity with brokers – in hopes of winning double or triple of that amount back, ultimately to find themselves tricked and robbed.
But despite the abundance of such scammers, there are also those who really care about their clients’ safety and security. These kinds of brokers are what the traders are looking for every single day, because online trading itself is very challenging and not having to worry about the broker’s credibility is really important.
To make the searching process a bit easier for traders, we’ll take a look at one of the brokers that has seen some fame and popularity recently. The broker’s name is HFTrading and we’ll take a look at its license – probably the most important tool for determining the broker’s credibility, website, and finish off by the trade offerings. Finally, we’ll be able to determine whether positive HFTrading opinions are true or “bought” by the broker.
A brief round-up
HFTrading is one of the more popular Forex, stocks, and other securities broker that has seen a lot of fame and acclaim over the years. It was established in 2010 and started providing trading services right away.
Can HFTrading be trusted with three separate licenses?
Right after the establishment, HFTrading received a license from three different governmental institutions. The first one to regulate the broker was the Australian financial body ASIC, which is considered the main regulator for HFTrading.
Shortly afterward, two more licenses followed from New Zealand and the UK. The FMA and FCA institutions are regulating the broker’s activities in Christchurch and London respectively, and act as a complementary addition to the main ASIC license.
The three separate pieces of licensing indicate that the broker is under a tight legislative oversight. And when you consider the countries that are providing that oversight, there’s hardly any room left for some HFTrading fraud fears.
Moving on, the next thing on our list is the website. After a quick browse and look-around of the interface, we couldn’t help but notice how pleasing it looks for the eye: it’s not filled with unnecessary transition effects or rich saturated colors – which is surprisingly popular among many brokers; instead, the blank spaces and easily-discernable fonts make it easy to get any piece of information about the broker.
However, HFTrading doesn’t sacrifice functionality for the sake of simplicity. For example, the trading account separation on the platform is flexible enough so that the platform becomes accessible for every customer regardless of their experience.
For instance, beginners can easily use a demo account that allows them to trade Forex, as well as other assets, get a grip of various indicators and tools, and gain experience. And if we’re talking about the experienced traders, no worries – the standard and standard + MT4 accounts are dedicated to the actual trading.
And as for the trading software, there are both desktop-only WebTraders, as well as desktop-smartphone-enabled MetaTrader 4. Both of these tools enable traders to get the best of the trading world, provide a stable trading experience, and help traders reap as much profit as possible.
Trading terms and conditions
Last, but not least, the trading terms and conditions. HFTrading, notwithstanding all this popularity that it has, manages to stay modest with its offerings and not go over the top. The leverages, spreads, or other promotions that you’ll see on the broker’s platform aren’t overly mind-blowing – which, again, is something that a lot of brokers do.
Instead, these indicators are realistic, yet still making for a great payout possibility. For instance, the leverage of 100:1 increases the initial deposits by x100 and allows traders to generate larger profits. Not only that, the HFTrading bonus system, Refer-a-Friend, makes trading even more exciting by rewarding traders with $100 and $200 prizes.
And when it comes to making deposits or withdrawing money from the account, there are two of the most widely used platforms in traders’ service – credit cards and bank wire. The broker clearly broke the habit of implementing all the fancy financial platforms like Bitcoin, Skrill, etc. that still aren’t well-tested. This way, traders can be more confident in their finances.
All in all, the initial round-up proves the point made in the introduction: HFTrading seems to be a legit broker in every aspect. Let’s see whether a deeper analysis reveals the same thing.
ASIC, FMA, FCA licenses
In finances, one of the most fundamental tools for ensuring safety is governmental regulation. And that’s certainly the case for online trading. The internet is full of brokers who want to trick people into their fraudulent schemes by offering flashy conditions. The role of licensing is to make sure that doesn’t happen.
In the case of HFTrading, the broker has three separate pieces of licenses from Australia, New Zealand, and the United Kingdom.
The ASIC license (Australian Securities and Investments Commission) is the most active piece of material in this sense, covering all the services offered by the broker. With that said, we’re already pretty sure that the chances of HFTrading scam are very slim and here’s why:
Australia is one of the wealthiest and most financially active countries in the world. What better way to prove this point but to mention a mere fact that every four out of five Aussies are engaged in gambling. What this shows is that financial activities are very popular in the country. Therefore, the government is actively engaged in regulating the industry with up-to-date licenses and restrictions. And the ASIC license doesn’t leave room for any doubts.
The next two pieces, the FMA and FCA licenses, are issued by New Zealand’s Financial Markets Authority and the UK’s Financial Conduct Authority. These two licenses are active for the Christchurch and London branches of the brokerage, and while they’re somewhat inferior in terms of how active they regulate HFTrading’s activities, they’re nonetheless very vigorous in ensuring the highest standards
The bottom line of all this? Even if the broker wanted to scam its clients, the ASIC, FMA, and FCA licenses wouldn’t allow that to ever happen.
