WikiFX Broker's Review on HXFX

About WikiFX

WikiFX is a forex trading search engine that allows you to look up a broker's regulatory status. The portal lists approximately 37,000 brokers, both registered and unregulated, and collaborates with 30 financial authorities. As a result, WikiFX can help traders handle forex difficulties with their brokers.

The data in the WikiFX database is sourced from legitimate regulatory bodies like the FCA, ASIC, and others. Fairness, impartiality, and facts are also emphasized in the released information. WikiFX does not charge public relations fees, advertising costs, ranking fees, data cleaning fees, or any other unreasonable expenses. WikiFX will do everything possible to keep the database consistent and synchronized with authoritative data sources such as regulatory bodies, but cannot promise that the data will always be up to date.

In this post, we will look at one of the forex brokers called HXFX and see whether it is a trustworthy broker or one of the forex fraudsters.

What is HXFX and its Regulation？

HXFX GLOBAL has been deeply involved in the investment service field for decades, with the goal of “providing customers with first-class CFD trading experience,” striving for excellence in professional technical services, creating a secure platform trusted by global investors, and becoming a professional industry leader, according to their official website.

We provide two trading platforms for trading foreign currency, commodities, indices, and shares, as well as the most competitive spreads to guarantee you win at the investment start line at the lowest possible cost.

HXFX GLOBAL NETWORK CO LTD is a corporation incorporated in the United Kingdom under company number 14191106. Suite 803, 162 Warwick Way, London, England, SW1V 4JE is the registered address.

They argued that they were still subject to NFA oversight. However, when I checked its restrictions on the NFA's official website, I discovered that “HXFX Is Not A Member Of NFA” (image shown below).

On the other side, according to their official website, they are governed by the VFSC, which is factual and proper when checked on the VFSC official website (image shown below).

HXFX Trading Accounts and Conditions

Trading Account: Mini

Min. Deposit: $20

Max. Leverage: 1:500

Spread: 1.5 pips

Trading Account: Standard

Min. Deposit: $50

Max. Leverage: 1:500

Spread: 1.3 pips

Trading Account: Senior

Min. Deposit: $2000

Max. Leverage: 1:500

Spread: 1.1 pips

HXFX Worldwide advertises itself as a global forex brokerage with three financial institution licenses. It provides its customers with access to the renowned MetaTrader4 platform as well as three account kinds. However, we were unable to register a demo version for the purposes of this evaluation. Worse, our inquiry into the regulatory status of the firms within the HXFX Global group discovered that the broker does not have its own genuine license.

Pros

• Legally operating in Australia

• MT4 available spreads are not bad

• Up to 1:500 in leverage

Cons

• No demo accounts.

Conclusion

HXFX Global, a broker that seems to cater mostly to Asian consumers, provides trading on the famous MT4 platform, and the trading conditions appear to be favorable. However, since the broker is not honest about its services, we feel that there are much better trading partners than HXFX Global.

As we all know, forex trading is a high-risk activity in which you might lose all of your money in a single deal. It is risky, though, if you are dealing with an unlicensed broker. Make full use of the WikiFX app to prevent engaging in illegal actions with your selected forex broker.

To get the news on the move, download the WikiFX app for free from the App Store or the Google Play Store.