HWFX

HWFX has an appeal to it that gives it a charm that many other small-time brokers lack. Read on to find out all about HWFX.

HWFX, or HOLIWAY INVESTMENTS LTD, is registered in Cyprus and is consequently regulated by CySEC. This body’s work is to oversee brokers and their operations, and if necessary to take disciplinary actions. Furthermore, HWFX is a member of The Investors Compensation Funds (ICF) under CySEC, that has as objective to compensate traders if a member of the ICF (in this case HWFX) is unable to carry out its obligations. If this occurs then the trader is reimbursed a maximum of €20 000 from the collective fund.

As part of the EU, the leverage has been limited by ESMA to be no more than 1:30. Clients who meet some very demanding standards, including a €2 million personal funds requirement, can apply for a 1:400 leverage.

The EUR/USD cost of trade according to the website of the company is a minimum volume of 1.5 pips, which is an OK value. We cannot give you a straight-from-the-platform spread because we never received the confirmation PIN code that activates our account. This surely has something to do with the details we presented; there is probably a safety team checking such details before sending the confirmation email with the code, which, if such is the case, is a very good thing to have as it provides an additional layer of security.

The products that can be traded with are Forex Pairs, Oil, Indexes, Metals, and Shares. The obvious missing link here is crypto, which has become on the most sought after derivatives.

The website is currently available only in English.

HWFX LOGIN

The MT4 is made available here, which is a superb addition to what is slowly turning out to be a great broker.

METATRADER 4

MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: simultaneous chart management, micro lots, customized trading indicators, huge selection of trading options and much more.

Yet, as we already said, the MT4 was made unavailable to us because we didn’t receive a confirmation code that will allow us to download what we presume would be a desktop version of the metatrader.

For this reason the EUR/USD spread we give you is taken from the website. It’s minimum 1.5 pips. As for the leverage, that amount cannot surpass 1:30 because of the ESMA decree. Professional client can apply for a leverage capped at 1:400.

There are no commissions attached to spreads.

As far as we’re concerned, the platform is only available as a desktop trader. There is currently no information about any other versions of it. Our presumption is that only verified users get said information disclosed to them.

HWFX MINIMUM DEPOSIT

The minimum deposit is $200, or any other currency, for the Silver Account type.

Payment methods are as follows: Bank Transfer, Neteller, Skrill, Nganluong, and 4Cash.

Bank Wire transfers take up to 3 days to process. All other methods should immediately fund an account.

There are three base currencies with which you can fund an account. These are USD, EUR and GBP.

There are no deposit fees. But the payment systems can issue third party transfer fees.

HWFX WITHDRAWAL TIME AND FEES

CySEC guarantees that all withdrawals will be safe and secure from any sort of harm. Furthermore, it’s worth a mention that users can withdraw even if they have an open trading position in the Metatrader 4 platform.

The withdrawal methods are the same as the depositing ones: Bank Transfer, Neteller, Skrill, Nganluong, and 4Cash which is a sort of an online credit card payment system.

All withdrawal requests are said to be processed within 1 days (24 hours) from the issuing of the request. This is applied to Wire Transfers as well.

The minimum withdrawal is rather high, at $100.

Bank Transfers are charged with $30 per transfer, and with 3rd party fees from the banks. Skrill charges 1% from the sum, while Nganluong and 4Cash require 2% of the withdrawal amount. The charge for Neteller has not been indicated for some reason.

Once an account stays inactive for more than 90 days, it become a dormant account, and it will be charged with a monthly fee of $15.

BOTTOM LINE

You cannot go wrong when choosing HWFX. The broker’s simplicity is one of its strong points, besides the CySEC license. This one balances everything and is one of the most easy going brokerage firms we’ve reviewed so far. The only issue with it is that it did not grant us access to a demo account, and that the possibility of paying with Credit cards is left unrevealed. Otherwise, we say go for it, HWFX is an excellent addition!