Lucro Capital Ltd, owner of the HiWayFX forex broker has renounced its license with the Cyprus Securities and Exchange Commission (CySEC) at the end of April, 2017.
HiWayFX is regulated by the financial watchdogs of the island countries of Cyprus and St. Vincent and the Grenadines. It operates under different domains on the different markets. We recommend you use the .eu domain since it is regulated by Cyprus, the country with the strongest regulation of the two, which makes it a better choice for traders who prefer to be on the safe side. Moreover, CySEC-regulated brokers are legally allowed to operate in any EU member state and all deposits up to €20,000 are guaranteed by the Financial Services Compensation Scheme (FSCS).
HiWayFX has developed accounts with rather low minimum starting deposit and with high leverage rates. Traders can start with investments as low as USD 20 or EUR 20 and gain a leverage rate of up to 500:1 or 1000:1. These account parameters are perfect for traders who don’t want to start with a high deposit, yet want to magnify their trading capital. You can find other brokers with high leverage here.
The typical EURUSD spread on a Standard account with HiWayFX is 1.3 pips. If you go for a ECN account the spread is lower, however a commission of about 0.5 pips apply.
One the whole, HiWayFX spreads are in line with the spreads of the leading forex brokers.
The broker uses a no-dealing-desk (NDD/STP) forex execution model, making the trading process more transparent, faster, and easier, as it offers no re-quotes from dealers and no dealer intervention.
HiWayFX uses standard trading platforms like MetaTrader 4, but it also recently launched demo and live accounts on the GWAZY white-label trading platform.
MetaTrader 4, available both as a desktop and mobile application, is the worlds’ most widely-used trading platform. With its one-click trading and signal copying and its outstanding charting package, the platform is user-friendly and even novice traders can easily find their way around it. Traders can download ready-made or create their own automated trading strategies (Expert Advisors, or EAs), scripts and custom indicators in the MQL programming language.
Forex Signals and Social Trading
HiWayFX also offers a wide range of extra services which make trading a lot more fun. It has a specialized account for the ZuluTrade peer-to-peer online trading network and offers a Percentage Allocation and Management Module (PAMM) Account, which is a type of pooled money forex trading where investors allocate their money in a proportion to that of experienced traders, and a Multi Account Manager (MAM) – a block-orders tool for money managers where a master account is in control of sub-accounts.
In addition, the broker provides a Trading Signals social trading service, which allows you to copy deals of other traders directly in your terminal, an uninterrupted Virtual Server, as well as a Claws&Horns analytical tool.
Deposit and withdrawal methods
HiWayFX provides an array of payment methods. In addition to the traditional methods such as bank wires and credit cards, HiWayFX also accepts electronic payments like Skrill, FasaPay, Neteller, OKPAY, EgoPay, MONEYPOLO. The only other main e-payment system the broker doesn’t support is PayPal.
HiWayFX Review Conclusion
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