Now, let’s take a look at the website and all the software support present on the platform. As we have already mentioned, HFTrading doesn’t go overboard with superficial visual effects. If there’s one thing that these decorations do, it’s distracting the visitors from getting the real information about the broker – a nice tool for scam brokers.
Instead of those fancy decorations, the interface looks clean and professional. The visitors can easily find any piece of information about the broker in a maximum of two mouse clicks. And the information itself is pretty comprehensive, covering everything from licensing to trade offerings. That level of website optimization indicates that HFTrading FX brokerage has put a lot of effort into its development.
Traders can also find three different account types on the website. The first two are standard live accounts that are useful for real trading – with all the deposits, lots, and profits. The difference between the two is the trading software they’re using: one uses WebTrader (for desktop devices), while the other has a MetaTrader 4 support (for both desktop and smartphone devices).
But if beginners want to try the platform, they can use a demo account. This is a virtual trading account that has an automatically-refilled virtual account. Traders can do Forex, stock, or any other type of trading, use all the tools available on the platform, and acquire knowledge, as well as real-life experience.
And as for the software, we’ve already mentioned that both WebTrader and MetaTrader 4 are extremely popular titles. WebTrader works for desktop devices, be it Windows or Mac, while MetaTrader is usable on both desktop and mobile devices. This way, traders can always be on the go irrespective of where they are.
The final chapter of our review is trade offerings. This is the part where we take a look at the actual numbers and requirements that make up the whole process of trading.
Let’s start with the leverages. This is a tool that helps traders increase the position size of their account, as well as the prospective payout amount. But leverages act as a double-edged sword. On the one hand, they increase the profit amounts, but on the other, they also make losses bigger and more damaging.
That’s why it’s important to be cautious when using this tool and that’s why a 100:1 leverage offered by HFTrading is so useful – it’s neither too high nor too low. With this amount of leverage, the initial deposits are multiplied by x100, increasing the traded volume just as much. And the losses, while still grave when a hundred times larger – well, they could be even more damaging if the leverage was 300:1, 500:1, or even 1000:1.
Next up, spreads. Spreads represent the difference between the buying and selling prices of an asset and they indicate how much of your profits the broker takes. HFTrading has a spread of 0.8 pips which is not high, meaning the majority of your profits stay with you; but it’s also not something like 0 pip offered by many suspicious brokers. They’re suspicious because the majority of Forex brokers operate on spreads and if someone says they’re not financially dependent on this tool, it raises suspicions.
As for the HFTrading promotions, there is one bonus system called Refer-a-Friend and it works this way: once a trader brings someone new to the HFTrading platform, and the newcomer opens up a live account with an initial deposit of $250, they receive a $100 bonus. And the referrers themselves get a $200 reward once their friends generate $90 million in traded volume. With the help of 100:1 leverage, getting to that amount is not a big deal at all.
HFTrading withdrawals and deposits
Speaking of deposits, while many brokers have minimum deposit requirements for their clients, HFTrading openly opposes to that practice. The broker clearly believes that traders are comfortable while spending the amount that is acceptable for them. And the minimum limits of $200, $500, or $1,000 doesn’t help them overcome discomfort. That’s why the users of HFTrading can deposit as much money as they want.
When it comes to the financial platforms, the broker still plays a sincere game by steering off from the fancy, yet untested platforms like cryptocurrencies or e-wallets. Instead, it uses credit cards and bank wire for withdrawals and deposits.
And they’re quite impressive for many reasons. For example, the bank wire transfers have no minimum or maximum limitations, be withdrawals or deposits. On top of that, there are no commission fees on these transactions either.
With credit cards, we start to see some limitations, but nothing too pressing. For example, the deposits have a maximum cap of 15,000 currency units with a 2.5% commission fee. Withdrawals are more flexible in that sense: a maximum of 25,000 currency units with no commissions.
Ultimate HFTrading rating
At the beginning of this review, we put forward a dilemma: we had to choose whether HFTrading is a credible broker or just another scammer at the end. And here we are with the same dilemma but with a definite answer: no, we don’t think HFTrading is fake or a scam – we believe the opposite is true.
First, we examined the three separate licensing pieces of ASIC (Australia), FMA (New Zealand), and FCA (the UK), and determined that they leave no room for fraudulent financial activities.
Then we looked into the website and software support. A simplistic and informative interface, a sophisticated account separation, and an up-to-date trading software further proved our point: HFTrading Forex broker seems trustworthy.
And finally, we finished off with the trade offerings. Leverage of 100:1, spreads of 0.8 pips, a bonus, no minimum deposits, reliable financial mechanisms – all of these indicators speak of only one thing: reliability.
In conclusion, we believe HFTrading is a trustworthy broker that cares more about its customers than anything else!